Intrepid Potash, Inc. (IPI) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Energy / Oil & Gas · as of Jun 28, 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
Altman Z-score
Clean
Earnings quality
4
Forensic signals
33.2
P / E (ttm)
2.9%
ROE
$465M
Market cap
Intrepid Potash, Inc. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 4.8, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
41d DSOReceivables 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.
2%Return on invested capital.Return on invested capital is 2% and slipping from 10% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
stoppedShareholder returns — halted.Capital returns have STOPPED — $22M of buybacks + dividends in FY2022, but ~$0 in FY2024. A halt usually means the company is conserving cash; understand why before reading it as neutral.
2% of revStock-based comp load.Stock-based compensation ran 2% of revenue and 20% of free cash flow in FY2025 — about $0.39 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin3.7%
Debt / Equity0.06x
Free Cash Flow$25.5M
Latest Revenue$298.3M
Return on Equity2.3%
Revenue Growth YoY+17.1%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Intrepid Potash, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about IPI's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown