Does FMC CORPORATION have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores FMC CORPORATION (FMC) 46.9 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 64, returns on capital 36, balance-sheet safety 28, capital discipline 57.

Is FMC stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $67.91 per share versus a recent price of $11.21 — 83% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has FMC's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 46.9 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

FMC CORPORATION

FMC · Materials · $1.4B mkt cap · FY2025 filings · Shallow moat ·

On the watchlist

Shallow moat

The four filters

Pricing power64

Median gross margin 40.5% over 10y, very stable.

Returns on capital36

Median ROIC 9.2%, above the 9% hurdle in 50% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -7x.

Capital discipline57

Owner earnings trend unclear, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

83% below value

Owner earnings (normalized): $763.6M
Est. intrinsic value / share: $67.91
Recent price: $11.21
Discount to value: 83% below value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

20 years of fundamentals

The business, in plain English

FMC CORPORATION booked $3.5B of revenue in FY2025 in the Materials sector and kept 37.0% of it as gross profit — a solid-margin business by that measure. After every other cost, −64.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $2.6B (FY2007) to $3.5B (FY2025) — about 1.5% a year compounded over 18 years.

It earned −23.1% on invested capital in FY2025, with a median of 12.5% across 19 filed years. The Returns on Capital filter above scores it 36/100.

The balance sheet carried $4.1B of total debt in FY2025. Balance-Sheet Safety scores it 28/100.

The share count rose 72.3% between FY2009 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 57/100.

Put together: Pricing Power is the strongest of the four filters (64/100) and Balance-Sheet Safety the weakest (28/100), which is how FMC lands at 47/100 — a Shallow moat.

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.

RevenueSales, as filed$3.5B FY2025

Gross marginRevenue kept after cost of goods37.0% FY2025

Return on invested capitalOperating profit on the capital employed−23.1% FY2025

Owner earningsCash an owner could take out−$2.2B FY2025

Gaps in a line mean that item isn’t in FMC’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

Moat Score over timeLast scored reading of each day, on the 0–100 scale46.9 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — FMC has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Materials context

#78 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#76MYE Myers Industries, Inc.49.2 out of 100, Shallow moatShallow moat
#77ROG Rogers Corporation47.6 out of 100, Shallow moatShallow moat
#79ENTG Entegris, Inc.46.8 out of 100, Shallow moatShallow moat
#80HNI HNI Corporation46.4 out of 100, Shallow moatShallow moat

Compare FMC with its nearest peers →All Materials companies on the Index →

Common questions about FMC

Does FMC CORPORATION have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores FMC CORPORATION (FMC) 46.9 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 64, returns on capital 36, balance-sheet safety 28, capital discipline 57.
Is FMC stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $67.91 per share versus a recent price of $11.21 — 83% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has FMC's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 46.9 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell FMC. See the disclaimer.