← All companies ← MORN Manual MOV → ← ICL Agricultural Inputs NTR →

MOS, Mosaic Company (The)

Agricultural Inputs capital-intensive Cyclical

Mosaic Company is the world's leading producer and marketer of concentrated phosphate and potash crop nutrients.

Through our broad product offering, we are a single source supplier of phosphate- and potash-based crop nutrients and animal feed ingredients.

We are the second largest integrated phosphate producer in the world and one of the largest producers and marketers of phosphate-based animal feed ingredients in North America and Brazil.

Latest annual: FY2025 10-K

MOS · Mosaic Company (The)

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$12.1B

+8.4% YoY · 7% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $12.4B 5-yr avg $13.7B

Gross margin 13% 5-yr avg 20%

Operating margin 0.9% 5-yr avg 13.4%

ROIC 0% 5-yr avg 10%

Owner-earnings margin −4% 5-yr avg 7%

Free cash flow margin −4% 5-yr avg 5%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is led by Mosaic Fertilizantes (40%) and Phosphates (32%), with 2 more segments behind.
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 16% and operating margin about 6.8% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. The margin is cyclical, swinging between −12% and 25% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Inventory runs near 20% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the spread and utilization. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 6%, above 15% in 1 of 7 years). By owner earnings: roughly 7% of revenue reaches owners as cash, consistently. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

The largest slice of sales is Mosaic Fertilizantes at 40%, but the profit engine is Potash: 22% of revenue and 61% of the profitable segments' operating profit. Corporate Eliminations And Other ran a $229M operating loss.

Revenue by reportable segment, FY2025

Operating profit profitable segments only

Mosaic Fertilizantes40%$4.8B26% of profit
Phosphates32%$3.9B13% of profit
Potash22%$2.7B61% of profit
Corporate Eliminations And Other6%$669Mloss of $229M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of the profitable segments' operating profit (a loss-making segment carries its loss in dollars in the legend, not a share of the bar), before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2018–2025

realized figures from each filing · older years to the left

2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
									Income statement
$9.6B	$8.9B	$8.7B	$12.4B	$19.1B	$13.7B	$11.1B	$12.1B	$12.4B	RevenueRevenue
16%	10%	12%	26%	30%	16%	14%	16%	13%	Gross marginGross mgn
4%	4%	4%	3%	3%	4%	4%	4%	4%	SG&A / revenueSG&A/rev
$928M	($1.1B)	$413M	$2.5B	$4.8B	$1.3B	$622M	$822M	$110M	Operating incomeOp. inc.
9.7%	−12.3%	4.8%	20.0%	25.0%	9.8%	5.6%	6.8%	0.9%	Operating marginOp. mgn
$470M	($1.1B)	$666M	$1.6B	$3.6B	$1.2B	$175M	$541M	$45M	Net incomeNet inc.
14%	—	—	27%	25%	13%	52%	54%	—	Effective tax rateTax rate
									Cash flow & returns
$1.4B	$1.1B	$1.6B	$2.2B	$3.9B	$2.4B	$1.3B	$825M	$886M	Operating cash flowOp. cash
$884M	$883M	$848M	$813M	$934M	$961M	$1.0B	$1.0B	$1.1B	DepreciationDeprec.
$28M	$1.3B	$51M	($286M)	($609M)	$249M	$67M	($797M)	($314M)	Working capital & otherWC & other
$955M	$1.3B	$1.2B	$1.3B	$1.2B	$1.4B	$1.3B	$1.4B	$1.4B	CapexCapex
10.0%	14.3%	13.5%	10.4%	6.5%	10.2%	11.3%	11.3%	11.1%	Capex / revenueCapex/rev
$455M	$213M	$735M	$1.4B	$3.0B	$1.4B	$47M	($225M)	($489M)	Owner earningsOwner earn.
4.7%	2.4%	8.5%	11.1%	15.7%	10.6%	0.4%	−1.9%	−3.9%	Owner earnings marginOE mgn
$455M	($177M)	$412M	$898M	$2.7B	$1.0B	$47M	($535M)	($489M)	Free cash flowFCF
4.7%	−2.0%	4.7%	7.3%	14.1%	7.3%	0.4%	−4.4%	−3.9%	Free cash flow marginFCF mgn
$985M	$55M	$0	$0	$0	$41M	$0	$0	$0	AcquisitionsAcquis.
$39M	$67M	$76M	$104M	$198M	$352M	$271M	$280M	$280M	Dividends paidDiv. paid
$0	$150M	$0	$411M	$1.7B	$756M	$235M	$0	—	BuybacksBuybacks
6%	-7%	—	13%	24%	8%	2%	3%	0%	ROICROIC
5%	-12%	7%	15%	30%	9%	2%	4%	0%	Return on equityROE
4%	−12%	6%	14%	28%	7%	−1%	2%	−2%	Retained to equityRetained/eq
									Balance sheet
$848M	$519M	$574M	$770M	$735M	$349M	$273M	$277M	$282M	Cash & investmentsCash+inv
$661M	$804M	$881M	$1.5B	$1.7B	$1.3B	$1.1B	$1.1B	$1.0B	ReceivablesReceiv.
$1.5B	$2.1B	$1.7B	$2.7B	$3.5B	$2.5B	$2.5B	$3.4B	$3.4B	InventoryInvent.
$781M	$680M	$769M	$1.3B	$1.3B	$1.2B	$1.2B	$1.2B	$1.1B	Accounts payablePayables
$1.4B	$2.2B	$1.9B	$3.0B	$4.0B	$2.6B	$2.5B	$3.3B	$3.4B	Operating working capitalOper. WC
$4.2B	$3.7B	$3.5B	$5.3B	$6.6B	$4.7B	$4.5B	$5.2B	$5.3B	Current assetsCur. assets
$2.5B	$2.6B	$3.1B	$4.8B	$5.5B	$3.9B	$4.2B	$4.0B	$4.3B	Current liabilitiesCur. liab.
1.7×	1.4×	1.1×	1.1×	1.2×	1.2×	1.1×	1.3×	1.2×	Current ratioCurr. ratio
$1.7B	$1.2B	$1.2B	$1.2B	$1.1B	$1.1B	$1.1B	$1.0B	$989M	GoodwillGoodwill
$20.1B	$19.3B	$19.8B	$22.0B	$23.4B	$23.0B	$22.9B	$24.5B	$24.6B	Total assetsAssets
$4.5B	$4.6B	$4.6B	$4.0B	$3.4B	$3.4B	$3.4B	$4.3B	$4.3B	Total debtDebt
$3.7B	$4.1B	$4.0B	$3.2B	$2.7B	$3.0B	$3.1B	$4.0B	$4.0B	Net debt / (cash)Net debt
4.3×	-5.1×	1.9×	12.7×	28.3×	7.1×	2.7×	3.4×	0.5×	Interest coverageInt. cov.
$10.4B	$9.2B	$9.6B	$10.6B	$12.1B	$12.3B	$11.5B	$12.1B	$11.8B	Shareholders’ equityEquity
0.3%	0.3%	0.2%	0.2%	0.1%	0.2%	0.3%	0.3%	0.3%	Stock comp / revenueSBC/rev
—	$589M	—	—	—	—	—	$100M	$100M	Goodwill written downGW imp.
									Per share
386M	384M	381M	382M	356M	333M	321M	319M	318M	Shares out (diluted)Shares
$24.81	$23.21	$22.77	$32.38	$53.72	$41.10	$34.68	$37.79	$39.15	Revenue / shareRev/sh
$1.22	$-2.78	$1.75	$4.27	$10.06	$3.50	$0.55	$1.70	$0.14	EPS (diluted)EPS
$1.18	$0.55	$1.93	$3.60	$8.43	$4.34	$0.15	$-0.71	$-1.54	Owner earnings / shareOE/sh
$1.18	$-0.46	$1.08	$2.35	$7.55	$3.02	$0.15	$-1.68	$-1.54	Free cash flow / shareFCF/sh
$0.10	$0.18	$0.20	$0.27	$0.56	$1.06	$0.84	$0.88	$0.88	Dividends / shareDiv/sh
$2.47	$3.31	$3.07	$3.38	$3.50	$4.21	$3.90	$4.26	$4.33	Cap. spending / shareCapex/sh
$26.91	$23.93	$25.13	$27.79	$33.86	$36.89	$35.80	$37.90	$37.18	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	7-yr	5-yr
Revenue / share	+6.2%/yr	+10.7%/yr
EPS	+4.9%/yr	−0.6%/yr
Dividends / share	+36.5%/yr	+34.6%/yr
Capital spending / share	+8.1%/yr	+6.8%/yr
Book value / share	+5.0%/yr	+8.6%/yr

The record, charted

FY2018–2025

Each measure over its full record; the current point and the worst year marked.

Share count

319Mpeak FY2018

ROIC

3%low FY2019

Gross margin

16%low FY2019

Net debt ÷ owner earnings

65.5×peak FY2024

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($225M)owner earningsvs.$541Mnet incomelow FY2025

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2018FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned ($225M) of owner earnings, the operating cash left after the $1.0B it takes just to hold its position. It put $310M more into growth; free cash flow, after that spending, was ($535M).

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$541M	$175M	$1.2B	$3.6B	$1.6B
Depreciation & amortizationnon-cash charge added back	+$1.0B	+$1.0B	+$961M	+$934M	+$813M
Stock-based compensationreal costnon-cash, but a real cost	+$31M	+$32M	+$33M	+$28M	+$30M
Working capital & othertiming of cash in and out, other non-cash items	−$797M	+$67M	+$249M	−$609M	−$286M
Cash from operations	$825M	$1.3B	$2.4B	$3.9B	$2.2B
Maintenance capital expenditurethe spending needed just to hold position and volume	−$1.0B	−$1.3B	−$961M	−$934M	−$813M
Owner earnings	($225M)	$47M	$1.4B	$3.0B	$1.4B
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$310M	—	−$442M	−$313M	−$476M
Free cash flow	($535M)	$47M	$1.0B	$2.7B	$898M
Owner-earnings marginowner earnings ÷ revenue	-2%	0%	11%	16%	11%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $1.0B, roughly its depreciation, the rate its assets wear out). The other $310M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $31M), owner earnings is nearer ($256M).

Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 3.4×

Adequate

Operating income $822M ÷ interest expense $242M

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? $4.0B · 4.9× operating profit

Heavy net debt

Cash $277M − debt $4.3B

What this means
Netting $277M of cash and short-term investments against $4.3B of debt leaves $4.0B owed, about 4.9× a year's operating profit (5.2× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 111d

Long (60+ days)

DSO 33 + DIO 121 − DPO 42 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 6%

Below average through the cycle

7-yr median, range -7%–24%; 3% latest = NOPAT $411M ÷ invested capital $16.1B

Industry peers: median 10%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 7 years (it ran 3% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 5%

Thin through the cycle

8-yr median margin, range -2%–16%; latest ($225M) = operating cash $825M − maintenance capex $1.0B

Industry peers: median 10%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -2% of revenue this year, a 5% median across 8 years. It chose to put $310M more into growth, so free cash flow this year was ($535M) — the gap is investment, not weakness. Treating stock comp as the real expense it is (less $31M of SBC) leaves ($256M).
Are earnings backed by cash? 1.53×

Cash-backed

Cash from ops $825M ÷ net income $541M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 1.29×

Expanding

Capex $1.4B ÷ depreciation $1.0B

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $12.1B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.32×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $4.3B vs $1.3B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Near

A profit every year (8-yr record) · 1 loss year

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (8)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +2637%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.97/share (latest year $1.70), the averaged base the calculator's gate runs on, and book value is $38.02/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2018–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 7 of 8

What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 1 of 8 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 1% → 7% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 1% early to 7% lately, median 7% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2019 · −12.3% op. margin

What this means
Operations went underwater in 2019, understand why before trusting the good years.
Share count −2.7%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$5.3B

Cash & short-term investments$282M
Receivables$1.0B
Inventory$3.4B
Other current assets$620M

Current liabilities$4.3B

Accounts payable$1.1B
Other current liabilities$3.2B

Current ratio1.25×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.45×stricter: inventory excluded

Cash ratio0.07×strictest: cash alone against what's due

Working capital$1.1Bthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+14.4%the freshest read on whether the business is still growing

Current ratio, recent quarters1.2× → 1.2×

Deeper floors

Tangible book value$10.8Bequity stripped of goodwill & intangibles

Debt incl. operating leases$4.1B$240M of it operating leases

Deferred revenue$244Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'26$43M

'27$727M

'28$575M

'29$569M

'30$404M

later$2.0B

Bars scaled to the largest single year; “later” is everything due after 2030, shown apart since it dwarfs the years.

Due in the next 12 months$43Mthe first rung: what must be repaid or rolled over within the year

Within two years$771Mthe near wall, the part most exposed to today’s credit conditions

Biggest single year$727Min 2027the lumpiest maturity, where a refinancing, if needed, is largest

Total scheduled principal$4.3Bevery year plus what lies beyond, as the footnote totals it

Against what the business has and earns

Cash & short-term investments, Mar 31, 2026$282M

Together, against $43M due next year6.5×

Cash on hand as of Mar 31, 2026 comes to $282M against the $43M due in the twelve months after the Dec 31, 2025 schedule: 6.5 times it.

Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the total the table states.

How the cash was used, 2018–2025

Over the record, the business generated $14.7B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$9.9B · 67%
Dividends$1.4B · 9%
Buybacks$3.2B · 22%
Retained (debt / cash)$192M · 1%

Returned to owners$4.6B
65% of the owner earnings the business produced over the span, $1.4B as dividends and $3.2B as buybacks.
Average price paid for buybacks$45.90
Across the years where the filing reports a share count, 67M shares were bought for $3.1B, about $45.90 each. Year to year the price paid ranged from $29.63 (2024) to $54.05 (2022), and 2022, near the top of that range, was also its heaviest buyback year ($1.7B).
Net change in share count−17.8%
The diluted count fell from 386M to 318M, so the buybacks outran the stock issued to staff.
Dividend record$0.88/sh
Paid in 8 of the years on record, the per-share dividend growing about 36% a year. It was cut at least once along the way.
Return on what it retained−2%
Of the earnings it kept rather than paid out ($2.6B over the span), annual owner earnings (first three years vs last three) fell $45M, so each retained $1 gave back about 0.02 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 8-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill$1.0B4% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity8%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$1.1Bover 8 years buying other businesses, against $9.9B of capital spent building

$689M written down across 2 years (2019, 2025): goodwill the company has already conceded it overpaid for, charged against earnings. That is roughly 64% of the cash it put into acquisitions over the span. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 8-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	—	$12.3M	$41.9M	$1.4B
2022	—	$12.1M	$37.6M	$3.0B
2023	—	$11.9M	$34.1M	$1.4B
2024	James (“Joc”) C. O’Rourke,	$9.9M	$6.2M	$47M
2025	Bruce M. Bodine	$10.4M	$11.0M	($225M)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years. A dash under the name means the filing tags the figure without naming the officer.

Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$31M
The slice of the business handed to employees in shares this year, 0% of revenue, equal to 4% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Mosaic Company (The) is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2018–2025.

2 of the 6 tests turned up something to look into; the other 4 came back clean.

Look hereIs it less profitable than it was?3.0% vs 5.2%
The owner-earnings margin averaged 5.2% early in the record and 3.0% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid receivables and inventory outpace sales?23% → 36% of sales
Receivables and inventory grew from $2.2B to $4.4B while revenue grew 30%: working capital is climbing faster than sales (23% of revenue then, 36% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.

And these came back clean

Did the share count rise anyway?
Did debt outgrow the business?
Did reported profit become cash?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Agricultural Inputs

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
PPGPPG Industries Inc.	$15.9B	41%	14.7%	16%	7%
MOSMosaic Company (The)	$12.1B	16%	8.2%	6%	7%
WLKWestlake	$11.2B	19%	9.8%	6%	10%
IFFInternational Flavors & Fragrances Inc.	$10.9B	39%	8.9%	4%	8%
CECelanese	$9.5B	25%	14.1%	10%	13%
EMNEastman Chemical	$8.8B	24%	10.8%	9%	9%
CFCF Industries Holdings Inc.	$7.1B	30%	24.1%	24%	27%
SMGScotts Miracle-Gro	$3.4B	32%	11.7%	14%	10%
Group median	—	27%	11.3%	9%	9%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Mosaic Company (The) has delivered.

Mosaic Company (The)’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Mosaic Company (The) earns about $796M on its 6.6% median owner-earnings margin. This year’s −1.9% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($796M) Net of stock comp (−$32M) Steady-state · maintenance capex (($164M))

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow ($489M) on 318M shares outstanding, per the 10-Q cover, as of 2026-05-08; net debt $4.0B. The base opens on the steady-state figure (the latest year is negative on total capex mid-build-out); clear Steady-state to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($1.4B) runs well above depreciation ($1.1B), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about ($164M), the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh MOS against another business →

The owners of MOS: the meeting and the votes →

Cite: Owner Scorecard, "Mosaic Company (The) (MOS), the owner's record," https://ownerscorecard.com/c/MOS, data as of 2026-07-09.

Manual order: ← MORN its page in the Manual MOV →

Industry order: ← ICL the Agricultural Inputs chapter NTR →