IPI

MKT CAP:$498M

Intrepid Potash, Inc.

Market Cap

$498M

Basic Materials·Agricultural Inputs·🇺🇸 United States·NYSE

Materials·Agricultural·🇺🇸·NYSE

Stock Price

$35.19+$6.97 (+24.70%)

Apr 17, 2026

Company Details

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 seg...

CEO

Kevin S. Crutchfield

IPO Date

Apr 22, 2008

Website

www.intrepidpotash.com

Key Metrics TTM

Revenue

$278M

+8.9% YoY

Net Income

-$195M

EPS (Diluted)

-$15.16

Free Cash Flow

$28M

Revenue / Share

$21.10

Gross Margin

16.6%

Operating Margin

-0.9%

Net Margin

-70.2%

FCF Margin

10.0%

P/S

1.8x

P/E

—

Earnings Reports

Q4 2025

May 4, 2026

PENDING

FY 2025

Mar 5, 2026

$298M+17.1%EPS $0.85

Q3 2025

Nov 6, 2025

$53M-7.5%EPS $0.28

Q2 2025

Aug 7, 2025

$71M+15.2%EPS $0.25

Q1 2025

May 6, 2025

$98M+23.3%EPS $0.35

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$72M	$22M	$15M
Q1 22	$104M	$47M	$40M
Q2 22	$92M	$42M	$32M
Q3 22	$75M	$27M	$17M
Q4 22	$67M	$26M	$6M
Q1 23	$87M	$16M	$5M
Q2 23	$81M	$15M	$7M
Q3 23	$54M	$491.0K	-$9M
Q4 23	$57M	$5M	-$47M
Q1 24	$79M	$6M	-$4M
Q2 24	$62M	$8M	-$2M
Q3 24	$58M	$8M	-$2M
Q4 24	$56M	$7M	-$12M
Q1 25	$98M	$15M	$5M
Q2 25	$71M	$14M	$3M
Q3 25	$53M	$10M	$917.0K

Valuation

Quarter	P/S	P/E
Q4 21	1.8x	2.0x
Q1 22	1.6x	1.8x
Q2 22	1.5x	1.8x
Q3 22	1.5x	1.7x
Q4 22	1.5x	6.9x
Q1 23	1.6x	11.0x
Q2 23	1.6x	19.2x
Q3 23	1.7x	88.9x
Q4 23	1.8x	—
Q1 24	1.8x	—
Q2 24	2.0x	—
Q3 24	1.9x	—
Q4 24	2.0x	—
Q1 25	1.8x	—
Q2 25	1.8x	—
Q3 25	1.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$20M	$13M
Q1 22	$34M	$27M
Q2 22	$49M	$33M
Q3 22	-$14M	-$28M
Q4 22	$20M	-$12M
Q1 23	$8M	-$13M
Q2 23	$30M	$10M
Q3 23	-$323.0K	-$17M
Q4 23	$5M	-$2M
Q1 24	$42M	$30M
Q2 24	$28M	$16M
Q3 24	-$4M	-$14M
Q4 24	$8M	$1M
Q1 25	$11M	$3M
Q2 25	$40M	$36M
Q3 25	-$4M	-$12M

Capital Expenditures

Quarter	CapEx
Q4 21	$7M
Q1 22	$7M
Q2 22	$16M
Q3 22	$14M
Q4 22	$32M
Q1 23	$21M
Q2 23	$21M
Q3 23	$17M
Q4 23	$7M
Q1 24	$12M
Q2 24	$11M
Q3 24	$10M
Q4 24	$6M
Q1 25	$8M
Q2 25	$4M
Q3 25	$8M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+48.3%	+16.0%
Q1 22	+46.1%	-6.2%
Q2 22	+35.1%	+4.1%
Q3 22	+26.4%	+4.0%
Q4 22	-7.2%	+6.6%
Q1 23	-16.7%	+26.8%
Q2 23	-11.7%	+23.1%
Q3 23	-27.1%	+11.1%
Q4 23	-15.0%	+71.9%
Q1 24	-8.8%	+2.5%
Q2 24	-23.4%	-13.7%
Q3 24	+5.7%	-6.1%
Q4 24	-1.5%	-35.2%
Q1 25	+23.3%	+11.0%
Q2 25	+15.2%	+7.1%
Q3 25	-7.5%	-12.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$1M	1.9%
Q4 22	$2M	3.3%
Q1 23	$2M	2.0%
Q2 23	$2M	2.2%
Q3 23	$2M	2.8%
Q4 23	$1M	2.6%
Q1 24	$1M	1.7%
Q2 24	$0	0.0%
Q3 24	$178.0K	0.3%
Q4 24	$848.0K	1.5%
Q1 25	$1M	1.1%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q4 21	$6M
Q1 22	$7M
Q2 22	$7M
Q3 22	$9M
Q4 22	$9M
Q1 23	$9M
Q2 23	$8M
Q3 23	$8M
Q4 23	$8M
Q1 24	$8M
Q2 24	$8M
Q3 24	$9M
Q4 24	$8M
Q1 25	$9M
Q2 25	$9M
Q3 25	$9M

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$60M	$0	$60M
Q2 22	$82M	$6M	$88M
Q3 22	$49M	$5M	$54M
Q4 22	$19M	$6M	$24M
Q1 23	$10M	$5M	$15M
Q2 23	$17M	$3M	$21M
Q3 23	$3M	$3M	$6M
Q4 23	$4M	$3M	$7M
Q1 24	$34M	$3M	$37M
Q2 24	$52M	$2M	$54M
Q3 24	$38M	$2M	$40M
Q4 24	$41M	$989.0K	$42M
Q1 25	$46M	$496.0K	$46M
Q2 25	$85M	$0	$85M
Q3 25	$77M	$0	$77M
Q4 25	$84M	$0	$84M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	13M	+0.6%	+3.2%
Q1 22	14M	+1.1%	+2.2%
Q2 22	14M	+0.2%	+2.1%
Q3 22	13M	-1.0%	+0.9%
Q4 22	13M	-2.4%	-2.1%
Q1 23	13M	-2.2%	-5.3%
Q2 23	13M	-0.2%	-5.6%
Q3 23	13M	-0.5%	-5.2%
Q4 23	13M	+0.0%	-2.8%
Q1 24	13M	+0.2%	-0.5%
Q2 24	13M	+0.5%	+0.2%
Q3 24	13M	+0.2%	+0.9%
Q4 24	13M	+0.0%	+0.9%
Q1 25	13M	+1.4%	+2.1%
Q2 25	13M	+0.3%	+1.9%
Q3 25	13M	+0.4%	+2.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$163.2K	440
Q1 22	$237.3K	440
Q2 22	$208.5K	440
Q3 22	$169.9K	440
Q4 22	$141.0K	473
Q1 23	$183.8K	473
Q2 23	$171.3K	473
Q3 23	$115.1K	473
Q4 23	$116.8K	485
Q1 24	$163.5K	485
Q2 24	$127.9K	485
Q3 24	$118.7K	485
Q4 24	$119.2K	468
Q1 25	$208.9K	468
Q2 25	$152.7K	468
Q3 25	$113.7K	468

Revenue / Employee