Cash flow generation remains highly erratic, evidenced by an OCF/NI ratio that swung from -33.31 in 2024Q2 to 12.24 in 2025Q2, complicating the assessment of normalized free cash flow.
| 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 |
|---|
| Cash from Operations | 68.03M | 55.78M | 72.5M | 43.23M | 88.82M | 79.07M | 31.14M | 49.38M | 64.24M | 17.21M | -18.27M | 22.69M | 127.49M | 64.9M | 187.83M | 173.87M | 123.29M | 81.06M | 131.97M | 41.77M | 14.79M |
| Operating CF Margin % | - | 18.7% | 28.46% | 15.49% | 26.31% | 29.25% | 15.81% | 22.44% | 30.84% | 10.92% | -8.66% | 7.9% | 31.06% | 19.3% | 41.62% | 39.25% | 34.31% | 26.86% | 43.14% | 19.57% | 9.69% |
| Operating CF Growth % | 182.17% | -23.06% | 67.7% | -51.33% | 12.34% | 153.87% | -36.93% | -23.13% | 273.15% | 194.23% | -180.52% | -82.2% | 96.44% | -65.45% | 8.03% | 41.02% | 52.09% | -38.57% | 215.91% | 182.44% | - |
| Net Income | 14M | 11.19M | -212.84M | -35.67M | 72.22M | 249.83M | -27.15M | 13.63M | 11.78M | -22.91M | -66.63M | -524.78M | 9.76M | 22.27M | 87.44M | 109.41M | 45.28M | 55.34M | 98.17M | 29.68M | 26.51M |
| Depreciation & Amortization | 42.05M | 40.57M | 40.48M | 36.21M | 31.86M | 31.98M | 36.11M | 34.34M | 732K | 1.78M | 2.11M | 443.92M | 88.75M | 64.95M | 46.55M | 35.79M | 27.71M | 17.33M | 7.19M | 9.47M | 0 |
| Stock-Based Compensation | 1.31M | 5.08M | 3.58M | 6.53M | 6.15M | 3.01M | 3.82M | 4.28M | 4.18M | 3.62M | 3.6M | 5.08M | 4.24M | 5.12M | 5.12M | 4.98M | 4.02M | 2.91M | 7.08M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 33.22M | 44.08M | 61.55M | 150.1M | 2.12M | 30.09M | 38.01M | 49.03M | 30.66M | 29.06M | 28.72M | 0 | 0 |
| Other Non-Cash Items | 1.64M | 11.78M | 19.14M | 57.77M | 13.93M | -4.4M | 2.38M | 4.29M | 2.38M | 4.79M | 2.59M | 1.85M | 326K | 4.39M | 3.83M | -11.27M | 390K | -927K | 5.49M | 481.38K | 10.74M |
| Working Capital Changes | -2.04M | -12.84M | 222.13M | -21.62M | -35.34M | -201.36M | 15.99M | -7.16M | 11.94M | -14.14M | -21.5M | -53.48M | 22.3M | -61.94M | 6.89M | -14.07M | 15.22M | -22.65M | -14.68M | 2.14M | -22.45M |
| Change in Receivables | 2.14M | -10.78M | 134K | 3.85M | 8.81M | -12.03M | 549K | 687K | -7.48M | -5.6M | -600K | 18.82M | -7.72M | 10.67M | -2.2M | -5.54M | -4.6M | -4.06M | -7.3M | 0 | 0 |
| Change in Inventory | -6.86M | -3.93M | -10.83M | -11.86M | -33.28M | 7.36M | -291K | -11.53M | -67K | -6.74M | -12.24M | -55.19M | 8.83M | -57.65M | 1.46M | -9.73M | 13.88M | -15.81M | -29.33M | 565.36K | -5.62M |
| Change in Payables | 5.76M | 4.72M | -3.52M | 1.28M | -3.6M | 13.46M | 2.33M | 2.28M | 1.74M | -3.81M | -12.39M | -5.55M | 1.98M | -2.75M | 7.32M | 5.22M | 6.66M | -6.15M | -137.5M | 0 | 0 |
| Cash from Investing | -12.75M | -13.27M | -29.53M | -59.55M | -79.18M | -14.82M | -15.16M | -80.64M | -16.78M | -7.85M | 32.51M | -79.58M | -59.62M | -246.44M | -170.18M | -174.8M | -136.28M | -106.52M | -67.96M | -20.5M | 1.32M |
| Capital Expenditures | -17.02M | 0 | -38.71M | -65.06M | -68.7M | -19.79M | -16.44M | -63.84M | -16.89M | -13.51M | -17.89M | -46.02M | -61.77M | -250.49M | -246.41M | -137.11M | -88.39M | -101.42M | -68.79M | -31.22M | -12.15M |
| CapEx % of Revenue | 5.69% | 10.14% | 15.2% | 23.31% | 20.35% | 7.32% | 8.35% | 29.01% | 8.11% | 8.57% | 8.48% | 16.02% | 15.05% | 74.48% | 54.6% | 30.95% | 24.6% | 33.6% | 22.49% | 14.63% | 7.96% |
| Acquisitions | 3.75M | 0 | 4.84M | 0 | 0 | 0 | 0 | 0 | 110K | 5.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.65M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 21K | -14.27M | 1.34M | 921K | 58K | 6.04M | 4.79M | -16.8M | 110K | 5.65M | 50.4M | -33.56M | 17K | 6.09M | 2K | 806K | 1.59M | 10.14M | 823K | 10.73M | -5.18M |
| Cash from Financing | -1.68M | -276K | -5.72M | 1.89M | -27.7M | -47.28M | -17.04M | 18.8M | -15.3M | -15.76M | -19.08M | -1.4M | -667K | 148.32M | -57.4M | -1.83M | -669K | -1.32M | 52.56M | -19.6M | -15.99M |
| Debt Issued (Net) | -1.93M | -1.04M | -4.94M | 3.4M | 0 | -46.08M | -15.07M | 19.82M | -14.3M | -74.1M | -15M | 0 | 0 | 150M | 0 | 0 | 0 | 0 | -975.21M | -30.69M | 33.16K |
| Equity Issued (Net) | 1.82M | 1.84M | -775K | 0 | -22.01M | 0 | 0 | 0 | -903K | 59.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.03B | 38.78M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -56.47M | 0 | 0 | 0 | 0 | -26.08M | 0 |
| Share Repurchases | 0 | 0 | -775K | 0 | -22.01M | 0 | 0 | 0 | -903K | 0 | -173K | -1.04M | -667K | -652K | -878K | 0 | 0 | -1.32M | 0 | 0 | 0 |
| Other Financing | -1.57M | -1.07M | 0 | -1.51M | -5.69M | -1.21M | -1.97M | -1.02M | -96K | -789K | -4.08M | -1.4M | -667K | -1.68M | -930K | -1.83M | -669K | -1.32M | -4.49M | -1.62M | -5.43M |
| Net Change in Cash | 53.54M | 42.24M | 37.25M | -14.43M | -18.06M | 16.96M | -1.05M | -12.46M | 32.16M | -3.4M | -4.84M | -58.28M | 67.19M | -33.23M | -39.75M | -2.76M | -13.66M | -26.78M | 116.29M | 1.67M | 128.57K |
| Free Cash Flow | 40.93M | 25.54M | 33.59M | -21.83M | 20.13M | 59.28M | 14.7M | -31.33M | 47.35M | 3.71M | -36.16M | -23.33M | 65.72M | -185.59M | -58.57M | 36.76M | 34.9M | -20.35M | 63.18M | 10.55M | 2.64M |
| FCF Margin % | 13.68% | 8.56% | 13.19% | -7.82% | 5.96% | 21.93% | 7.46% | -14.24% | 22.73% | 2.35% | -17.14% | -8.12% | 16.01% | -55.18% | -12.98% | 8.3% | 9.71% | -6.74% | 20.65% | 4.94% | 1.73% |
| FCF Growth % | 542.02% | -23.96% | 253.86% | -208.48% | -66.05% | 303.2% | 146.93% | -166.17% | 1176.17% | 110.26% | -55.03% | -135.5% | 135.41% | -216.85% | -259.36% | 5.31% | 271.49% | -132.21% | 498.83% | 299.55% | - |
| FCF per Share | 3.08 | 1.94 | 2.61 | -1.71 | 1.50 | 4.43 | 1.13 | -2.39 | 3.61 | 0.32 | -4.77 | -3.08 | 8.69 | -24.61 | -7.77 | 4.88 | 4.64 | -2.71 | 8.42 | 1.41 | 26.40 |
| FCF Conversion (FCF/Net Income) | 2.92x | 4.99x | -0.34x | -1.21x | 1.23x | 0.32x | -1.15x | 3.62x | 5.45x | -0.75x | 0.27x | -0.04x | 13.06x | 2.91x | 2.15x | 1.59x | 2.72x | 1.46x | 1.34x | 1.41x | 0.41x |
| Interest Paid | 0 | 0 | 503K | 411K | 113K | 875K | 2.47M | 2.73M | 0 | 11.64M | 8.97M | 6.08M | 5.81M | 772K | 1.84M | 1.35M | 2.13M | 1.94M | 3.35M | 0 | 0 |
| Taxes Paid | 0 | 0 | 9K | 179K | 1.01M | 193K | 97K | 942K | 0 | 1.5M | 100K | 13K | 16.51M | 25K | 8.38M | 13.88M | 3.67M | 7.24M | 40.84M | 0 | 0 |
Working capital volatility exposure
As reported in recent financial filings, the relationship between net income and operating cash flow for Intrepid Potash is highly erratic, with OCF/NI ratios swinging from -33.31 in 2024Q2 to 12.24 in 2025Q2, indicating that reported earnings are poor proxies for actual cash generation.
The extreme divergence between net income and operating cash flow suggests that non-cash charges and significant working capital swings frequently mask the underlying cash-generating capacity of the business. Investors should monitor this disconnect, as it implies that the company's reported profitability is highly sensitive to accounting timing rather than consistent operational performance.
Based on the provided quarterly data, Intrepid Potash's free cash flow trajectory remains inconsistent, with margins fluctuating wildly between a peak of 50.1% in 2025Q2 and a trough of -24.2% in 2024Q3, reflecting the inherent cyclicality of the company's potash and oilfield services segments.
The inability to maintain positive free cash flow across consecutive quarters suggests that the company's capital-intensive operations are highly vulnerable to commodity price shocks. This volatility warrants further investigation into whether the current cash flow profile can support long-term reinvestment without relying on the existing cash balance.
According to historical cash flow statements, Intrepid Potash consistently allocates a significant portion of revenue to capital expenditures, with CapEx/Revenue ratios frequently exceeding 10% and reaching as high as 18.2% in 2024Q2, highlighting the heavy maintenance requirements of its solar evaporation pond infrastructure.
The persistent level of capital intensity suggests that the company must continue to invest heavily just to maintain its current production capacity. This structural requirement limits the company's ability to generate meaningful free cash flow during periods of depressed commodity pricing, effectively capping the upside for shareholders.
Data from recent SEC filings reveals that working capital changes are the primary driver of cash flow volatility, evidenced by a massive $190.4 million inflow in 2024Q4 followed by significant outflows in subsequent quarters, which suggests highly irregular inventory and receivables management cycles.
These dramatic shifts in working capital appear to be the dominant factor in the company's cash flow profile, often overshadowing core operational results. The lack of stability in these cycles may indicate that the company's cash position is subject to the timing of large, lumpy customer payments or seasonal inventory harvests.
Quick answers to the most common questions about buying IPI stock.
Intrepid Potash, Inc. (IPI) generated $55.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Intrepid Potash, Inc. (IPI) generated $25.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Intrepid Potash, Inc. (IPI) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.