FMC Corporation (FMC) vs CVR Partners, LP (UAN)

FMC Corporation and CVR Partners, LP are both Agricultural Inputs companies. CVR Partners, LP is the larger, with a market value of $1.3B against $1.2B — 1.1× the size. FMC Corporation has negative trailing earnings, so its P/E is not meaningful; CVR Partners, LP trades at 8.1×. CVR Partners, LP grew revenue faster over the last twelve months: 17.5% against −21.3%. CVR Partners, LP has the higher net margin (23.7% vs −84.8%) and the higher return on invested capital (15.3% vs −23.0%). Both pay a dividend; CVR Partners, LP yields more (37.2% vs 4.54%). Across the 20 metrics below, CVR Partners, LP leads on 16 and FMC Corporation on 4.

Valuation

Metric FMC UAN Agricultural Inputs median
P/E n/m 8.09 15.82
P/S 0.37 1.92 0.85
P/B 0.72 3.74 0.80
Price to free cash flow 14.17 8.97 13.58
EV/EBITDA n/m 6.27 6.55
EV/Sales 1.54 2.56 1.07
Earnings yield (229.65%) 12.36% 0.00%
Free cash flow yield 7.06% 11.15% 2.54%

Profitability

Metric FMC UAN Agricultural Inputs median
Gross margin 35.33% 46.11% 30.83%
Operating margin (61.93%) 28.10% 0.30%
Net margin (84.83%) 23.67% (7.81%)
Free cash flow margin 2.61% 21.37% 1.46%
Return on equity (90.59%) 48.30% (2.64%)
Return on assets (25.73%) 15.59% (5.16%)
Return on invested capital (23.03%) 15.27% 0.00%

Growth

Metric FMC UAN Agricultural Inputs median
Revenue growth (TTM) (21.31%) 17.47% 8.74%
EPS growth (last fiscal year) (757.35%) 61.98% —
Revenue growth, 5-year CAGR (5.67%) 11.61% 3.77%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric FMC UAN Agricultural Inputs median
Debt to equity 2.58 1.64 0.47
Current ratio 1.99 3.01 1.55
Net debt to EBITDA (2.40) 2.37 0.16

Dividend

Metric FMC UAN Agricultural Inputs median
Dividend yield 4.54% 37.15% 4.12%
Payout ratio 0.40 — 0.05

Size

Metric FMC UAN Agricultural Inputs median
Market cap 1.20b 1.33b 269.62m

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