Corteva

2X0.DE

Agricultural Inputs · Basic Materials

Price

€69.87

+1.71 (+2.51%)

Market Cap

€46.73B

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Weak

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Share count falling — buybacks

−8.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 741.6M (2021) → 681.4M (2025)

Winston Score History

The full picture

Corteva is an agriculture company that makes seeds and crop protection products for farmers around the world. Its two main businesses are selling genetically improved seeds — mostly corn, soybeans, and sunflowers — and selling pesticides and herbicides that protect crops from insects, weeds, and disease. It was spun off from DowDuPont in 2019 and is one of the largest seed and crop chemical companies in the world.

Corteva makes money by selling its products directly to farmers and through agricultural retailers each growing season. It operates globally, with major revenue coming from North America, Latin America, and Europe, and generates roughly $17 billion in annual sales. Its competitive edge comes from a large portfolio of patented seed traits and chemistry, plus ongoing investment in research and development. The key risk is that farm commodity prices heavily influence how much farmers spend on inputs, meaning a downturn in crop prices can quickly reduce demand for Corteva's products.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-1.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-9.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$1.5B/ year

↑ Rising (+5% vs prior year)

8.5% of revenue

2.8x the sector average (3%)

R&D investment increasing — building for the future

Insider Activity

0.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~13 months

$2.5B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue declining

Corteva's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

54.4%

Healthy — 54.4% gross margin

Profit after running costs

Operating Margin

30.0%

Excellent — 30.0% operating margin

Return on the money invested

ROCE

10.1%

Below par — 10.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+3.7%

Slow sales growth (+3.7% YoY)

Profit growth

EPS YoY

-25.3%

Earnings shrinking (-25.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

120%

Turns 120% of profit into real cash

Spare cash per sale

FCF Margin

3.5%

Thin free cash flow (3.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.19

Conservative — low debt load (0.19)

Covers its interest

Interest Cover

17.27x

Comfortably covers interest (17.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

46.0x

Expensive — P/E 46.0

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+26.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (46.0 → 19.5)

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Dividends

Dividend

Dividend Yield

0.92%

Small dividend — 0.92% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-1.6%

Dividend cut (-1.6% YoY) — warning sign

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