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FMC$FMC · filed: saw revenue fall 18.3% in FY2025 to $3.5BOld boatTrillion Score 464Fall Risk MediumNext year $2.3B–$3.5B sealedCheck ▾Close ▴
What FMC filed
Saw revenue fall 18.3% in FY2025 to $3.5 billion, operating margin -47.0% against a 0.1% median for chemicals & allied products, equity 21.4% of assets, and its dividend per share fell in the latest year on record. Every figure links to the filing it came from on FMC’s card. Old boat: three warning signs. Trillion Score 464, #7 of 11 in its field; Fall Risk Medium (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $2.3B and $3.5B, an 80% range sealed on 24 Sept 2026 · receipt #c1b4d7 · graded in public by the revenue in FMC’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
FMC's 73% dividend slash preserves **$114M** annually as lithium margins collapse and leverage climbs to **3.2x**, signaling balance sheet defense mode.
$0.08
per share from
73%
cut that signals the company is prioritizing balance sheet…
$114 million
in annual cash flow for a company that reported
$4.2 billion
in revenue last year but has seen lithium hydroxide…
FMC Corporation reduced its quarterly dividend to $0.08 per share from $0.30, a 73% cut that signals the company is prioritizing balance sheet flexibility over shareholder distributions as lithium market pricing remains under structural pressure. The new payout represents the lowest quarterly dividend since FMC spun off its minerals business in 2008, dropping the annual distribution to approximately $41 million from $155 million.
The move frees $114 million in annual cash flow for a company that reported $4.2 billion in revenue last year but has seen lithium hydroxide spot prices fall 61% since their 2022 peak. FMC's lithium segment, which contributed 38% of 2023 EBITDA, faces margin compression as Chinese producers flood the market with low-cost supply. The company's net debt stood at $3.7 billion as of Q3 2024, with leverage climbing to 3.2x EBITDA from 2.1x eighteen months earlier. Management has not announced buyback suspension, but the dividend cut suggests capital allocation is shifting entirely to debt reduction and operational spend.
The timing exposes FMC's weak negotiating position in lithium offtake contracts. While peers with lower-cost production in Chile and Argentina have maintained distributions, FMC's Nevada operations carry cash costs near $9,800 per ton against current spot prices of $11,200. The company's crop protection business, historically stable, is under pressure from generic competition in diamides and delayed regulatory approvals in Brazil. This isn't simply a lithium story—it's a company losing pricing power across two segments simultaneously.
Allocators should track FMC's Q4 earnings in early February for updated 2025 free cash flow guidance and any commentary on asset sales. The company has explored divesting non-core crop protection assets, and a transaction of $500 million or more would confirm management is managing for survival, not growth. Watch for covenant headroom disclosures in the 10-K filing due late February; the credit facility has a 4.0x net leverage trigger that FMC is approaching. Lithium hydroxide contract renegotiations with automakers are scheduled for mid-2025, and any pricing reset below $13,000 per ton would force further capital structure adjustments.
The dividend now yields 0.6%, down from 2.3% before the cut, removing FMC from most income-focused portfolios and widening the credit spread on its $1.1 billion in bonds maturing between 2026 and 2028.
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