FMC makes crop protection chemicals—insecticides, herbicides, fungicides—that farmers spray to kill pests and boost harvests, plus pest control for cities. Think of it as a pharmacy for plants.
Money comes from selling these chemicals to farmers via its own sales teams, distributors, and partners. Gross margin was 35.29% recently, but the company lost USD 2.24B in 2025—so it's not currently profitable, though 2024 showed a USD 0.34B profit.
Farmers depend on proven chemicals, and FMC has decades of registered products and distribution relationships that Bayer, Corteva, and Syngenta can't easily replicate. But heavy losses and shrinking revenue suggest the moat is eroding under competitive pressur
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