Hi All,
I'm omitting my deeper analysis in the aim of not biasing people, and will release it in the thread after a few comments. (Trying something a bit different - don't kill me please, just interested to see the difference in responses).
Toplines:
Balance sheet: roughly $4.5B of debt versus a market cap around $1.4B, with weak free cash flow.
Bankruptcy does not look imminent, especially after covenant relief, refinancing and planned asset sales.
Liquidation book value is around $14–15/share, but tangible book value is likely negative once intangibles and deferred tax assets are stripped out.
The key catalysts are debt reduction, the India business sale, stabilisation in crop protection pricing, recovery in the agricultural cycle, and whether management can maintain 2026 EBITDA guidance.
Recent insider activity is mildly positive: director Michael Barry bought about $250k of stock in March 2026 at around $13.83/share.
Analyst ratings at Hold/Sell and an average price target around $20, but the target range is wide because the upside could be large if EBITDA recovers and debt falls.
The next earnings report expects roughly $0.21 EPS for Q2 2026, basically in line with management guidance. The real focus will be whether FMC maintains full-year EBITDA/free cash flow guidance and gives credible evidence that the second-half recovery is still on track.
Has anyone got any thoughts on this stock - the earning are in a week.
Thanks.