維瑞評級
The Mosaic Company
品牌及製造商 已驗證美國

The Mosaic Company

Mosaic

The Mosaic Company is an American crop nutrient producer headquartered at 101 East Kennedy Boulevard, Suite 2500, Tampa, Florida, and one of the largest integrated phosphate and potash companies in the world. Formed in October 2004 through the merger of IMC Global and the crop nutrition division of Cargill, it employs 13,249 people and reported FY2025 revenue of USD 12.05 billion, net income of USD 0.54 billion, operating income of USD 1.11 billion, total assets of USD 24.48 billion, total liabilities of USD 12.25 billion and equity of USD 12.23 billion. Its shares trade on the New York Stock Exchange as MOS, with a market capitalization of roughly USD 5.86 billion at USD 18.44. The model runs from ore to finished product rather than from a single stage: phosphate provided 65.5% of FY2025 revenue (USD 7.89 billion) and potash 29.5% (USD 3.55 billion), produced from three active phosphate rock mines and four chemical concentrates plants in the United States, three potash complexes in Saskatchewan, a 75%-owned phosphate rock mine in Peru and integrated mines, chemical complexes and blending facilities in Brazil, serving wholesale distributors, retail chains, farmers and industrial buyers in about 40 countries.

Strengths: Mosaic is a first-quartile potash producer, with a cash cost of USD 75 per tonne that rests on the Esterhazy K3 complex, the largest underground potash mine in the world at 6.3 Mt of capacity and now supplemented by a 400,000 tonne Hydrofloat project, alongside Belle Plaine at 3 Mt of solution capacity and Colonsay at 1.9 Mt. The phosphate chain is even more concentrated: 9.5 Mt of rock mined in 2025 from the Central Florida mines equalled 47% of North American rock output, and the company holds a 72% share of the North American finished phosphate market, with 4.5 Mt of P2O5 chemical capacity supporting about 8.5 Mt of finished DAP, MAP and MicroEssentials product. Reserves of 1,150 Mt of potash ore at 24.5% K2O over 48 years and 540 Mt of rock at 28.2% P2O5 over 28 years, plus premium products such as MicroEssentials, K-Mag and Aspire that carry formulation premiums, give it a defensible position in both nutrient markets.

Weaknesses: The company does not hedge finished product prices, so a USD 10 per tonne move in MOP changes annual EBITDA by about USD 83 million and the same move in DAP by USD 60 million, leaving earnings fully exposed to fertilizer benchmarks that are set by supply additions in Canada, Russia, Morocco and China. Phosphate cash costs of USD 127 per tonne depend on sulphur and ammonia inputs that Mosaic buys rather than produces, so margin can compress even when selling prices hold. The cycle shows in the results: net income of USD 0.54 billion on USD 12.05 billion of revenue in FY2025 compares with USD 3.58 billion on USD 19.13 billion in FY2022, and capital expenditure of USD 1.28 billion exceeded net income, which leaves little free cash flow at the bottom of the cycle, and operations in Brazil and Peru add currency and jurisdictional exposure while the price leadership of Nutrien in potash and OCP in phosphate limits Mosaic's pricing influence.

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美國成立 200413,249US$12.1 B / 100
上市於NYSEMOS
更新於: 2026年11月·作者 維瑞評級 研究團隊·評選方法

上市市場數據

MOS · NYSE · 每週更新歷史走勢 →
市值
$58.6億
股價
USD 18.42
一年漲跌
-32.4%
近期漲跌
-3.2%

11-02 → 11-03

較首個收盤價
-46.9%

起始 2025-09

營收(近 12 個月)
US$12.1 B(2025 財年)
· 更新於 2026-11-03

財務歷史

完整市值歷史
USD 0$0USD 8$2.5億USD 15$5.0億USD 23$7.5億USD 30$10.0億2025-122026-012026-022026-032026-042026-052026-062026-072026-082026-092026-102026-11
月份收盤價市值漲跌
  • 2026-11USD 18.42$58.6億+0.2%
  • 2026-10USD 18.39$58.5億-15.1%
  • 2026-09USD 21.65$68.9億-10.2%
  • 2026-08USD 24.12$76.7億+9.0%
  • 2026-07USD 22.12$70.4億+4.4%
  • 2026-06USD 21.19$67.4億-11.3%
  • 2026-05USD 23.90$76億+2.7%
  • 2026-04USD 23.27$74億-8.7%
  • 2026-03USD 25.50$81.1億-8.4%
  • 2026-02USD 27.84$88.6億+1.2%
  • 2026-01USD 27.50$87.5億+14.2%
  • 2025-12USD 24.09$76.6億—
月度收盤 · 2025-12 – 2026-11 · 完整市值歷史

持股與控制權

最新可用申報
控股實體
公開發行持股——未披露控股股東
公司類型
品牌及製造商
內部人
—
機構投資者
—
自由流通股
—

百分比按總發行股數計算,資料彙整自 Yahoo Finance 的 13F 類申報。機構數據反映在美國申報的持倉,可能低估在其他地區申報的持有人。未披露者不予列示。

媒體報導

全部報導 →5 最新頭條
標題採集自公開新聞源;情感標籤由關鍵詞判定,並非編輯結論。

Industry Position

Fertilizer is priced at two nodes. Potash clears at the MOP price free on board the mine gate, set by negotiations among a small group of producers and by the timing of annual contracts with India and China. Phosphate clears at DAP free on board Tampa, which moves with sulphur and ammonia costs, Chinese export availability and Brazilian demand. Neither benchmark is traded on a futures exchange in the way copper or oil is, so contract settlement timing matters as much as the underlying balance.

Supply is concentrated on both sides. In potash, Nutrien, Mosaic, K+S, ICL and the Russian and Belarusian producers account for most of global capacity, with Canada and Russia holding the largest reserves. In phosphate, OCP in Morocco controls the largest rock reserves, China's export policy swings the seaborne market, and Mosaic is the largest North American integrated producer with a 72% share of the domestic finished phosphate market.

Demand follows agronomy rather than the industrial cycle. Global nutrient consumption grows with population and with the intensity of farming in Brazil, India and Southeast Asia, and it contracts when crop prices fall far enough to make fertilizer unaffordable at the farm gate. That gives the market a floor over time but very little visibility within a season, which is why producers hold inventory and why contract negotiations can stall for months.

Competitive Advantages

Mosaic's potash position is a genuine cost advantage. Esterhazy K3, the largest underground potash mine in the world at 6.3 Mt of capacity, is highly automated and benefits from the 400,000 tonne Hydrofloat project, and the resulting cash cost of USD 75 per tonne sits in the first quartile. Belle Plaine's solution mining gives flexibility on product grade, including industrial MOP, and Colonsay can be dialled up or down to match demand.

In phosphate, integration from rock to finished granule is the moat. The Central Florida mines produced 9.5 Mt of rock in 2025, 47% of North American output, and that rock feeds four concentrates plants with 4.5 Mt of P2O5 capacity, so Mosaic captures the upgrading margin between raw rock and DAP rather than selling rock to a competitor's plant. Competitors such as CF Industries buy ammonia and sell nitrogen; Mosaic owns the scarce input, which is phosphate rock.

Product mix adds a premium layer. MicroEssentials, K-Mag, Aspire, PowerCoat and the Mosaic Biosciences portfolio sell at prices above commodity DAP and MOP because they bundle nutrient efficiency or micronutrients, and they are harder to substitute than a standard granule. The Brazilian distribution network, built through Mosaic Fertilizantes, gives direct access to farmers in one of the fastest-growing nutrient markets and captures retail margin that a pure producer forgoes.

Reserve life underpins all of it: 1,150 Mt of potash ore at 24.5% K2O over 48 years and 540 Mt of rock at 28.2% P2O5 over 28 years. Few competitors match that combination of grade and remaining life in both nutrients, and it means Mosaic can invest in productivity rather than in replacement tonnes.

Strategic Expansion

Growth is incremental and capital-disciplined. The Hydrofloat project at Esterhazy added 400,000 tonnes of capacity through improved recovery from existing ore, which is the cheapest form of potash growth available, and FY2026 potash guidance of approximately 9.0 million tonnes (range 8.9-9.1 million tonnes) reflects that ramp offsetting the Carlsbad sale.

Phosphate guidance calls for production at or above 7.0 million tonnes in FY2026, with the constraint being ore quality and chemical plant reliability rather than market access. Capital expenditure was guided down to USD 1.20 billion in August 2026 from USD 1.28 billion in FY2025, with the reduction concentrated in growth projects and sustaining spend held at USD 0.85 billion.

Brazil remains the strategic growth market. Mosaic Fertilizantes combines local phosphate mines, chemical complexes and blending capacity with a distribution business that reaches farmers directly, and it gives the company a position in a market where nutrient demand is growing faster than in North America. The 75%-owned Miski Mayo operation in Peru supports both the Brazilian and Asian rock requirements.

Mosaic Biosciences is the smallest but most optional investment. Biological products are sold alongside conventional fertilizer and require little capital, so they raise revenue per acre without adding mining capacity, and they give the sales force a reason to engage growers beyond price.

Risks & Outlook

Price exposure is unhedged by design. A USD 10 per tonne move in MOP changes annual EBITDA by about USD 83 million and a similar move in DAP by USD 60 million, and because the company only hedges natural gas inputs and CAD and BRL currency exposure, the full effect of a fertilizer price decline reaches the income statement. Potash contract settlements with India and China are the single largest swing factor for the year.

Input cost risk is concentrated in phosphate. Sulphur and ammonia are bought at market prices, and when both rise together the margin between rock cost and DAP price compresses regardless of how efficiently the plants run. Florida permitting, water management and hurricane exposure add operating risk that a Saskatchewan potash mine does not carry.

Brazilian and Peruvian operations bring currency and political risk, and the Brazilian distribution business carries receivables from farmers that are sensitive to credit conditions and crop prices. At the corporate level, capital expenditure above net income in FY2025 left limited free cash flow, and a prolonged downturn would test the balance sheet even with liabilities of USD 12.25 billion against assets of USD 24.48 billion.

The next one to two years hinge on potash volumes holding near 9.0 million tonnes and phosphate volumes recovering above 7.0 million tonnes while prices stay above cash cost. If both hold, the first-quartile potash position and the 72% phosphate share should generate enough cash to cover a reduced capital programme and restore the earnings base that the FY2022 peak demonstrated was possible. The profile closes with a VerityRank Score of 78/100.

快速概覽

總部

101 East Kennedy Boulevard, Suite 2500, Tampa, Florida 33602, United States

成立

2004

員工

13,249

營收

US$12.1 B(2025 財年)

市值

$58.6億

上市

NYSE: MOS

類別
能源化工能源與化工企業農業化工與園藝企業作物營養(肥料)行業

Related

數據來源與方法論

本企業簡介彙整自公開來源,包括公司年報、SEC/監管申報文件、官方新聞稿及經核實的第三方產業資料庫。財務數據反映最近一個財政年度之披露,並經多個獨立來源交叉驗證。

維瑞評級 評分採用專有多維模型計算,評估市場地位、財務實力、營運規模、創新能力與品牌影響力。各維度分數已相對於同業標準化,並每季更新。

免責聲明: 本簡介僅供參考。維瑞評級不對其完整性或時效性作任何保證。本內容不構成投資建議或背書。

主要參考資料: 官方網站 , s1.q4cdn.com — FY2025 Form 10-K supporting FY2025 revenue ($12,052.4M), net income ($540.7M), balance sheet totals ($24,480.1M assets, s1.q4cdn.com — 2025 Annual Report supporting segment margins, realized DAP and MOP prices, and three-year comparative operational metri s1.q4cdn.com — Q2 2026 earnings release supporting 2026 operational performance, Carlsbad divestiture completion, MOP cash production c s1.q4cdn.com — Q1 2026 earnings release supporting full-year 2025 actual average realized FOB prices ($255/tonne MOP and $670/tonne DAP s1.q4cdn.com — 2024 Annual Report and Form 10-K supporting FY2024 revenue ($11,122.8M), net income ($174.9M), Ma'aden equity swap ($1.5 s1.q4cdn.com — 2025 Proxy Statement supporting exact GAAP consolidated operating earnings for FY2024 ($621.5M) and FY2023 ($1,338.1M). s1.q4cdn.com — 2024 Proxy Statement supporting exact GAAP consolidated operating earnings for FY2022 ($4,785.3M) and FY2023 ($1,338.1M) s1.q4cdn.com — FY2022 Form 10-K supporting FY2022 and FY2021 revenue, net income, total assets, total liabilities, and stockholders' eq