Quick Read
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Goldman Sachs cut FMC’s price target from $43 to $19, kept its Buy rating, and the stock still lost 61% while the S&P 500 gained 11%.
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FMC’s Q3 2026 revenue collapsed 78% to $106 million, with an adjusted loss of $4.41 per share against an expected $0.076 profit.
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FMC now carries $4.18 billion in debt against negative shareholders’ equity, and full-year free cash flow is guided to somewhere between negative $150 million and negative $350 million.
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On October 29, 2025, FMC (NYSE:FMC) reported third-quarter results with the stock at $25.68. By the next day’s close it had fallen to $15.53. Then on November 3, Goldman Sachs cut its price target from $43 to $19, a 55.8% reduction, and kept its Buy rating.
Since the October 31, 2025 close, FMC has lost 60.9% on a dividend-adjusted basis. Over the same stretch, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) gained 11.2%.
Goldman cut its target by more than half. The cut needed to go much deeper.
Goldman’s Case for Holding On Through the Generic Storm
Goldman’s case rested on a split quarter. FMC beat on EBITDA, and adjusted EPS came in at $0.89 against a $0.8548 estimate. Goldman also pointed out the threat directly: generic competition in Latin America had turned out far worse than expected, and the pricing pressure was spreading to FMC’s older, off-patent products. Even after cutting its target, the firm still saw value in the shares.
You can follow the logic. The stock had just taken a historic hit, the target still sat above it, and the core problem was named out loud. Goldman read the threat correctly. It underestimated how much damage the threat would do.
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Three Earnings Reports That Broke the Buy Case
February 4, 2026. FMC recorded a $1.36 billion goodwill impairment and posted a quarterly GAAP net loss of $1.72B. Moody’s cut its credit rating to junk. The board started exploring strategic options, including a possible sale. FMC guided 2026 adjusted EPS to $1.63 to $1.89, a 41% decline at the midpoint, as Rynaxypyr, its main insecticide, faced generic competition after losing patent protection.
