Intrepid Potash, Inc. (IPI) stock analysis
Close on Nov 11, 2026Market cap $443.67MP/E 18.0Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed10 of 30 checks passed
Intrepid Potash passes 10 of the 30 checks behind our score; 14 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 4/6
- Growth
- 0/6
- Past performance
- 1/6
- Financial health
- 5/6
- Dividend
- 0/6
What stands out
Margin of safety over 20%
The price is 23.3% below fair value, more than the 20% cushion we look for.
Trading below fair value
The share price of $32.97 is below our fair value estimate of $43.01.
No debt
Intrepid Potash has no borrowings on its latest balance sheet.
Interest well covered
Operating income covers interest expense 502.6 times.
What to watch
Return on capital under 10%
Return on invested capital was 3.2%, below the 10% that usually covers the cost of capital.
EPS growing under 10% a year
Diluted EPS grew -45.9% a year over the last three fiscal years.
Bankruptcy risk in the grey zone
The Altman Z-score is 2.65; above 3 is the safe zone and below 1.8 the distress zone.
Guidance lowered
Intrepid Potash lowered its full-year 2027 full-year 2027 potash production outlook on Nov 3, 2026.
Valuation4/6
P/E against its history
Not enough price and earnings history to compare.
P/E below the industry
Intrepid Potash's P/E of 18.0 is below the Mining & quarrying of nonmetallic minerals (no fuels) median of 25.1.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B below the industry
Intrepid Potash's price-to-book of 0.86 is below the Mining & quarrying of nonmetallic minerals (no fuels) median of 1.80.
Trading below fair value
The share price of $32.97 is below our fair value estimate of $43.01.
Margin of safety over 20%
The price is 23.3% below fair value, more than the 20% cushion we look for.
Growth0/6
Revenue growth over 3 years
Needs three years of positive revenue.
EPS growing under 10% a year
Diluted EPS grew -45.9% a year over the last three fiscal years.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growth against the industry
Needs revenue for this year and last.
Guidance lowered
Intrepid Potash lowered its full-year 2027 full-year 2027 potash production outlook on Nov 3, 2026.
Gross margin trend
This company does not report gross profit.
Past performance1/6
Return on equity
Needs positive equity and five years of results.
Return on capital under 10%
Return on invested capital was 3.2%, below the 10% that usually covers the cost of capital.
Return on equity below the industry
Intrepid Potash's return on equity of 4.8% is below the Mining & quarrying of nonmetallic minerals (no fuels) median of 4.8%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin against its history
Needs five years of revenue and net income.
Net margin above the industry
Intrepid Potash's net margin of 8.0% is above the Mining & quarrying of nonmetallic minerals (no fuels) median of 4.2%.
Financial health5/6
No debt
Intrepid Potash has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
Operating income covers interest expense 502.6 times.
Short-term assets cover short-term debts
Current assets are 5.96 times current liabilities.
Bankruptcy risk in the grey zone
The Altman Z-score is 2.65; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Intrepid Potash has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$43.01
The share price is 23% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 25.1× | – | 25.1× | $45.92 | 40% |
| EV/EBITDA | 8.7× | – | 8.7× | $46.25 | 35% |
| P/B | 1.5× | 0.8× | 1.8× | $57.23 | 10% |
| Earnings power | 8.7% cost of equity | – | – | $18.23 | 15% |
| Fair value | $43.01 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- EV/EBITDA at month end
- Mining & quarrying of nonmetallic minerals (no fuels) median 8.7
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Medium risk
- Average value traded per day
- $6.11M
- Value traded per 1% price move
- $4.23M
Downside
Medium risk
- Typical loss in a bad month
- 21.3%
- Volatility (annualized)
- 53%
- Sharpe ratio, 1 year
- 0.40
- Beta to the S&P 500 (5Y)
- 0.77
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +17.1% | – | – | – | |
| Gross profit | +88.5% | -27.1% | +39.1% | – | |
| Operating income | – | -51.8% | – | – | |
| EPS, diluted | – | -45.9% | – | – | |
| Free cash flow | -24.4% | +8.3% | +11.7% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 2.3% | |
| Return on assets | – | – | 1.8% | |
| Current ratio | 5.13 | 2.02 | 5.24 | |
| Debt to equity | 0.37 | – | – | |
| Net debt to EBITDA | -8.67× | – | – | |
| Interest coverage | -4.8× | -5.4× | 46.0× | |
| Inventory turnover | – | – | 2.2× | |
| Capex to revenue | – | – | 10.1% | |
| Diluted shares | 8M | 13M | 13M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Intrepid Potash generated $339.39M from operations and spent $244.50M on capital expenditure, dividends and share buybacks. 91% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 3.7% | 0.49× | 1.27× | 2.3% |
| FY2024 | -83.6% | 0.37× | 1.18× | -36.7% |
| FY2023 | -12.8% | 0.36× | 1.12× | -5.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$11.19M
- Cash generatingOperating cash flow above zero$55.78M
- Return on assets improvedROA up on the prior year-27.7% → 1.9%
- Earnings backed by cashOperating cash flow above net income$55.78M vs $11.19M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose4.84 → 5.24
- No dilutionShare count did not rise13M → 13M
- Gross margin improvedGross margin up on the prior year11.42% → 18.37%
- More efficientAsset turnover rose0.33 → 0.50
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