DuPont de Nemours, Inc.

The filings describe a company in the middle of a large portfolio reshaping, so the reported numbers reflect that transition more than a steady operating trend. No forensic scores are on file for this synthesis, so this section does not characterize any Beneish, Piotroski, Altman or Fog result. On liquidity, the March 31, 2026 balance sheet showed $710 million of cash, of which about $0.5 billion was held by foreign subsidiaries, and $3,172 million of total debt, down from $3,194 million at December 31, 2025. The MD&A says the company reassessed its permanent reinvestment assertion because of the Electronics Separation and now expects certain foreign earnings to be repatriated. Contractual obligations include $3.2 billion of principal due after 2026 and $165 million of interest due in the next twelve months. The company reports compliance with a covenant capping the ratio of Total Indebtedness to Total Capitalization at 0.60, and its ratings are BBB+, Baa1 and BBB+, all with stable outlooks. The $1 billion revolving facility expires May 6, 2026, and a $2.0 billion five-year facility is expected in May 2026 as a backstop. The Risk Factors add another layer. The N&B transaction includes a one-time payment of approximately $7.3 billion to DuPont, but its tax-free treatment rests on assumptions in an IRS private letter ruling, and the Electronics Tax Matters Agreement splits shared tax exposure 56 percent to DuPont and 44 percent to Qnity. Readers may want to look at Note 13 on the New Jersey settlement, which is payable over 25 years, alongside the PFAS indemnity language, to gauge how much legacy exposure stays with the company.

Catalyst.Management attributes the first-quarter 2026 improvement in operating cash to higher earnings, better net working capital and lower Electronics Separation transaction costs. Operating cash from continuing operations was $232 million, versus $77 million a year earlier, and net working capital rose to $1,986 million from $1,728 million, with the current ratio at 2.1:1 versus 1.87:1. The 2026 DuPont Restructuring Program, committed in February 2026, targets $100 million to $150 million of pre-tax charges and cost savings through 2028, with $52 million of charges recorded to date. Capital is also being returned through the $2B Authorization, a planned $275 million accelerated share repurchase, and quarterly dividends of $0.20 per share.

Hidden risk.The 2025 annual net loss of $779 million reversed a $703 million profit in 2024, and reported revenue fell from $12.39 billion to $6.85 billion, a decline of about 44.7 percent. The excerpts describe the Aramids and Electronics businesses as discontinued operations, so these year-over-year figures are not like-for-like, and the excerpts do not provide restated totals. The larger tension sits in contingent liabilities. The Risk Factors describe DuPont's potential joint and several liability for prior-period consolidated taxes of Dow and Corteva groups, indemnities to Dow and Corteva that may be significant, and PFAS Stray Liabilities that indemnities may not fully cover.