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ICL Group

ICL
42
Agricultural Inputs · Basic Materials
Price
$5.05
+0.01 (+0.20%)
Market Cap
$6.52B
Winston Score
42
Winston is serious
Mixed quality — meaningful strengths and weaknesses.

ICL Group is a global mining and chemicals company based in Israel. It digs up minerals like potash and phosphate from the ground and turns them into fertilizers that farmers use to grow crops. It also makes specialty chemicals used in products like flame retardants, food ingredients, and industrial materials.

ICL earns money by selling these products to agricultural companies, food manufacturers, and industrial customers across more than 30 countries. It is one of the world's largest producers of potash and bromine, which gives it some natural advantages because these minerals are only found in certain places on Earth. However, the company's profits are heavily tied to commodity prices, which can swing sharply based on global supply and demand. The key risk is that fertilizer prices have fallen significantly from their 2022 peaks, which puts pressure on revenue and margins going forward.

Winston Score History

Growth Profile

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

Revenue Growth

+6.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-194.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$70M/ year

Flat (+1% vs prior year)

1.0% of revenue

Below sector average (3%)

Steady R&D investment year-over-year

Insider Activity

44.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$291M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

ICL Group is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

Share count broadly stable

+0.3% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.29B (2021) → 1.29B (2025)

Score breakdown

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Quality

Gross Margin
27.5%
Modest — 27.5% gross margin
Operating Margin
5.8%
Thin — 5.8% operating margin
ROCE
1.2%
Weak — 1.2% 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 YoY
+4.6%
Slow sales growth (4.6% YoY)
EPS YoY
-46.0%
Earnings shrinking (-46.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
461%
Turns 461% of profit into real cash
FCF Margin
2.7%
Thin free cash flow (2.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.43
Conservative — low debt load (0.43)
Interest Cover
2.36x
Tight — interest eats into profit (2.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
28.9x
Growth-priced — P/E 28.9

P/E above the market average. People are paying up for expected growth.

P/E vs Forward
+16.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (28.9 → 12.1)

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Dividends

Dividend Yield
0.04%
Small dividend — 0.04% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth
+3.3%
Dividend growing modestly (3.3% YoY)

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