Corteva, Inc. Financial Ratios — CTVA Stock

Profitability	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	653.9	291.12	- -	- -
Return on Assets (%)	- -	- -	-9.32	-1.27	1.6	4.14	2.7	1.72	2.16
Return on Capital (%)	- -	- -	- -	- -	- -	109.47	65.22	41.05	36.92
Return on Invested Capital (%)	- -	- -	- -	- -	- -	3.86	6.14	6.66	5.21
Gross Margin (%)	40.24	41	30.37	38.07	40.16	41.11	40.21	42.41	43.64
EBITDA Margin (%)	6.31	1.32	16.39	15.77	14.21	16.35	18.05	19.28	19.65
Operating Margin (%)	6.31	1.32	-3.14	4.22	5.93	8.41	11.05	12.25	12.4
Incremental Operating Margin (%)	- -	-350.75	- -	-234.01	69.81	32.96	33.94	-79.48	4.4
Pretax Margin (%)	1.84	-2.63	-47.64	-2.28	4.75	14.99	8.17	6.35	7.54
Profit Margin (%)	3.58	17.79	-35.45	-6.93	4.79	11.24	6.57	4.27	5.36
Net Income to Common Margin (%)	3.58	17.79	-35.45	-6.93	4.79	11.24	6.57	4.27	5.36
Effective Tax Rate (%)	- -	- -	- -	- -	- -	22.34	14.73	13.91	32.31
Dvd Payout Ratio (%)	- -	- -	-41.65	-202.78	50	21.67	34.07	46.07	52.34
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	512.2	191.94	- -	- -

Credit	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Total Debt	- -	- -	7,938	122	1,105	1,117	1,307	2,489	2,703
LT Debt	- -	- -	5,784	115	1,102	1,100	1,283	2,291	1,953
ST Debt	- -	- -	2,154	7	3	17	24	198	750
Total Debt/EBITDA	- -	- -	3.39	0.06	0.55	0.44	0.41	0.75	0.81
Net Debt/EBITDA	- -	- -	2.38	-0.75	-1.2	-1.31	-0.6	-0.05	-0.12
Total Debt/EBIT	- -	- -	-17.72	0.21	1.31	0.85	0.68	1.18	1.29
Net Debt/EBIT	- -	- -	-12.45	-2.82	-2.87	-2.54	-0.98	-0.07	-0.19
EBITDA to Interest Expense	8.77	2.54	6.95	16.05	44.89	85.33	39.89	14.25	14.26
EBITDA-CapEx/Interest Expense	8.77	2.54	6.95	16.05	44.89	85.33	39.89	14.25	14.26
EBIT to Interest Expense	8.77	2.54	-1.33	4.29	18.73	43.9	24.41	9.06	9
Interest Expense	101	74	337	136	45	30	79	233	233
Common Equity/Total Assets	- -	- -	- -	-0.99	0.02	1.25	0.6	-0.08	0.15
Long-Term Debt/Equity (%)	- -	- -	7.7	0.47	4.4	4.29	5.02	9.06	8.13
Long-Term Debt/Capital (%)	- -	- -	68.6	-230	81.57	58.29	71.16	84.95	64.97
Long-Term Debt/Total Assets (%)	- -	- -	5.32	0.27	2.58	2.6	3.01	5.33	4.78
Total Debt/Equity (%)	- -	- -	10.56	0.5	4.41	4.36	5.12	9.85	11.25
Total Debt/Capital (%)	- -	- -	94.15	-244	81.79	59.19	72.49	92.29	89.92
Total Debt/Total Assets (%)	- -	- -	7.3	0.29	2.59	2.64	3.07	5.79	6.62
Net Debt to Equity	- -	- -	7.42	-6.7	-9.66	-13.04	-7.39	-0.62	-1.68
Net Debt/Capital (%)	- -	- -	90.5	90.74	111.31	129.94	135.95	-294.34	403
EBITDA	886	188	2,342	2,183	2,020	2,560	3,151	3,321	3,323
EBITDA-CapEx	886	188	2,342	2,183	2,020	2,560	3,151	3,321	3,323
Operating Income (Loss)	886	188	-448	584	843	1,317	1,928	2,110	2,096

Liquidity	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Cash Ratio	- -	- -	0.17	0.21	0.44	0.48	0.31	0.26	0.31
Current Ratio	- -	- -	1.73	1.64	1.73	1.63	1.56	1.56	1.45
Quick Ratio	- -	- -	0.57	0.89	1.02	0.98	0.84	0.79	0.85
CFO/Avg Current Liab	- -	- -	0.07	0.1	0.25	0.3	0.09	0.17	0.21
Common Equity/Total Assets	- -	- -	- -	-0.99	0.02	1.25	0.6	-0.08	0.15
Long-Term Debt/Equity (%)	- -	- -	7.7	0.47	4.4	4.29	5.02	9.06	8.13
Long-Term Debt/Capital (%)	- -	- -	68.6	-230	81.57	58.29	71.16	84.95	64.97
Long-Term Debt/Total Assets (%)	- -	- -	5.32	0.27	2.58	2.6	3.01	5.33	4.78
Total Debt/Equity (%)	- -	- -	10.56	0.5	4.41	4.36	5.12	9.85	11.25
Total Debt/Capital (%)	- -	- -	94.15	-244	81.79	59.19	72.49	92.29	89.92
Total Debt/Total Assets (%)	- -	- -	7.3	0.29	2.59	2.64	3.07	5.79	6.62
CFO/Total Liabilities	- -	- -	1.44	6	11.74	16.31	5.11	9.98	12.77
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	- -	0.28	1.74	2.08	2.47	2.8	2.51	2.78

Working Capital	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Accounts Receivable Turnover	- -	- -	7.83	3.52	3.56	4.35	4.53	4.01	3.78
Days Sales Outstanding	- -	- -	46.61	103.78	102.42	83.88	80.53	91.01	96.54
Inventory Turnover	- -	- -	3.75	1.66	1.72	1.83	1.74	1.45	1.55
Days Inventory Outstanding	- -	- -	97.41	220.11	212.68	199.17	209.69	252.23	236.16
Accounts Payable Turnover	- -	- -	11.73	2.63	2.28	2.46	2.68	2.18	1.94
Accounts Payable Turnover Days	- -	- -	31.12	138.66	159.79	148.43	136.43	167.31	188.32
Cash Conversion Cycle	- -	- -	112.9	185.23	155.32	134.62	153.79	175.92	144.39
Inventory to Cash Days	- -	- -	-50.8	-116.32	-110.26	-115.29	-129.17	-161.22	-139.63
Inventories	- -	- -	5,310	5,032	4,882	5,180	6,811	6,899	5,432
Raw Materials	- -	- -	467	498	485	607	862	851	486
Work In Process	- -	- -	1,821	1,850	1,813	2,076	2,689	2,775	2,297
Finished Goods	- -	- -	3,022	2,684	2,584	2,497	3,260	3,273	2,649
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Market Capitalization	- -	- -	- -	20,784	27,709	33,653	41,388	33,585	39,513
- Cash & Cash Equivalents	- -	- -	2,270	1,764	3,526	4,459	3,191	2,644	3,106
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	493	246	239	239	239	242	241
+ Total Debt	- -	- -	7,938	122	1,105	1,117	1,307	2,489	2,703
Enterprise Value	- -	- -	6,156	19,383	25,258	30,464	39,619	33,574	39,288
Total Capital	- -	- -	8,431	-50	1,351	1,887	1,803	2,697	3,006
Total Debt/Capital (%)	- -	- -	94.15	-244	81.79	59.19	72.49	92.29	89.92
Total Debt / EV	- -	- -	1.29	0.01	0.04	0.04	0.03	0.07	0.07
EV/Sales	- -	- -	0.43	1.4	1.78	1.95	2.27	1.95	2.32
EV/EBITDA	- -	- -	2.63	8.88	12.5	11.9	12.57	10.11	11.82
EV/EBIT	- -	- -	- -	33.19	29.96	23.13	20.55	15.91	18.74
EV/Cash Flow to Firm	- -	- -	7.52	16.34	11.95	11.08	42.18	17.05	17.06
EV/Free Cash Flow to Firm	- -	- -	7.52	16.34	11.95	11.08	42.18	17.05	17.06
Diluted Market Cap	- -	- -	- -	20,784	27,802	33,913	41,601	33,723	39,644
Diluted Enterprise Value	- -	- -	6,161	19,388	25,620	30,810	39,956	33,810	39,482
EV per Share	- -	- -	8.21	25.86	33.74	41.4	54.97	47.35	56.64
TTM Sales	14,041	14,240	14,287	13,846	14,217	15,655	17,455	17,226	16,908
TTM EBITDA	886	188	2,342	2,183	2,020	2,560	3,151	3,321	3,323
TTM Operating Income	886	188	-448	584	843	1,317	1,928	2,110	2,096
TTM Cash Flow to Firm	207	-508	818	1,186	2,114	2,750	939	1,970	2,303
TTM Free Cash Flow to Firm	207	-508	818	1,186	2,114	2,750	939	1,970	2,303

Multiples	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Price/Earnings	- -	- -	- -	- -	40.69	19.13	36.08	45.69	43.56
Price/Earnings Average	- -	- -	- -	-20.13	30.62	18.03	35.27	52.06	41.93
Price/Earnings High	- -	- -	- -	-25.62	44.23	20.91	43	62.9	49.1
Price/Earnings Low	- -	- -	- -	-18.84	22.41	15.29	27.49	41.69	33.66
Price/Book Value	- -	- -	- -	-49.72	3,958.48	63.38	161.04	-987.8	637.31
Price/Book Value Average	- -	- -	- -	-46.18	2,979.07	59.72	157.42	-1,125.41	613.41
Price/Book Value High	- -	- -	- -	-58.78	4,302.89	69.27	191.92	-1,359.82	718.32
Price/Book Value Low	- -	- -	- -	-43.21	2,179.79	50.64	122.68	-901.26	492.42
Price/Tangible Book Value	- -	- -	- -	7.16	6.85	6.15	6.63	6.65	8.33
Price/Tangible Book Value Average	- -	- -	- -	6.65	5.15	5.79	6.48	7.58	8.01
Price/Tangible Book Value High	- -	- -	- -	8.47	7.44	6.72	7.9	9.16	9.38
Price/Tangible Book Value Low	- -	- -	- -	6.22	3.77	4.91	5.05	6.07	6.43
Price/Sales	- -	- -	- -	1.5	1.95	2.15	2.37	1.95	2.34
Price/Sales Average	- -	- -	- -	1.39	1.47	2.03	2.32	2.22	2.25
Price/Sales High	- -	- -	- -	1.77	2.12	2.35	2.83	2.68	2.63
Price/Sales Low	- -	- -	- -	1.3	1.07	1.72	1.81	1.78	1.81
Price/Cash Flow	- -	- -	- -	19.42	13.43	12.34	47.46	18.99	18.42
Price/Cash Flow Average	- -	- -	- -	18.04	10.1	11.63	46.39	21.63	17.73
Price/Cash Flow High	- -	- -	- -	22.96	14.59	13.49	56.56	26.14	20.76
Price/Cash Flow Low	- -	- -	- -	16.88	7.39	9.86	36.16	17.32	14.23
Price/Free Cash Flow	- -	- -	- -	19.42	13.47	12.44	47.71	19.06	18.48
Price/Free Cash Flow Average	- -	- -	- -	18.04	10.14	11.72	46.63	21.72	17.79
Price/Free Cash Flow High	- -	- -	- -	22.96	14.64	13.59	56.85	26.24	20.83
Price/Free Cash Flow Low	- -	- -	- -	16.88	7.42	9.94	36.34	17.39	14.28
EV/Sales	- -	- -	0.43	1.4	1.78	1.95	2.27	1.95	2.32
EV/Sales Average	- -	- -	0.43	1.29	1.31	1.83	2.22	2.23	2.24
EV/Sales High	- -	- -	0.43	1.67	1.97	2.15	2.73	2.69	2.62
EV/Sales Low	- -	- -	0.43	1.2	0.92	1.52	1.71	1.78	1.8
EV/EBITDA	- -	- -	2.63	8.88	12.5	11.9	12.57	10.11	11.82
EV/EBITDA Average	- -	- -	2.63	8.2	9.24	11.17	12.32	11.55	11.4
EV/EBITDA High	- -	- -	2.63	10.62	13.83	13.16	15.13	13.95	13.35
EV/EBITDA Low	- -	- -	2.63	7.63	6.47	9.29	9.48	9.25	9.14
EV/EBIT	- -	- -	- -	33.19	29.96	23.13	20.55	15.91	18.74
EV/EBIT Average	- -	- -	-13.75	30.66	22.15	21.72	20.13	18.18	18.07
EV/EBIT High	- -	- -	-13.75	39.68	33.14	25.57	24.73	21.95	21.17
EV/EBIT Low	- -	- -	-13.75	28.54	15.51	18.06	15.5	14.56	14.49
Last Price	- -	- -	- -	27.73	37.01	45.73	57.42	47.37	56.96
High Price	- -	- -	- -	32.78	40.23	49.98	68.43	65.21	64.2
Low Price	- -	- -	- -	24.1	20.38	36.54	43.74	43.22	44.01
Enterprise Value	- -	- -	6,156	19,383	25,258	30,464	39,619	33,574	39,288
Enterprise Value Average	- -	- -	6,161	17,908	18,671	28,607	38,811	38,351	37,869
Enterprise Value High	- -	- -	6,161	23,173	27,938	33,677	47,679	46,321	44,374
Enterprise Value Low	- -	- -	6,161	16,667	13,077	23,787	29,883	30,730	30,368

Per Share Data Items	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Shares Outstanding	- -	- -	750	749	743	727	713	701	686
Diluted Weighted Avg Shares	749	749	749	750	751	742	724	712	696
Basic Weighted Avg Shares	749	749	749	750	749	736	721	709	694
Revenue per Share	18.74	19	19.06	18.47	18.99	21.27	24.22	24.3	24.37
EBITDA per Share	1.18	0.25	3.13	2.91	2.7	3.48	4.37	4.68	4.79
Operating Income per Share	1.18	0.25	-0.6	0.78	1.13	1.79	2.67	2.98	3.02
Basic EPS, GAAP	0.67	3.38	-6.76	-1.28	0.91	2.39	1.59	1.04	1.31
Basic EPS from Cont Ops	0.7	3.43	-9.04	-0.36	1.01	2.48	1.69	1.33	1.24
Diluted EPS, GAAP	0.67	3.38	-6.76	-1.28	0.91	2.37	1.58	1.03	1.3
Diluted EPS from Cont Ops	0.7	3.43	-9.04	-0.36	1.01	2.46	1.68	1.32	1.24
Dividend per Share	- -	- -	3.74	0.68	0.52	0.54	0.58	0.62	0.66
Cash Flow per Share	- -	- -	0.64	1.43	2.76	3.71	1.21	2.5	3.09
Free Cash Flow per Basic Share	- -	- -	0.64	1.43	2.76	3.71	1.21	2.5	3.09
Cash & Equivalents per Share	- -	- -	3.04	2.36	5.07	6.18	4.6	3.87	4.57
Book Value per Share	- -	- -	- -	-0.56	0.01	0.72	0.36	-0.05	0.09
Tangible Book Value per Share	- -	- -	70.6	3.87	5.41	7.44	8.66	7.12	6.84

Corteva, Inc.

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples

Per Share Data Items