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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Intrepid Potash's Net-Net Working Capital for the quarter that ended in Jun. 2026 was $8.85.
The industry rank for Intrepid Potash's Net-Net Working Capital or its related term are showing as below:
IPI's Price-to-Net-Net-Working-Capital is ranked better than 64.71% of 85
companies
in the Agriculture industry
Industry Median: 8.68
vs IPI: 4.14
Intrepid Potash (NYSE:IPI) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Intrepid Potash Net-Net Working Capital Related Terms
Intrepid Potash Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Intrepid Potash's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
IPI vs VRDR, AVD, BIOX: Net-Net Working Capital Comparison
For the Agricultural Inputs subindustry, Intrepid Potash's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Intrepid Potash Price-to-Net-Net-Working-Capital vs Agriculture Industry
For the Agriculture industry and Basic Materials sector, Intrepid Potash's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Intrepid Potash's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $8.85 mean?
Intrepid Potash (IPI) has a Net-Net Working Capital of $8.85 as of Jun. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Intrepid Potash According to the industry distribution chart, Intrepid Potash ranks #30 out of 85 companies in the Agriculture industry, placing it in the top 35.3%.
Is Intrepid Potash's Net-Net Working Capital too high?
Intrepid Potash's current Net-Net Working Capital is $8.85. The Agriculture industry median Net-Net Working Capital is 8.68. Intrepid Potash's value of $8.85 is 2% above this industry median. Based on the distribution chart, Intrepid Potash ranks #30 out of 85 companies in the Agriculture industry, which is above the industry midpoint. Overall, Intrepid Potash has a GF Score™ of 69/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Intrepid Potash's Net-Net Working Capital compare to VRDR and AVD?
According to the Agriculture industry distribution chart, Intrepid Potash ranks #30 out of 85 companies for Net-Net Working Capital. This puts Intrepid Potash in the upper half of its industry. The industry median Net-Net Working Capital is 8.68. Intrepid Potash's value of $8.85 is 2% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for an Agriculture company?
The median Net-Net Working Capital among Agriculture companies is 8.68, based on 85 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Intrepid Potash's current Net-Net Working Capital of $8.85 is 2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Intrepid Potash For the Agriculture industry, the median Net-Net Working Capital is 8.68 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Intrepid Potash's current Net-Net Working Capital is $8.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Intrepid Potash stock overvalued right now?
Based on GuruFocus' analysis, Intrepid Potash (IPI) is currently considered Modestly Overvalued. The stock's GF Value™ is $28.19, compared to a current price of $36.62 — trading 29.9% above its estimated fair value. The current Net-Net Working Capital is $8.85 and 2% above the Agriculture industry median of 8.68. Intrepid Potash's overall GF Score™ is 69/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Intrepid Potash (IPI), the current Net-Net Working Capital is $8.85 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Intrepid Potash (IPI) Overvalued in 2026?
Based on GuruFocus' analysis, Intrepid Potash stock appears to be overvalued.
The current stock price of $36.62 is trading 29.9% above its estimated GF Value™ of $28.19.
GuruFocus considers Intrepid Potash to be Modestly Overvalued.
Key valuation signals for IPI:
Net-Net Working Capital: $8.85
GF Value™: $28.19 vs. price of $36.62 (29.9% above fair value)
Industry Position: 2% above the Agriculture median (#30 of 85)
No single metric tells the full story. See the IPI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Intrepid Potash Inc produces and sells potash and potash byproducts in three main product segments: Potash, Trio, and Oilfield Solutions. The Potash segment produces and sells potash to the agricultural industry as a fertilizer input, the industrial market as a component of oil and gas drilling fluid, and the animal feed market as a nutrient supplement. The Trio segment produces and sells specialty fertilizer that consists of potassium, sulfate, and magnesium and is mined from langbeinite ore. The oilfield solutions segment offers water, high-speed potassium chloride mixing services, saltwater disposal services, and trucking services. The vast majority of revenue is generated in the United States, where the firm's production facilities are located.
69GF Score
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