On this pageCommand Quality of Earnings 13-Wk Cash Covenant Runway Cash Unlock Recurring Receivables M&A & Supply

CFO — Finance, Cash & Capital

Quality of earnings, 13-week cash, covenant runway, working-capital unlock and the value levers behind the PE thesis.

Syngenta · FY25 (modeled)

Top 3 global crop science company

49,000 employees · 12+ US sites · 100 countries

▲ Executive read· the answer, then the moves

Liquidity of $3200M (≈ 8 weeks of cover) and $11329M of deal capacity make capital the lever, not the constraint. Free the trapped cash first: normalizing DSO to 48d releases ≈ $652.1M and clears $413.6M of overdue receivables.

8 of 8 headline metrics improving vs prior · still off target: Revenue $17.00B vs $17.50B, EBITDA $3.33B vs $3.50B, Liquidity $3.20B vs $3.50B

Do now — ranked by urgency

1
Simplot credit exposureAct now
Why it matters
Move to credit hold pending paydown; reforecast ARR net of likely churn.
What's driving it
Overdue AR
Signal: Alert
FYI
Distress filings + overdue AR; churn risk High on $6.4M account.
Act →▤ open the overdue book
2
Covenant headroom 0.9× (lev 4.6× vs 5.5×)Act now
Why it matters
Sets deal capacity and refinancing risk.
What's driving it
Q1 (act)
Signal: Threshold
FYI
Net-debt/EBITDA 4.6× against a 5.5× ceiling.
Owner: CFO · Treasury
Act →
3
Pull working capital — drive DSO 62→48dWatch
Why it matters
Closing the DSO gap releases ≈ $652.1M of one-time cash; $413.6M is already >60 days overdue and at collection risk.
What's driving it
DSO 62d vs 48d target
Overdue (>60d) $413.6M of $2514M AR
FYI
Brand-level unlock to a 50d stretch ≈ $184.2M
Owner: Treasury
Collect →▤ open the overdue receivables
4
3 brands running DSO > 65 daysWatch
Why it matters
Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.
What's driving it
DSO
Signal: Alert
FYI
ISC (67d), Syngenta Flowers (66d), Simplot account (67d) lifting blended DSO.
Act →▤ open the overdue book

Adjusted EBITDA

$3332M

+26% YoY · 19.6% margin

Liquidity

$3200M

≈ 8 weeks of disbursements

M&A deal capacity

$11329M

≈ $1133M EBITDA @ ~10x to 5.5x

Working-capital unlock

$652.1M

DSO 62→48d target

Quality of earnings

Reported → Adjusted EBITDA

$1339.64M of add-backs (40% of adj.) — the diligence-grade walk.

Driver bridge

EBITDA — prior to current year

Organic vs. acquisitive vs. price/mix vs. cost.

Treasury

13-week direct cash flow forecast

Above minimum

Net weekly cash (bars) and ending cash (line) vs. $20M minimum. Forecast trough: $621.53M.

$736.31M

Opening cash

$5275M

13-wk collections

$5208M

13-wk disbursements

$803.44M

Closing cash

Capital structure

Leverage runway vs. covenant

Net Debt/EBITDA deleveraging path against the 5.5x covenant ceiling.

Headroom = firepower

Deal capacity

Net-debt capacity to 5.5x

$11329M

≈ $1133M acquirable EBITDA @ ~10x

Net Debt / EBITDA2.1x

Covenant Headroom1.5x

Debt Service Coverage Ratio3.2x

Free Cash Flow$1.25B

Where the cash is trapped

Working-capital cash unlock

$184.2M opportunity

Normalizing laggard brands to a 50-day DSO releases ~$184.2M of one-time cash.

Lawn & Garden67d

$41.4M

Syngenta Group China61d

$37.9M

Syngenta Crop Protection56d

$34.2M

Syngenta Flowers66d

$27.5M

Cropwise60d

$22.0M

Syngenta Seeds58d

$16.1M

Adama54d

$5.2M

Concentrated in newer cohorts (ISC, Signet, RFI) where billing discipline lags integration — the fastest cash win this fiscal year.

Revenue quality

Recurring engine & margin

Annuity growth and where EBITDA is generated.

Annual Recurring Revenue

$320M

▲ 14.3% vs priorTarget $350M

Recurring Revenue Mix

8.2%

▲ 17.1% vs priorTarget 10.0%

Net Revenue Retention

108.0%

▲ 3.8% vs priorTarget 110.0%

Gross Revenue Retention

93.0%

▲ 1.1% vs priorTarget 95.0%

Annuity engine

ARR bridge

Trend

ARR growth

By business unit

EBITDA margin

Collections

AR aging

Total AR $2514M

Current days$1180.25M

1-30 days$628.03M

31-60 days$292.36M

61-90 days$212.23M

90+ days$201.4M

Overdue (>60d) = $413.6M at collection risk.

By account

Receivables & credit watch

Accounts ranked by DSO and credit/churn risk.

Account	Revenue	DSO	NRR	Credit/Churn
Simplot	$138.6M	67d	97%	High
ADM	$279.36M	63d	104%	Medium
AgriSompo	$88.79M	59d	100%	Medium
Ferme du Rhône	$307.52M	58d	112%	Low
Land O'Lakes	$155.92M	55d	105%	Medium
IBM	$210.06M	52d	101%	Medium
UPS	$244.71M	49d	106%	Low
Cargill	$402.8M	47d	108%	Low
AgroPlus	$348.66M	44d	119%	Low
Nufarm	$125.61M	41d	110%	Low

M&A

Acquisition cohort economics

EBITDA uplift, DSO normalization and synergy realization (as-acquired → current).

Brand (cohort)	Acq.	Revenue	EBITDA %	DSO	Integration	Synergy	Status
Syngenta Seeds	2021	$736.31M	194.9→303.18%	71→58d	100%	92%	Integrated
Adama	2021	$476.43M	173.25→281.53%	66→54d	100%	90%	Integrated
Syngenta Crop Protection	2022	$2078.98M	238.22→346.5%	68→56d	95%	88%	Integrated
Syngenta Group China	2023	$1256.05M	216.56→281.53%	70→61d	82%	74%	In progress
Lawn & Garden	2024	$887.9M	194.9→238.22%	73→67d	60%	55%	In progress
Cropwise	2024	$801.27M	194.9→259.87%	71→60d	80%	78%	In progress
Syngenta Flowers	2024	$628.03M	173.25→194.9%	69→66d	45%	40%	Early

Supply

Supplier terms & risk

Partner spend, DPO (working-capital lever), delivery and risk.

Supplier	Category	Spend	DPO	OTIF	Score	Risk
SAP	Video Surveillance	$1385.99M	45d	96%	91	Low
3PL Logistics Partner	Fire & Access	$1256.05M	42d	93%	88	Low
Yangnong Chemical	Critical Comms	$887.9M	38d	90%	85	Medium
Production Growers (90,000+)	Video Surveillance	$584.71M	36d	89%	83	Medium
Regulatory Consulting Partner	Video VMS	$498.09M	40d	95%	87	Low
Annam.AI	AV / Collaboration	$411.46M	44d	92%	86	Low