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Intrepid Potash, Inc. (IPI) is the only producer of muriate of potash in the United States. It also produces specialized langbeinite and has significant water rights in the Permian Basin.
Investment Thesis
Intrepid is a unique, hard-asset play on the U.S. agriculture and energy sectors. As the only domestic producer of potash, IPI is a strategically important company for U.S. food security, benefiting from a structural transport cost advantage over imported fertilizer. Furthermore, IPI possesses massive, legacy water rights in the heart of the New Mexico Permian Basin. They sell this water to oil producers for fracking, providing a high-margin, non-agricultural growth engine. With a significantly deleveraged balance sheet and a focus on high-margin specialized minerals, IPI is a high-torque play on global commodity demand.
Key Growth Drivers
U.S. Potash Monopoly
Being the sole domestic producer allows IPI to command premium pricing and capture high margins in the U.S. interior agriculture markets.
Permian Water Monetization
Selling water to the booming Permian oil patch provides a steady, high-margin revenue stream that is completely decoupled from the agriculture cycle.
Hard Asset Valuation Floor
The company's massive mineral reserves and valuable water rights provide a multi-billion dollar 'liquidation' floor to the stock price.
Valuation & Financial Modeling
IPI trades in a wide range based on fertilizer spot prices. Currently, the market is discounting the stock due to cyclical concerns, missing the structural value of its Permian water assets. We view it as a compelling deep-value opportunity with significant upside torque.
Risk Factors & Bear Case
IPI is highly sensitive to the price of potash and langbeinite. A global collapse in fertilizer prices or a significant slowdown in Permian drilling activity would hit both its core divisions.
Conclusion
Intrepid Potash is a high-risk, high-reward commodity play. It offers a unique combination of agriculture and energy infrastructure assets at a bargain price. Rated 'Buy'.
Upcoming Catalysts
No upcoming catalysts identified.
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Relative valuation derived from Materials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 41.3GRADE C
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
2.0%
Sector: 3.3%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, Intrepid Potash, Inc. (IPI) receives a "Hold" rating with a composite score of 47.7/100, ranked #356 out of 4446 stocks. Key factor scores: Quality 41/100, Value 47/100, Momentum 64/100. This is quantitative analysis only — not investment advice.
Intrepid Potash, Inc. (IPI) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Intrepid Potash, Inc. Do?
Intrepid Potash, Inc., together with its subsidiaries, engages in the extraction and production of the potash in the United States and internationally. It operates through three segments: Potash, Trio, and Oilfield Solutions. The Potash segment offers muriate of potash or potassium chloride for use as a fertilizer input in the agricultural market; as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes in the industrial market; and as a nutrient supplement in the animal feed market. The Trio segment provides Trio, a specialty fertilizer that delivers potassium, sulfate, and magnesium in a single particle. The Oilfield Solutions segment sells water for use in the oil and gas services industry; and offers potassium chloride real-time mixing services on location for hydraulic fracturing operations and trucking services. The company also offers salt for use in animal feeds, industrial applications, pool salts, and treatment of roads and walkways for ice melting or to manage road conditions; magnesium chloride for use in the deicing and dedusting of roads; brines for well development and completion activities in the oil and gas industry; and metal recovery salt, a combination of potash and salt to enhance the recovery of aluminum in the aluminum recycling processing facilities. Intrepid Potash, Inc. was founded in 2000 and is based in Denver, Colorado. Intrepid Potash, Inc. (IPI) is classified as a small-cap stock in the Materials sector, specifically within the Non-Metallic And Industrial Metal Mining industry. The company is led by CEO Robert P. Jornayvaz and employs approximately 440 people, headquartered in Denver, Colorado. With a market capitalization of $564M, IPI is one of the notable companies in the Materials sector.
Intrepid Potash, Inc. (IPI) Stock Rating — Hold (April 2026)
As of April 2026, Intrepid Potash, Inc. receives a Hold rating with a composite score of 47.7/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.IPI ranks #356 out of 4,446 stocks in our coverage universe. Within the Materials sector, Intrepid Potash, Inc. ranks #19 of 284 stocks, placing it in the top 10% of its Materials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
IPI Stock Price and 52-Week Range
Intrepid Potash, Inc. (IPI) currently trades at $37.35. The stock lost $0.19 (0.5%) in the most recent trading session. The 52-week high for IPI is $50.34, which means the stock is currently trading -25.8% from its annual peak. The 52-week low is $22.55, putting the stock 65.6% above its annual trough. Recent trading volume was 239K shares, suggesting relatively thin trading activity.
Is IPI Overvalued or Undervalued? — Valuation Analysis
Intrepid Potash, Inc. (IPI) carries a value factor score of 47/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 57.01x, compared to the Materials sector average of 26.50x — a premium of 115%. The price-to-book ratio stands at 1.13x, versus the sector average of 2.83x. The price-to-sales ratio is 11.81x, compared to 0.74x for the average Materials stock. On an enterprise value basis, IPI trades at 59.32x EV/EBITDA, versus 6.01x for the sector.
Overall, IPI's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
Intrepid Potash, Inc. Profitability — ROE, Margins, and Quality Score
Intrepid Potash, Inc. (IPI) earns a quality factor score of 41/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 2.0%, compared to the Materials sector average of 3.3%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 1.6% versus the sector average of 0.6%.
On a margin basis, Intrepid Potash, Inc. reports gross margins of 100.0%, compared to 29.8% for the sector. The operating margin is 15.0% (sector: 6.0%). Net profit margin stands at 16.5%, versus 3.0% for the average Materials stock. Revenue growth is running at 38.7% on a trailing basis, compared to 1.8% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
IPI Debt, Balance Sheet, and Financial Health
Intrepid Potash, Inc. has a debt-to-equity ratio of 29.0%, compared to the Materials sector average of 41.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 4.38x, indicating strong short-term liquidity. Total debt on the balance sheet is $0. Cash and equivalents stand at $77M.
IPI has a beta of 0.70, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for Intrepid Potash, Inc. is 50/100, reflecting average volatility within the normal range for its sector.
Intrepid Potash, Inc. Revenue and Earnings History — Quarterly Trend
In TTM 2026, Intrepid Potash, Inc. reported revenue of $47M and earnings per share (EPS) of $0.86. Net income for the quarter was $10M. Gross margin was 100.0%. Operating income came in at $9M.
In FY 2025, Intrepid Potash, Inc. reported revenue of $298M and earnings per share (EPS) of $0.86. Net income for the quarter was $11M. Gross margin was 18.4%. Revenue grew 925.8% year-over-year compared to FY 2024. Operating income came in at $11M.
In Q3 2025, Intrepid Potash, Inc. reported revenue of $11M and earnings per share (EPS) of $0.29. Net income for the quarter was $4M. Gross margin was 100.0%. Revenue grew 36.8% year-over-year compared to Q3 2024. Operating income came in at $3M.
In Q2 2025, Intrepid Potash, Inc. reported revenue of $14M and earnings per share (EPS) of $0.25. Net income for the quarter was $3M. Gross margin was 100.0%. Revenue grew 87.4% year-over-year compared to Q2 2024. Operating income came in at $3M.
Over the past 8 quarters, Intrepid Potash, Inc. has demonstrated a growth trajectory, with revenue expanding from $8M to $47M. Investors analyzing IPI stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
IPI Dividend Yield and Income Analysis
Intrepid Potash, Inc. (IPI) does not currently pay a dividend. This is common among smaller companies in the Non-Metallic And Industrial Metal Mining industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Materials dividend stocks may want to explore other Materials stocks or use the stock screener to filter by dividend yield.
IPI Momentum and Technical Analysis Profile
Intrepid Potash, Inc. (IPI) has a momentum factor score of 64/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 23/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 48/100 reflects moderate short selling activity.
IPI vs Competitors — Materials Sector Ranking and Peer Comparison
Comparing IPI against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full IPI vs S&P 500 (SPY) comparison to assess how Intrepid Potash, Inc. stacks up against the broader market across all factor dimensions.
IPI Next Earnings Date
No upcoming earnings date has been announced for Intrepid Potash, Inc. (IPI) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy IPI? — Investment Thesis Summary
Intrepid Potash, Inc. presents a balanced picture with arguments on both sides. Price momentum is positive at 64/100, suggesting the trend favors buyers.
In summary, Intrepid Potash, Inc. (IPI) earns a Hold rating with a composite score of 47.7/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on IPI stock.
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Execution Benchmarks audit
Revenue Growth
YOY expansion rate
38.7%
Sector: 1.8%
+2111% VS SCTR
Gross Margin
Core pricing power
100.0%
Sector: 29.8%
+236% VS SCTR
Operating Margin
Operating efficiency
15.0%
Sector: 6.0%
+151% VS SCTR
Net Margin
Bottom-line conversion
16.5%
Sector: 3.0%
+456% VS SCTR
Return on Equity
Equity capital efficiency
2.0%
Sector: 3.3%
-40% VS SCTR
Return on Assets
Asset base utilization
1.6%
Sector: 0.6%
+158% VS SCTR
Debt/Equity
Financial leverage load
29.0%
Sector: 41.0%
+29% VS SCTR
Dividend Yield
Direct cash return
0.0%
Sector: 0.5%
-100% VS SCTR
-60%
Price / Sales
11.8x
+1496%
Intrepid Potash, Inc. exhibits a 609% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
1.6%
Sector: 0.6%
Gross Margin
Pricing power and cost efficiency
100.0%
Sector: 29.8%
Operating Margin
Core business profitability
15.0%
Sector: 6.0%
Net Margin
Bottom-line profitability
16.5%
Sector: 3.0%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.