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Corporation","tier":3,"returns_yearly":{"2021":10.8,"2022":-3,"2023":34.4,"2024":11.3,"2025":24.9,"2026":-2.5}},{"slug":"te-connectivity","name":"TE Connectivity","name_en":"TE Connectivity","tier":3,"returns_yearly":{"2021":35.1,"2022":-27.7,"2023":24.6,"2024":3.5,"2025":61.1,"2026":-3}},{"slug":"cameco","name":"Cameco","name_en":"Cameco","tier":3,"returns_yearly":{"2021":63.2,"2022":4.3,"2023":90.5,"2024":19.5,"2025":78.4,"2026":-3.7}},{"slug":"fanuc","name":"FANUC","name_en":"FANUC","tier":3,"returns_yearly":{"2021":-16.5,"2022":4.4,"2023":-8.1,"2024":15.6,"2025":37.7,"2026":-4.5}},{"slug":"meta","name":"메타 플랫폼스","name_en":"Meta Platforms","tier":3,"returns_yearly":{"2021":23.1,"2022":-64.2,"2023":194.1,"2024":66,"2025":13.1,"2026":-6.4}},{"slug":"workday","name":"워크데이","name_en":"Workday, Inc.","tier":3,"returns_yearly":{"2021":14,"2022":-38.7,"2023":65,"2024":-6.5,"2025":-16.8,"2026":-8.8}},{"slug":"textron","name":"텍스트론","name_en":"Textron","tier":3,"returns_yearly":{"2021":59.9,"2022":-8.2,"2023":13.7,"2024":-4.8,"2025":14.1,"2026":-9.3}},{"slug":"brookfield","name":"Brookfield","name_en":"Brookfield Asset Management Ltd.","tier":3,"returns_yearly":{"2023":45.6,"2024":39.7,"2025":-0.2,"2026":-9.7}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-9.9}},{"slug":"phison","name":"Phison","name_en":"Phison Electronics","tier":3,"returns_yearly":{"2021":26.8,"2022":-10.7,"2023":45.1,"2024":-6.7,"2025":418.3,"2026":-12.8}},{"slug":"constellation-energy","name":"Constellation Energy","name_en":"Constellation Energy","tier":3,"returns_yearly":{"2023":37.2,"2024":92.7,"2025":58.8,"2026":-15.3}},{"slug":"take-two-interactive","name":"테이크투 인터랙티브","name_en":"Take-Two Interactive Software, Inc.","tier":3,"returns_yearly":{"2021":-14.5,"2022":-41.4,"2023":54.6,"2024":14.4,"2025":39.1,"2026":-16.6}},{"slug":"avio","name":"아비오","name_en":"Avio","tier":3,"returns_yearly":{"2021":-9.9,"2022":-4.7,"2023":-17.1,"2024":98.4,"2025":117,"2026":-18.3}},{"slug":"hd-hyundai-electric","name":"HD Hyundai Electric","name_en":"HD Hyundai Electric","tier":3,"returns_yearly":{"2021":4.2,"2022":132.5,"2023":159.4,"2024":300.5,"2025":120.2,"2026":-31.3}},{"slug":"rigetti","name":"Rigetti Computing","name_en":"Rigetti Computing","tier":3,"returns_yearly":{"2022":-92.9,"2023":35.1,"2024":1449.2,"2025":45.2,"2026":-31.4}},{"slug":"ubtech","name":"UBTech","name_en":"UBTech Robotics","tier":3,"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-38.8}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null}],"analysis":"종자·작물보호 기업. 2026년 +32%다. 본주(+32%)와 공급단(평균 -8.5%)이 같은 보폭으로 움직인다. 연결 노드 중 가장 앞선 곳은 아마존(+12%), 가장 처진 곳은 액센츄어(-29%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Corteva, Inc. operates across Seeds and crop protection. It is +32% in 2026. The stock (+32%) and its supply side (avg -8.5%) are moving in step. Among connected nodes the furthest ahead is Amazon (+12%) and the furthest behind is Accenture plc (-29%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It pays for agricultural technology licenses, cloud infrastructure, and IT operations while accessing external gene-editing technology through equity investments and joint ventures.","analysis_asof":"2026-09-04"},"edges":[{"direction":"cost","counterparty":"Bayer CropScience","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-03","basis":"Bayer와의 종자 기술 라이선스·특허 분쟁 포괄 합의 지급액","value":610000000,"period":"2026 settlement","basis_en":"Payment under the comprehensive settlement of seed-technology licensing and patent disputes with Bayer","qualifier":null},"note":"코르테바는 Bayer와 종자 기술 라이선스 및 특허 분쟁을 포괄 합의하면서 6억1000만달러를 지급하기로 했다. 이 합의는 기존 교차 라이선스를 종료하고 일부 라이선스를 수정했으며, Bayer 자체 재무제표도 2026년 1월 합의와 사건 종결을 확인한다.","note_en":"Corteva agreed to pay $610 million in a comprehensive settlement with Bayer covering seed-technology licenses and patent disputes. The resolution terminated the cross-license and amended other licenses, while Bayer's own financial statements confirm the January 2026 settlement and dismissal of the cases.","sources":[{"stance":"confirms","publisher":"Bayer AG","publisher_en":"Bayer AG","kind":"ir","lang":"en","published_at":"2026-03-04","url":"https://www.bayer.com/sites/default/files/2026-03/bayer-ag-financial-statements-2025.pdf","title":"Bayer AG Financial Statements 2025","title_en":"Bayer AG Financial Statements 2025","excerpt":"Bayer는 2026년 1월 코르테바와 상호 수용 가능한 조건으로 분쟁을 합의했고 사건이 종결됐다고 밝혔다.","excerpt_en":"In January 2026, Bayer and Corteva settled the dispute on mutually acceptable terms and the cases have been dismissed."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-03","url":"https://www.sec.gov/Archives/edgar/data/1755672/000175567226000002/a4q_2025xearningsxnewsxr.htm","title":"Corteva Reports Fourth Quarter 2025 Results, Exhibit 99.1 to Form 8-K","title_en":"Corteva Reports Fourth Quarter 2025 Results, Exhibit 99.1 to Form 8-K","excerpt":"Bayer와의 포괄 합의에 따라 6억1000만달러의 현금 유출이 발생하며 대부분은 2026년 1분기에 지급된다.","excerpt_en":"$610 million cash outflow, largely in first quarter 2026, funded from strong 2025 free cash flow."}]},{"direction":"investment","counterparty":"Pairwise","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2024-09-17","basis":"Pairwise 지분 취득을 위한 코르테바 투자액","value":25000000,"period":"2024 investment","basis_en":"Corteva's investment to acquire an equity stake in Pairwise","qualifier":null},"note":"코르테바는 유전자 편집 기업 Pairwise 지분을 2500만달러에 취득하고 5년 합작사업을 구성했다. 투자는 Corteva Catalyst를 통해 이뤄졌다.","note_en":"Corteva invested $25 million for an equity stake in gene-editing company Pairwise and formed a five-year joint venture. The investment was made through Corteva Catalyst.","sources":[{"stance":"confirms","publisher":"Corteva","publisher_en":"Corteva","kind":"ir","lang":"en","published_at":"2024-09-17","url":"https://www.corteva.com/resources/media-center/corteva-pairwise-join-forces-to-accelerate-gene-editing-advance-climate-resilience-in-agriculture.html","title":"Corteva, Pairwise Join Forces to Accelerate Gene Editing, Advance Climate Resilience in Agriculture","title_en":"Corteva, Pairwise Join Forces to Accelerate Gene Editing, Advance Climate Resilience in Agriculture","excerpt":"코르테바는 Pairwise 지분 취득에 2500만달러를 투자하고 5년 합작사업을 구성했다.","excerpt_en":"Anchoring the collaboration is Corteva's $25 million equity investment in Pairwise, made under the umbrella of Corteva Catalyst."}]},{"direction":"revenue","counterparty":"농가 고객","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue_share","unit":"percent","as_of":"2026-02-12","basis":"농가 직접 판매가 코르테바 매출에서 차지한 비중","value":null,"period":"FY2025","basis_en":"Share of Corteva revenue generated from direct sales to farmers","qualifier":"confirmed_no_disclosed_value"},"note":"코르테바는 농가에 종자와 작물보호제를 직접 판매한다. SEC 공시가 농가를 제품 고객군으로 확인하고, 한국 매체와 정부 산업보고서도 농가 대상 판매와 코르테바 종자의 시장 침투를 교차 확인한다.","note_en":"Corteva sells seeds and crop protection products directly to farmers. Its SEC filing identifies farmers as product customers, while a Korean news report and a government industry study corroborate its farmer-facing sales and seed-market penetration.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/1755672/000175567226000004/ctva-20251231.htm","title":"Corteva, Inc. 10-K (2026-02-12)","title_en":"Corteva, Inc. 10-K (2026-02-12)","excerpt":"코르테바 매출의 거의 전부는 농가, 유통업체, 제조사에 제품을 판매해 발생한다.","excerpt_en":"Substantially all of Corteva's revenue is derived from product sales, which consist of sales of Corteva's products to farmers, distributors, and manufacturers."},{"stance":"confirms","publisher":"농림축산식품부","publisher_en":"Ministry of Agriculture, Food and Rural Affairs","kind":"research","lang":"ko","published_at":"2023-01-01","url":"https://www.mafra.go.kr/bbs/home/792/565465/download.do","title":"제3차 종자산업육성 5개년 계획 (2023~2027)","title_en":"Third Five-Year Plan for Seed Industry Development (2023-2027)","excerpt":"2020년 세계 옥수수 종자시장에서 코르테바 점유율은 29.3%, 콩 종자시장에서 17%로 제시됐다.","excerpt_en":"The report places Corteva's 2020 global seed-market share at 29.3% in corn and 17% in soybeans."},{"stance":"confirms","publisher":"농민신문","publisher_en":"The Farmers Newspaper","kind":"news","lang":"ko","published_at":"2019-06-10","url":"https://www.nongmin.com/article/20190608312208","title":"농업전문 글로벌회사 코르테바 아그리사이언스 한국법인 세우고 사업 나서","title_en":"Global Agriscience Company Corteva Establishes Korean Subsidiary and Begins Operations","excerpt":"코르테바 아그리사이언스 코리아는 기후변화에 안전한 종자는 물론 자체 개발한 신제품 작물보호제, 인공지능·사물인터넷 활용 농업기술을 국내 농가들에게 알리고 보급하는 데 힘쓸 방침이다.","excerpt_en":"Corteva Agriscience Korea plans to promote and supply climate-resilient seeds, newly developed crop protection products, and AI- and IoT-enabled agricultural technology to Korean farms."}]},{"direction":"cost","counterparty":"아마존","counterparty_slug":"amazon","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2022-02-09","basis":"Granular Link용 AWS 클라우드 인프라와 관리형 서비스 이용액","value":null,"period":"2022","basis_en":"Spending on AWS cloud infrastructure and managed services for Granular Link","qualifier":"confirmed_no_disclosed_value"},"note":"코르테바의 유럽 정밀농업 앱 Granular Link는 AWS 인프라와 데이터레이크, API 서비스를 사용한다. AWS 이용액은 공개되지 않았다.","note_en":"Corteva's European precision-agriculture app Granular Link uses AWS infrastructure, data-lake, and API services. Corteva's AWS spending has not been disclosed.","sources":[{"stance":"confirms","publisher":"AWS Startups Blog","publisher_en":"AWS Startups Blog","kind":"news","lang":"en","published_at":"2022-02-09","url":"https://aws.amazon.com/blogs/startups/improving-the-sustainability-of-crop-farming-using-a-data-driven-approach/","title":"Improving the Sustainability of Crop Farming Using a Data-driven Approach","title_en":"Improving the Sustainability of Crop Farming Using a Data-driven Approach","excerpt":"Granular Link는 GeoPard 분석 기능과 코르테바의 지식, AWS의 보안·확장형 인프라를 결합한다.","excerpt_en":"The Granular Link solution combines the GeoPard Agriculture geoanalytics capabilities, unique knowledge about own products and best-suitable agronomic practices, and the secure scalable infrastructure from AWS."}]},{"direction":"cost","counterparty":"액센츄어","counterparty_slug":"accenture","confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2020-03-19","basis":"액센츄어 IT 운영·분석 서비스 계약 금액","value":null,"period":"FY2020","basis_en":"Contract value for Accenture IT operations and analytics services","qualifier":"confirmed_no_disclosed_value"},"note":"액센츄어는 코르테바의 IT 조직에 Living Systems 방식과 myWizard 분석 플랫폼을 제공했다. 서비스 계약 금액은 공개되지 않았다.","note_en":"Accenture provided its Living Systems approach and myWizard analytics platform to Corteva's IT organization. The value of the services contract has not been disclosed.","sources":[{"stance":"confirms","publisher":"Accenture Investor Relations","publisher_en":"Accenture Investor Relations","kind":"ir","lang":"en","published_at":"2020-03-19","url":"https://investor.accenture.com/~/media/Files/A/Accenture-IR-V3/quarterly-earnings/2020/q2fy20/q2-fy20-conference-call-transcript.pdf","title":"Accenture Q2 FY20 Conference Call Transcript","title_en":"Accenture Q2 FY20 Conference Call Transcript","excerpt":"액센츄어는 Living Systems 방식으로 코르테바와 협력하며 myWizard 플랫폼과 분석을 코르테바 IT 조직에 적용했다고 밝혔다.","excerpt_en":"We are partnering with Corteva, the major global agriscience company, to enhance its performance through our Living Systems approach. We leveraged Accenture's myWizard platform and analytics to enable Corteva's innovative product-driven IT organization."}]},{"direction":"revenue","counterparty":"Nutrien Ag Solutions","counterparty_slug":null,"confidence":"mid","metric":{"type":"revenue_share","unit":"percent","as_of":"2025-01-28","basis":"Nutrien Ag Solutions 유통을 통해 발생한 코르테바 매출 비중","value":null,"period":"2025 court record","basis_en":"Share of Corteva revenue generated through Nutrien Ag Solutions distribution","qualifier":"confirmed_no_disclosed_value"},"note":"미국 연방법원 결정문은 Nutrien Ag Solutions를 코르테바 작물보호제품이 거치는 7대 전통 유통업체 중 하나로 정리했다. 다만 이 내용은 소송의 각하 판단 단계에서 법원이 진실로 간주한 원고 주장이고, 상대별 매출은 공개되지 않았다.","note_en":"A U.S. federal court order identifies Nutrien Ag Solutions as one of seven major traditional distributors through which Corteva crop protection products are sold. The statement reflects allegations accepted as true at the motion-to-dismiss stage, and revenue attributable to Nutrien is not disclosed.","sources":[{"stance":"mentions","publisher":"미국 노스캐롤라이나 중부 연방지방법원","publisher_en":"U.S. District Court for the Middle District of North Carolina","kind":"analysis","lang":"en","published_at":"2025-01-28","url":"https://www.govinfo.gov/content/pkg/USCOURTS-ncmd-1_23-md-03062/pdf/USCOURTS-ncmd-1_23-md-03062-0.pdf","title":"In re Crop Protection Products Loyalty Program Antitrust Litigation, Document 215","title_en":"In re Crop Protection Products Loyalty Program Antitrust Litigation, Document 215","excerpt":"법원은 원고 주장을 정리하며 전통 유통채널의 7대 유통업체에 Nutrien Ag Solutions를 포함했다.","excerpt_en":"In the traditional distribution channel, Defendants sell CPPs to distributors, the seven largest of which are Helena Agri-Enterprises, Nutrien Ag Solutions, Growmark, WinField Solutions, J.R. Simplot Company, Wilbur-Ellis, and CHS Inc."}]},{"direction":"revenue","counterparty":"Helena Agri-Enterprises","counterparty_slug":null,"confidence":"mid","metric":{"type":"revenue_share","unit":"percent","as_of":"2025-01-28","basis":"Helena Agri-Enterprises 유통을 통해 발생한 코르테바 매출 비중","value":null,"period":"2025 court record","basis_en":"Share of Corteva revenue generated through Helena Agri-Enterprises distribution","qualifier":"confirmed_no_disclosed_value"},"note":"미국 연방법원 결정문은 Helena Agri-Enterprises를 코르테바 작물보호제품이 거치는 7대 전통 유통업체 중 하나로 정리했다. 다만 이 내용은 소송의 각하 판단 단계에서 법원이 진실로 간주한 원고 주장이고, 상대별 매출은 공개되지 않았다.","note_en":"A U.S. federal court order identifies Helena Agri-Enterprises as one of seven major traditional distributors through which Corteva crop protection products are sold. The statement reflects allegations accepted as true at the motion-to-dismiss stage, and revenue attributable to Helena is not disclosed.","sources":[{"stance":"mentions","publisher":"미국 노스캐롤라이나 중부 연방지방법원","publisher_en":"U.S. District Court for the Middle District of North Carolina","kind":"analysis","lang":"en","published_at":"2025-01-28","url":"https://www.govinfo.gov/content/pkg/USCOURTS-ncmd-1_23-md-03062/pdf/USCOURTS-ncmd-1_23-md-03062-0.pdf","title":"In re Crop Protection Products Loyalty Program Antitrust Litigation, Document 215","title_en":"In re Crop Protection Products Loyalty Program Antitrust Litigation, Document 215","excerpt":"법원은 원고 주장을 정리하며 전통 유통채널의 7대 유통업체에 Helena Agri-Enterprises를 포함했다.","excerpt_en":"In the traditional distribution channel, Defendants sell CPPs to distributors, the seven largest of which are Helena Agri-Enterprises, Nutrien Ag Solutions, Growmark, WinField Solutions, J.R. Simplot Company, Wilbur-Ellis, and CHS Inc."}]}]}