- Company name
- Vylor
- Sector
- Agricultural seeds and traits
- About
- Vylor Inc. (Vylor) is a seed company based in Johnston, Iowa. It holds the Seed Business of Corteva, Inc., which Corteva separated into an independent, publicly traded company on October 1, 2026. Vylor's shares trade on the New York Stock Exchange as VYLR, and Corteva shareholders received them in the distribution. Vylor develops and sells corn, soybean and other seed, and its flagship Pioneer brand is the number one corn and soybean brand in the United States. It also licenses seed traits to other seed companies. Its seed technology serves farmers in more than 70 countries. In 2025, the Seed Business had net sales of $9.9 billion, and Vylor's pro forma net sales were $7,593 million in the first half of 2026. Charles V. Magro is Chief Executive Officer and David P. Johnson is Chief Financial Officer. Corteva, called New Corteva in Vylor's filings, keeps the crop protection business.
- Thesis
- The market prices Vylor as a new spin-off with no stand-alone record and a legal overhang. It has not yet reported a quarter as a separate company, and it said on November 10, 2026 that its Form 10-Q for Q3 2026 would be late because of the separation. Fifteen states and one sovereign sued on October 1, 2026 to challenge the separation, and a court order that bars dividends and repurchases is stayed only while an appeal is pending. Vylor also has about $5.7 billion of pro forma debt against trailing operating EBITDA of about $2.75 billion, and it depends on licences from New Corteva for some technology. For the shares to earn more, three things must be true. The courts must reject the injunction, so that the planned dividend, about 15% of annual cash flow from operations, and repurchases can start. The first quarterly reports must confirm that the Seed Business earns like its pro forma figures, with operating EBITDA growth near the 9% of the first half of 2026. And Vylor must refinance or repay the $1.5 billion 364-day credit facility and keep its debt under control from cash flow. The Form 10-Q for Q3 2026 in November 2026, the Seventh Circuit ruling on the appeal, and the Q4 2026 report in early 2027 are the next tests.
- Risks
- A lawsuit by 15 states and one sovereign challenges the separation. A court order that bars dividends and repurchases is stayed only while an appeal is pending, and a loss could limit how Vylor can use its assets and pay holders.
Vylor has no stand-alone quarterly report yet. Its figures are pro forma and unaudited as a separate company, and its Form 10-Q for Q3 2026 was late.
Pro forma debt was $5,659 million at June 30, 2026, and Vylor must refinance or repay a $1.5 billion 364-day credit facility. Higher interest rates or a weak seed season would raise the cost.
Vylor depends on New Corteva for some licensed technology, transition services and commercial agreements with revenue and commission sharing. A dispute or a change in terms would affect results.
Crop prices and acres move in cycles. In Q2 2026, Seed net sales were flat as a 3% rise in price offset a 3% fall in volume, which came from timing shifts and an acreage shift from corn to soybeans in North America and from corn to sunflower in Europe.
Separation costs, including about $166 million expected after June 30, 2026, and tax matters with Dow and DuPont can add costs.
- Balance sheet
- Cash: $1.1B
Debt: $5.7B
Net debt: $4.6B
Debt due within 12 months: $3.2B
Last debt due: 2036
The figures are pro forma at June 30, 2026, as if the separation had taken place that day, and come from the information statement. Vylor had cash of $1,100 million, short-term borrowings of $3,179 million and long-term debt of $2,480 million, so net debt was $4,559 million. Total equity was $12,268 million. At the separation on October 1, 2026, a Vylor subsidiary borrowed $1,578 million under a five-year revolving credit facility of $3,000 million and $1,500 million under a 364-day facility of $1,500 million. It used the money to repay $3,078 million of a bank loan. Vylor also sold $1.1 billion of senior notes on August 31, 2026, and exchanged part of three Corteva subsidiary note series for Vylor notes due 2030, 2032 and 2033. It intends to set up a commercial paper program of up to $3.5 billion. It paid a cash distribution of about $761 million to Corteva's subsidiary at the separation. Pro forma operating EBITDA was $2,503 million in 2025. Vylor expects to pay a quarterly dividend from Q4 2026 of about 15% of annual cash flow from operations, but it said that it does not intend to declare dividends or repurchase shares while the court motion is pending. Its first quarterly balance sheet is due in its Form 10-Q for Q3 2026.
As of Jun 30, 2026.
- Checkpoints
- Nov 16, 2026 (estimate): Form 10-Q for Q3 2026: first results as an independent company. Pending. Watch: A filing inside the five-day grace period with Seed Business operating results in line with the first half passes; a further delay or a restatement fails.
Q4 2026 (estimate): Seventh Circuit ruling on the appeal and the injunction. Pending. Watch: A ruling that leaves the separation in place and lifts the bar on dividends and repurchases passes; an injunction that holds fails.
Feb 2027 (estimate): Q4 2026 results and first dividend. Pending. Watch: A first quarterly dividend and 2026 operating EBITDA growth of 5% or more pass; no dividend or a fall in EBITDA fails.
- Recent events
- Nov 10, 2026: Vylor filed a notice of late filing for its Form 10-Q for the quarter ended September 30, 2026. It said that it needs more time because of the separation from Corteva, and that it plans to file within five calendar days after the due date.
Oct 13, 2026: Vylor reported that 15 states and one sovereign sued on October 1, 2026 to challenge the separation. On October 9, the court issued a temporary restraining order that bars dividends and repurchases and limits asset sales outside the ordinary course. The court stayed the order on October 10 while the Seventh Circuit hears an appeal.
Oct 7, 2026: Vylor reported the completion of its exchange offers. It issued new 2.300% notes due 2030, 5.125% notes due 2032 and 4.800% notes due 2033 for notes of Corteva's subsidiary EIDP, and it repaid a $3,078 million bank loan with $1,578 million from a five-year credit facility and $1,500 million from a 364-day credit facility.
Oct 1, 2026: Corteva completed the separation. Vylor became an independent company with 667,302,930 shares issued at the separation, and it paid a cash distribution of about $761 million to EIDP.
Sep 24, 2026: The SEC declared Vylor's registration statement on Form 10 effective.
Aug 31, 2026: Vylor sold $1.1 billion of senior notes in a private offering, $550 million due 2031 and $550 million due 2036.