FMCFMC CORP

Chemicals & Allied Products

Revenue: $3.5B; 18% YoY
Operating margin: -47.0%; 494% YoY
EBITDA: −$1.5B; 313% YoY
Market cap: $964M
Employees: 5,500; $630K revenue each
Net debt / EBITDA: —; $3.4B net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-47× cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentYes
63% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$630K · 61st pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 20th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$964M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
$466K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.0B	$5.8B	$4.5B	$4.2B	$3.5B	18%
Operating income	$1.0B	$1.1B	$556M	$507M	−$1.6B	421%
Net income	$740M	$737M	$1.3B	$341M	−$2.2B	756%
Operating cash flow	$899M	$660M	−$300M	$737M	−$6M	101%
Capex	$100M	$142M	$134M	$68M	$96M	42%
Stock-based comp	$18M	$24M	$26M	$24M	$24M	0.8%
Buybacks	$400M	$100M	$75M	$0	$0
Dividends	$247M	$268M	$291M	$291M	$291M	0.2%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 25, 2026	Tessenderlo Group NV	SCHEDULE 13D	20.0%	Active

Insider trading

Open-market buys, 12 mo: $482K · 3
Open-market sells, 12 mo: $16K · 1
Net: $466K

Pay vs performance

No pay-versus-performance disclosure yet.