Intrepid Potash

IPI

Agricultural Inputs · Basic Materials

Price

$34.20

-0.01 (-0.03%)

Market Cap

$459.4M

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−1.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 13.4M (2021) → 13.2M (2025)

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.

Winston Score History

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

+36.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+99.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

19.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

$84M cash & investments at current burn rate

Revenue accelerating

Intrepid Potash grew revenue 36% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

Gross Margin

19.4%

Thin — 19.4% gross margin

Operating Margin

2.1%

Thin — 2.1% operating margin

ROCE

0.3%

Weak — 0.3% 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

+17.1%

Fast-growing sales (17.1% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

499%

Turns 499% of profit into real cash

FCF Margin

8.6%

Modest free cash flow (8.6%)

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

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

52.03x

Comfortably covers interest (52.0x)

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

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Valuation

P/E Ratio (TTM)

39.4x

Pricey — P/E 39.4

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+12.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (39.4 → 26.8)

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Dividends

Not applicable for this business.

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