TLDR
- Corteva finished spinning off its seed and seed technology business into a new company called Vylor on Thursday.
- Corteva’s stock fell 84% to $12.57, while Vylor opened trading and closed its first day at $68.26.
- Investors received one Vylor stock for every Corteva stock they held, so the combined value landed around $81, a small gain on the day.
- Vylor will join the S&P 500 on Oct. 6, taking the spot vacated by Warner Bros. Discovery, while Corteva drops to the S&P MidCap 400.
- Twilio will also move up to the S&P 500, replacing Warner Bros. Discovery, as that company’s acquisition by Paramount Skydance nears its close.
Corteva (CTVA) stock looked like a disaster on Thursday, tumbling 84% to $12.57 from Wednesday’s close of $77.65. The drop wasn’t real damage though. It was the result of the company completing a long-planned spinoff.
The new company is called Vylor (VYLR), and it now holds Corteva’s seed and seed technology operations. For every Corteva stock an investor owned, they received one stock of Vylor.
Vylor started trading Thursday and closed at $68.26. Add that to Corteva’s $12.57 and the combined value comes out to roughly $81, a modest increase from Wednesday’s $77.65.
Why The Split Happened
Vylor is the bigger piece of the old business by a wide margin. It pulled in about $10 billion in 2025 sales and $3 billion in earnings before interest, taxes, depreciation, and amortization.
The crop protection business staying with Corteva, things like herbicides and insecticides, generated $7.5 billion in sales and $1.4 billion in Ebitda last year. Seeds have also grown earnings more steadily than the chemicals side over time.
Before the split, Corteva carried a market value of about $52 billion. Most of that weight has now shifted over to Vylor.
Oppenheimer analyst Kristen Owen said in a recent report that Corteva looks cheap below $12. Her math values the stock at around six to seven times future Ebitda, which she called a bottom level valuation. Vylor, by comparison, traded at closer to 15 times Ebitda on its first day out.
This isn’t Corteva’s first rodeo when it comes to corporate restructuring. The company was itself spun out of DowDuPont back in 2019, three years after Dow and DuPont merged. Corteva is essentially the old Dow Agrosciences unit, and Vylor is the former DuPont Pioneer seeds business finally standing on its own.
Index Shuffle Follows The Spinoff
The spinoff triggered a cascade of changes across S&P Dow Jones Indices. Vylor will replace Corteva in the S&P 500 effective before trading opens on Oct. 6. Corteva drops down to the S&P MidCap 400 given its smaller size post-split.
Vylor will sit in the consumer staples sector once the index change takes effect. Corteva stays put in materials.
The S&P 500 is getting another new face too. Twilio (TWLO), currently in the MidCap 400, will take the spot being vacated by Warner Bros. Discovery, which is being acquired by Paramount Skydance in a deal expected to close Oct. 6.
Twilio stock rose 3% in extended trading Thursday following the news. The company’s stock has more than doubled so far this year.
The reshuffling doesn’t stop there. FormFactor moves into the MidCap 400 to fill Twilio’s old seat, Workiva steps into the SmallCap 600 for FormFactor, and Corteva’s arrival in the MidCap 400 pushes Olin down to the SmallCap 600.
Olin, in turn, takes the seat of Qorvo, which is being bought by fellow S&P 500 member Skyworks Solutions. It’s a busy week for index watchers.
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