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Intrepid Potash
(NYSE:IPI)
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Rating:71Outperform
Price Target:
$42.00
▲(22.74% Upside)
Action:Upgraded
Date:08/05/26
IPI’s score is driven primarily by strong financial resilience (very low leverage and solid cash generation) and a positive earnings-call backdrop with clear 2026 guidance and materially improved liquidity from the $70M asset sale. Offsetting these strengths are weaker technical momentum (below key moving averages with negative MACD) and a relatively high P/E with no dividend yield provided.
Positive Factors
Extremely low leverage / strong balance sheet
Exceptionally low leverage and a large equity base provide durable financial flexibility through commodity cycles. This reduces refinancing risk, enables sustaining capex and project spending, supports buybacks or returns, and cushions earnings volatility from cyclical potash and salt markets.
Negative Factors
Choppy revenue and inconsistent margins
Revenue and margin volatility reflect cyclicality in fertilizer and salt markets and uneven pricing/volume realization. This inconsistent profit trajectory increases forecasting risk, makes returns less reliable for investors, and can constrain sustained capital returns during down cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Extremely low leverage / strong balance sheet
Exceptionally low leverage and a large equity base provide durable financial flexibility through commodity cycles. This reduces refinancing risk, enables sustaining capex and project spending, supports buybacks or returns, and cushions earnings volatility from cyclical potash and salt markets.
Read all positive factors
Intrepid Potash (IPI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$496.28M
Dividend YieldN/A
Average Volume (3M)207.18K
Price to Earnings (P/E)18.2
Beta (1Y)0.44
Revenue Growth4.20%
EPS GrowthN/A
CountryUS
Employees478
SectorBasic Materials
Sector Strength58
IndustryAgricultural Inputs
Share Statistics
EPS (TTM)2.00
Shares Outstanding13,456,674
10 Day Avg. Volume152,005
30 Day Avg. Volume207,183
Financial Highlights & Ratios
PEG Ratio-0.31
Price to Book (P/B)0.73
Price to Sales (P/S)1.21
P/FCF Ratio14.13
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$35.50Price Target Upside3.74% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering3
EPS Forecast (FY)1.97
Revenue Forecast (FY)$269.35M
Intrepid Potash Business Overview & Revenue Model
Company Description
Intrepid Potash, Inc. (IPI), a company founded in 2000 and based in Denver, Colorado, specializes in the extraction and production of potash for markets within the United States and globally. The firm's operations are strategically divided into th...
How the Company Makes Money
Intrepid Potash makes money by producing and selling mineral-based products—primarily plant nutrients and salt—into end markets that use them as inputs. The company’s core revenue streams generally come from: (1) Plant nutrients/fertilizer product...
Intrepid Potash Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call communicated clear improvement in operational execution, pricing realization, and profitability, with notable increases in adjusted net income and EBITDA, stronger realized prices for potash and Trio, higher production, and a substantial $70 million asset sale that boosted liquidity. Management outlined ongoing operational projects and detailed 2026 guidance while flagging short-term COGS seasonality, fuel volatility, some mix-driven higher potash unit costs, and outstanding work required to de-risk lithium and other upside projects. Overall, positive operational momentum and a strengthened balance sheet outweigh the manageable near-term cost and execution risks.Positive Updates
Improved Profitability and EBITDA
Adjusted net income from continuing operations of $8.2 million in Q1 2026 versus $3.9 million in Q1 2025 (≈+110% YoY). Adjusted EBITDA of $19.0 million versus $14.6 million in Q1 2025 (≈+30% YoY).
Negative Updates
Higher Potash Unit Costs
Average potash segment cost of goods sold increased to $334/ton in Q1 2026 versus $313/ton in Q1 2025 (≈+6.7% YoY), attributed to higher production from higher-cost sites and mix effects.
Read all updates
Q1-2026 Updates
Positive
Negative
Improved Profitability and EBITDA
Adjusted net income from continuing operations of $8.2 million in Q1 2026 versus $3.9 million in Q1 2025 (≈+110% YoY). Adjusted EBITDA of $19.0 million versus $14.6 million in Q1 2025 (≈+30% YoY).
Read all positive updates
Company Guidance
The company provided specific near- and full‑year guidance: for Q2 it expects potash sales of 50,000–60,000 tonnes at an average net realized price of $380–$390/ton and Trio sales of 70,000–80,000 tonnes at $390–$400/ton; for full‑year 2026 it now expects potash production toward the upper end of its 270,000–285,000 tonne guidance and Trio production of 285,000–300,000 tonnes with Trio COGS around $230/ton. Capital spending for 2026 is expected to be $40–$50 million (primarily sustaining capex and the Wendover primary pond), and the company closed the sale of Intrepid South Ranch for $70 million (including an $8 million deposit), which has driven a post‑quarter cash balance of roughly $170 million (about $62 million incremental after quarter end) and will generate some interest income. Operationally, management highlighted recent quarter metrics that underpin the outlook — Q1 adjusted net income of $8.2 million and adjusted EBITDA of $19.0 million, Q1 combined sales of 211,000 tons (potash 105,000; Trio 106,000) with Q1 average realized prices of $353/ton for potash and $387/ton for Trio — and flagged an early‑summer FEL‑3 milestone on the lithium project that should provide greater precision on build and operating costs.Intrepid Potash Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
90
Very Positive
Cash Flow
76
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 294.46M | 298.33M | 254.69M | 279.08M | 337.57M | 270.33M |
| Gross Profit | 58.18M | 52.21M | 29.08M | 36.85M | 141.41M | 55.76M |
| EBITDA | 52.03M | 54.90M | 18.76M | -5.19M | 133.60M | 77.50M |
| Net Income | 26.31M | 11.19M | -212.84M | -35.67M | 72.22M | 249.83M |
Balance Sheet | ||||||
| Total Assets | 649.92M | 632.18M | 594.52M | 768.57M | 794.20M | 766.89M |
| Cash, Cash Equivalents and Short-Term Investments | 184.99M | 83.54M | 42.30M | 7.04M | 24.47M | 36.45M |
| Total Debt | 3.24M | 5.31M | 4.25M | 6.19M | 2.21M | 1.88M |
| Total Liabilities | 134.73M | 140.75M | 120.13M | 84.14M | 79.13M | 103.49M |
| Stockholders Equity | 515.19M | 491.43M | 474.39M | 684.43M | 715.08M | 663.40M |
Cash Flow | ||||||
| Free Cash Flow | 31.03M | 25.54M | 33.59M | -21.83M | 20.13M | 59.28M |
| Operating Cash Flow | 62.45M | 55.78M | 72.50M | 43.23M | 88.82M | 79.07M |
| Investing Cash Flow | 39.27M | -13.27M | -29.53M | -59.55M | -79.18M | -14.82M |
| Financing Cash Flow | -1.77M | -276.00K | -5.72M | 1.89M | -27.70M | -47.28M |
Intrepid Potash Technical Analysis
Positive
34.22
Price Trends
34.77
Positive
37.41
Negative
34.15
Positive
Market Momentum
0.33
Negative
57.19
Neutral
80.29
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IPI, the sentiment is Positive. The current price of 34.22 is below the 20-day moving average (MA) of 34.82, below the 50-day MA of 34.77, and above the 200-day MA of 34.15, indicating a bullish trend. The MACD of 0.33 indicates Negative momentum. The RSI at 57.19 is Neutral, neither overbought nor oversold. The STOCH value of 80.29 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IPI.
Intrepid Potash Risk Analysis
Intrepid Potash disclosed 53 risk factors in its most recent earnings report. Intrepid Potash reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Intrepid Potash Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $1.27B | 7.88 | 51.56% | 9.98% | 17.47% | 82.16% | |
71 Outperform | $496.28M | 18.24 | 5.27% | ― | 4.20% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
57 Neutral | $6.89B | 22.64 | 5.02% | 3.61% | 10.92% | -16.91% | |
53 Neutral | $3.61B | 49.74 | -21.87% | 3.81% | -1.95% | 44.91% | |
51 Neutral | $7.34B | 113.00 | 0.36% | 3.95% | 8.84% | -167.87% | |
45 Neutral | $1.30B | -0.47 | -118.57% | 7.26% | -21.31% | -2884.91% |
* Basic Materials Sector Average
IPI
Intrepid Potash
36.44
7.43
25.61%
UAN
CVR Partners
119.53
40.82
51.86%
FMC
FMC
10.24
-26.01
-71.75%
MOS
Mosaic Co
22.60
-8.52
-27.38%
SMG
Scotts Miracle-Gro Company
62.17
1.18
1.94%
ICL
Icl
5.47
-0.42
-7.19%
Intrepid Potash Corporate Events
Business Operations and StrategyExecutive/Board Changes
Intrepid Potash Appoints Jason Tremblay as New CFO
Positive
Jun 15, 2026
On June 15, 2026, Intrepid Potash, Inc. announced the appointment of Jason Tremblay as Chief Financial Officer, marking a significant change in its senior leadership team. Tremblay brings nearly 30 years of experience in finance, strategy, operati...
Business Operations and StrategyStock BuybackShareholder Meetings
Intrepid Potash Expands Share Repurchase Authorization Reflecting Confidence
Positive
Jun 3, 2026
Intrepid Potash held its 2026 annual meeting of stockholders on May 28, 2026, via virtual webcast, with 78.2% of outstanding shares represented, and shareholders elected two Class III directors, ratified KPMG LLP as independent auditor for 2026, a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.