The Mosaic Company
Mosaic Co. produces and distributes crop nutrients, centered on phosphate and potash, and also sells animal feed ingredients and selected specialty biological products. Its business combines North American mining and processing assets with a global distribution network that serves farmers, distributors, and industrial customers across the Americas and Asia.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenuePhosphate fertilizers, MicroEssentials, and animal feed ingredients sold through production and distribution channels.
Potash crop nutrients sold to agricultural and non-agricultural customers, including industrial and de-icing uses.
Brazilian integrated fertilizer production, blending, distribution, and crop nutrient sales.
China and India distribution businesses, intersegment eliminations, derivatives, and other corporate items.
Customers
Mosaic sells primarily to wholesale distributors, retail chains, cooperatives, independent retailers, national accounts, farmers, blenders, and local distributors. It also serves industrial accounts and animal feed customers, with demand tied to crop planting cycles, nutrient application, and broader agricultural commodity conditions.
Buy phosphate, potash, and blended nutrients to improve crop yields and manage soil fertility.
Purchase bulk nutrients for resale into local farm channels and seasonal application windows.
Buy from Mosaic Fertilizantes for local blending, storage, and distribution across Brazil.
Buy phosphate feed ingredients and potash for feed, de-icing, and water treatment uses.
Buy imported crop nutrients through Mosaic's port, warehouse, and blending network.
Strategy
Mosaic is focused on maintaining investment-grade liquidity, sustaining its asset base, and funding growth projects that improve cost structure and market access. It is also expanding Brazilian blending capacity and investing in product innovation, including biological fertilizer complements, to deepen customer relationships and broaden its offering.
Lower unit costs and stronger export capability support competitiveness in a commodity market.
Brazil is a strategic growth market where local blending and distribution improve customer access and margins.
Biological complements and performance products can differentiate Mosaic beyond commodity pricing.
Liquidity and credit metrics are critical in a cyclical, seasonal commodity business.
Geography
Mosaic is anchored in the United States and Canada, with major production, port, and warehouse assets supporting North American sales. It also has a large Brazilian platform and distribution businesses in China and India, and management says it serves customers in approximately 40 countries. Geography matters because the company’s margins depend on logistics, port access, and proximity to agricultural demand centers.
Risks
Mosaic is exposed to commodity pricing, weather, crop acreage, and government policy because its products are tied to farm economics and seasonal application patterns. It also faces execution risk on capital projects, cybersecurity risk, foreign exchange and trade policy exposure, and credit risk from customers that buy on trade terms or through financed arrangements.
- Commodity price and demand volatilityImpact: HighLikelihood: High
Crop nutrients are global commodities, so pricing and volumes move with farm economics, inventories, and world supply.
Exposure - Weather and agricultural policy dependenceImpact: HighLikelihood: High
Planting decisions, acreage, and nutrient application are affected by weather and government farm policies.
Exposure: Seasonal North American and Brazilian demand
- Foreign exchange and trade policyImpact: HighLikelihood: Medium
International markets, tariffs, subsidies, and currency moves affect import/export economics and competitiveness.
Exposure - Project execution and integrationImpact: MediumLikelihood: Medium
Growth projects require capital discipline and successful ramp-up to deliver expected returns.
Exposure: Potash expansion and Brazilian facility buildout
- Cybersecurity disruptionImpact: MediumLikelihood: Medium
Operations rely on IT systems for production, supply chain, and finance, making outages costly.
Exposure: Enterprise systems and third-party networks
- Customer credit riskImpact: MediumLikelihood: Medium
The company extends trade credit and may guarantee customer financing, creating collection exposure.
Exposure: Wholesale and distributor channels
Accounting
Judgemental itemsFirst-quarter liquidity and inventory patterns can distort quarter-to-quarter comparisons in a seasonal fertilizer business.
Impact: Cash, inventory, and operating margin timing
The company uses derivatives to manage commodity, FX, freight, and interest rate risk, creating mark-to-market volatility.
Impact: Gross margin and other income/expense
Mining and processing assets are capital intensive and sensitive to commodity prices and future cash flow assumptions.
Impact: Potential non-cash charges to earnings
Effective tax rate depends on earnings mix across countries and discrete tax items.
Impact: Reported tax expense and net income
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Last updated: 24/09/2026