FMC Corporation Faces Financial Headwinds Amidst Market Downturn

FMC Corporation shares have plummeted by 90% since their post-pandemic peak, primarily due to de-stocking, patent expirations, and a heavy debt load. The recent sale of its India business, fetching only 0.6 times sales, has done little to alleviate its substantial net debt of $4.15 billion. With leverage ranging from 5 to 6 times EBITDA, the company struggles with high interest costs, hindering both earnings and deleveraging efforts. Management is exploring strategic options, including a full sale, though a $30 per share target seems overly optimistic given current fundamentals.