CTVA changes
Pick any two versions below to diff them.
- Price
- $12.17 → $12.14(−0.2%)
- Next earnings
- Nov 12, 2026 → Feb 11, 2027
- Next earnings is estimate
- No → Yes
- About
- Corteva makes crop protection products: herbicides, insecticides, fungicides, biologicals and seed-applied treatments that farmers use against weeds, insects and diseases. On October 1, 2026, it spun off its seed business as Vylor Inc., and each Corteva shareholder got one Vylor share for each Corteva share. Corteva kept the crop protection business, the Corteva name and the CTVA ticker. removed: Before the spin-off, Crop Protection added: As a stand-alone company, Corteva had added: pro forma net sales of removed: $3.73 added: $5.36 billion removed: and segment operating EBITDA of $776 million in the first removed: half added: nine months of 2026. Corteva sells in about 110 countries through distributors and retailers, and new, patented products are about 65% of its sales. It also owns EIDP, the former E. I. du Pont de Nemours and Company, which carries legacy environmental and PFAS liabilities that Corteva shares with DuPont and Chemours under a 2021 agreement.
- Thesis
- The market prices Corteva at a discount because the company that remained after the spin-off holds the legacy PFAS liabilities of the old DuPont, and these liabilities have no clear limit. Fifteen US states and one sovereign sued on October 1, 2026 to challenge the spin-off. On October 9, a federal court in Indiana issued a temporary order that stopped dividends, buybacks and asset sales outside normal business, but the court stayed the order on October 10 while Corteva appeals to the Seventh Circuit. Crop chemicals also face price pressure from cheap generic removed: products: Crop Protection added: products. In Q3 2026, Corteva's prices fell removed: 4% in Q2 2026, added: 7%, mainly added: on old molecules in removed: Latin America, added: Brazil and removed: rival FMC cut its Q3 outlook sharply on removed: October 15, 2026. added: acetochlor in the US, and its adjusted pro forma operating EBITDA fell 17%. Corteva lowered its view of Brazil in its first stand-alone 2026 guidance. For the gap to close, three things must be true. The Seventh Circuit must keep the order stayed or reverse it, and the states' case must end without an unwind of the spin-off or a large payment. PFAS costs must stay within the shared limits of the 2021 agreement, as in the North Carolina settlement of September 2026, where Corteva's share was about $66 million. removed: Crop Protection sales added: Prices must stop falling, and removed: margins added: new products must removed: hold against generic competition. added: keep growing faster than old molecules lose sales. The first removed: evidence comes with the first report as a stand-alone removed: company added: report, on November removed: 12, added: 11, 2026, removed: and added: failed this test. The next evidence comes with the appeal decision, expected in the next removed: months. added: months, and the Q4 2026 report with the 2027 outlook, in about February 2027. If the legal risk falls, the gap can close over 2027, but PFAS claims can take years to end.
- Risks
- Legacy PFAS liabilities of the old DuPont stay with EIDP, which Corteva owns. Under a 2021 agreement, Corteva, DuPont and Chemours share PFAS costs up to $4 billion of qualified spending, and Chemours' indemnity covers other legacy matters. Large new judgments or settlements can exceed what the market expects. Fifteen states and one sovereign sued to challenge the spin-off. A temporary order of October 9, 2026, which stopped dividends, buybacks and asset sales, is stayed during the appeal. If the order comes back, Corteva cannot pay dividends or buy back shares, and a court can try to make Vylor share the liabilities. Generic competition lowers prices for crop chemicals. removed: Crop Protection prices added: Prices fell removed: 4% added: 7% in removed: Q2 added: Q3 2026, removed: mainly added: from competition on old molecules in removed: Latin America. added: Brazil and on acetochlor in the US. In October 2026, rival FMC cut its Q3 outlook sharply because of cheap generics. Corteva is now a smaller company with one business. It has removed: no history added: only one quarter of stand-alone results, and it has new costs that the combined company shared before. removed: Its first stand-alone outlook is not known yet. added: Research and development expense rose to $131 million in Q3 2026 from $112 million a year earlier. Weather, crop prices and farm incomes change how much farmers spend on crop protection each season. removed: Dry weather in Europe lowered added: In Q3 2026, Latin America volumes added: fell 24% because of high channel inventory, farmers' lack of cash and high interest rates in removed: Q2 2026. added: Brazil.
- Balance sheet
- added: Cash: $1.8B Debt: $1.0B Net cash: $794M Undrawn credit line: $2.0B, to August 2031 The removed: latest reported added: figures are Corteva's pro forma balance removed: sheet, added: sheet at removed: June added: September 30, 2026, removed: is for added: which shows the removed: combined added: stand-alone company removed: before added: as if the removed: spin-off, so its figures do not show the company that remains. At that date, Corteva had $2,365 million added: spin-off of added: Vylor on October 1, 2026 had already happened. Pro forma cash added: was $1,798 million and removed: $4,875 added: debt was $1,004 million: $60 million of removed: debt: $3,193 million of short-term removed: borrowings, mostly $2,422 million of commercial paper added: borrowings and removed: $600 added: $944 million removed: under the 364-day credit facility, and $1,682 million of long-term removed: notes. added: debt. The spin-off removed: moved much of this. On October 1, 2026, added: cut debt principal by $2.211 billion. Vylor took over $1,439 million of EIDP's removed: $1,600 million of notes due 2030, 2032 and 2033 through exchange removed: offers, so about $161 added: offers. Corteva used a $761 million removed: of these notes stayed at EIDP. added: cash payment from Vylor removed: also issued $1.1 billion of added: to repay the $600 million drawn on its removed: own notes due 2031 added: 364-day credit facility and removed: 2036. On September 24, 2026, EIDP issued added: its commercial paper. The long-term debt includes the $700 million of 6.000% added: EIDP notes due removed: 2036 to repay commercial paper. Corteva has not yet reported a stand-alone balance sheet; added: 2036, issued in September 2026. After the removed: Q3 2026 report on November 12, 2026 is the first. added: spin-off, Corteva keeps one revolving credit facility of $2.0 billion due August 2031. PFAS and other legacy costs are the main claim on future cash, beyond the debt. removed: The MOU escrow account for PFAS costs held about $105 million at June 30, 2026. Credit ratings after the spin-off are not confirmed in company filings. As of removed: Jun added: Sep 30, 2026.
- Checkpoints
- Nov removed: 12, added: 11, 2026: Q3 2026 results: first stand-alone report and outlook. removed: Pending. added: Failed. Watch: Stable Crop Protection prices, a stand-alone outlook with growing EBITDA and a clear plan for dividends and buybacks pass; lower prices from generics or a weak stand-alone outlook fail. added: Outcome: Prices fell 7%, adjusted pro forma operating EBITDA fell 17%, and Corteva said that its 2026 guidance reflects a much weaker Brazil than it expected. Q4 2026 (estimate): Seventh Circuit ruling on the restraining order. Pending. Watch: A stay or reversal of the October 9 order passes; an order that stops dividends and buybacks again fails. added: Feb 11, 2027 (estimate): added: Q4 2026 results and 2027 outlook. Pending. Watch: Stable prices, recovery in Brazil and a 2027 outlook with growing EBITDA pass; more price cuts or lower 2027 EBITDA fail. 2027 (estimate): States' lawsuit against the spin-off. Pending. Watch: A dismissal or a settlement within the shared PFAS cost limits passes; a ruling that makes Corteva pay large new amounts or unwinds part of the spin-off fails.
- Recent events
- Nov added: 11, 2026: Corteva reported Q3 2026 results, its first as a stand-alone crop protection company, on an adjusted pro forma basis. Net sales fell 9% to $1,591 million, with prices down 7% and volume down 2%. Latin America sales fell 31% organically, while North America grew 7%, EMEA 14% and Asia Pacific 5%. The loss from continuing operations was $54 million, or $0.08 per share, and adjusted pro forma operating EBITDA fell 17% to $222 million. Corteva set its 2026 guidance at adjusted pro forma operating EBITDA of $1.1 billion to $1.125 billion and operating EPS of $0.76 to $0.80, and said that Brazil was much weaker than it expected. The board authorized the first common dividend after the spin-off. Nov 10, 2026: Corteva filed a notice that it cannot file its Q3 2026 Form 10-Q on time. It needs more time for the reporting after the spin-off of Vylor on October 1, 2026, and plans to file within five calendar days after the due date. It expects a larger seasonal loss than in Q3 2025, because of spin-off costs and research spending. It expects to issue its results before the earnings call on November 12, 2026. Oct 15, 2026: Rival FMC cut its Q3 2026 outlook sharply because of weak demand and competition from cheap generic products, and its stock fell more than 33%. Citi said that Corteva is less exposed to generic pressure. Corteva stock fell more than 4% that day. Oct 10, 2026: The federal court in Indiana stayed its temporary restraining order while Corteva and Vylor ask the Seventh Circuit Court of Appeals to stay it during the appeal. On October 9, the order had stopped Corteva and EIDP from paying dividends, buying back shares and selling assets outside normal business. Oct 6, 2026: Corteva said that it will report Q3 2026 results on November 11, 2026, after the market closes, with a webcast on November 12. Oct 1, 2026: Corteva completed the spin-off of its seed business as Vylor Inc. Shareholders got one Vylor share for each Corteva share. Corteva became a crop protection company led by CEO Luke Kissam. On the same day, 15 states and one sovereign sued in a federal court in Indiana to challenge the spin-off on the basis of PFAS liabilities. Vylor also completed exchange offers, so that most of EIDP's 2030, 2032 and 2033 notes became Vylor notes. Sep 24, 2026: EIDP, Corteva's subsidiary, issued $700 million of 6.000% senior notes due August 15, 2036, to repay commercial paper and for general purposes. Sep 9, 2026: Corteva, EIDP, Chemours and DuPont settled North Carolina's PFAS claims for $455 million over 15 years. Corteva's share is about $66 million. Corteva and DuPont also guarantee Chemours' share of the payments. Jul 30, 2026: Corteva reported Q2 2026 results. Net sales were $6.38 billion, down 1%. Crop Protection sales were $1.85 billion, down 4%, with prices down 4%, and Crop Protection operating EBITDA rose 2% to $342 million. Corteva raised its 2026 outlook for the combined company to operating EBITDA of $4.1 billion to $4.3 billion.