Forensic Analysis · Materials / Mining & Chemicals · as of Aug 11, 2026
Fmc Corp (FMC)
A forensic read on Fmc Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
1.3
Distress distance
Clean
Earnings quality
5
Forensic signals
-0.5
P / E (ttm)
-108.1%
ROE
$1.3B
Market cap
3.03%
Dividend yield
-18.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Fmc Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.3, placing it in the Grey zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-21.7%
FY2025
Return on invested capital.Return on invested capital is -21.7% in the latest fiscal year and slipping from 14% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
FCF ($102M)
FY2025
Shareholder returns.Returned $291M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($102M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
261d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 241 to 261 days FY2024→FY2025 (receivables -29% vs revenue -18%). Receivables are creeping up relative to sales. Across FY2021–FY2025 the day count ran 178 → 172 → 227 → 241 → 261 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter.
-0.4%/yr
FY2022–FY2025
Share count.Diluted share count changed -1% over the last 3 years to FY2025 (-0.4%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.
$1.4B
FY2025–FY2025
Key fundamentals
Latest Revenue$3.47B
Revenue Growth YoY-18.3%
Net Margin-64.6%
Free Cash Flow-$102.5M
Return on Equity-108.1%
Debt / Equity1.97x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Fmc Corp's actual 10-K/10-Q/8-K filings?