ICL Group
ICL Group Ltd, together with its subsidiaries, operates as a specialty minerals and chemicals company worldwide. Based in Tel Aviv-Yafo.
ICL Group: net income up (+4.3%), sales up (+3.1%), cash flow sharply down (−28.1%).
- Net income upQtr. as of 30/09/2026
Net income: $120M, vs. $115M a year earlier, i.e. +4.3%.
- Sales upQtr. as of 30/09/2026
Revenue: $1,910M, vs. $1,853M a year earlier, i.e. +3.1%.
- Cash flow sharply downFY 2025
Operating cash flow: $1,056M, vs. $1,468M in 2024, i.e. −28.1%.
- Cash downFY 2025
Cash: $291M, vs. $327M in 2024, i.e. −11.0%.
- Operating income downQtr. as of 30/09/2026
Operating income: $225M, vs. $230M a year earlier, i.e. −2.2%.
How the share reacted to the results
After its results, ICL Group shares fell 2.1%. Over the same period, the broad market (S&P 500) rose 1.3%, and companies in the same sector and country did −1.4% (median of 3 companies).
Results published on 10/11/2026 at 00:01 (Israel time), after the Wall Street close. Calculation: last close before the release (10/11/2026) compared with the first close after (11/11/2026). Source: Yahoo Finance. A share price moves for many reasons; the release is only one of them.
Guidance and highlighted figures
- ICL maintains its 2026 guidance: consolidated adjusted EBITDA between $1.5 and $1.7 billion, and potash sales between 4.5 and 4.7 million tonnes.
- The company highlights a gross margin of 32.9% in Q3, up 30 basis points year on year and the highest since Q4 2024.
- It says that the average appreciation of the shekel and the Brazilian real against the dollar weighed on its operating income, through higher costs.
- The board declared a dividend of $0.05 per share ($63 million), to be paid on December 16, 2026.
Taken from the company's release (source). These are the company's statements, not ours.
What the market pays, vs. the sector
P/E at fiscal year end, and today
Year-end price × shares / net income for the year; loss-making years are not shown
P/E calculated on net income (fiscal year ended 31/12/2025). Cross-check: another source (Yahoo Finance) shows a P/E of 18.4. The gap usually comes from the period used (fiscal year or trailing 12 months) or from one-off items: check the reports. Sector median: companies in the Industry, health, defense and automotive group tracked here. Prices: Yahoo Finance; market cap cross-checked with the Tel Aviv Stock Exchange for Israeli stocks. These ratios describe a price, not a value: none of them says whether the share is expensive or cheap.
Dividend per share, over 5 years
Total dividends per share paid each calendar year (5 year(s) out of 5 with a payment). Source: Yahoo Finance. The current year is not complete.
P/E ranking
ICL Group is 4e Out of 4: one of the lowest P/Es in the group.
- 1
Teva Pharmaceutical Industries100.7 - 2
Elbit Systems63.4 - 3
Next Vision30.5 - 4ICL Group26.2
P/E = market cap / net income over the last 12 months: how many years of earnings the market pays today. From highest to lowest; group median: 47.0. A high or low P/E alone does not say whether a share is expensive.
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Join the TA-125 groupDetailed figures and history
Business and results
Revenue
in $M
Net income
In $M, losses in red
Margins
Net debt
Financial debt − cash, in $M
Summary financial statements
Swipe the table to see previous years
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Revenue | 6,955 | 10,015 | 7,536 | 6,841 | 7,153 |
| Growth | — | +44.0% | −24.8% | −9.2% | +4.6% |
| Gross margin | 37.5% | 50.2% | 35.4% | 33.0% | 30.6% |
| Operating income | 1,210 | 3,516 | 1,141 | 775 | 580 |
| Operating margin | 17.4% | 35.1% | 15.1% | 11.3% | 8.1% |
| Net income | 783 | 2,159 | 647 | 407 | 226 |
| Net margin | 11.3% | 21.6% | 8.6% | 5.9% | 3.2% |
| Diluted EPS | 0.6 | 1.7 | 0.5 | 0.3 | 0.2 |
| EBITDA | 1,694 | 4,014 | 1,677 | 1,385 | 1,306 |
| Operating cash flow | 1,065 | 2,131 | 1,710 | 1,468 | 1,056 |
| Cash | 473 | 417 | 420 | 327 | 291 |
| Financial debt | 2,686 | 2,511 | 2,404 | 2,017 | 2,317 |
| Net debt | 2,213 | 2,094 | 1,984 | 1,690 | 2,026 |
| Net debt / EBITDA | 1,3 x | 0,5 x | 1,2 x | 1,2 x | 1,6 x |
| Interest coverage | 10,8 x | 31,1 x | 9,1 x | 6,4 x | 5,0 x |
| Equity | 4,527 | 5,464 | 5,768 | 5,724 | 5,983 |
| Return on equity | 17.3% | 39.5% | 11.2% | 7.1% | 3.8% |
In $M unless stated. EBITDA = operating income + depreciation and amortization. Net debt = financial debt − cash. Free cash flow = operating cash flow − capital expenditure. n.m. = not meaningful.
Quality of the accounts: three cross-check models
Quality of the accounts, seen through three models
Three well-known academic models, calculated only from the published accounts (last fiscal year compared with the previous one). These are signals to cross-check, not verdicts: they say neither whether the company is reliable, nor whether the share is a good investment.
Financial strength · Piotroski
Nine simple tests on profitability, debt, liquidity and efficiency.
- ✓ Positive net income
- ✓ Positive operating cash flow
- ✕ Return on assets up
- ✓ Operating cash flow above net income
- ✓ Long-term debt stable or down (relative to assets)
- ✕ Current ratio up
- ✓ No significant share issuance (increase of less than 1%)
- ✕ Gross margin up
- ✕ Asset turnover up
Earnings manipulation · Beneish
Eight ratios that flag account profiles often associated with "embellished" results. Usual threshold: −1.78. Here, the score is below this threshold.
Distress risk · Altman Z″
Not computable: a required figure is missing from the published accounts.
Methods: Piotroski (2000), Beneish (1999, 8 variables), Altman Z″ (1995). Calculations redone from SEC XBRL data.
Company overview
ICL Group Ltd, together with its subsidiaries, operates as a specialty minerals and chemicals company worldwide. The company operates in four segments: Industrial Products, Potash, Phosphate Solutions, and Growing Solutions. The Industrial Products segment produces bromine out of a solution that is a by-product of the potash production process, as well as bromine-based compounds; sells various grades of potash, salt, magnesium chloride, and magnesia products; and produces and markets phosphorous-based flame retardants and other phosphorus-based products. The Potash segment produces and sells potash, salt, magnesium, electricity, and magnesium alloys; as well as chlorine and sylvinite. The Phosphate segment uses phosphate commodity products to produce specialty products; sells phosphate-based fertilizers, as well as sulphuric and green phosphoric acid, and phosphate fertilizers; and offers phosphate salts and acids.
Source: official company profile (Yahoo Finance), summary. Website: www.icl-group.com