The company maintains a conservative financial structure with a 0.50 debt-to-equity ratio as of 2026Q1, providing a buffer against the volatility of its $13.0 billion asset base.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Total Current Assets | 4.45B | 4.16B | 3.59B | 4.03B | 4.55B | 3.91B | 2.84B | 2.68B | 2.76B | 2.73B | 2.57B | 2.98B | 3.14B | 3.04B | 3.31B | 3.44B | 3.13B | 2.77B | 2.96B | 2.25B | 1.64B | 1.39B | 1.2B | 1.04B | 1.06B | 1.06B |
| Cash & Short-Term Investments | 581M | 496M | 442M | 592M | 508M | 564M | 314M | 191M | 213M | 173M | 116M | 248M | 247.32M | 284.73M | 460.95M | 474.25M | 894.12M | 425.52M | 340.3M | 131.86M | 170.91M | 116M | 187.53M | 85.1M | 30.9M | 41.1M |
| Cash Only | 407M | 291M | 327M | 420M | 417M | 473M | 214M | 95M | 121M | 83M | 87M | 161M | 130.83M | 188.34M | 288.51M | 330.12M | 400.91M | 257.97M | 215.2M | 58.2M | 50.09M | 57.24M | 37.2M | 27.3M | 14.8M | 15.6M |
| Short-Term Investments | 174M | 205M | 115M | 172M | 91M | 91M | 100M | 96M | 92M | 90M | 29M | 87M | 116.49M | 96.39M | 172.44M | 144.13M | 493.2M | 167.55M | 125.1M | 73.66M | 120.82M | 58.77M | 150.33M | 57.8M | 16.1M | 25.5M |
| Accounts Receivable | 1.65B | 1.62B | 1.46B | 1.62B | 1.83B | 1.68B | 1.23B | 1.13B | 1.23B | 1.11B | 1.15B | 1.29B | 1.29B | 1.06B | 1.22B | 1.5B | 1.06B | 1.07B | 1.31B | 1.05B | 577.98M | 561.91M | 455.72M | 368.7M | 477.6M | 495.6M |
| Days Sales Outstanding | 75.37 | 82.87 | 77.95 | 78.32 | 66.55 | 87.96 | 88.81 | 78.25 | 81 | 75.05 | 78.13 | 86.84 | 76.99 | 61.52 | 66.92 | 77.31 | 67.86 | 85.45 | 69.37 | 93.46 | 64.75 | 68.69 | 61.27 | 59.26 | 88 | 97.32 |
| Inventory | 1.86B | 1.93B | 1.63B | 1.7B | 2.13B | 1.57B | 1.25B | 1.31B | 1.29B | 1.23B | 1.27B | 1.36B | 1.34B | 1.41B | 1.48B | 1.41B | 1.11B | 1.23B | 1.28B | 974.97M | 799.01M | 652.52M | 509.81M | 540.3M | 506.4M | 491.6M |
| Days Inventory Outstanding | 128.59 | 142.12 | 129.44 | 127.77 | 156.31 | 131.92 | 128.41 | 138.65 | 127.19 | 119.46 | 124.89 | 138.22 | 124.49 | 133.11 | 137.98 | 131.64 | 124.76 | 165.63 | 135.26 | 137.65 | 139.77 | 129.07 | 104.66 | 125.95 | 136.66 | 141.1 |
| Other Current Assets | 356M | 52M | 16M | 87M | 10M | 48M | 0 | 0 | 0 | 169M | 0 | 99M | 294.85M | 264.54M | 212.11M | 198.79M | 495.95M | 20.8M | 4.42M | 60.26M | 45.74M | 24.94M | 23.44M | 49.2M | 43.4M | 30.4M |
| Total Non-Current Assets | 8.56B | 8.25B | 7.74B | 7.59B | 7.2B | 7.17B | 6.82B | 6.49B | 5.99B | 5.99B | 5.98B | 6.09B | 5.21B | 4.93B | 4.44B | 3.84B | 3.26B | 3.14B | 2.77B | 2.38B | 1.98B | 1.94B | 1.86B | 1.95B | 1.94B | 1.88B |
| Property, Plant & Equipment | 7.08B | 6.79B | 6.46B | 6.33B | 5.97B | 5.75B | 5.55B | 5.33B | 4.66B | 4.54B | 4.33B | 4.35B | 3.95B | 3.7B | 3.07B | 2.58B | 2.19B | 2.09B | 1.91B | 1.84B | 1.68B | 1.66B | 1.62B | 1.69B | 1.7B | 1.64B |
| Fixed Asset Turnover | 1.08x | 1.05x | 1.06x | 1.19x | 1.68x | 1.21x | 0.91x | 0.99x | 1.19x | 1.19x | 1.24x | 1.24x | 1.55x | 1.69x | 2.18x | 2.74x | 2.60x | 2.18x | 3.62x | 2.23x | 1.94x | 1.80x | 1.68x | 1.34x | 1.17x | 1.13x |
| Goodwill | 964M | 552M | 543M | 530M | 507M | 502M | 320M | 302M | 309M | 326M | 377M | 349M | 303M | 267.25M | 260.09M | 252.43M | 185.4M | 185.45M | 172.8M | 152.77M | 48.54M | 42.18M | 38.03M | 43.3M | 46.7M | 48M |
| Intangible Assets | 0 | 403M | 326M | 343M | 345M | 365M | 350M | 332M | 450M | 488M | 421M | 700M | 481M | 505.44M | 464.3M | 493.88M | 358.38M | 381.24M | 348.7M | 264.72M | 133.28M | 143.17M | 91.02M | 0 | 0 | 0 |
| Long-Term Investments | 64M | 64M | 3M | 2M | 3M | 26M | 83M | 197M | 175M | 241M | 406M | 159M | 185M | 174.51M | 18.39M | 29.4M | 28.12M | 28.76M | 174.5M | 73.56M | 31.15M | 24.77M | 14.15M | 95.3M | 85.1M | 81.8M |
| Other Non-Current Assets | 324M | 265M | 258M | 237M | 228M | 377M | 393M | 218M | 255M | 267M | 292M | 337M | 135M | 168.76M | 514.52M | 403.12M | 375.22M | 347.25M | 60.5M | 29.77M | 78.67M | 58.98M | 66.66M | -94.4M | -115M | -84.6M |
| Total Assets | 13.01B | 12.41B | 11.32B | 11.63B | 11.75B | 11.08B | 9.66B | 9.17B | 8.75B | 8.71B | 8.55B | 9.08B | 8.35B | 7.97B | 7.75B | 7.28B | 6.39B | 5.91B | 5.74B | 4.63B | 3.62B | 3.32B | 3.06B | 2.99B | 2.99B | 2.94B |
| Asset Turnover | 0.59x | 0.58x | 0.60x | 0.65x | 0.85x | 0.63x | 0.52x | 0.57x | 0.64x | 0.62x | 0.63x | 0.60x | 0.73x | 0.79x | 0.86x | 0.97x | 0.89x | 0.77x | 1.20x | 0.88x | 0.90x | 0.90x | 0.89x | 0.76x | 0.66x | 0.63x |
| Asset Growth % | 37.45% | 9.65% | -2.63% | -1.05% | 6.05% | 14.65% | 5.35% | 4.85% | 0.4% | 1.89% | -5.78% | 8.73% | 4.7% | 2.93% | 6.37% | 14.01% | 8.13% | 2.96% | 23.84% | 28.14% | 8.78% | 8.54% | 2.38% | -0.07% | 1.8% | - |
| Total Current Liabilities | 3.23B | 3.13B | 2.33B | 2.64B | 2.61B | 2.61B | 2.18B | 1.76B | 1.98B | 2.33B | 2.02B | 2.05B | 2B | 1.96B | 1.93B | 1.75B | 1.47B | 1.2B | 1.58B | 1.54B | 954.27M | 897.13M | 927.29M | 1.09B | 1.14B | 938.9M |
| Accounts Payable | 1.19B | 1.16B | 1B | 912M | 1.01B | 1.06B | 740M | 712M | 715M | 790M | 644M | 716M | 585M | 669.1M | 640.4M | 665.03M | 521.26M | 469.8M | 448.15M | 428.39M | 315.94M | 288.77M | 267.49M | 244.1M | 220M | 176.9M |
| Days Payables Outstanding | 78.56 | 85.02 | 79.77 | 68.42 | 73.69 | 89.4 | 76.02 | 75.24 | 70.5 | 76.98 | 63.48 | 72.55 | 54.55 | 63.24 | 59.7 | 62.05 | 58.37 | 63.09 | 47.43 | 60.48 | 55.27 | 57.12 | 54.92 | 56.9 | 59.37 | 50.77 |
| Short-Term Debt | 926M | 876M | 306M | 786M | 444M | 514M | 615M | 420M | 610M | 822M | 588M | 673M | 602.75M | 718.28M | 603.8M | 367.15M | 53.02M | 103.95M | 411.5M | 622.7M | 266.97M | 239.28M | 340.49M | 558.9M | 332.7M | 271.3M |
| Deferred Revenue (Current) | 0 | 67M | 21M | 10M | 41M | 33M | 17M | 0 | 112M | 78M | 83M | 62M | 71.58M | 440.58M | 493.1M | 680.68M | 881.19M | 626.85M | 0 | 101.6M | 72.55M | 65.19M | 32.96M | 0 | 0 | 0 |
| Other Current Liabilities | 1.12B | 374M | 513M | 379M | 604M | 577M | 503M | 257M | 288M | 428M | 524M | 346M | -854M | 243.92M | 329.09M | 391.74M | 324.51M | 277.61M | 717M | 195.21M | 136.42M | 150.1M | 143.35M | 289.3M | 585.3M | 490.7M |
| Current Ratio | 1.38x | 1.33x | 1.54x | 1.53x | 1.75x | 1.50x | 1.31x | 1.52x | 1.39x | 1.17x | 1.27x | 1.46x | 1.57x | 1.55x | 1.72x | 1.96x | 2.14x | 2.31x | 1.88x | 1.46x | 1.71x | 1.55x | 1.30x | 0.96x | 0.93x | 1.13x |
| Quick Ratio | 0.80x | 0.71x | 0.84x | 0.88x | 0.93x | 0.90x | 0.73x | 0.78x | 0.74x | 0.64x | 0.64x | 0.79x | 0.90x | 0.83x | 0.95x | 1.16x | 1.38x | 1.28x | 1.07x | 0.83x | 0.88x | 0.82x | 0.75x | 0.46x | 0.48x | 0.60x |
| Cash Conversion Cycle | 125.4 | 139.97 | 127.63 | 137.66 | 149.17 | 130.47 | 141.2 | 141.65 | 137.69 | 117.53 | 139.54 | 152.51 | 146.93 | 131.39 | 145.2 | 146.91 | 134.25 | 187.98 | 157.2 | 170.63 | 149.25 | 140.63 | 111.02 | 128.31 | 165.29 | 187.64 |
| Total Non-Current Liabilities | 3.45B | 3.04B | 3.01B | 2.95B | 3.43B | 3.73B | 3.4B | 3.35B | 2.85B | 3.46B | 3.87B | 3.84B | 3.34B | 2.33B | 2.42B | 2.42B | 2.28B | 1.91B | 1.72B | 1.23B | 918.02M | 926.32M | 910.58M | 950.8M | 980.9M | 1.18B |
| Long-Term Debt | 2.22B | 1.7B | 1.72B | 1.63B | 2.11B | 2.2B | 1.79B | 1.93B | 1.81B | 2.39B | 2.8B | 2.81B | 2.3B | 1.31B | 1.42B | 1.56B | 1.51B | 1.19B | 1.02B | 751.54M | 483.39M | 501.15M | 449.6M | 546.9M | 610.5M | 844.7M |
| Capital Lease Obligations | 176M | 176M | 186M | 204M | 202M | 236M | 261M | 251M | -730M | -833M | 0 | -547M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 1.03B | 502M | 481M | 489M | 423M | 384M | 326M | 341M | 297M | 228M | 303M | 351M | 259.88M | 220.88M | 222.55M | 180.83M | 99.11M | 101.78M | 0 | 160.13M | 168.39M | 169.35M | 192.38M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 701M | 657M | 616M | 634M | 696M | 912M | 1.02B | 829M | 10M | 7M | 771M | 140M | 780.92M | 803.25M | 773.95M | 686.18M | 672.08M | 618.73M | 695.8M | 322.04M | 266.24M | 255.82M | 268.6M | 403.9M | 370.4M | 333.5M |
| Total Liabilities | 6.68B | 6.17B | 5.33B | 5.59B | 6.04B | 6.34B | 5.58B | 5.11B | 4.83B | 5.78B | 5.89B | 5.89B | 5.35B | 4.29B | 4.35B | 4.18B | 3.75B | 3.11B | 3.29B | 2.77B | 1.87B | 1.82B | 1.84B | 2.04B | 2.12B | 2.12B |
| Total Debt | 3.15B | 2.76B | 2.29B | 2.69B | 2.82B | 3.01B | 2.73B | 2.6B | 2.42B | 3.21B | 3.38B | 3.48B | 2.91B | 2.03B | 2.03B | 1.92B | 1.56B | 1.29B | 1.43B | 1.37B | 750.36M | 740.43M | 790.08M | 1.11B | 943.2M | 1.12B |
| Net Debt | 2.74B | 2.46B | 1.97B | 2.27B | 2.41B | 2.54B | 2.52B | 2.51B | 2.3B | 3.13B | 3.3B | 3.32B | 2.78B | 1.84B | 1.74B | 1.59B | 1.16B | 1.04B | 1.22B | 1.32B | 700.28M | 683.2M | 752.88M | 1.08B | 928.4M | 1.1B |
| Debt / Equity | 0.50x | 0.44x | 0.38x | 0.45x | 0.49x | 0.64x | 0.67x | 0.64x | 0.62x | 1.10x | 1.27x | 1.09x | 0.97x | 0.55x | 0.60x | 0.62x | 0.59x | 0.46x | 0.59x | 0.74x | 0.43x | 0.49x | 0.65x | 1.17x | 1.08x | 1.36x |
| Debt / EBITDA | 2.29x | 2.09x | 1.67x | 1.60x | 0.71x | 1.74x | 3.95x | 2.13x | 1.27x | 3.11x | 8.42x | 2.91x | 2.45x | 1.40x | 1.09x | 0.88x | 1.00x | 1.14x | 0.56x | 1.51x | 1.06x | 1.02x | 1.52x | 2.99x | 2.63x | 8.35x |
| Net Debt / EBITDA | 1.99x | 1.87x | 1.43x | 1.35x | 0.60x | 1.46x | 3.64x | 2.05x | 1.21x | 3.03x | 8.20x | 2.78x | 2.34x | 1.27x | 0.93x | 0.73x | 0.75x | 0.91x | 0.48x | 1.45x | 0.99x | 0.94x | 1.45x | 2.92x | 2.58x | 8.24x |
| Interest Coverage | 2.45x | 2.36x | 5.18x | 7.09x | 25.67x | 11.11x | 1.45x | 6.73x | 16.61x | 6.27x | 0.13x | 8.80x | 7.76x | 22.01x | 29.06x | 39.86x | 30.72x | 11.85x | 27.33x | 13.65x | 14.95x | 13.17x | 10.81x | 4.72x | 1.93x | -2.76x |
| Total Equity | 6.33B | 6.24B | 5.99B | 6.04B | 5.71B | 4.74B | 4.09B | 4.06B | 3.92B | 2.93B | 2.66B | 3.19B | 3B | 3.68B | 3.4B | 3.1B | 2.64B | 2.79B | 2.44B | 1.86B | 1.74B | 1.5B | 1.22B | 948.1M | 874.6M | 823.3M |
| Equity Growth % | 16.33% | 4.28% | -0.83% | 5.67% | 20.63% | 15.85% | 0.66% | 3.73% | 33.62% | 10.19% | -16.59% | 6.26% | -18.44% | 8.2% | 9.5% | 17.55% | -5.5% | 14.4% | 31.26% | 6.75% | 16.19% | 22.55% | 29.14% | 8.4% | 6.23% | - |
| Book Value per Share | 4.90 | 4.83 | 4.64 | 4.68 | 4.43 | 3.68 | 3.19 | 3.17 | 3.06 | 2.29 | 2.09 | 2.51 | 2.36 | 2.90 | 2.68 | 2.44 | 2.08 | 2.21 | 1.90 | 1.45 | 1.36 | 1.17 | 0.99 | 0.75 | 0.73 | 0.69 |
| Total Shareholders' Equity | 6.05B | 5.98B | 5.72B | 5.77B | 5.46B | 4.53B | 3.93B | 3.92B | 3.78B | 2.86B | 2.57B | 3.03B | 2.97B | 3.65B | 3.38B | 3.08B | 2.62B | 2.77B | 2.44B | 1.79B | 1.73B | 1.49B | 1.18B | 948.1M | 874.6M | 823.3M |
| Common Stock | 549M | 549M | 549M | 549M | 549M | 548M | 546M | 546M | 546M | 545M | 544M | 544M | 543.11M | 542.85M | 542.77M | 542.38M | 541.86M | 541.03M | 540.8M | 540.78M | 540.78M | 536.08M | 529.03M | 522.8M | 521.4M | 521.4M |
| Retained Earnings | 5.83B | 5.77B | 5.76B | 5.58B | 5.38B | 4.32B | 3.75B | 3.88B | 3.74B | 2.69B | 2.52B | 2.9B | 2.69B | 3.15B | 2.95B | 2.7B | 2.21B | 2.37B | 2.07B | 963.95M | 809.68M | 809.82M | 538.33M | 419.3M | 379.4M | 343.8M |
| Treasury Stock | -260M | -260M | -260M | -260M | -260M | -260M | -260M | -260M | -260M | -260M | -260M | -260M | -260.11M | -260.11M | -260.11M | -260.11M | -260.11M | -260.11M | -253.57M | 0 | -2.2M | -4.33M | -5.55M | 0 | 0 | 0 |
| Accumulated OCI | -317M | -315M | -567M | -338M | -443M | -306M | -312M | -439M | -441M | -303M | -402M | -307M | -135.28M | 84.72M | 45.64M | 884K | 37.54M | 33.9M | -3.28B | 166M | 37.4M | -12.2M | 87.4M | 22.2M | -31.4M | -49M |
| Minority Interest | 279M | 260M | 263M | 269M | 249M | 209M | 158M | 136M | 134M | 71M | 85M | 160M | 26.51M | 24.75M | 24.55M | 28.09M | 21.12M | 21.09M | 0 | 66.15M | 9.48M | 7.75M | 47.39M | 0 | 0 | 0 |
Geopolitical and Concession Uncertainty
As reported in financial statements, ICL's total assets grew from $11.6 billion in 2023Q4 to $13.0 billion by 2026Q1, reflecting a consistent expansion of the balance sheet that appears driven by ongoing capital investment in mining infrastructure rather than purely organic growth in working capital.
The steady increase in total assets suggests management is prioritizing long-term capacity maintenance, though the concurrent rise in liabilities warrants caution regarding the efficiency of this capital deployment. Investors should monitor whether this asset growth translates into improved return on invested capital or if it merely reflects the rising cost of maintaining aging extraction assets.
Based on the provided quarterly data, ICL maintains a debt-to-equity ratio of 0.50 as of 2026Q1, which remains relatively low for a capital-intensive industrial firm and suggests a disciplined approach to financing that provides a buffer against the inherent volatility of global commodity markets.
The company's ability to keep leverage within a tight range despite cyclical revenue swings indicates a strategic preference for balance sheet stability. This conservative stance appears to provide the necessary headroom to navigate potential geopolitical disruptions without immediate reliance on external capital markets.
According to recent balance sheet filings, ICL's current ratio stood at 1.38 in 2026Q1, representing a moderate decline from the 1.62 peak observed in 2024Q2, which suggests that while liquidity remains sufficient, the company is utilizing more of its short-term assets to fund ongoing operational requirements.
The compression in the current ratio may imply tighter working capital management or increased cash outflows related to logistics and supply chain adjustments. While the current position appears adequate, the trend suggests that the company has less of a cash cushion than it did in previous periods to absorb sudden shocks.
As evidenced by the balance sheet, the company carries $964 million in goodwill as of 2026Q1, a figure that warrants scrutiny given the 2030 expiration of the Dead Sea concession which serves as the primary foundation for the firm's long-term asset valuation and competitive moat.
The presence of significant intangible assets on the balance sheet creates a potential risk of impairment should the regulatory environment surrounding the concession renewal become unfavorable. Analysts should consider that the book value of these assets may not fully account for the political and operational risks inherent in the company's unique geographic footprint.
Quick answers to the most common questions about buying ICL stock.
As of 2025, ICL Group Ltd (ICL) had total assets of $12.41B including $4.16B in current assets.
ICL Group Ltd (ICL) carries total debt of $2.76B, offset by $496.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ICL Group Ltd (ICL) has total shareholders' equity (book value) of $5.98B ($4.83 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ICL Group Ltd (ICL) reported a current ratio of 1.33x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.