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olivLaw · US equity research

ICL Group Ltd. ICL

Agricultural Chemicals · SIC 2870 · Vertical: Agricultural Chemicals (SIC 2870)

4.58USD+5.05% · 1 dayClose 04 Nov 2026

ICL Group Ltd. is a global leader in agriculture, food and industrial solutions, built on its own mineral resources in the Dead Sea, Spain, Israel and the United Kingdom. The company focuses on specialty agriculture and food businesses, at a time when food security and access to essential minerals remain central themes. Total sales for fiscal 2025 were 7153 million USD.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, ICL Group Ltd. (ICL) stock was 4.58 USD (+5.05% on the day), with market capitalisation 5.9 bn USD, P/E 25.4 on diluted EPS of 0.18 USD over the last 12 months, dividend yield 3.79%, beta 0.68, 52-week range 4.36–6.82 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
5.9 bn USD
shares as of 31 Dec 2025
P/E (TTM)
25.4
Diluted EPS TTM 0.18 · TTM to 31 Dec 2025
E/P (TTM)
3.93%
TTM to 31 Dec 2025
Dividend yield
3.79%
DPS 12m 0.17
Beta (2y)
0.68
Volatility (1y) 40%
52-week range
4.366.82

Price history

Loading chart…

Technical reading

RSI (14)
37.8
weak (30–45)
Bollinger (20, 2)
4.43 – 5.16
in the lower half of the band · %B 0.21 · band width 15.3%
SMA 50 / 200
5.20 / 5.38
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.18 / -0.16
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−9.5%−1.1%−8.4 pp—
3 months−12.4%−0.5%−12.0 pp—
6 months−18.5%+4.4%−22.9 pp—
Year to date−19.8%+12.3%−32.1 pp—
1 year−30.5%+13.5%−44.0 pp−10.3%
3 years−8.2%+76.4%−84.6 pp−63.6%
5 years−48.1%+63.7%−111.7 pp—
Max drawdown (1y)
−36.1%
13 May 2026 → 03 Nov 2026
Max drawdown (5y)
−70.0%
14 Apr 2022 → 12 Aug 2024
Compound annual growth (5y)
−12.3%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 78 percentile of its own 9-quarter history (min 4.4, median 13.9, max 505.0; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue5.6 bn5.3 bn5.0 bn7.0 bn10.0 bn7.5 bn6.8 bn7.2 bn
Revenue YoY+2.5%−5.1%−4.3%+37.9%+44.0%−24.8%−9.2%+4.6%
Net income1.2 bn475.0 m11.0 m783.0 m2.2 bn647.0 m407.0 m226.0 m
Net income YoY+240.7%−61.7%−97.7%+7,018.2%+175.7%−70.0%−37.1%−44.5%
Diluted EPS0.970.370.010.601.670.500.320.18
Diluted EPS YoY+234.5%−61.9%−97.3%+5,900.0%+178.3%−70.1%−36.0%−43.8%
net %22.3%9.0%0.2%11.3%21.6%8.6%5.9%3.2%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
291.0 m USD
Financial debt
2.8 bn USD
Net debt
2.5 bn USD
Equity
6.2 bn USD
Total assets
12.4 bn USD
Debt / equity
0.44x
Current ratio
1.33x
ROE
3.7%
ROA
1.9%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
7.5 bn
2024
6.8 bn
2025
7.2 bn

SEC (XBRL)· 11 Mar 2026verified

Cost of revenue
2023
4.9 bn
2024
4.6 bn
2025
5.0 bn

SEC (XBRL)· 11 Mar 2026verified

Gross profit
2023
2.7 bn
2024
2.3 bn
2025
2.2 bn

SEC (XBRL)· 11 Mar 2026verified

Research & development
2023
71.0 m
2024
69.0 m
2025
70.0 m

SEC (XBRL)· 11 Mar 2026verified

Operating income
2023
1.1 bn
2024
775.0 m
2025
580.0 m

SEC (XBRL)· 11 Mar 2026verified

Depreciation & amortisation
2023
536.0 m
2024
610.0 m
2025
726.0 m

SEC (XBRL)· 11 Mar 2026verified

EBITDA
2023
1.7 bn ≈
2024
1.4 bn ≈
2025
1.3 bn ≈

SEC (XBRL)· 11 Mar 2026derived

Interest expense
2023
259.0 m
2024
181.0 m
2025
298.0 m

SEC (XBRL)· 11 Mar 2026verified

Pre-tax income
2023
974.0 m
2024
636.0 m
2025
441.0 m

SEC (XBRL)· 11 Mar 2026verified

Income tax
2023
287.0 m
2024
172.0 m
2025
161.0 m

SEC (XBRL)· 11 Mar 2026verified

Net income
2023
647.0 m
2024
407.0 m
2025
226.0 m

SEC (XBRL)· 11 Mar 2026verified

Diluted EPS
2023
0.50
2024
0.32
2025
0.18

SEC (XBRL)· 11 Mar 2026verified

Weighted average diluted shares
2023
1.3 bn
2024
1.3 bn
2025
1.3 bn

SEC (XBRL)· 11 Mar 2026verified

Dividend per share
2023
0.36
2024
0.19
2025
0.17

SEC (XBRL)· 11 Mar 2026derived

Balance sheet · USD

Cash
2023
420.0 m
2024
327.0 m
2025
291.0 m

SEC (XBRL)· 11 Mar 2026verified

Inventories
2023
1.7 bn
2024
1.6 bn
2025
1.9 bn

SEC (XBRL)· 11 Mar 2026verified

Current assets
2023
4.0 bn
2024
3.6 bn
2025
4.2 bn

SEC (XBRL)· 11 Mar 2026verified

Property, plant & equipment, net
2023
6.3 bn
2024
6.5 bn
2025
6.8 bn

SEC (XBRL)· 11 Mar 2026verified

Total assets
2023
11.6 bn
2024
11.3 bn
2025
12.4 bn

SEC (XBRL)· 11 Mar 2026verified

Accounts payable
2023
912.0 m
2024
1.0 bn
2025
1.2 bn

SEC (XBRL)· 11 Mar 2026verified

Short-term debt
2023
858.0 m
2024
384.0 m
2025
876.0 m

SEC (XBRL)· 11 Mar 2026verified

Long-term debt
2023
1.8 bn
2024
1.9 bn
2025
1.9 bn

SEC (XBRL)· 11 Mar 2026verified

Current liabilities
2023
2.6 bn
2024
2.3 bn
2025
3.1 bn

SEC (XBRL)· 11 Mar 2026verified

Total liabilities
2023
5.6 bn
2024
5.3 bn
2025
6.2 bn

SEC (XBRL)· 11 Mar 2026verified

Equity
2023
6.0 bn
2024
6.0 bn
2025
6.2 bn

SEC (XBRL)· 11 Mar 2026verified

Shares outstanding at year end
2023
1.3 bn
2024
1.3 bn
2025
1.3 bn

SEC (XBRL)· 11 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
1.7 bn
2024
1.5 bn
2025
1.1 bn

SEC (XBRL)· 11 Mar 2026verified

Investing cash flow
2023
-853.0 m
2024
-694.0 m
2025
-915.0 m

SEC (XBRL)· 11 Mar 2026verified

Financing cash flow
2023
-837.0 m
2024
-846.0 m
2025
-195.0 m

SEC (XBRL)· 11 Mar 2026verified

Dividends paid
2023
474.0 m
2024
251.0 m
2025
224.0 m

SEC (XBRL)· 11 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
4.6%
computed by olivLawFY 2025
Revenue CAGR 3Y
-10.6%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
7.2%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-25.2%
computed by olivLawFY 2025
Net income growth (YoY)
-44.5%
computed by olivLawFY 2025
Net income CAGR 3Y
-52.9%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
83.0%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-43.8%
computed by olivLawFY 2025
EPS CAGR 3Y
-52.4%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
78.3%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
30.6%
computed by olivLawFY 2025
EBITDA margin
18.3%
computed by olivLawFY 2025
EBIT margin
8.1%
computed by olivLawFY 2025
Net margin
3.2%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
3.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
1.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
4.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
6.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
96.4%
computed by olivLawFY 2025
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
2.5 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
1.9x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Debt / equity
0.5x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
1.9x
computed by olivLawFY 2025

Liquidity

Current ratio
1.3x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
0.7x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.1x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
1.1 bn USD
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
80.9%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
131 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
79 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
5.9 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
8.4 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
26.2x
computed by olivLawFY 2025
P/E (TTM)
25.4x
computed by olivLawFY 2025
Earnings yield
3.9%
computed by olivLawFY 2025
P/B
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.8x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
6.4x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBIT
14.4x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
1.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
3.8%
computed by olivLawFY 2025
Shareholder yield (distributions)
3.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Risk

Altman Z
unavailable
input data missing

Valuation

olivLaw classification

Neutral profile

Score: 40 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

4.58 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 5.9 bn USD

Key indicators

Market capitalisation
5.9 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
25.4x
computed by olivLawFY 2025
P/B
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
6.4x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROE
3.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
3.2%
computed by olivLawFY 2025
Revenue growth (YoY)
4.6%
computed by olivLawFY 2025
Dividend yield
3.8%
computed by olivLawFY 2025

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 11 Mar 2026
verified 320derived 9

Score by group

  • Balance sheet41
  • Valuation49
  • Quality64
  • Growth0
  • Returns54

Estimated value range

Low
2.28
USD per share
Mid
2.62
USD per share
High
3.07
USD per share
Price: 4.58 USD
The price is above the range
Potential to the central value: -42.9% (value / price − 1)
Margin of safety: -75.1% (1 − price / value)
Agreement between methods: low · 3 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.09 – 7.37 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDA2.66 – 7.37 (Mid 4.59)
    4 companies used · median multiple 6.4x · quartiles 4.5x – 9.2x
    CF, MOS, NTR, UAN
  • Peers: P/E1.09 – 2.20 (Mid 1.72)
    4 companies used · median multiple 9.5x · quartiles 6.0x – 12.2x
    CF, EVGN, NTR, UAN
  • Dividend discount (DDM)2.28 – 3.07 (Mid 2.62)
Multiple comparisons use the SIC vertical: Agricultural Chemicals (SIC 2870)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 40/100

FactorValueScoreWeight used
ROIC · Quality4.4%60 (vs peers)13%
Net margin · Quality3.2%70 (vs peers)8%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-10.6%0 (on a fixed band)10%
EPS CAGR 3Y · Growth-52.4%0 (on a fixed band)10%
Net debt / EBITDA · Balance sheet1.9x60 (on a fixed band)13%
Interest coverage · Balance sheet1.9x7 (on a fixed band)8%
Current ratio · Balance sheet1.3x44 (on a fixed band)5%
P/E (TTM) · Valuation25.4x20 (vs peers)13%
EV/EBITDA · Valuation6.4x78 (on a fixed band)13%
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns3.8%54 (on a fixed band)8%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet41/100 · 3/3 factors with a value
  • Growth0/100 · 2/2 factors with a value
  • Quality64/100 · 2/3 factors with a value
  • Returns· partial54/100 · 1/2 factors with a value
  • Valuation49/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

ICL GROUP LTD. (ICL). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 7.2 bn USD in 2025; YoY growth 4.6%; net margin 3.2%; ROE 3.9%; net debt/EBITDA 1.9x.

The estimated value range is 2.28–3.07 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 2.62 USD, the price of 4.58 USD leaves a potential of -42.9% (value / price − 1) and a margin of safety of -75.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 40/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 3.2%
  • EV/EBITDA: 6.4x

What contradicts it

  • Revenue CAGR 3Y: -10.6%
  • EPS CAGR 3Y: -52.4%
  • Interest coverage: 1.9x
  • P/E (TTM): 25.4x
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): FCF conversion, FCF yield, Payout ratio (FCF).

Versus the vertical median

Agricultural Chemicals (SIC 2870) · same industry (4-digit SIC) · compared with 10 companies

Multiples and returns vs the median

P/E
25.4x
vertical median 11.1x
above median (+128.5%)
EV/EBITDA
6.4x
vertical median 6.4x
at median
P/S
0.8x
vertical median 1.3x
below median (−35.0%)
P/B
1.0x
vertical median 0.6x
above median (+62.4%)
ROE
3.9%
vertical median -19.1%
above median
Net margin
3.2%
vertical median -10.1%
above median
EBIT margin
8.1%
vertical median -2.9%
above median
Revenue YoY
4.6%
vertical median -0.2%
above median
Net debt/EBITDA
1.9x
vertical median -0.1x
above median
Dividend yield
3.8%
vertical median 3.5%
above median (+9.4%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
NTRNutrien Ltd.41.0 bn15.59.1%8.4%+3.5%+24% / +35%
CFCf Industries Holdings, Inc.16.9 bn7.946.7%32.3%+19.3%+42% / +49%
MOSMosaic Co6.9 bn—-9.3%-9.4%+8.4%−12% / −40%
ICLIcl Group Ltd.5.9 bn25.43.9%3.2%+4.6%−31% / −8%
SMGScotts Miracle-Gro Co3.9 bn55.8—2.1%−3.9%+19% / +21%
UANCvr Partners, LP1.2 bn11.1—16.1%+15.4%+16% / +64%
AVDAmerican Vanguard Corporation28.8 m—-26.5%-10.7%−5.9%−79% / −90%
BIOXBioceres Crop Solutions Corp.16.2 m—-19.1%-16.5%−27.9%−85% / −98%
SNESSenestech, Inc.6.6 m—-107.4%-294.7%+19.6%−58% / −87%
CBUSCibus, Inc.6.2 m—-225.9%-2,258.9%−14.6%−9% / −90%
EVGNEvogene Ltd.3.1 m0.3—-220.2%−30.9%−66% / −95%

1- and 3-year price returns: for ICL from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
2.38
Total return -45% · Per year -45%
4.23
Total return -4% · Per year -4%
6.40
Total return 44% · Per year 44%
3 years
1.89
Total return -52% · Per year -22%
3.82
Total return -7% · Per year -2%
6.40
Total return 53% · Per year 15%
5 years
1.50
Total return -57% · Per year -15%
3.45
Total return -9% · Per year -2%
6.40
Total return 61% · Per year 10%
What moves the 3-year price the most
  • Exit P/E± 0.95
  • Net margin± 0.67
  • Annual revenue growth± 0.60
  • Annual dilution± 0.06

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 11 Mar 2026; since then the company filed 6-K (17 Sept 2026), 6-K (01 Sept 2026), 6-K (05 Aug 2026).

In brief

ICL Group Ltd. is a global leader in agriculture, food and industrial solutions, built on its own mineral resources in the Dead Sea, Spain, Israel and the United Kingdom 1. The company focuses on specialty agriculture and food businesses, at a time when food security and access to essential minerals remain central themes 1. Total sales for fiscal 2025 were 7153 million USD 1.

SWOT

Strengths

  • Access to rare, low-cost mineral resources, especially in the Dead Sea 1.
  • Integrated portfolio across four segments with leading positions in each value chain 1.
  • Extensive research infrastructure with R&D centers and a large portfolio of active patents 1.

Weaknesses

  • Dependence on government concessions and permits, especially the Dead Sea concession 1.
  • Operating results depend on raw material price cycles and are sensitive to volatility 1.
  • Limited phosphate rock reserves suitable for phosphoric acid at the Rotem operations, requiring new resources 1.

Opportunities

  • Growth in the specialty fertilizer market could support expansion of the Growing Solutions segment 1.
  • Recent acquisitions in biologicals and food ingredients, such as Bartek Ingredients, could open new revenue lines 1.
  • LFP battery raw materials through the China joint venture could add growth outside agriculture 1.

Threats

  • The new Dead Sea concession process could lead to less favorable terms or loss of the concession 1.
  • Environmental regulation and climate change could raise costs and required investment 1.
  • Currency fluctuations and international restrictions could affect results and the distribution of cash to shareholders 1.

Risks

  • Dead Sea concessionhigh

    The concession expires in March 2030, and a new concession could be granted on less favorable terms or might not be obtained at all 1.

  • Concession billhigh

    The draft bill published in December 2025 is only an initial stage, and the final law could differ materially from the current version 1.

  • Mining and phosphate permitsmedium

    Renewal of certain leases and extraction permits is not certain, and new terms could be more restrictive 1.

  • Environmental and climate regulationmedium

    Changes in environmental law could require substantial capital expenditure and affect operating performance 1.

  • Currency and financing risklow

    As a multinational, results could be affected by currency fluctuations and by access to capital markets for refinancing 1.

Investment thesis

What would need to be true (bull case)

  • If demand for specialty fertilizers grows as estimated, the Growing Solutions segment could contribute an increasing share of revenue and margins 1.
  • A leading position in low-cost mineral resources could support profitability even in periods of lower prices 1.
  • Recent food and biologicals acquisitions could diversify revenue away from agricultural cycles 1.

What would break the thesis

  • The risk of losing the Dead Sea concession after 2030 could seriously affect the company's most valuable assets 1.
  • If grain prices fall or volatility rises, revenue in the commodity segments could decline significantly 1.
  • Environmental requirements and remediation costs could reduce profit and limit the ability to distribute dividends 1.

What to watch

  • Quarterly results and guidance for the Phosphate Solutions segmentQ1 2027
  • Progress of the Dead Sea concession tender and the final version of the law2027
  • Sales trend in Growing Solutions after the Brazil and North America acquisitionsnext 10-K
  • Integration of Bartek Ingredients and its impact on margins2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 11 Mar 2026; since then the company filed 6-K (17 Sept 2026), 6-K (01 Sept 2026), 6-K (05 Aug 2026).

The business

ICL organizes its activity into four segments: Industrial Products (bromine), Potash, Phosphate Solutions and Growing Solutions 1. The company says it is a leader in each of these value chains, either by market share or cost competitiveness 1. Its principal assets include access to one of the world's richest and lowest-cost sources of potash and bromine, in the Dead Sea, and a global logistics network in over 30 countries 1. In January 2026 ICL acquired 49.9% of Bartek Ingredients, a producer of food-grade malic and fumaric acids 1.

Fiscal 2025 sales were 7153 million USD, with operating income of 580 million USD and adjusted operating income of 873 million USD 1. Net income attributable to shareholders was 226 million USD and adjusted net income was 465 million USD 1. The gap between reported and adjusted figures shows that accounting results are affected by items the company separates in its reporting 1.

The shareholder base is concentrated: Israel Corp. held approximately 43.11% of outstanding ordinary shares as of December 31, 2025 1. The company is listed in New York and Tel Aviv and operates as a limited liability company under Israeli law 1.

Segments

Phosphate Solutions

The largest segment by sales in 2025, with sales of 2333 million USD and operating profit of 342 million USD 1. It includes specialty phosphates for the food industry, as well as fertilizers and raw materials for LFP batteries through the YPH joint venture in China 1.

Potash and Industrial Products

The Potash segment had sales of 1714 million USD and operating profit of 298 million USD, while Industrial Products (bromine) had sales of 1254 million USD and operating profit of 220 million USD 1. Both rely on Dead Sea and Spanish resources 1.

Growing Solutions

The specialty fertilizer segment had sales of 2063 million USD and operating profit of 135 million USD in 2025 1. The 2024 acquisitions in Brazil and North America extended the company's presence in biologicals and specialty plant nutrition 1.

Market context

The company ties its strategy to three global mega trends: food availability, access to mineral resources and deglobalization 1. World population is expected to grow from 8 billion in 2024 to 9.7 billion by 2050, according to the UN, which could support fertilizer demand 1. The specialty fertilizer market is estimated to grow at a CAGR of 6.5% from 2025 to 2030, faster than the conventional market 1.

Short-term demand is volatile and seasonal, depending on weather, crop prices and government policies 1. The company expects the long-term upward trend in fertilizer markets to be maintained, but short-term results depend on crop cycles 1.

Trends

  • Rising protein consumptiontailwind

    Income growth in emerging markets could shift diets toward more protein, requiring more grain for livestock and, in turn, more fertilizer 1.

  • Shrinking arable land per capitatailwind

    If new arable land remains limited, production growth could depend on higher yields, which could favor optimized potash and specialty fertilizer use 1.

  • Environmental rules on nutrientsmixed

    Regulations such as the EU Nitrate Directive limit nutrient use, which could push growers toward efficient solutions like controlled release fertilizers 1.

  • Grain price volatilityheadwind

    Corn, wheat and rice prices fell in 2025, while low stock levels could lead to sharp price increases if unusual weather occurs 1. This volatility could affect commodity segment revenue 1.

Competitive position

The sources mention competition from some of the world's largest chemical and mining companies, as well as mergers among key producers, customers and suppliers 1. The company claims leading positions by market share or cost in each segment 1.

In specialty fertilizers, competition also comes from biological and efficiency-focused producers, while in potash and phosphates it is driven by extraction costs and resource access 1. The sources do not give exact market shares for competitors 1.

  • Large global chemical and mining companies

    Competition described generically in the annual report, without explicit names in the source text 1.

  • Potash and phosphate producers

    The source cites pressure from high-volume producers without naming them 1.

  • Agricultural biologicals suppliers

    Competition in biologicals, where the company expanded through its Brazilian acquisition 1.

  • Regional fertilizer distributors and producers

    The company notes rivalry in Asian and Latin American markets without naming them in the source 1.

News & filings

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.