Corteva, Inc. (CTVA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-22.0%

$9.23

vs $11.83 price

Levered DCF

$19.74

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.07

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	41.91×	43.5×	46.08×	36.97×	19.77×	42.55×	-23.12×	-4.29×
P/B	1.89×	1.66×	1.36×	1.67×	1.37×	1.17×	0.91×	0.29×
P/S	2.62×	2.34×	1.97×	2.43×	2.22×	2.04×	1.6×	1.52×
EV / EBITDA	14.21×	14.31×	13.33×	14.84×	8.69×	14.01×	14.48×	-7.45×
Gross margin	47.3%	43.6%	42.4%	40.2%	41.1%	40.2%	38.1%	30.4%
Operating margin	15.1%	12.4%	12.2%	11.0%	8.4%	5.9%	4.2%	-3.1%
Net margin	6.3%	5.4%	4.3%	6.6%	11.2%	4.8%	-6.9%	-35.5%
Current ratio	1.43×	1.45×	1.56×	1.56×	1.63×	1.73×	1.64×	1.73×
Debt / equity	0.11×	0.11×	0.1×	0.05×	0.04×	0.04×	0.01×	0.11×
Interest coverage	14.55×	9×	9.06×	24.41×	43.9×	18.73×	4.29×	-1.33×
Dividend yield	1.0%	1.2%	1.3%	1.0%	1.1%	1.3%	2.3%	12.9%
Payout ratio	43.4%	50.5%	59.7%	36.4%	22.6%	57.0%	-53.3%	-55.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.5%	3.8%	2.9%	4.5%	6.9%	2.7%	-3.9%	-6.8%
Return on invested capital	5.9%	4.5%	5.5%	5.2%	3.1%	2.5%	1.5%	-0.5%
Return on assets	2.6%	2.2%	1.7%	2.7%	4.2%	1.6%	-2.3%	-4.7%
Free cash flow yield	6.2%	3.9%	3.5%	0.6%	6.2%	5.5%	-0.4%	-4.7%
Earnings yield	2.4%	2.3%	2.2%	2.7%	5.1%	2.3%	-4.3%	-23.3%
Enterprise value	$43.7B	$39.1B	$33.8B	$40.5B	$31.4B	$26.6B	$20.5B	$27.4B
Net debt / EBITDA	-0.63×	-0.15×	-0.06×	-0.69×	-0.92×	-1.28×	-1.15×	-1.54×
Cash conversion cycle (days)	184	176	213	186	154	181	202	190