Revenue growth remains fragile at 0.9% year-over-year, while gross margins of 17.9% in 2026Q1 continue to lag behind larger, more diversified agricultural nutrient peers.
| 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 |
|---|
| Sales/Revenue | 299.25M | 298.33M | 254.69M | 279.08M | 337.57M | 270.33M | 196.95M | 220.07M | 208.27M | 157.61M | 210.95M | 287.18M | 410.39M | 336.31M | 451.32M | 442.95M | 359.3M | 301.8M | 305.91M | 213.46M | 152.71M |
| Revenue Growth % | 9.55% | 17.13% | -8.74% | -17.33% | 24.87% | 37.26% | -10.51% | 5.67% | 32.15% | -25.29% | -26.55% | -30.02% | 22.03% | -25.48% | 1.89% | 23.28% | 19.05% | -1.34% | 43.31% | 39.78% | - |
| Cost of Goods Sold | 243.97M | 246.12M | 225.61M | 242.24M | 196.16M | 214.57M | 186.42M | 176.6M | 170M | 151.83M | 240.19M | 302.66M | 368.38M | 258.4M | 281.18M | 256.73M | 253.23M | 179.69M | 120.36M | 160.96M | 110.99M |
| COGS % of Revenue | - | 82.5% | 88.58% | 86.8% | 58.11% | 79.37% | 94.65% | 80.24% | 81.62% | 96.33% | 113.86% | 105.39% | 89.76% | 76.83% | 62.3% | 57.96% | 70.48% | 59.54% | 39.34% | 75.41% | 72.68% |
| Gross Profit | 55.28M | 52.21M | 29.08M | 36.85M | 141.41M | 55.76M | 10.53M | 43.48M | 38.27M | 5.78M | -29.25M | -15.48M | 42M | 77.92M | 170.14M | 186.22M | 106.07M | 122.11M | 185.56M | 52.5M | 41.71M |
| Gross Margin % | 18.47% | 17.5% | 11.42% | 13.2% | 41.89% | 20.63% | 5.35% | 19.76% | 18.38% | 3.67% | -13.86% | -5.39% | 10.24% | 23.17% | 37.7% | 42.04% | 29.52% | 40.46% | 60.66% | 24.59% | 27.32% |
| Gross Profit Growth % | - | 79.54% | -21.07% | -73.94% | 153.58% | 429.57% | -75.78% | 13.61% | 562.24% | 119.76% | -88.97% | -136.85% | -46.09% | -54.2% | -8.64% | 75.56% | -13.14% | -34.19% | 253.45% | 25.85% | - |
| Operating Expenses | 45.93M | 36.7M | 48.94M | 80.81M | 45.97M | 23.49M | 33.77M | 27.12M | 22.78M | 19.92M | 22.74M | 30.52M | 24.4M | 37.07M | 34.74M | 11.59M | 30.03M | 29.02M | 23.97M | 19.2M | 21.73M |
| OpEx % of Revenue | - | 12.3% | 19.22% | 28.96% | 13.62% | 8.69% | 17.15% | 12.32% | 10.94% | 12.64% | 10.78% | 10.63% | 5.94% | 11.02% | 7.7% | 2.62% | 8.36% | 9.61% | 7.84% | 8.99% | 14.23% |
| Selling, General & Admin | 17.97M | 0 | 32.97M | 32.42M | 31.8M | 24M | 25.48M | 23.56M | 20.44M | 19.46M | 20.03M | 27.49M | 27.22M | 33.77M | 33.75M | 31.81M | 29.12M | 28.38M | 22.83M | 16M | 10.05M |
| SG&A % of Revenue | - | - | 12.94% | 11.62% | 9.42% | 8.88% | 12.93% | 10.7% | 9.81% | 12.35% | 9.5% | 9.57% | 6.63% | 10.04% | 7.48% | 7.18% | 8.11% | 9.4% | 7.46% | 7.49% | 6.58% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 36.7M | 15.97M | 48.39M | 14.17M | -506K | 8.3M | 3.56M | 142K | 397K | 1.12M | 575K | 1.08M | -1.74M | 588K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 14.98M | 15.51M | -19.86M | -43.97M | 95.44M | 32.27M | -23.24M | 16.36M | 15.49M | -14.4M | -57.78M | -369.79M | 15.78M | 40.84M | 135.4M | 173.88M | 75.33M | 92.42M | 161.08M | 36.31M | 19.99M |
| Operating Margin % | 5.01% | 5.2% | -7.8% | -15.75% | 28.27% | 11.94% | -11.8% | 7.43% | 7.44% | -9.14% | -27.39% | -128.76% | 3.85% | 12.14% | 30% | 39.25% | 20.97% | 30.62% | 52.65% | 17.01% | 13.09% |
| Operating Income Growth % | - | 178.09% | 54.84% | -146.07% | 195.74% | 238.84% | -242.08% | 5.59% | 207.57% | 75.07% | 84.37% | -2443.41% | -61.36% | -69.84% | -22.13% | 130.81% | -18.48% | -42.63% | 343.61% | 81.65% | - |
| EBITDA | 58.31M | 58.68M | 17.83M | -4.57M | 132.43M | 68.23M | 12.87M | 52.49M | 49.38M | 20.36M | -15.1M | -282.11M | 96.34M | 102.14M | 183M | 209.66M | 103.05M | 109.74M | 168.27M | 45.78M | 28.02M |
| EBITDA Margin % | 19.49% | 19.67% | 7% | -1.64% | 39.23% | 25.24% | 6.53% | 23.85% | 23.71% | 12.92% | -7.16% | -98.23% | 23.48% | 30.37% | 40.55% | 47.33% | 28.68% | 36.36% | 55.01% | 21.45% | 18.35% |
| EBITDA Growth % | 105.95% | 229.09% | 490.26% | -103.45% | 94.1% | 430.3% | -75.49% | 6.3% | 142.48% | 234.85% | 94.65% | -392.83% | -5.68% | -44.18% | -12.72% | 103.46% | -6.1% | -34.78% | 267.57% | 63.4% | - |
| D&A (Non-Cash Add-back) | 43.34M | 43.17M | 37.69M | 39.4M | 36.99M | 35.96M | 36.11M | 36.13M | 33.88M | 34.77M | 42.68M | 87.68M | 80.56M | 61.3M | 47.6M | 35.79M | 27.71M | 17.33M | 7.19M | 9.47M | 8.03M |
| EBIT | 16.36M | 15.51M | -18.93M | -44.59M | 96.61M | 41.54M | -25.23M | 16.71M | 14.61M | -18.44M | -56.37M | -368.45M | 16.65M | 40.84M | 137.83M | 176.13M | 76.56M | 93.05M | 207.87M | 33.3M | 19.99M |
| Net Interest Income | 2.6M | 2.2M | 1.6M | 298K | 75K | -1.47M | -4.29M | -3.03M | -3.75M | -11.69M | -11.34M | -5.59M | -6.05M | -1.01M | 938K | 861K | -694K | -645K | -4.59M | -9.35M | -2.91M |
| Interest Income | 2.7M | 2.2M | 1.71M | 298K | 176K | 0 | 0 | 0 | 110K | 0 | 286K | 763K | 186K | 524K | 1.84M | 1.73M | 819K | 161K | 1M | 0 | 0 |
| Interest Expense | 102K | 0 | 112K | 0 | 101K | 1.47M | 4.29M | 3.03M | 3.85M | 11.69M | 11.62M | 6.35M | 6.23M | 1.53M | 905K | 869K | 1.51M | 806K | 3.16M | 9.35M | 2.91M |
| Other Income/Expense | -1.11M | -3.78M | 1.35M | -93K | 1.07M | 8.69M | -3.9M | -2.68M | -3.6M | -11.29M | -10.21M | -5.01M | -4.97M | -2.75M | 1.53M | 1.38M | -291K | -170K | 1.24M | -5.62M | 9.04M |
| Pretax Income | 13.87M | 11.73M | -18.51M | -44.06M | 96.51M | 40.97M | -27.15M | 13.68M | 11.89M | -25.69M | -68M | -374.8M | 10.81M | 38.09M | 136.93M | 175.26M | 75.04M | 92.25M | 157.76M | 41.86M | 27M |
| Pretax Margin % | 4.63% | 3.93% | -7.27% | -15.79% | 28.59% | 15.15% | -13.78% | 6.22% | 5.71% | -16.3% | -32.23% | -130.51% | 2.63% | 11.33% | 30.34% | 39.57% | 20.89% | 30.57% | 51.57% | 19.61% | 17.68% |
| Income Tax | 408K | 544K | 194.33M | -8.39M | 24.29M | -208.87M | 5K | 53K | 108K | -2.78M | -1.36M | 149.97M | 1.05M | 15.82M | 49.48M | 65.85M | 29.76M | 36.91M | 59.59M | 3.61M | -16.03M |
| Effective Tax Rate % | 2.94% | 4.64% | -1049.77% | 19.04% | 25.17% | -509.87% | -0.02% | 0.39% | 0.91% | 10.83% | 2% | -40.01% | 9.71% | 41.52% | 36.14% | 37.57% | 39.65% | 40.01% | 37.77% | 8.64% | -59.37% |
| 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 | 36.02M |
| Net Margin % | 4.68% | 3.75% | -83.57% | -12.78% | 21.39% | 92.42% | -13.79% | 6.19% | 5.66% | -14.54% | -31.59% | -182.73% | 2.38% | 6.62% | 19.38% | 24.7% | 12.6% | 18.34% | 32.09% | 13.91% | 23.59% |
| Net Income Growth % | 106.82% | 105.26% | -496.66% | -149.39% | -71.09% | 1020.06% | -299.21% | 15.68% | 151.43% | 65.62% | 87.3% | -5476.25% | -56.18% | -74.53% | -20.08% | 141.61% | -18.17% | -43.63% | 230.73% | -17.6% | - |
| Net Income (Continuing) | 13.46M | 11.19M | -212.84M | -35.67M | 72.22M | 249.83M | -27.15M | 13.63M | 11.78M | -22.57M | -66.63M | -524.78M | 9.76M | 22.27M | 87.44M | 109.41M | 45.28M | 55.34M | 142.67M | 29.68M | 24.1M |
| Discontinued Operations | 537K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.05 | 0.85 | -16.53 | -2.80 | 5.37 | 18.66 | -2.09 | 1.04 | 0.90 | -1.98 | -8.79 | -69.35 | 1.30 | 3.00 | 11.60 | 14.50 | 6.00 | 7.40 | 13.10 | 3.90 | 360.22 |
| EPS Growth % | 106.65% | 105.14% | -490.36% | -152.14% | -71.22% | 992.82% | -300.96% | 15.56% | 145.45% | 77.47% | 87.33% | -5434.62% | -56.67% | -74.14% | -20% | 141.67% | -18.92% | -43.51% | 235.9% | -98.92% | - |
| EPS (Basic) | - | 0.86 | -16.53 | -2.80 | 5.49 | 19.07 | -2.09 | 1.06 | 0.92 | -2.03 | -8.82 | -69.35 | 1.30 | 3.00 | 11.60 | 14.60 | 6.00 | 7.40 | 13.10 | 3.90 | 360.22 |
| Diluted Shares Outstanding | 13.29M | 13.17M | 12.88M | 12.76M | 13.45M | 13.39M | 12.99M | 13.11M | 13.1M | 11.57M | 7.58M | 7.57M | 7.56M | 7.54M | 7.53M | 7.53M | 7.52M | 7.5M | 7.5M | 7.48M | 100K |
| Basic Shares Outstanding | 13.14M | 13.01M | 12.88M | 12.76M | 13.15M | 13.1M | 12.99M | 12.9M | 12.81M | 11.28M | 7.55M | 7.57M | 7.55M | 7.54M | 7.53M | 7.52M | 7.51M | 7.5M | 7.48M | 7.48M | 100K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 64.58% | - | - | - | - | 87.86% | 29.39% |
Commodity price volatility exposure
According to the most recent quarterly data, Intrepid Potash achieved a 0.9% year-over-year revenue increase to $98.7 million, signaling a potential stabilization in demand following the significant fluctuations observed throughout the 2024 fiscal year where quarterly revenue growth frequently dipped into negative territory.
The recent revenue uptick suggests that the company is successfully navigating the volatile pricing environment inherent to the potash market. However, the inconsistency in growth rates across the last ten quarters implies that IPI remains highly susceptible to external agricultural and energy sector cycles.
As reported in financial statements, the company's gross margin reached 17.9% in 2026Q1, reflecting a modest recovery from the 8.1% lows seen in early 2024, yet this remains significantly below the structural margin profiles of larger, more diversified agricultural nutrient peers like Nutrien or CF Industries.
The reliance on solar evaporation, while cost-effective in theory, appears to create a high fixed-cost base that limits margin expansion during periods of lower commodity pricing. Investors should monitor whether the company can sustain these margin levels if potash spot prices face renewed downward pressure.
Based on IPI's reported figures, the operating margin of 5.7% in the most recent quarter highlights a narrow cushion, as the company's historical inability to consistently scale operating income faster than gross profit suggests a lack of significant operating leverage within its current industrial model.
The transition from deep operating losses in 2024 to positive operating income in recent periods indicates a stabilization of the cost structure. Nevertheless, the lack of consistent SG&A efficiency suggests that the company may struggle to protect profitability during inevitable cyclical downturns in the Permian Basin.
Data from recent filings indicates that net income has been subject to extreme swings, including a $207 million loss in 2024Q4, which complicates the assessment of normalized earnings power and suggests that non-operating items or accounting adjustments may be significantly distorting the reported bottom-line results.
The presence of stock-based compensation and periodic large-scale write-downs warrants further investigation into the quality of reported earnings. Investors should be cautious of relying on headline EPS figures, as they appear to be heavily influenced by non-recurring events rather than steady-state operational cash generation.
While the company maintains a strong cash position, the historical data suggests that IPI's profitability is fragile, with net margins frequently dipping into negative territory, which may lead short-sellers to focus on the potential for renewed margin compression if potash prices fail to hold current levels.
The company's high sensitivity to both agricultural planting cycles and oilfield activity creates a dual-risk profile that is difficult to hedge. If the current revenue growth trend proves to be a temporary recovery rather than a structural shift, the company's limited margin of safety could lead to rapid earnings deterioration.
Quick answers to the most common questions about buying IPI stock.
For fiscal year 2025, Intrepid Potash, Inc. (IPI) reported total revenue of $298.3M. This represents a 95.4% increase compared to $152.7M in 2006.
Intrepid Potash, Inc. (IPI) is profitable, generating $11.2M in net income for the fiscal year ending 2025 with a net profit margin of 3.7%.
Intrepid Potash, Inc. (IPI) reported an operating income of $15.5M, resulting in an operating profit margin of 5.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Intrepid Potash, Inc. (IPI) generated $52.2M in gross profit for the year, representing a gross profit margin of 17.5%. This demonstrates the company's core pricing power and production efficiency.