Corteva, Inc.
CTVA · Agriculture · $58.3B mkt cap · FY2025 filings · Narrow moat ·
On the watchlist
The five investor questions
2018–2025: revenue 14287000000.00 to 17401000000.00, increasing; diluted EPS -6.76 to 1.60, increasing.
Median gross margin 40.7% over 8y, stable.
Not enough years of ROIC data to score returns on capital.
Net cash position — no leverage risk.
Owner earnings trend unclear, share count shrinking (buybacks).
The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. The other four 20% weights were renormalized over the scored 80%.
Price vs. owner-earnings value range
- Owner earnings (normalized)
- $1.7B
- Value range / share
- $28.20–$45.69
- Conservative high estimate / share
- $45.69
- Recent price
- $86.78
- Price vs. high estimate
- 90% above high estimate
Conservative range under moat-index@2.0.0: low end 11.1×, high end capped at 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
10 years of fundamentals
The business, in plain English
Corteva, Inc. booked $17.4B of revenue in FY2025 in the Agriculture sector and kept 47.3% of it as gross profit — a solid-margin business by that measure. After every other cost, 6.3% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $14.3B (FY2018) to $17.4B (FY2025) — about 2.9% a year compounded over 7 years.
The balance sheet carried $2.6B of total debt in FY2025 against $1.7B of owner earnings — roughly 1.5 years of owner earnings to retire it all. Balance-Sheet Safety scores it 78/100.
The share count fell 10.2% between FY2019 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 64/100.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Not disclosed in CTVA’s filings for these years — we don’t estimate it.
Gaps in a line mean that item isn’t in CTVA’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Moat Score history
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Track record
How Corteva, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored CTVA on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, CTVA did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Agriculture context
#1 of 24 scored Agriculture companies, ranked by Moat Score.
Nearest peers by Moat Score
- #2CALM Cal-Maine Foods, Inc.57.5 out of 100, Shallow moatShallow moat
- #3GTBIF GREEN THUMB INDUSTRIES INC.51.5 out of 100, Shallow moatShallow moat
- #4VFF VILLAGE FARMS INTERNATIONAL, INC.49.5 out of 100, Shallow moatShallow moat
- #5CVAT Cavitation Technologies, Inc.46.5 out of 100, Shallow moatShallow moat
Compare CTVA with its nearest peers →All Agriculture companies on the Index →
Common questions about CTVA
- Does Corteva, Inc. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores Corteva, Inc. (CTVA) 66.6 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 65, pricing power 60, returns on capital not measurable from the filings, balance-sheet safety 78, capital discipline 64.
- Is CTVA trading below the conservative owner-earnings estimate?
- The owner-earnings value range is $28.20–$45.69 per share. It capitalizes normalized owner earnings at a 9% rate; the low end assumes 0% growth and the high end uses 4% growth, capped at 4% and 18×. Versus a recent price of $86.78, that is 90% above high estimate relative to the high estimate. This is a conservative educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
- How has CTVA's Moat Score changed over time?
- The record logs 9 readings since Jul 17, 2026; the latest reads 66.6 out of 100 (narrow moat). No tier changes on record yet. (A methodology upgrade on Jul 20, 2026 re-based the score; readings across engine versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.