Intrepid Potash

IPI

Agricultural Inputs · Basic Materials

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Strong

Stability

Good

Valuation

Mixed

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Winston Score History

The full picture

Intrepid Potash makes potash and other minerals used as fertilizers to help crops grow. Its main products are potassium-based fertilizers sold to farmers, as well as specialty products like Trio, a mineral that delivers potassium, sulfur, and magnesium in one application. The company is the only US producer of muriate of potash, which gives it a unique position in the domestic fertilizer market.

Intrepid earns money by mining and selling these minerals directly to agricultural customers, distributors, and industrial buyers. It operates entirely in the United States, with mines located in New Mexico and Utah, making it a small player compared to global potash giants like Nutrien and Mosaic. Its domestic-only production can be an advantage when import costs rise, but the company is highly exposed to swings in potash prices, which are set by global commodity markets and can fall sharply when supply is abundant or farm demand weakens.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-6.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+372.0% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

19.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$185M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Intrepid Potash's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

25.0%

Thin — 25.0% gross margin

Profit after running costs

Operating Margin

1.6%

Thin — 1.6% operating margin

Return on the money invested

ROCE

2.5%

Weak — 2.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+5.4%

Slow sales growth (+5.4% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

237%

Turns 237% of profit into real cash

Spare cash per sale

FCF Margin

10.5%

Modest free cash flow (10.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

208.98x

Comfortably covers interest (209.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

19.5x

no trend

Fair value — P/E 19.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-22.4

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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