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what it is
IPI digs and sells potash, Trio fertilizer, water, salt, and other mineral products for farms and oilfield customers.
how it gets paid
Last year Intrepid Potash made $298M in revenue. Potash and fertilizer was the main engine at $170M, or 57% of sales.
why it's growing
Revenue grew 17.1% last year to $298M. Quarterly EPS in the feed jumped a lot vs. prior year (order-of-magnitude style) while FY2024 was still a deep net loss per share—do not mix that quarterly bounce with the annual EPS line in the score strip.
what just happened
Latest quarter EPS hit $0.88, and gross margin came in at 18.4%.
At a glance
B balance sheet — gets the job done, barely
5/100 earnings predictability — expect surprises
n/m trailing p/e — FY24 EPS was a loss; wait for a clean annual profit before trusting multiples
10.1% return on capital — nothing to write home about
-$16.53 fy2024 eps est
xvary composite: 44/100 — below average
What they do
IPI digs and sells potash, Trio fertilizer, water, salt, and other mineral products for farms and oilfield customers.
You get a rare U.S. supply chain. Intrepid is the only domestic producer of muriate of potash, a potassium fertilizer, and it runs 3 solar facilities plus 1 underground Trio mine. Your crops, feed, and oilfield orders depend on local delivery, and local delivery beats long-haul freight when the product is heavy.
How they make money
$298M
annual revenue · their business grew +17.1% last year
Potash and fertilizer
$170M
Trio specialty fertilizer
$55M
Water, magnesium chloride, and brine
$43M
Oilfield products and services
$30M
The products that matter
core potassium fertilizer
Muriate of Potash (MOP)
5% market share
this is the core product behind Intrepid's U.S. potash identity, but a 5% share tells you the company participates in pricing more than it controls it.
commodity exposed
specialty fertilizer blend
Trio
285,000–300,000 tons guide
management guided 2026 Trio production to 285,000–300,000 tons, about a 7% midpoint increase. If you want a company-specific growth lever here, this is it.
volume watch
salt, magnesium, and water sales
Salt & Water
~$73M
water, brine, and oilfield lines sum to about ~$73M in the revenue table (~$43M + ~$30M)—real diversification, but still fertilizer-cycle gapped.
supporting revenue
Key numbers
$298M
annual revenue
This is the whole top line. It is 74x bigger than the $4M debt load.
-$16.53
FY2024 EPS
You are still funding losses. The company lost $16.53 per share in 2024.
12.3%
operating margin
For every $100 of sales, Intrepid kept $12.30 before interest and taxes on this feed—below-the-line items can still drive the -$16.53 FY net EPS; do not treat operating margin as “profitable stock” by itself.
$4M
debt load
Debt is only 1% of capital, so the problem is operations, not leverage.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 10 / 100
- long-term debt $4M (1% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for IPI right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Latest quarter EPS hit $0.88, and gross margin came in at 18.4%.
Quarterly EPS improved sharply vs. prior year in this feed versus a weak prior-year quarter; annual revenue reached $298M. The business still swings on fertilizer volumes and pricing—again, do not read one good quarter as proof the FY2024 loss profile is gone until the annual statements agree.
~$75M
rev (q)
~$0.88
eps (q)
18.4%
gross margin (q)
the number that mattered
The $0.88 EPS print mattered because it showed the quarter moved back into profit after a year with -$16.53 full-year EPS.
source: company earnings report, 2026
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What could go wrong
the top risk here is global potash pricing overwhelming a small U.S. producer.
high
potash price volatility
Potash pricing is set in a global market. Intrepid does not get to freestyle here. A 10% drop in MOP prices could erase over $20M in annual gross profit for a company this size.
over $20M of annual gross profit at risk
med
scale disadvantage
You own a 5% share player competing against larger producers like Nutrien at 20%. That means less pricing power, less room for error, and thinner protection when the cycle turns down.
small scale limits margin resilience
med
recovery may be quarter-deep
The annual bridge on this page shows +17.1% FY revenue to $298M—do not pair that with a stray −8.7% headline from another window without reconciling the fiscal period. If the next few quarters do not build on the ~$75M+ quarterly run rate in the feed, the profit rebound can still fade.
one strong quarter can reverse fast
med
stock volatility
Price stability is 10 / 100 and the stock trades in a $23–$50 52-week range. In human-speak: even if the thesis is right, the ride can still be ugly.
wide swings can overwhelm patience
This is a $607M commodity stock with 10 / 100 price stability. The balance sheet can absorb pain. The share price still won't.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
Trio production against the 285,000–300,000 ton guide
This is the cleanest company-specific operating target on the page. Hit it, and the bull case becomes more than "hope potash prices cooperate."
risk
MOP pricing
A 10% move in potash pricing can do real damage here. You do not need many bad pricing decisions globally to make a small producer's quarter disappear.
calendar
next few earnings reports
The latest print in the hero block is ~$0.88 EPS (q). The next two quarters tell you whether that was the start of a trend or just a well-timed commodity upswing.
trend
share price behavior after the 12% post-earnings drop
When a stock falls after a good quarter, the market is telling you it doubts the durability. Pay attention to whether buyers step back in or keep backing away.
Analyst rankings
earnings predictability
5 / 100
Earnings are hard to forecast here. In human-speak: expect messy quarters, not a clean line up and to the right.
risk rank
4
Risk rank 4 means this screens as riskier than most stocks. Small-cap commodity exposure will do that.
price stability
10 / 100
This is low. You are not buying stability. You are buying a cycle and hoping you are early enough.
source: institutional data
Institutional activity
institutional ownership data for IPI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$27
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
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