Forensic Analysis · Nonmetallic Mineral Mining & Quarrying · as of Nov 11, 2026
Intrepid Potash, Inc. (IPI)
A forensic read on Intrepid Potash, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
4.8
Distress distance
Clean
Earnings quality
2
Forensic signals
2.3%
ROE
17.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Intrepid Potash, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 4.8, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
41d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 32 to 41 days FY2024→FY2025 (receivables +50% vs revenue +17%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. Across FY2023–FY2025 the day count ran 29 → 32 → 41 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Deferred revenue was roughly flat (0%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
1.9%
FY2025
Return on invested capital.Return on invested capital is 1.9% in the latest fiscal year and rising across FY2023–FY2025 from -4.8%. After-tax operating profit was ($35M) in FY2023 and $10M in FY2025, with operating income at -15.8% of revenue in FY2023, -7.8% in FY2024 and 3.6% in FY2025. The capital base behind it came down -30% across FY2023–FY2025, from $718M to $505M, so this return is struck on a smaller base than it started on.
Key fundamentals
Latest Revenue$298.3M
Revenue Growth YoY+17.1%
Revenue CAGR (2yr)+3.4%
Net Margin3.7%
Free Cash Flow$25.5M
Return on Equity2.3%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Intrepid Potash, Inc.'s actual 10-K/10-Q/8-K filings?