# Agricultural Inputs — company-by-company sector analysis

> Agricultural Inputs: Nutrien Ltd. owns the largest revenue base; CF Industries Holdings, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Agricultural Inputs has underperformed S&P 500 by 11.7% over 52 weeks and 7% over 13 weeks. 5 of 11 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 11 beat the sector itself. Nutrien Ltd. leads with revenue of $27,831 million, based on 11 of 11 comparable companies through Mar 2026.

### Is the Agricultural Inputs sector outperforming S&P 500?

Agricultural Inputs has underperformed S&P 500 by 11.7% over 52 weeks and 7% over 13 weeks. 5 of 11 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 11 beat the sector itself.

### Which Agricultural Inputs company is largest by revenue?

Nutrien Ltd. leads with revenue of $27,831 million, based on 11 of 11 comparable companies through Mar 2026.

### Which Agricultural Inputs company is growing fastest?

CF Industries Holdings, Inc. has the fastest current revenue growth at 20.9%, across 11 of 11 comparable companies.

### Which Agricultural Inputs company has the strongest 4-Factor Sector Score?

CF Industries Holdings, Inc. ranks first at 79.3/100 with 86.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Agricultural Inputs company reports the most CAPEX?

The Mosaic Company reports the largest latest CAPEX at $357 million, with 11 of 11 companies comparable.

### Which Agricultural Inputs company has the least gross debt?

Intrepid Potash, Inc. has the lowest comparable gross debt at $4 million. Nutrien Ltd. has the highest at $13,946 million.

### Which Agricultural Inputs company has the lowest comparable PEG?

CVR Partners, LP has the lowest comparable Guarded PEG at 0.06, among 4 of 11 companies that pass the metric’s comparability rules.

### How much history does this Agricultural Inputs comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Agricultural Inputs has underperformed S&P 500 by 11.7% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 7%. 5 of 11 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is broad. CF Industries Holdings, Inc. is the strongest against the sector itself at +18.1%.

13-week sector return versus NIFTY 500: -7.0%
52-week sector return versus NIFTY 500: -12%
Stocks leading NIFTY: 5/11
Stocks leading sector: 7/11

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 11
Combined market value: ₹1.3 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. CF Industries Holdings, Inc. (CF): 79/100 — Favorable setup; evidence 86%
   - Growth & earnings 30.4/35 | Capital efficiency 16.6/25 | Valuation 15.9/20 | Relative strength 16.4/20
   - Exact sum: 30.4 + 16.6 + 15.9 + 16.4 = 79.3
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. CVR Partners, LP (UAN): 72/100 — Favorable setup; evidence 80%
   - Growth & earnings 29.1/35 | Capital efficiency 12.7/25 | Valuation 16.2/20 | Relative strength 13.9/20
   - Exact sum: 29.1 + 12.7 + 16.2 + 13.9 = 71.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. The Scotts Miracle-Gro Company (SMG): 65/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 23.8/35 | Capital efficiency 12.8/25 | Valuation 9.7/20 | Relative strength 18.2/20
   - Exact sum: 23.8 + 12.8 + 9.7 + 18.2 = 64.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Corteva, Inc. (CTVA): 59/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 18.0/35 | Capital efficiency 14.5/25 | Valuation 9.1/20 | Relative strength 17.8/20
   - Exact sum: 18 + 14.5 + 9.1 + 17.8 = 59.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Intrepid Potash, Inc. (IPI): 53/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 20.1/35 | Capital efficiency 12.8/25 | Valuation 9.4/20 | Relative strength 10.8/20
   - Exact sum: 20.1 + 12.8 + 9.4 + 10.8 = 53.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Nutrien Ltd. (NTR): 52/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 22.8/35 | Capital efficiency 11.0/25 | Valuation 10.6/20 | Relative strength 7.2/20
   - Exact sum: 22.8 + 11 + 10.6 + 7.2 = 51.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. ICL Group Ltd (ICL): 51/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 15.8/35 | Capital efficiency 12.8/25 | Valuation 15.3/20 | Relative strength 6.8/20
   - Exact sum: 15.8 + 12.8 + 15.3 + 6.8 = 50.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. The Mosaic Company (MOS): 37/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 8.2/35 | Capital efficiency 8.1/25 | Valuation 13.5/20 | Relative strength 7.2/20
   - Exact sum: 8.2 + 8.1 + 13.5 + 7.2 = 37
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
9. Glass House Brands Inc. (GLAS): 34/100 — Adverse evidence; evidence 68%
   - Growth & earnings 5.1/35 | Capital efficiency 6.7/25 | Valuation 11.5/20 | Relative strength 10.7/20
   - Exact sum: 5.1 + 6.7 + 11.5 + 10.7 = 34
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Del Monte Corporation (DMC): 34/100 — Adverse evidence; evidence 70%
   - Growth & earnings 8.3/35 | Capital efficiency 11.3/25 | Valuation 10.0/20 | Relative strength 3.9/20
   - Exact sum: 8.3 + 11.3 + 10 + 3.9 = 33.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. FMC Corporation (FMC): 27/100 — Adverse evidence; evidence 62%
   - Growth & earnings 9.5/35 | Capital efficiency 5.8/25 | Valuation 8.8/20 | Relative strength 3.0/20
   - Exact sum: 9.5 + 5.8 + 8.8 + 3 = 27.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Nutrien Ltd. is the scale leader at $27,831 million, 55.6% ahead of Corteva, Inc.. CF Industries Holdings, Inc.'s growth is 20.9% from a $7,407 million base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Nutrien Ltd. is the scale benchmark; CF Industries Holdings, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Nutrien Ltd.'s growth falls below CF Industries Holdings, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Nutrien Ltd. · $27,831 million | 55.6% versus #2 · Corteva, Inc. | 4/8 recent comparable periods | 11/11 companies · 215 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Nutrien Ltd. (NTR): ₹27.8K Cr
2. Corteva, Inc. (CTVA): ₹17.9K Cr
3. The Mosaic Company (MOS): ₹12.4K Cr
4. ICL Group Ltd (ICL): ₹7.4K Cr
5. CF Industries Holdings, Inc. (CF): ₹7.4K Cr

### Revenue growth — fastest growers
1. CF Industries Holdings, Inc. (CF): 21%
2. CVR Partners, LP (UAN): 19%
3. The Mosaic Company (MOS): 12%
4. Intrepid Potash, Inc. (IPI): 10%
5. Nutrien Ltd. (NTR): 8.4%

### 20-quarter Revenue history
- CTVA: Jun 2021 ₹5.6K Cr | Sep 2021 ₹2.4K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹4.6K Cr | Jun 2022 ₹6.3K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹3.8K Cr | Mar 2023 ₹4.9K Cr | Jun 2023 ₹6.0K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹6.1K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹6.5K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹4.9K Cr
- NTR: Jun 2021 ₹9.8K Cr | Sep 2021 ₹6.0K Cr | Dec 2021 ₹7.3K Cr | Mar 2022 ₹7.7K Cr | Jun 2022 ₹14.5K Cr | Sep 2022 ₹8.2K Cr | Dec 2022 ₹7.5K Cr | Mar 2023 ₹6.1K Cr | Jun 2023 ₹11.7K Cr | Sep 2023 ₹5.6K Cr | Dec 2023 ₹5.7K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹10.2K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹5.1K Cr | Mar 2025 ₹5.1K Cr | Jun 2025 ₹10.4K Cr | Sep 2025 ₹6.0K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹6.0K Cr
- CF: Jun 2021 ₹1.6K Cr | Sep 2021 ₹1.4K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹3.4K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.0K Cr
- MOS: Jun 2021 ₹2.8K Cr | Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹5.4K Cr | Sep 2022 ₹5.3K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.4K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹3.0K Cr
- ICL: Jun 2021 ₹1.6K Cr | Sep 2021 ₹1.8K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹2.0K Cr
- SMG: Jun 2021 — | Sep 2021 ₹1.6K Cr | Dec 2021 — | Mar 2022 ₹566 Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹527 Cr | Mar 2023 — | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹410 Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹415 Cr | Dec 2024 ₹367 Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹387 Cr | Dec 2025 ₹354 Cr | Mar 2026 ₹1.5K Cr
- FMC: Jun 2021 ₹1.2K Cr | Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹982 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹918 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹791 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹542 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹759 Cr
- DMC: Jun 2021 — | Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 — | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr
- UAN: Jun 2021 ₹138 Cr | Sep 2021 ₹145 Cr | Dec 2021 ₹189 Cr | Mar 2022 ₹223 Cr | Jun 2022 ₹244 Cr | Sep 2022 ₹156 Cr | Dec 2022 ₹212 Cr | Mar 2023 ₹226 Cr | Jun 2023 ₹183 Cr | Sep 2023 ₹131 Cr | Dec 2023 ₹142 Cr | Mar 2024 ₹128 Cr | Jun 2024 ₹133 Cr | Sep 2024 ₹125 Cr | Dec 2024 ₹140 Cr | Mar 2025 ₹143 Cr | Jun 2025 ₹169 Cr | Sep 2025 ₹164 Cr | Dec 2025 ₹131 Cr | Mar 2026 ₹180 Cr
- GLAS: Jun 2021 ₹19 Cr | Sep 2021 ₹17 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹45 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹54 Cr | Sep 2024 ₹64 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹41 Cr
- IPI: Jun 2021 ₹68 Cr | Sep 2021 ₹59 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹104 Cr | Jun 2022 ₹92 Cr | Sep 2022 ₹75 Cr | Dec 2022 ₹67 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹81 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹95 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹99 Cr

### 20-quarter Revenue growth history
- CTVA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 17% | Dec 2022 10.0% | Mar 2023 6.2% | Jun 2023 -3.3% | Sep 2023 -6.7% | Dec 2023 -3.1% | Mar 2024 -8.0% | Jun 2024 1.1% | Sep 2024 -10% | Dec 2024 7.3% | Mar 2025 -1.7% | Jun 2025 5.6% | Sep 2025 13% | Dec 2025 -1.7% | Mar 2026 11%
- NTR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 49% | Sep 2022 36% | Dec 2022 3.7% | Mar 2023 -20% | Jun 2023 -20% | Sep 2023 -31% | Dec 2023 -25% | Mar 2024 -12% | Jun 2024 -13% | Sep 2024 -5.0% | Dec 2024 -10% | Mar 2025 -5.4% | Jun 2025 2.8% | Sep 2025 12% | Dec 2025 5.1% | Mar 2026 19%
- CF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 113% | Sep 2022 70% | Dec 2022 2.7% | Mar 2023 -30% | Jun 2023 -48% | Sep 2023 -45% | Dec 2023 -40% | Mar 2024 -27% | Jun 2024 -11% | Sep 2024 7.6% | Dec 2024 -3.0% | Mar 2025 13% | Jun 2025 20% | Sep 2025 21% | Dec 2025 23% | Mar 2026 19%
- MOS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 92% | Sep 2022 56% | Dec 2022 17% | Mar 2023 -8.1% | Jun 2023 -37% | Sep 2023 -34% | Dec 2023 -30% | Mar 2024 -26% | Jun 2024 -17% | Sep 2024 -21% | Dec 2024 -11% | Mar 2025 -2.2% | Jun 2025 6.7% | Sep 2025 23% | Dec 2025 5.6% | Mar 2026 14%
- ICL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 78% | Sep 2022 41% | Dec 2022 2.6% | Mar 2023 -16% | Jun 2023 -35% | Sep 2023 -26% | Dec 2023 -19% | Mar 2024 -18% | Jun 2024 -6.2% | Sep 2024 -5.9% | Dec 2024 -5.3% | Mar 2025 1.8% | Jun 2025 4.6% | Sep 2025 5.7% | Dec 2025 6.3% | Mar 2026 14%
- SMG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -26% | Dec 2022 — | Mar 2023 — | Jun 2023 -8.7% | Sep 2023 -5.7% | Dec 2023 -22% | Mar 2024 — | Jun 2024 -22% | Sep 2024 -63% | Dec 2024 -10% | Mar 2025 -8.9% | Jun 2025 -1.2% | Sep 2025 -6.8% | Dec 2025 -3.5% | Mar 2026 5.0%
- FMC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 15% | Dec 2022 15% | Mar 2023 -0.5% | Jun 2023 -30% | Sep 2023 -29% | Dec 2023 -29% | Mar 2024 -32% | Jun 2024 2.3% | Sep 2024 8.5% | Dec 2024 6.8% | Mar 2025 -14% | Jun 2025 1.3% | Sep 2025 -49% | Dec 2025 -12% | Mar 2026 -4.1%
- DMC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 6.1% | Dec 2022 3.5% | Mar 2023 — | Jun 2023 3.9% | Sep 2023 -17% | Dec 2023 -3.0% | Mar 2024 -1.9% | Jun 2024 -3.5% | Sep 2024 1.7% | Dec 2024 0.4% | Mar 2025 -0.9% | Jun 2025 3.8% | Sep 2025 0.2% | Dec 2025 0.7% | Mar 2026 -4.9%
- UAN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 77% | Sep 2022 7.6% | Dec 2022 12% | Mar 2023 1.4% | Jun 2023 -25% | Sep 2023 -16% | Dec 2023 -33% | Mar 2024 -43% | Jun 2024 -27% | Sep 2024 -4.6% | Dec 2024 -1.4% | Mar 2025 12% | Jun 2025 27% | Sep 2025 31% | Dec 2025 -6.4% | Mar 2026 26%
- GLAS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -16% | Sep 2022 65% | Dec 2022 44% | Mar 2023 133% | Jun 2023 181% | Sep 2023 71% | Dec 2023 54% | Mar 2024 7.1% | Jun 2024 20% | Sep 2024 33% | Dec 2024 33% | Mar 2025 50% | Jun 2025 11% | Sep 2025 -41% | Dec 2025 -26% | Mar 2026 -8.9%
- IPI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 27% | Dec 2022 -6.9% | Mar 2023 -16% | Jun 2023 -12% | Sep 2023 -28% | Dec 2023 -15% | Mar 2024 -9.2% | Jun 2024 -23% | Sep 2024 7.4% | Dec 2024 -1.8% | Mar 2025 20% | Jun 2025 15% | Sep 2025 -8.6% | Dec 2025 36% | Mar 2026 4.2%

## Operating Economics & Margin Trend

What the numbers say: CF Industries Holdings, Inc. leads both opm at 43.5% and margin change at +16.1 percentage points.

Investor read: CF Industries Holdings, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: CF Industries Holdings, Inc. · 43.5% | 35.9% versus #2 · CVR Partners, LP | 6/8 recent comparable periods | 11/11 companies · 215 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. CF Industries Holdings, Inc. (CF): 44%
2. CVR Partners, LP (UAN): 32%
3. The Scotts Miracle-Gro Company (SMG): 28%
4. Corteva, Inc. (CTVA): 21%
5. ICL Group Ltd (ICL): 12%

### Margin change — fastest expanders
1. CF Industries Holdings, Inc. (CF): +16.1 pp
2. CVR Partners, LP (UAN): +7.8 pp
3. Corteva, Inc. (CTVA): +2.4 pp
4. Intrepid Potash, Inc. (IPI): +2.4 pp
5. The Scotts Miracle-Gro Company (SMG): +2.3 pp

### 20-quarter OPM history
- CTVA: Jun 2021 18% | Sep 2021 -15% | Dec 2021 -2.4% | Mar 2022 15% | Jun 2022 21% | Sep 2022 -14% | Dec 2022 -0.5% | Mar 2023 18% | Jun 2023 22% | Sep 2023 -9.2% | Dec 2023 -4.5% | Mar 2024 14% | Jun 2024 25% | Sep 2024 -20% | Dec 2024 3.2% | Mar 2025 18% | Jun 2025 27% | Sep 2025 -12% | Dec 2025 5.3% | Mar 2026 21%
- NTR: Jun 2021 17% | Sep 2021 18% | Dec 2021 25% | Mar 2022 26% | Jun 2022 34% | Sep 2022 27% | Dec 2022 22% | Mar 2023 15% | Jun 2023 10% | Sep 2023 8.4% | Dec 2023 4.9% | Mar 2024 8.6% | Jun 2024 11% | Sep 2024 4.2% | Dec 2024 7.8% | Mar 2025 4.6% | Jun 2025 17% | Sep 2025 13% | Dec 2025 11% | Mar 2026 6.0%
- CF: Jun 2021 28% | Sep 2021 -7.1% | Dec 2021 44% | Mar 2022 58% | Jun 2022 53% | Sep 2022 32% | Dec 2022 46% | Mar 2023 41% | Jun 2023 41% | Sep 2023 19% | Dec 2023 27% | Mar 2024 21% | Jun 2024 41% | Sep 2024 27% | Dec 2024 29% | Mar 2025 27% | Jun 2025 34% | Sep 2025 35% | Dec 2025 33% | Mar 2026 44%
- MOS: Jun 2021 17% | Sep 2021 21% | Dec 2021 25% | Mar 2022 32% | Jun 2022 31% | Sep 2022 22% | Dec 2022 16% | Mar 2023 15% | Jun 2023 11% | Sep 2023 4.1% | Dec 2023 8.8% | Mar 2024 6.5% | Jun 2024 8.3% | Sep 2024 4.1% | Dec 2024 3.5% | Mar 2025 13% | Jun 2025 8.1% | Sep 2025 9.8% | Dec 2025 -3.4% | Mar 2026 -12%
- ICL: Jun 2021 15% | Sep 2021 18% | Dec 2021 23% | Mar 2022 36% | Jun 2022 40% | Sep 2022 37% | Dec 2022 26% | Mar 2023 22% | Jun 2023 16% | Sep 2023 12% | Dec 2023 8.8% | Mar 2024 12% | Jun 2024 12% | Sep 2024 12% | Dec 2024 9.2% | Mar 2025 11% | Jun 2025 9.9% | Sep 2025 12% | Dec 2025 -0.9% | Mar 2026 12%
- SMG: Jun 2021 — | Sep 2021 19% | Dec 2021 — | Mar 2022 -6.3% | Jun 2022 23% | Sep 2022 -47% | Dec 2022 -7.9% | Mar 2023 — | Jun 2023 14% | Sep 2023 6.9% | Dec 2023 -12% | Mar 2024 18% | Jun 2024 17% | Sep 2024 -52% | Dec 2024 -13% | Mar 2025 25% | Jun 2025 18% | Sep 2025 -39% | Dec 2025 -6.2% | Mar 2026 28%
- FMC: Jun 2021 23% | Sep 2021 18% | Dec 2021 19% | Mar 2022 23% | Jun 2022 16% | Sep 2022 15% | Dec 2022 24% | Mar 2023 23% | Jun 2023 13% | Sep 2023 10% | Dec 2023 1.6% | Mar 2024 8.1% | Jun 2024 6.0% | Sep 2024 13% | Dec 2024 19% | Mar 2025 7.4% | Jun 2025 12% | Sep 2025 -73% | Dec 2025 -131% | Mar 2026 -11%
- DMC: Jun 2021 — | Sep 2021 5.2% | Dec 2021 0.1% | Mar 2022 — | Jun 2022 3.5% | Sep 2022 2.8% | Dec 2022 3.0% | Mar 2023 6.6% | Jun 2023 6.1% | Sep 2023 2.5% | Dec 2023 -11% | Mar 2024 4.0% | Jun 2024 6.0% | Sep 2024 5.3% | Dec 2024 3.0% | Mar 2025 4.1% | Jun 2025 5.8% | Sep 2025 -2.1% | Dec 2025 4.5% | Mar 2026 1.9%
- UAN: Jun 2021 22% | Sep 2021 32% | Dec 2021 38% | Mar 2022 47% | Jun 2022 52% | Sep 2022 -7.6% | Dec 2022 48% | Mar 2023 48% | Jun 2023 37% | Sep 2023 6.2% | Dec 2023 12% | Mar 2024 16% | Jun 2024 25% | Sep 2024 8.8% | Dec 2024 18% | Mar 2025 24% | Jun 2025 28% | Sep 2025 31% | Dec 2025 -2.2% | Mar 2026 32%
- GLAS: Jun 2021 1.6% | Sep 2021 -53% | Dec 2021 -107% | Mar 2022 -109% | Jun 2022 -99% | Sep 2022 -32% | Dec 2022 -40% | Mar 2023 -17% | Jun 2023 10% | Sep 2023 10% | Dec 2023 -3.3% | Mar 2024 -29% | Jun 2024 9.3% | Sep 2024 22% | Dec 2024 3.9% | Mar 2025 -2.7% | Jun 2025 18% | Sep 2025 -27% | Dec 2025 -33% | Mar 2026 -35%
- IPI: Jun 2021 15% | Sep 2021 6.9% | Dec 2021 21% | Mar 2022 38% | Jun 2022 35% | Sep 2022 23% | Dec 2022 9.2% | Mar 2023 6.2% | Jun 2023 9.0% | Sep 2023 -17% | Dec 2023 -84% | Mar 2024 -5.4% | Jun 2024 -2.6% | Sep 2024 -3.9% | Dec 2024 -21% | Mar 2025 3.9% | Jun 2025 4.6% | Sep 2025 6.3% | Dec 2025 -1.3% | Mar 2026 6.3%

### 20-quarter Margin change history
- CTVA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.7 pp | Sep 2022 +0.9 pp | Dec 2022 +1.9 pp | Mar 2023 +3.0 pp | Jun 2023 +0.8 pp | Sep 2023 +5.2 pp | Dec 2023 −4.0 pp | Mar 2024 −4.2 pp | Jun 2024 +3.3 pp | Sep 2024 −10.6 pp | Dec 2024 +7.7 pp | Mar 2025 +4.4 pp | Jun 2025 +2.4 pp | Sep 2025 +8.3 pp | Dec 2025 +2.1 pp | Mar 2026 +2.4 pp
- NTR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +17.5 pp | Sep 2022 +9.4 pp | Dec 2022 −3.1 pp | Mar 2023 −10.7 pp | Jun 2023 −24.0 pp | Sep 2023 −18.5 pp | Dec 2023 −17.1 pp | Mar 2024 −6.8 pp | Jun 2024 +1.0 pp | Sep 2024 −4.2 pp | Dec 2024 +2.9 pp | Mar 2025 −4.0 pp | Jun 2025 +6.2 pp | Sep 2025 +9.1 pp | Dec 2025 +3.6 pp | Mar 2026 +1.4 pp
- CF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +24.2 pp | Sep 2022 +39.4 pp | Dec 2022 +2.0 pp | Mar 2023 −16.7 pp | Jun 2023 −11.1 pp | Sep 2023 −13.1 pp | Dec 2023 −19.3 pp | Mar 2024 −20.5 pp | Jun 2024 −0.8 pp | Sep 2024 +7.4 pp | Dec 2024 +1.8 pp | Mar 2025 +6.8 pp | Jun 2025 −6.3 pp | Sep 2025 +8.4 pp | Dec 2025 +4.1 pp | Mar 2026 +16.1 pp
- MOS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +13.9 pp | Sep 2022 +1.1 pp | Dec 2022 −9.6 pp | Mar 2023 −16.9 pp | Jun 2023 −20.3 pp | Sep 2023 −17.5 pp | Dec 2023 −6.8 pp | Mar 2024 −8.6 pp | Jun 2024 −2.6 pp | Sep 2024 0.0 pp | Dec 2024 −5.3 pp | Mar 2025 +6.4 pp | Jun 2025 −0.2 pp | Sep 2025 +5.7 pp | Dec 2025 −6.9 pp | Mar 2026 −25.3 pp
- ICL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +24.5 pp | Sep 2022 +19.2 pp | Dec 2022 +3.2 pp | Mar 2023 −13.7 pp | Jun 2023 −23.4 pp | Sep 2023 −24.9 pp | Dec 2023 −17.0 pp | Mar 2024 −10.3 pp | Jun 2024 −4.1 pp | Sep 2024 0.0 pp | Dec 2024 +0.4 pp | Mar 2025 −1.2 pp | Jun 2025 −2.1 pp | Sep 2025 +0.2 pp | Dec 2025 −10.1 pp | Mar 2026 +1.1 pp
- SMG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −66.2 pp | Dec 2022 — | Mar 2023 — | Jun 2023 −9.6 pp | Sep 2023 +54.3 pp | Dec 2023 −3.6 pp | Mar 2024 — | Jun 2024 +3.1 pp | Sep 2024 −59.0 pp | Dec 2024 −1.0 pp | Mar 2025 +7.4 pp | Jun 2025 +1.5 pp | Sep 2025 +13.3 pp | Dec 2025 +6.3 pp | Mar 2026 +2.3 pp
- FMC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −7.0 pp | Sep 2022 −2.8 pp | Dec 2022 +5.1 pp | Mar 2023 +0.2 pp | Jun 2023 −3.2 pp | Sep 2023 −5.0 pp | Dec 2023 −22.7 pp | Mar 2024 −14.6 pp | Jun 2024 −7.0 pp | Sep 2024 +2.4 pp | Dec 2024 +17.6 pp | Mar 2025 −0.7 pp | Jun 2025 +6.0 pp | Sep 2025 −85.8 pp | Dec 2025 −150.0 pp | Mar 2026 −18.1 pp
- DMC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.4 pp | Dec 2022 +2.9 pp | Mar 2023 — | Jun 2023 +2.6 pp | Sep 2023 −0.3 pp | Dec 2023 −14.2 pp | Mar 2024 −2.6 pp | Jun 2024 −0.1 pp | Sep 2024 +2.8 pp | Dec 2024 +14.2 pp | Mar 2025 +0.1 pp | Jun 2025 −0.2 pp | Sep 2025 −7.4 pp | Dec 2025 +1.5 pp | Mar 2026 −2.2 pp
- UAN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +29.6 pp | Sep 2022 −39.6 pp | Dec 2022 +10.1 pp | Mar 2023 +1.7 pp | Jun 2023 −15.1 pp | Sep 2023 +13.8 pp | Dec 2023 −36.0 pp | Mar 2024 −32.6 pp | Jun 2024 −11.2 pp | Sep 2024 +2.6 pp | Dec 2024 +6.3 pp | Mar 2025 +8.5 pp | Jun 2025 +2.2 pp | Sep 2025 +22.2 pp | Dec 2025 −20.6 pp | Mar 2026 +7.8 pp
- GLAS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −100.2 pp | Sep 2022 +20.8 pp | Dec 2022 +66.9 pp | Mar 2023 +91.3 pp | Jun 2023 +108.8 pp | Sep 2023 +41.8 pp | Dec 2023 +36.8 pp | Mar 2024 −12.0 pp | Jun 2024 −0.9 pp | Sep 2024 +11.5 pp | Dec 2024 +7.2 pp | Mar 2025 +26.7 pp | Jun 2025 +8.5 pp | Sep 2025 −48.1 pp | Dec 2025 −37.2 pp | Mar 2026 −32.7 pp
- IPI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +19.5 pp | Sep 2022 +16.4 pp | Dec 2022 −11.7 pp | Mar 2023 −32.2 pp | Jun 2023 −25.7 pp | Sep 2023 −40.1 pp | Dec 2023 −92.9 pp | Mar 2024 −11.6 pp | Jun 2024 −11.6 pp | Sep 2024 +12.9 pp | Dec 2024 +62.7 pp | Mar 2025 +9.3 pp | Jun 2025 +7.2 pp | Sep 2025 +10.2 pp | Dec 2025 +19.7 pp | Mar 2026 +2.4 pp

## Profit Scale & Acceleration

What the numbers say: Nutrien Ltd. leads with $2,417 million of TTM profit, 13.8% above CF Industries Holdings, Inc.. Nutrien Ltd. shows ≥100% on the scoring scale (336.3% uncapped) growth from a $2,417 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Nutrien Ltd. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Nutrien Ltd. · $2,417 million | 13.8% versus #2 · CF Industries Holdings, Inc. | 4/8 recent comparable periods | 11/11 companies · 215 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Nutrien Ltd. (NTR): ₹2.4K Cr
2. CF Industries Holdings, Inc. (CF): ₹2.1K Cr
3. Corteva, Inc. (CTVA): ₹1.3K Cr
4. ICL Group Ltd (ICL): ₹314 Cr
5. CVR Partners, LP (UAN): ₹122 Cr

### Profit growth — fastest growers
1. Nutrien Ltd. (NTR): 100%
2. The Scotts Miracle-Gro Company (SMG): 100%
3. CVR Partners, LP (UAN): 63%
4. CF Industries Holdings, Inc. (CF): 34%
5. Corteva, Inc. (CTVA): 9.4%

### 20-quarter Net profit history
- CTVA: Jun 2021 ₹1.0K Cr | Sep 2021 ₹36 Cr | Dec 2021 ₹155 Cr | Mar 2022 ₹577 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹-322 Cr | Dec 2022 ₹-41 Cr | Mar 2023 ₹607 Cr | Jun 2023 ₹880 Cr | Sep 2023 ₹-315 Cr | Dec 2023 ₹-231 Cr | Mar 2024 ₹376 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹-519 Cr | Dec 2024 ₹-50 Cr | Mar 2025 ₹667 Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹-308 Cr | Dec 2025 ₹-537 Cr | Mar 2026 ₹725 Cr
- NTR: Jun 2021 ₹1.1K Cr | Sep 2021 ₹726 Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹576 Cr | Jun 2023 ₹448 Cr | Sep 2023 ₹82 Cr | Dec 2023 ₹176 Cr | Mar 2024 ₹165 Cr | Jun 2024 ₹392 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹469 Cr | Dec 2025 ₹580 Cr | Mar 2026 ₹139 Cr
- CF: Jun 2021 ₹317 Cr | Sep 2021 ₹-91 Cr | Dec 2021 ₹859 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹538 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹650 Cr | Jun 2023 ₹606 Cr | Sep 2023 ₹230 Cr | Dec 2023 ₹352 Cr | Mar 2024 ₹238 Cr | Jun 2024 ₹506 Cr | Sep 2024 ₹341 Cr | Dec 2024 ₹392 Cr | Mar 2025 ₹351 Cr | Jun 2025 ₹492 Cr | Sep 2025 ₹460 Cr | Dec 2025 ₹495 Cr | Mar 2026 ₹676 Cr
- MOS: Jun 2021 ₹443 Cr | Sep 2021 ₹378 Cr | Dec 2021 ₹640 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹784 Cr | Dec 2022 ₹471 Cr | Mar 2023 ₹428 Cr | Jun 2023 ₹366 Cr | Sep 2023 ₹-13 Cr | Dec 2023 ₹368 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹-173 Cr | Sep 2024 ₹126 Cr | Dec 2024 ₹157 Cr | Mar 2025 ₹250 Cr | Jun 2025 ₹418 Cr | Sep 2025 ₹424 Cr | Dec 2025 ₹-519 Cr | Mar 2026 ₹-255 Cr
- ICL: Jun 2021 ₹150 Cr | Sep 2021 ₹242 Cr | Dec 2021 ₹298 Cr | Mar 2022 ₹657 Cr | Jun 2022 ₹585 Cr | Sep 2022 ₹635 Cr | Dec 2022 ₹342 Cr | Mar 2023 ₹294 Cr | Jun 2023 ₹167 Cr | Sep 2023 ₹142 Cr | Dec 2023 ₹84 Cr | Mar 2024 ₹126 Cr | Jun 2024 ₹130 Cr | Sep 2024 ₹127 Cr | Dec 2024 ₹81 Cr | Mar 2025 ₹106 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹129 Cr | Dec 2025 ₹-63 Cr | Mar 2026 ₹140 Cr
- SMG: Jun 2021 — | Sep 2021 ₹226 Cr | Dec 2021 — | Mar 2022 ₹-50 Cr | Jun 2022 ₹277 Cr | Sep 2022 ₹-444 Cr | Dec 2022 ₹-65 Cr | Mar 2023 — | Jun 2023 ₹109 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹-81 Cr | Mar 2024 ₹158 Cr | Jun 2024 ₹132 Cr | Sep 2024 ₹-244 Cr | Dec 2024 ₹-70 Cr | Mar 2025 ₹218 Cr | Jun 2025 ₹149 Cr | Sep 2025 ₹-152 Cr | Dec 2025 ₹-125 Cr | Mar 2026 ₹239 Cr
- FMC: Jun 2021 ₹218 Cr | Sep 2021 ₹172 Cr | Dec 2021 ₹221 Cr | Mar 2022 ₹227 Cr | Jun 2022 ₹142 Cr | Sep 2022 ₹135 Cr | Dec 2022 ₹335 Cr | Mar 2023 ₹207 Cr | Jun 2023 ₹54 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹298 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹-548 Cr | Dec 2025 ₹-1.7K Cr | Mar 2026 ₹-261 Cr
- DMC: Jun 2021 — | Sep 2021 ₹48 Cr | Dec 2021 ₹2 Cr | Mar 2022 — | Jun 2022 ₹25 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹-107 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹-28 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹11 Cr
- UAN: Jun 2021 ₹7 Cr | Sep 2021 ₹35 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹94 Cr | Jun 2022 ₹118 Cr | Sep 2022 ₹-20 Cr | Dec 2022 ₹95 Cr | Mar 2023 ₹102 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹-10 Cr | Mar 2026 ₹50 Cr
- GLAS: Jun 2021 ₹-5 Cr | Sep 2021 ₹-9 Cr | Dec 2021 ₹-19 Cr | Mar 2022 ₹-20 Cr | Jun 2022 ₹-16 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹-20 Cr | Mar 2023 ₹-38 Cr | Jun 2023 ₹-28 Cr | Sep 2023 ₹-8 Cr | Dec 2023 ₹-44 Cr | Mar 2024 ₹-22 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹-7 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹-15 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹-15 Cr | Dec 2025 ₹-19 Cr | Mar 2026 ₹-20 Cr
- IPI: Jun 2021 ₹19 Cr | Sep 2021 ₹4 Cr | Dec 2021 ₹224 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹-37 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹-207 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹7 Cr

### 20-quarter Profit growth history
- CTVA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.6% | Sep 2022 -994% | Dec 2022 -126% | Mar 2023 5.2% | Jun 2023 -12% | Sep 2023 — | Dec 2023 — | Mar 2024 -38% | Jun 2024 20% | Sep 2024 — | Dec 2024 — | Mar 2025 77% | Jun 2025 31% | Sep 2025 — | Dec 2025 — | Mar 2026 8.7%
- NTR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 224% | Sep 2022 118% | Dec 2022 -7.4% | Mar 2023 -58% | Jun 2023 -88% | Sep 2023 -95% | Dec 2023 -84% | Mar 2024 -71% | Jun 2024 -13% | Sep 2024 -70% | Dec 2024 -33% | Mar 2025 -88% | Jun 2025 214% | Sep 2025 1,776% | Dec 2025 392% | Mar 2026 632%
- CF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 322% | Sep 2022 — | Dec 2022 17% | Mar 2023 -38% | Jun 2023 -55% | Sep 2023 -57% | Dec 2023 -65% | Mar 2024 -63% | Jun 2024 -17% | Sep 2024 48% | Dec 2024 11% | Mar 2025 47% | Jun 2025 -2.8% | Sep 2025 35% | Dec 2025 26% | Mar 2026 93%
- MOS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 128% | Sep 2022 107% | Dec 2022 -26% | Mar 2023 -63% | Jun 2023 -64% | Sep 2023 -102% | Dec 2023 -22% | Mar 2024 -96% | Jun 2024 -147% | Sep 2024 — | Dec 2024 -57% | Mar 2025 1,216% | Jun 2025 — | Sep 2025 237% | Dec 2025 -431% | Mar 2026 -202%
- ICL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 290% | Sep 2022 162% | Dec 2022 15% | Mar 2023 -55% | Jun 2023 -71% | Sep 2023 -78% | Dec 2023 -75% | Mar 2024 -57% | Jun 2024 -22% | Sep 2024 -11% | Dec 2024 -3.6% | Mar 2025 -16% | Jun 2025 -17% | Sep 2025 1.6% | Dec 2025 -178% | Mar 2026 32%
- SMG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -296% | Dec 2022 — | Mar 2023 — | Jun 2023 -61% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 21% | Sep 2024 -655% | Dec 2024 — | Mar 2025 38% | Jun 2025 13% | Sep 2025 — | Dec 2025 — | Mar 2026 9.6%
- FMC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -35% | Sep 2022 -22% | Dec 2022 52% | Mar 2023 -8.8% | Jun 2023 -62% | Sep 2023 -96% | Dec 2023 244% | Mar 2024 -96% | Jun 2024 452% | Sep 2024 1,240% | Dec 2024 -97% | Mar 2025 -200% | Jun 2025 -85% | Sep 2025 -918% | Dec 2025 -5,727% | Mar 2026 —
- DMC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -56% | Dec 2022 850% | Mar 2023 — | Jun 2023 92% | Sep 2023 -57% | Dec 2023 -663% | Mar 2024 -46% | Jun 2024 10% | Sep 2024 367% | Dec 2024 — | Mar 2025 23% | Jun 2025 7.6% | Sep 2025 -167% | Dec 2025 60% | Mar 2026 -66%
- UAN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,586% | Sep 2022 -157% | Dec 2022 56% | Mar 2023 8.5% | Jun 2023 -49% | Sep 2023 — | Dec 2023 -89% | Mar 2024 -87% | Jun 2024 -57% | Sep 2024 300% | Dec 2024 80% | Mar 2025 108% | Jun 2025 50% | Sep 2025 975% | Dec 2025 -156% | Mar 2026 85%
- GLAS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -367% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -33% | Sep 2025 — | Dec 2025 -338% | Mar 2026 —
- IPI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 225% | Dec 2022 -98% | Mar 2023 -84% | Jun 2023 -83% | Sep 2023 -154% | Dec 2023 -1,025% | Mar 2024 -160% | Jun 2024 -125% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 133%

## Capacity Spending & Returns On It

What the numbers say: The Mosaic Company reports $357 million of CAPEX; The Mosaic Company has the highest covered intensity at 11.9%. Coverage is only 11 of 11 companies and 215 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: The Mosaic Company · $357 million | 9.8% versus #2 · Nutrien Ltd. | 8/8 recent comparable periods | 11/11 companies · 215 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. The Mosaic Company (MOS): ₹357 Cr
2. Nutrien Ltd. (NTR): ₹325 Cr
3. CF Industries Holdings, Inc. (CF): ₹223 Cr
4. ICL Group Ltd (ICL): ₹135 Cr
5. Corteva, Inc. (CTVA): ₹81 Cr

### CAPEX intensity — highest reinvestment intensity
1. The Mosaic Company (MOS): 12%
2. CF Industries Holdings, Inc. (CF): 11%
3. Glass House Brands Inc. (GLAS): 9.8%
4. CVR Partners, LP (UAN): 9.4%
5. ICL Group Ltd (ICL): 6.7%

### 20-quarter CAPEX history
- CTVA: Jun 2021 ₹132 Cr | Sep 2021 ₹144 Cr | Dec 2021 ₹160 Cr | Mar 2022 ₹179 Cr | Jun 2022 ₹139 Cr | Sep 2022 ₹142 Cr | Dec 2022 ₹145 Cr | Mar 2023 ₹151 Cr | Jun 2023 ₹99 Cr | Sep 2023 ₹162 Cr | Dec 2023 ₹183 Cr | Mar 2024 ₹148 Cr | Jun 2024 ₹114 Cr | Sep 2024 ₹154 Cr | Dec 2024 ₹181 Cr | Mar 2025 ₹94 Cr | Jun 2025 ₹118 Cr | Sep 2025 ₹157 Cr | Dec 2025 ₹222 Cr | Mar 2026 ₹81 Cr
- NTR: Jun 2021 ₹448 Cr | Sep 2021 ₹492 Cr | Dec 2021 ₹568 Cr | Mar 2022 ₹351 Cr | Jun 2022 ₹477 Cr | Sep 2022 ₹636 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹465 Cr | Jun 2023 ₹791 Cr | Sep 2023 ₹634 Cr | Dec 2023 ₹710 Cr | Mar 2024 ₹353 Cr | Jun 2024 ₹526 Cr | Sep 2024 ₹508 Cr | Dec 2024 ₹767 Cr | Mar 2025 ₹300 Cr | Jun 2025 ₹424 Cr | Sep 2025 ₹530 Cr | Dec 2025 ₹751 Cr | Mar 2026 ₹325 Cr
- CF: Jun 2021 ₹110 Cr | Sep 2021 ₹201 Cr | Dec 2021 ₹132 Cr | Mar 2022 ₹63 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹190 Cr | Dec 2022 ₹134 Cr | Mar 2023 ₹69 Cr | Jun 2023 ₹95 Cr | Sep 2023 ₹147 Cr | Dec 2023 ₹188 Cr | Mar 2024 ₹98 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹139 Cr | Dec 2024 ₹197 Cr | Mar 2025 ₹132 Cr | Jun 2025 ₹245 Cr | Sep 2025 ₹347 Cr | Dec 2025 ₹226 Cr | Mar 2026 ₹223 Cr
- MOS: Jun 2021 ₹297 Cr | Sep 2021 ₹340 Cr | Dec 2021 ₹363 Cr | Mar 2022 ₹291 Cr | Jun 2022 ₹263 Cr | Sep 2022 ₹354 Cr | Dec 2022 ₹341 Cr | Mar 2023 ₹322 Cr | Jun 2023 ₹310 Cr | Sep 2023 ₹412 Cr | Dec 2023 ₹359 Cr | Mar 2024 ₹383 Cr | Jun 2024 ₹334 Cr | Sep 2024 ₹241 Cr | Dec 2024 ₹294 Cr | Mar 2025 ₹341 Cr | Jun 2025 ₹305 Cr | Sep 2025 ₹364 Cr | Dec 2025 ₹350 Cr | Mar 2026 ₹357 Cr
- ICL: Jun 2021 ₹151 Cr | Sep 2021 ₹128 Cr | Dec 2021 ₹185 Cr | Mar 2022 ₹131 Cr | Jun 2022 ₹220 Cr | Sep 2022 ₹184 Cr | Dec 2022 ₹212 Cr | Mar 2023 ₹164 Cr | Jun 2023 ₹170 Cr | Sep 2023 ₹191 Cr | Dec 2023 ₹255 Cr | Mar 2024 ₹145 Cr | Jun 2024 ₹142 Cr | Sep 2024 ₹159 Cr | Dec 2024 ₹267 Cr | Mar 2025 ₹190 Cr | Jun 2025 ₹202 Cr | Sep 2025 ₹180 Cr | Dec 2025 ₹252 Cr | Mar 2026 ₹135 Cr
- SMG: Jun 2021 — | Sep 2021 ₹24 Cr | Dec 2021 — | Mar 2022 ₹46 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹30 Cr | Mar 2023 — | Jun 2023 ₹22 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹19 Cr
- FMC: Jun 2021 ₹22 Cr | Sep 2021 ₹30 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹50 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹47 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹17 Cr
- DMC: Jun 2021 — | Sep 2021 ₹37 Cr | Dec 2021 ₹13 Cr | Mar 2022 — | Jun 2022 ₹11 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹14 Cr
- UAN: Jun 2021 ₹2 Cr | Sep 2021 ₹5 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹17 Cr
- GLAS: Jun 2021 ₹1 Cr | Sep 2021 ₹95 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹4 Cr
- IPI: Jun 2021 ₹4 Cr | Sep 2021 ₹6 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹5 Cr

### 20-quarter CAPEX intensity history
- CTVA: Jun 2021 2.3% | Sep 2021 6.1% | Dec 2021 4.6% | Mar 2022 3.9% | Jun 2022 2.2% | Sep 2022 5.1% | Dec 2022 3.8% | Mar 2023 3.1% | Jun 2023 1.6% | Sep 2023 6.3% | Dec 2023 4.9% | Mar 2024 3.3% | Jun 2024 1.9% | Sep 2024 6.6% | Dec 2024 4.6% | Mar 2025 2.1% | Jun 2025 1.8% | Sep 2025 6.0% | Dec 2025 5.7% | Mar 2026 1.7%
- NTR: Jun 2021 4.6% | Sep 2021 8.2% | Dec 2021 7.8% | Mar 2022 4.6% | Jun 2022 3.3% | Sep 2022 7.8% | Dec 2022 13% | Mar 2023 7.6% | Jun 2023 6.8% | Sep 2023 11% | Dec 2023 13% | Mar 2024 6.6% | Jun 2024 5.2% | Sep 2024 9.5% | Dec 2024 15% | Mar 2025 5.9% | Jun 2025 4.1% | Sep 2025 8.8% | Dec 2025 14% | Mar 2026 5.4%
- CF: Jun 2021 6.9% | Sep 2021 15% | Dec 2021 5.2% | Mar 2022 2.2% | Jun 2022 1.9% | Sep 2022 8.2% | Dec 2022 5.1% | Mar 2023 3.4% | Jun 2023 5.4% | Sep 2023 12% | Dec 2023 12% | Mar 2024 6.7% | Jun 2024 5.3% | Sep 2024 10% | Dec 2024 13% | Mar 2025 7.9% | Jun 2025 13% | Sep 2025 21% | Dec 2025 12% | Mar 2026 11%
- MOS: Jun 2021 11% | Sep 2021 9.9% | Dec 2021 9.5% | Mar 2022 7.4% | Jun 2022 4.9% | Sep 2022 6.6% | Dec 2022 7.6% | Mar 2023 8.9% | Jun 2023 9.1% | Sep 2023 12% | Dec 2023 11% | Mar 2024 14% | Jun 2024 12% | Sep 2024 8.6% | Dec 2024 10% | Mar 2025 13% | Jun 2025 10% | Sep 2025 11% | Dec 2025 12% | Mar 2026 12%
- ICL: Jun 2021 9.3% | Sep 2021 7.2% | Dec 2021 9.1% | Mar 2022 5.2% | Jun 2022 7.6% | Sep 2022 7.3% | Dec 2022 10% | Mar 2023 7.8% | Jun 2023 9.1% | Sep 2023 10% | Dec 2023 15% | Mar 2024 8.4% | Jun 2024 8.1% | Sep 2024 9.1% | Dec 2024 17% | Mar 2025 11% | Jun 2025 11% | Sep 2025 9.7% | Dec 2025 15% | Mar 2026 6.7%
- SMG: Jun 2021 — | Sep 2021 1.5% | Dec 2021 — | Mar 2022 8.1% | Jun 2022 1.2% | Sep 2022 2.8% | Dec 2022 5.7% | Mar 2023 — | Jun 2023 1.4% | Sep 2023 2.0% | Dec 2023 9.3% | Mar 2024 1.0% | Jun 2024 1.1% | Sep 2024 4.1% | Dec 2024 7.9% | Mar 2025 0.6% | Jun 2025 1.4% | Sep 2025 11% | Dec 2025 5.6% | Mar 2026 1.3%
- FMC: Jun 2021 1.8% | Sep 2021 2.5% | Dec 2021 1.7% | Mar 2022 3.7% | Jun 2022 1.6% | Sep 2022 2.5% | Dec 2022 2.1% | Mar 2023 3.5% | Jun 2023 2.9% | Sep 2023 3.4% | Dec 2023 2.2% | Mar 2024 2.3% | Jun 2024 1.0% | Sep 2024 1.5% | Dec 2024 1.8% | Mar 2025 4.0% | Jun 2025 1.4% | Sep 2025 4.4% | Dec 2025 2.4% | Mar 2026 2.2%
- DMC: Jun 2021 — | Sep 2021 3.2% | Dec 2021 1.3% | Mar 2022 — | Jun 2022 1.0% | Sep 2022 1.0% | Dec 2022 1.2% | Mar 2023 0.9% | Jun 2023 0.8% | Sep 2023 2.2% | Dec 2023 1.7% | Mar 2024 1.2% | Jun 2024 0.7% | Sep 2024 1.3% | Dec 2024 1.8% | Mar 2025 0.9% | Jun 2025 1.0% | Sep 2025 1.4% | Dec 2025 2.7% | Mar 2026 1.3%
- UAN: Jun 2021 1.4% | Sep 2021 3.4% | Dec 2021 5.3% | Mar 2022 3.6% | Jun 2022 2.5% | Sep 2022 13% | Dec 2022 5.2% | Mar 2023 1.3% | Jun 2023 2.2% | Sep 2023 4.6% | Dec 2023 7.0% | Mar 2024 6.3% | Jun 2024 4.5% | Sep 2024 3.2% | Dec 2024 13% | Mar 2025 7.0% | Jun 2025 3.6% | Sep 2025 7.3% | Dec 2025 18% | Mar 2026 9.4%
- GLAS: Jun 2021 5.3% | Sep 2021 559% | Dec 2021 61% | Mar 2022 108% | Jun 2022 50% | Sep 2022 11% | Dec 2022 15% | Mar 2023 3.6% | Jun 2023 0.0% | Sep 2023 10% | Dec 2023 15% | Mar 2024 6.7% | Jun 2024 7.4% | Sep 2024 1.6% | Dec 2024 5.7% | Mar 2025 16% | Jun 2025 15% | Sep 2025 24% | Dec 2025 5.1% | Mar 2026 9.8%
- IPI: Jun 2021 5.9% | Sep 2021 10% | Dec 2021 9.7% | Mar 2022 6.7% | Jun 2022 17% | Sep 2022 19% | Dec 2022 48% | Mar 2023 24% | Jun 2023 26% | Sep 2023 32% | Dec 2023 47% | Mar 2024 15% | Jun 2024 18% | Sep 2024 17% | Dec 2024 11% | Mar 2025 8.4% | Jun 2025 5.6% | Sep 2025 15% | Dec 2025 13% | Mar 2026 5.1%

## Debt Load & Balance-Sheet Headroom

What the numbers say: Intrepid Potash, Inc. has the clearest covered balance-sheet capacity with $95 million net cash and gross debt of $4 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Intrepid Potash, Inc. · $4 million | 94.7% versus #2 · Glass House Brands Inc. | 8/8 recent comparable periods | 11/11 companies · 215 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Intrepid Potash, Inc. (IPI): ₹4 Cr
2. Glass House Brands Inc. (GLAS): ₹75 Cr
3. CVR Partners, LP (UAN): ₹569 Cr
4. Del Monte Corporation (DMC): ₹629 Cr
5. The Scotts Miracle-Gro Company (SMG): ₹2.3K Cr

### Net debt — lowest net debt
1. Intrepid Potash, Inc. (IPI): ₹-95 Cr
2. Glass House Brands Inc. (GLAS): ₹51 Cr
3. CVR Partners, LP (UAN): ₹441 Cr
4. Del Monte Corporation (DMC): ₹563 Cr
5. Corteva, Inc. (CTVA): ₹1.4K Cr

### 20-quarter Gross debt history
- CTVA: Jun 2021 ₹1.8K Cr | Sep 2021 ₹2.5K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹5.0K Cr | Jun 2023 ₹5.3K Cr | Sep 2023 ₹5.9K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹4.6K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹5.7K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹4.4K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹3.4K Cr
- NTR: Jun 2021 ₹11.4K Cr | Sep 2021 ₹12.6K Cr | Dec 2021 ₹10.8K Cr | Mar 2022 ₹12.3K Cr | Jun 2022 ₹11.7K Cr | Sep 2022 ₹13.7K Cr | Dec 2022 ₹11.9K Cr | Mar 2023 ₹15.3K Cr | Jun 2023 ₹13.6K Cr | Sep 2023 ₹15.0K Cr | Dec 2023 ₹12.6K Cr | Mar 2024 ₹13.6K Cr | Jun 2024 ₹13.4K Cr | Sep 2024 ₹14.8K Cr | Dec 2024 ₹12.8K Cr | Mar 2025 ₹14.7K Cr | Jun 2025 ₹13.6K Cr | Sep 2025 ₹14.2K Cr | Dec 2025 ₹12.0K Cr | Mar 2026 ₹13.9K Cr
- CF: Jun 2021 ₹3.9K Cr | Sep 2021 ₹3.7K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹3.6K Cr
- MOS: Jun 2021 ₹4.5K Cr | Sep 2021 ₹4.0K Cr | Dec 2021 ₹4.3K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹4.2K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹4.6K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹4.2K Cr | Mar 2025 ₹4.6K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹4.6K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹5.5K Cr
- ICL: Jun 2021 ₹2.8K Cr | Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹3.2K Cr
- SMG: Jun 2021 — | Sep 2021 ₹2.2K Cr | Dec 2021 — | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 — | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.3K Cr
- FMC: Jun 2021 ₹3.8K Cr | Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.8K Cr | Jun 2022 ₹3.9K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹4.2K Cr | Jun 2023 ₹4.7K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹4.0K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹4.5K Cr
- DMC: Jun 2021 — | Sep 2021 ₹628 Cr | Dec 2021 ₹633 Cr | Mar 2022 — | Jun 2022 ₹738 Cr | Sep 2022 ₹640 Cr | Dec 2022 ₹737 Cr | Mar 2023 ₹679 Cr | Jun 2023 ₹609 Cr | Sep 2023 ₹603 Cr | Dec 2023 ₹598 Cr | Mar 2024 ₹586 Cr | Jun 2024 ₹464 Cr | Sep 2024 ₹446 Cr | Dec 2024 ₹411 Cr | Mar 2025 ₹405 Cr | Jun 2025 ₹372 Cr | Sep 2025 ₹335 Cr | Dec 2025 ₹349 Cr | Mar 2026 ₹629 Cr
- UAN: Jun 2021 ₹640 Cr | Sep 2021 ₹625 Cr | Dec 2021 ₹611 Cr | Mar 2022 ₹546 Cr | Jun 2022 ₹547 Cr | Sep 2022 ₹547 Cr | Dec 2022 ₹547 Cr | Mar 2023 ₹547 Cr | Jun 2023 ₹547 Cr | Sep 2023 ₹547 Cr | Dec 2023 ₹547 Cr | Mar 2024 ₹547 Cr | Jun 2024 ₹548 Cr | Sep 2024 ₹548 Cr | Dec 2024 ₹568 Cr | Mar 2025 ₹569 Cr | Jun 2025 ₹569 Cr | Sep 2025 ₹569 Cr | Dec 2025 ₹569 Cr | Mar 2026 ₹569 Cr
- GLAS: Jun 2021 ₹3 Cr | Sep 2021 ₹3 Cr | Dec 2021 ₹48 Cr | Mar 2022 ₹48 Cr | Jun 2022 ₹75 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹74 Cr | Mar 2023 ₹74 Cr | Jun 2023 ₹76 Cr | Sep 2023 ₹75 Cr | Dec 2023 ₹75 Cr | Mar 2024 ₹73 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹71 Cr | Dec 2024 ₹69 Cr | Mar 2025 ₹78 Cr | Jun 2025 ₹75 Cr | Sep 2025 ₹77 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹75 Cr
- IPI: Jun 2021 ₹31 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹4 Cr

### 20-quarter Net debt history
- CTVA: Jun 2021 ₹-1.1K Cr | Sep 2021 ₹-409 Cr | Dec 2021 ₹-3.4K Cr | Mar 2022 ₹-149 Cr | Jun 2022 ₹-660 Cr | Sep 2022 ₹535 Cr | Dec 2022 ₹-2.0K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹-253 Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹-466 Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹-2.0K Cr | Mar 2026 ₹1.4K Cr
- NTR: Jun 2021 ₹9.7K Cr | Sep 2021 ₹12.1K Cr | Dec 2021 ₹10.3K Cr | Mar 2022 ₹11.7K Cr | Jun 2022 ₹11.0K Cr | Sep 2022 ₹12.9K Cr | Dec 2022 ₹11.0K Cr | Mar 2023 ₹13.8K Cr | Jun 2023 ₹12.9K Cr | Sep 2023 ₹14.4K Cr | Dec 2023 ₹11.6K Cr | Mar 2024 ₹13.1K Cr | Jun 2024 ₹12.4K Cr | Sep 2024 ₹14.2K Cr | Dec 2024 ₹12.0K Cr | Mar 2025 ₹13.8K Cr | Jun 2025 ₹12.3K Cr | Sep 2025 ₹13.6K Cr | Dec 2025 ₹11.3K Cr | Mar 2026 ₹13.2K Cr
- CF: Jun 2021 ₹3.2K Cr | Sep 2021 ₹3.0K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹828 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹902 Cr | Mar 2023 ₹427 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.6K Cr
- MOS: Jun 2021 ₹3.0K Cr | Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹3.6K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹4.3K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹4.4K Cr | Dec 2025 ₹4.8K Cr | Mar 2026 ₹5.2K Cr
- ICL: Jun 2021 ₹2.3K Cr | Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.6K Cr
- SMG: Jun 2021 — | Sep 2021 ₹2.1K Cr | Dec 2021 — | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 — | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.3K Cr
- FMC: Jun 2021 ₹3.1K Cr | Sep 2021 ₹3.1K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹4.1K Cr
- DMC: Jun 2021 — | Sep 2021 ₹608 Cr | Dec 2021 ₹614 Cr | Mar 2022 — | Jun 2022 ₹713 Cr | Sep 2022 ₹624 Cr | Dec 2022 ₹720 Cr | Mar 2023 ₹643 Cr | Jun 2023 ₹565 Cr | Sep 2023 ₹525 Cr | Dec 2023 ₹564 Cr | Mar 2024 ₹544 Cr | Jun 2024 ₹426 Cr | Sep 2024 ₹395 Cr | Dec 2024 ₹378 Cr | Mar 2025 ₹371 Cr | Jun 2025 ₹286 Cr | Sep 2025 ₹238 Cr | Dec 2025 ₹313 Cr | Mar 2026 ₹563 Cr
- UAN: Jun 2021 ₹597 Cr | Sep 2021 ₹524 Cr | Dec 2021 ₹498 Cr | Mar 2022 ₹409 Cr | Jun 2022 ₹391 Cr | Sep 2022 ₹428 Cr | Dec 2022 ₹461 Cr | Mar 2023 ₹426 Cr | Jun 2023 ₹478 Cr | Sep 2023 ₹458 Cr | Dec 2023 ₹502 Cr | Mar 2024 ₹482 Cr | Jun 2024 ₹500 Cr | Sep 2024 ₹437 Cr | Dec 2024 ₹477 Cr | Mar 2025 ₹447 Cr | Jun 2025 ₹455 Cr | Sep 2025 ₹413 Cr | Dec 2025 ₹500 Cr | Mar 2026 ₹441 Cr
- GLAS: Jun 2021 ₹-131 Cr | Sep 2021 ₹-26 Cr | Dec 2021 ₹-3 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹61 Cr | Sep 2022 ₹58 Cr | Dec 2022 ₹63 Cr | Mar 2023 ₹61 Cr | Jun 2023 ₹56 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹51 Cr
- IPI: Jun 2021 ₹-22 Cr | Sep 2021 ₹-25 Cr | Dec 2021 ₹-34 Cr | Mar 2022 ₹-58 Cr | Jun 2022 ₹-60 Cr | Sep 2022 ₹-52 Cr | Dec 2022 ₹-22 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-18 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹-35 Cr | Jun 2024 ₹-52 Cr | Sep 2024 ₹-37 Cr | Dec 2024 ₹-39 Cr | Mar 2025 ₹-42 Cr | Jun 2025 ₹-82 Cr | Sep 2025 ₹-73 Cr | Dec 2025 ₹-81 Cr | Mar 2026 ₹-95 Cr

## Return On Capital Employed

What the numbers say: The Scotts Miracle-Gro Company leads ROCE at 17.2%, 10.6 percentage points above CF Industries Holdings, Inc.. The Scotts Miracle-Gro Company has the strongest latest improvement at +4.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: The Scotts Miracle-Gro Company sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: The Scotts Miracle-Gro Company · 17.2% | 160.6% versus #2 · CF Industries Holdings, Inc. | 6/8 recent comparable periods | 11/11 companies · 206 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. The Scotts Miracle-Gro Company (SMG): 17%
2. CF Industries Holdings, Inc. (CF): 6.6%
3. CVR Partners, LP (UAN): 6.3%
4. Corteva, Inc. (CTVA): 3.3%
5. ICL Group Ltd (ICL): 2.5%

### ROCE change — fastest improvers
1. The Scotts Miracle-Gro Company (SMG): +4.2 pp
2. CF Industries Holdings, Inc. (CF): +3.0 pp
3. CVR Partners, LP (UAN): +2.5 pp
4. Corteva, Inc. (CTVA): +0.7 pp
5. ICL Group Ltd (ICL): +0.5 pp

### 20-quarter ROCE history
- CTVA: Jun 2021 — | Sep 2021 -1.1% | Dec 2021 -0.2% | Mar 2022 2.1% | Jun 2022 3.8% | Sep 2022 -1.2% | Dec 2022 -0.1% | Mar 2023 2.7% | Jun 2023 3.9% | Sep 2023 -0.7% | Dec 2023 -0.5% | Mar 2024 1.9% | Jun 2024 4.6% | Sep 2024 -1.4% | Dec 2024 0.4% | Mar 2025 2.6% | Jun 2025 5.4% | Sep 2025 -1.0% | Dec 2025 0.7% | Mar 2026 3.3%
- NTR: Jun 2021 — | Sep 2021 2.7% | Dec 2021 4.8% | Mar 2022 5.2% | Jun 2022 13% | Sep 2022 5.6% | Dec 2022 4.3% | Mar 2023 2.4% | Jun 2023 2.9% | Sep 2023 1.2% | Dec 2023 0.7% | Mar 2024 1.1% | Jun 2024 2.7% | Sep 2024 0.6% | Dec 2024 1.0% | Mar 2025 0.6% | Jun 2025 4.4% | Sep 2025 1.9% | Dec 2025 1.5% | Mar 2026 0.9%
- CF: Jun 2021 — | Sep 2021 -0.9% | Dec 2021 10% | Mar 2022 15% | Jun 2022 15% | Sep 2022 6.6% | Dec 2022 10% | Mar 2023 6.9% | Jun 2023 5.8% | Sep 2023 2.0% | Dec 2023 3.3% | Mar 2024 2.4% | Jun 2024 4.9% | Sep 2024 2.9% | Dec 2024 3.4% | Mar 2025 3.6% | Jun 2025 5.0% | Sep 2025 4.5% | Dec 2025 4.8% | Mar 2026 6.6%
- MOS: Jun 2021 — | Sep 2021 4.2% | Dec 2021 5.7% | Mar 2022 7.2% | Jun 2022 9.4% | Sep 2022 6.4% | Dec 2022 4.0% | Mar 2023 3.0% | Jun 2023 2.0% | Sep 2023 0.8% | Dec 2023 1.5% | Mar 2024 0.9% | Jun 2024 1.3% | Sep 2024 0.6% | Dec 2024 0.5% | Mar 2025 1.8% | Jun 2025 1.3% | Sep 2025 1.7% | Dec 2025 -0.5% | Mar 2026 -1.9%
- ICL: Jun 2021 — | Sep 2021 4.1% | Dec 2021 5.8% | Mar 2022 11% | Jun 2022 14% | Sep 2022 11% | Dec 2022 6.1% | Mar 2023 5.1% | Jun 2023 3.3% | Sep 2023 2.5% | Dec 2023 1.6% | Mar 2024 2.2% | Jun 2024 2.3% | Sep 2024 2.4% | Dec 2024 1.6% | Mar 2025 2.0% | Jun 2025 1.9% | Sep 2025 2.5% | Dec 2025 -0.2% | Mar 2026 2.5%
- SMG: Jun 2021 — | Sep 2021 -1.2% | Dec 2021 — | Mar 2022 -1.0% | Jun 2022 9.3% | Sep 2022 -15% | Dec 2022 -1.1% | Mar 2023 — | Jun 2023 4.9% | Sep 2023 2.2% | Dec 2023 -1.4% | Mar 2024 8.4% | Jun 2024 6.9% | Sep 2024 -9.1% | Dec 2024 -1.7% | Mar 2025 13% | Jun 2025 8.7% | Sep 2025 -7.3% | Dec 2025 -1.0% | Mar 2026 17%
- FMC: Jun 2021 — | Sep 2021 3.0% | Dec 2021 3.7% | Mar 2022 4.3% | Jun 2022 3.3% | Sep 2022 3.0% | Dec 2022 5.4% | Mar 2023 4.3% | Jun 2023 1.8% | Sep 2023 1.4% | Dec 2023 0.2% | Mar 2024 1.0% | Jun 2024 0.8% | Sep 2024 1.7% | Dec 2024 2.7% | Mar 2025 0.7% | Jun 2025 1.5% | Sep 2025 -4.7% | Dec 2025 -20% | Mar 2026 -1.1%
- DMC: Jun 2021 — | Sep 2021 — | Dec 2021 0.0% | Mar 2022 — | Jun 2022 1.4% | Sep 2022 1.2% | Dec 2022 1.1% | Mar 2023 2.6% | Jun 2023 2.6% | Sep 2023 0.9% | Dec 2023 -4.1% | Mar 2024 1.6% | Jun 2024 2.5% | Sep 2024 2.0% | Dec 2024 1.2% | Mar 2025 1.7% | Jun 2025 2.6% | Sep 2025 -0.9% | Dec 2025 1.8% | Mar 2026 0.7%
- UAN: Jun 2021 — | Sep 2021 4.8% | Dec 2021 7.5% | Mar 2022 11% | Jun 2022 13% | Sep 2022 -1.3% | Dec 2022 11% | Mar 2023 11% | Jun 2023 6.8% | Sep 2023 0.9% | Dec 2023 1.8% | Mar 2024 2.1% | Jun 2024 3.6% | Sep 2024 1.2% | Dec 2024 2.8% | Mar 2025 3.8% | Jun 2025 5.1% | Sep 2025 5.6% | Dec 2025 -0.3% | Mar 2026 6.3%
- GLAS: Jun 2021 -1.5% | Sep 2021 -5.3% | Dec 2021 -13% | Mar 2022 -20% | Jun 2022 -25% | Sep 2022 -20% | Dec 2022 -17% | Mar 2023 -15% | Jun 2023 -8.2% | Sep 2023 -2.3% | Dec 2023 1.5% | Mar 2024 -0.4% | Jun 2024 -0.1% | Sep 2024 3.7% | Dec 2024 4.9% | Mar 2025 7.2% | Jun 2025 8.7% | Sep 2025 0.5% | Dec 2025 -4.9% | Mar 2026 -9.4%
- IPI: Jun 2021 — | Sep 2021 0.9% | Dec 2021 2.6% | Mar 2022 6.6% | Jun 2022 5.0% | Sep 2022 2.8% | Dec 2022 0.9% | Mar 2023 0.7% | Jun 2023 0.9% | Sep 2023 -1.2% | Dec 2023 -6.5% | Mar 2024 -0.6% | Jun 2024 -0.2% | Sep 2024 -0.3% | Dec 2024 -1.8% | Mar 2025 0.6% | Jun 2025 0.5% | Sep 2025 0.5% | Dec 2025 -0.2% | Mar 2026 1.1%

### 20-quarter ROCE change history
- CTVA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +0.1 pp | Mar 2023 +0.6 pp | Jun 2023 +0.1 pp | Sep 2023 +0.5 pp | Dec 2023 −0.4 pp | Mar 2024 −0.8 pp | Jun 2024 +0.7 pp | Sep 2024 −0.7 pp | Dec 2024 +0.9 pp | Mar 2025 +0.7 pp | Jun 2025 +0.8 pp | Sep 2025 +0.4 pp | Dec 2025 +0.3 pp | Mar 2026 +0.7 pp
- NTR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.9 pp | Dec 2022 −0.5 pp | Mar 2023 −2.8 pp | Jun 2023 −9.6 pp | Sep 2023 −4.4 pp | Dec 2023 −3.6 pp | Mar 2024 −1.3 pp | Jun 2024 −0.2 pp | Sep 2024 −0.6 pp | Dec 2024 +0.3 pp | Mar 2025 −0.5 pp | Jun 2025 +1.7 pp | Sep 2025 +1.3 pp | Dec 2025 +0.5 pp | Mar 2026 +0.3 pp
- CF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.5 pp | Dec 2022 +0.2 pp | Mar 2023 −7.7 pp | Jun 2023 −9.2 pp | Sep 2023 −4.6 pp | Dec 2023 −7.1 pp | Mar 2024 −4.5 pp | Jun 2024 −0.9 pp | Sep 2024 +0.9 pp | Dec 2024 +0.1 pp | Mar 2025 +1.2 pp | Jun 2025 +0.1 pp | Sep 2025 +1.6 pp | Dec 2025 +1.4 pp | Mar 2026 +3.0 pp
- MOS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.2 pp | Dec 2022 −1.7 pp | Mar 2023 −4.2 pp | Jun 2023 −7.4 pp | Sep 2023 −5.6 pp | Dec 2023 −2.5 pp | Mar 2024 −2.1 pp | Jun 2024 −0.7 pp | Sep 2024 −0.2 pp | Dec 2024 −1.0 pp | Mar 2025 +0.9 pp | Jun 2025 0.0 pp | Sep 2025 +1.1 pp | Dec 2025 −1.0 pp | Mar 2026 −3.7 pp
- ICL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.7 pp | Dec 2022 +0.3 pp | Mar 2023 −5.8 pp | Jun 2023 −10.2 pp | Sep 2023 −8.3 pp | Dec 2023 −4.5 pp | Mar 2024 −2.9 pp | Jun 2024 −1.0 pp | Sep 2024 −0.1 pp | Dec 2024 0.0 pp | Mar 2025 −0.2 pp | Jun 2025 −0.4 pp | Sep 2025 +0.1 pp | Dec 2025 −1.8 pp | Mar 2026 +0.5 pp
- SMG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −13.8 pp | Dec 2022 — | Mar 2023 — | Jun 2023 −4.4 pp | Sep 2023 +17.2 pp | Dec 2023 −0.3 pp | Mar 2024 — | Jun 2024 +2.0 pp | Sep 2024 −11.3 pp | Dec 2024 −0.3 pp | Mar 2025 +4.6 pp | Jun 2025 +1.8 pp | Sep 2025 +1.8 pp | Dec 2025 +0.7 pp | Mar 2026 +4.2 pp
- FMC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +1.7 pp | Mar 2023 0.0 pp | Jun 2023 −1.5 pp | Sep 2023 −1.6 pp | Dec 2023 −5.2 pp | Mar 2024 −3.3 pp | Jun 2024 −1.0 pp | Sep 2024 +0.3 pp | Dec 2024 +2.5 pp | Mar 2025 −0.3 pp | Jun 2025 +0.7 pp | Sep 2025 −6.4 pp | Dec 2025 −22.2 pp | Mar 2026 −1.8 pp
- DMC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.1 pp | Mar 2023 — | Jun 2023 +1.2 pp | Sep 2023 −0.3 pp | Dec 2023 −5.2 pp | Mar 2024 −1.0 pp | Jun 2024 −0.1 pp | Sep 2024 +1.1 pp | Dec 2024 +5.3 pp | Mar 2025 +0.1 pp | Jun 2025 +0.1 pp | Sep 2025 −2.9 pp | Dec 2025 +0.6 pp | Mar 2026 −1.0 pp
- UAN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.1 pp | Dec 2022 +3.0 pp | Mar 2023 +0.1 pp | Jun 2023 −6.0 pp | Sep 2023 +2.2 pp | Dec 2023 −8.7 pp | Mar 2024 −9.2 pp | Jun 2024 −3.2 pp | Sep 2024 +0.3 pp | Dec 2024 +1.0 pp | Mar 2025 +1.7 pp | Jun 2025 +1.5 pp | Sep 2025 +4.4 pp | Dec 2025 −3.1 pp | Mar 2026 +2.5 pp
- GLAS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −23.6 pp | Sep 2022 −14.6 pp | Dec 2022 −3.5 pp | Mar 2023 +4.2 pp | Jun 2023 +16.9 pp | Sep 2023 +17.6 pp | Dec 2023 +18.0 pp | Mar 2024 +15.0 pp | Jun 2024 +8.1 pp | Sep 2024 +6.0 pp | Dec 2024 +3.4 pp | Mar 2025 +7.6 pp | Jun 2025 +8.8 pp | Sep 2025 −3.2 pp | Dec 2025 −9.8 pp | Mar 2026 −16.6 pp
- IPI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.9 pp | Dec 2022 −1.7 pp | Mar 2023 −5.9 pp | Jun 2023 −4.1 pp | Sep 2023 −4.0 pp | Dec 2023 −7.4 pp | Mar 2024 −1.3 pp | Jun 2024 −1.1 pp | Sep 2024 +0.9 pp | Dec 2024 +4.7 pp | Mar 2025 +1.2 pp | Jun 2025 +0.7 pp | Sep 2025 +0.8 pp | Dec 2025 +1.6 pp | Mar 2026 +0.5 pp

## Valuation Against Growth & Quality

What the numbers say: CVR Partners, LP has the lowest comparable Guarded PEG at 0.06×, 45.5% below ICL Group Ltd. Only 4 of 11 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: CVR Partners, LP · 0.06× | 45.5% versus #2 · ICL Group Ltd | 0/8 recent comparable periods | 4/11 companies · 9 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. CVR Partners, LP (UAN): 0.1
2. ICL Group Ltd (ICL): 0.1
3. CF Industries Holdings, Inc. (CF): 0.3
4. The Mosaic Company (MOS): 0.4

### P/E — lowest P/E
1. Glass House Brands Inc. (GLAS): -46.2
2. CVR Partners, LP (UAN): 11.0
3. CF Industries Holdings, Inc. (CF): 11.7
4. Nutrien Ltd. (NTR): 16.3
5. ICL Group Ltd (ICL): 25.9

### 20-quarter Guarded PEG history
- CF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.4 | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.3
- MOS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ICL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- FMC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.1 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- UAN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- CTVA: Jun 2021 — | Sep 2021 19.0 | Dec 2021 20.0 | Mar 2022 24.5 | Jun 2022 22.8 | Sep 2022 30.6 | Dec 2022 37.2 | Mar 2023 37.0 | Jun 2023 44.1 | Sep 2023 39.1 | Dec 2023 46.5 | Mar 2024 80.1 | Jun 2024 43.9 | Sep 2024 63.9 | Dec 2024 43.8 | Mar 2025 38.4 | Jun 2025 36.4 | Sep 2025 28.9 | Dec 2025 41.9 | Mar 2026 49.2
- NTR: Jun 2021 — | Sep 2021 16.4 | Dec 2021 13.6 | Mar 2022 13.4 | Jun 2022 6.5 | Sep 2022 5.9 | Dec 2022 5.2 | Mar 2023 5.8 | Jun 2023 8.3 | Sep 2023 14.3 | Dec 2023 22.3 | Mar 2024 31.8 | Jun 2024 31.8 | Sep 2024 32.5 | Dec 2024 32.9 | Mar 2025 46.9 | Jun 2025 21.0 | Sep 2025 17.1 | Dec 2025 13.2 | Mar 2026 16.3
- CF: Jun 2021 — | Sep 2021 40.5 | Dec 2021 16.7 | Mar 2022 13.3 | Jun 2022 7.0 | Sep 2022 6.3 | Dec 2022 5.2 | Mar 2023 4.9 | Jun 2023 5.8 | Sep 2023 8.0 | Dec 2023 10.1 | Mar 2024 13.8 | Jun 2024 13.2 | Sep 2024 13.6 | Dec 2024 12.7 | Mar 2025 10.3 | Jun 2025 12.0 | Sep 2025 10.8 | Dec 2025 8.6 | Mar 2026 11.7
- MOS: Jun 2021 — | Sep 2021 7.6 | Dec 2021 9.2 | Mar 2022 9.5 | Jun 2022 5.4 | Sep 2022 4.7 | Dec 2022 4.4 | Mar 2023 5.7 | Jun 2023 5.5 | Sep 2023 9.1 | Dec 2023 10.2 | Mar 2024 13.8 | Jun 2024 39.1 | Sep 2024 23.7 | Dec 2024 44.7 | Mar 2025 23.3 | Jun 2025 12.4 | Sep 2025 9.0 | Dec 2025 14.2 | Mar 2026 196.2
- ICL: Jun 2021 — | Sep 2021 16.5 | Dec 2021 16.1 | Mar 2022 12.3 | Jun 2022 6.9 | Sep 2022 5.0 | Dec 2022 4.4 | Mar 2023 4.9 | Jun 2023 5.0 | Sep 2023 7.8 | Dec 2023 10.0 | Mar 2024 14.5 | Jun 2024 13.0 | Sep 2024 13.7 | Dec 2024 15.4 | Mar 2025 18.4 | Jun 2025 23.7 | Sep 2025 21.5 | Dec 2025 31.7 | Mar 2026 25.9
- SMG: Jun 2021 — | Sep 2021 16.3 | Dec 2021 — | Mar 2022 21.2 | Jun 2022 17.9 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 109.5 | Jun 2025 86.5 | Sep 2025 23.1 | Dec 2025 39.4 | Mar 2026 33.9
- FMC: Jun 2021 — | Sep 2021 19.9 | Dec 2021 17.6 | Mar 2022 21.4 | Jun 2022 18.7 | Sep 2022 19.7 | Dec 2022 19.0 | Mar 2023 21.0 | Jun 2023 20.5 | Sep 2023 16.1 | Dec 2023 6.0 | Mar 2024 6.9 | Jun 2024 5.2 | Sep 2024 5.7 | Dec 2024 17.9 | Mar 2025 16.1 | Jun 2025 52.2 | Sep 2025 — | Dec 2025 — | Mar 2026 —
- DMC: Jun 2021 — | Sep 2021 — | Dec 2021 16.8 | Mar 2022 — | Jun 2022 20.1 | Sep 2022 39.5 | Dec 2022 12.7 | Mar 2023 13.0 | Jun 2023 9.0 | Sep 2023 11.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 88.7 | Dec 2024 11.2 | Mar 2025 9.9 | Jun 2025 10.3 | Sep 2025 21.5 | Dec 2025 19.1 | Mar 2026 28.9
- UAN: Jun 2021 — | Sep 2021 1,742.5 | Dec 2021 11.3 | Mar 2022 7.5 | Jun 2022 3.5 | Sep 2022 4.8 | Dec 2022 3.7 | Mar 2023 3.2 | Jun 2023 3.6 | Sep 2023 3.4 | Dec 2023 4.0 | Mar 2024 10.0 | Jun 2024 16.2 | Sep 2024 13.5 | Dec 2024 13.2 | Mar 2025 10.5 | Jun 2025 10.7 | Sep 2025 7.5 | Dec 2025 11.0 | Mar 2026 11.0
- GLAS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -2.9 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -7.7 | Sep 2024 — | Dec 2024 -28.8 | Mar 2025 — | Jun 2025 -46.2 | Sep 2025 — | Dec 2025 — | Mar 2026 —
- IPI: Jun 2021 — | Sep 2021 16.4 | Dec 2021 2.3 | Mar 2022 4.0 | Jun 2022 2.2 | Sep 2022 1.8 | Dec 2022 5.4 | Mar 2023 8.2 | Jun 2023 11.6 | Sep 2023 59.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 32.6 | Mar 2026 40.4

## Enterprise Value & Book Value

What the numbers say: CF Industries Holdings, Inc. leads ev/ebitda at 6.76×; The Mosaic Company leads p/bv at 0.69×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: CF Industries Holdings, Inc. · 6.76× | 10.6% versus #2 · CVR Partners, LP | 0/8 recent comparable periods | 11/11 companies · 183 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. CF Industries Holdings, Inc. (CF): 6.8
2. CVR Partners, LP (UAN): 7.6
3. ICL Group Ltd (ICL): 7.6
4. Nutrien Ltd. (NTR): 8.3
5. Intrepid Potash, Inc. (IPI): 9.1

### P/BV — lowest P/BV
1. The Mosaic Company (MOS): 0.7
2. Del Monte Corporation (DMC): 1.0
3. ICL Group Ltd (ICL): 1.1
4. Intrepid Potash, Inc. (IPI): 1.1
5. FMC Corporation (FMC): 1.2

### 20-quarter EV/EBITDA history
- CTVA: Jun 2021 — | Sep 2021 13.9 | Dec 2021 13.7 | Mar 2022 16.7 | Jun 2022 14.2 | Sep 2022 15.2 | Dec 2022 14.4 | Mar 2023 15.7 | Jun 2023 14.7 | Sep 2023 12.7 | Dec 2023 11.3 | Mar 2024 15.8 | Jun 2024 13.6 | Sep 2024 16.0 | Dec 2024 12.8 | Mar 2025 14.1 | Jun 2025 15.3 | Sep 2025 13.3 | Dec 2025 11.9 | Mar 2026 14.8
- NTR: Jun 2021 — | Sep 2021 9.3 | Dec 2021 7.8 | Mar 2022 8.2 | Jun 2022 4.8 | Sep 2022 4.4 | Dec 2022 3.8 | Mar 2023 4.6 | Jun 2023 5.0 | Sep 2023 7.1 | Dec 2023 7.9 | Mar 2024 7.4 | Jun 2024 7.2 | Sep 2024 8.6 | Dec 2024 7.5 | Mar 2025 7.9 | Jun 2025 8.1 | Sep 2025 7.5 | Dec 2025 7.1 | Mar 2026 8.3
- CF: Jun 2021 — | Sep 2021 22.5 | Dec 2021 7.8 | Mar 2022 31.9 | Jun 2022 27.4 | Sep 2022 3.6 | Dec 2022 3.3 | Mar 2023 3.2 | Jun 2023 3.7 | Sep 2023 4.9 | Dec 2023 6.1 | Mar 2024 7.4 | Jun 2024 6.9 | Sep 2024 7.1 | Dec 2024 7.0 | Mar 2025 6.2 | Jun 2025 6.9 | Sep 2025 6.2 | Dec 2025 5.2 | Mar 2026 6.8
- MOS: Jun 2021 — | Sep 2021 6.5 | Dec 2021 5.5 | Mar 2022 6.6 | Jun 2022 3.6 | Sep 2022 3.4 | Dec 2022 3.1 | Mar 2023 3.8 | Jun 2023 4.0 | Sep 2023 5.5 | Dec 2023 6.6 | Mar 2024 7.6 | Jun 2024 7.2 | Sep 2024 6.9 | Dec 2024 7.2 | Mar 2025 7.2 | Jun 2025 8.7 | Sep 2025 7.5 | Dec 2025 6.7 | Mar 2026 10.9
- ICL: Jun 2021 — | Sep 2021 9.4 | Dec 2021 8.9 | Mar 2022 7.5 | Jun 2022 4.3 | Sep 2022 3.3 | Dec 2022 3.0 | Mar 2023 3.2 | Jun 2023 3.5 | Sep 2023 4.6 | Dec 2023 5.3 | Mar 2024 6.5 | Jun 2024 5.8 | Sep 2024 5.4 | Dec 2024 6.3 | Mar 2025 7.2 | Jun 2025 8.7 | Sep 2025 7.8 | Dec 2025 8.3 | Mar 2026 7.6
- SMG: Jun 2021 — | Sep 2021 12.5 | Dec 2021 — | Mar 2022 16.1 | Jun 2022 15.1 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 57.3 | Dec 2023 — | Mar 2024 — | Jun 2024 64.5 | Sep 2024 24.6 | Dec 2024 22.4 | Mar 2025 15.6 | Jun 2025 15.6 | Sep 2025 12.4 | Dec 2025 12.6 | Mar 2026 11.4
- FMC: Jun 2021 — | Sep 2021 13.6 | Dec 2021 13.7 | Mar 2022 16.0 | Jun 2022 14.0 | Sep 2022 13.9 | Dec 2022 14.0 | Mar 2023 14.4 | Jun 2023 13.8 | Sep 2023 10.9 | Dec 2023 15.6 | Mar 2024 23.3 | Jun 2024 25.0 | Sep 2024 25.4 | Dec 2024 13.3 | Mar 2025 13.5 | Jun 2025 12.3 | Sep 2025 42.1 | Dec 2025 — | Mar 2026 —
- DMC: Jun 2021 — | Sep 2021 — | Dec 2021 10.3 | Mar 2022 — | Jun 2022 10.9 | Sep 2022 13.2 | Dec 2022 8.2 | Mar 2023 7.7 | Jun 2023 5.7 | Sep 2023 6.2 | Dec 2023 12.8 | Mar 2024 16.2 | Jun 2024 14.2 | Sep 2024 13.8 | Dec 2024 7.2 | Mar 2025 6.7 | Jun 2025 6.8 | Sep 2025 9.8 | Dec 2025 9.7 | Mar 2026 14.1
- UAN: Jun 2021 — | Sep 2021 9.5 | Dec 2021 6.6 | Mar 2022 5.7 | Jun 2022 3.4 | Sep 2022 4.4 | Dec 2022 3.8 | Mar 2023 3.4 | Jun 2023 3.9 | Sep 2023 3.7 | Dec 2023 4.3 | Mar 2024 6.7 | Jun 2024 8.0 | Sep 2024 6.9 | Dec 2024 7.2 | Mar 2025 6.5 | Jun 2025 6.8 | Sep 2025 5.7 | Dec 2025 7.5 | Mar 2026 7.6
- GLAS: Jun 2021 3,232.1 | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 49.7 | Dec 2023 24.1 | Mar 2024 — | Jun 2024 43.3 | Sep 2024 33.7 | Dec 2024 19.7 | Mar 2025 13.4 | Jun 2025 13.9 | Sep 2025 — | Dec 2025 — | Mar 2026 —
- IPI: Jun 2021 — | Sep 2021 7.2 | Dec 2021 7.8 | Mar 2022 9.8 | Jun 2022 4.3 | Sep 2022 3.4 | Dec 2022 2.6 | Mar 2023 3.6 | Jun 2023 3.8 | Sep 2023 6.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 13.9 | Mar 2025 13.0 | Jun 2025 12.0 | Sep 2025 8.6 | Dec 2025 5.6 | Mar 2026 9.1

### 20-quarter P/BV history
- CTVA: Jun 2021 — | Sep 2021 1.2 | Dec 2021 1.4 | Mar 2022 1.6 | Jun 2022 1.5 | Sep 2022 1.7 | Dec 2022 1.7 | Mar 2023 1.7 | Jun 2023 1.6 | Sep 2023 1.4 | Dec 2023 1.3 | Mar 2024 1.6 | Jun 2024 1.5 | Sep 2024 1.6 | Dec 2024 1.6 | Mar 2025 1.8 | Jun 2025 2.0 | Sep 2025 1.8 | Dec 2025 1.9 | Mar 2026 2.3
- NTR: Jun 2021 — | Sep 2021 1.6 | Dec 2021 1.8 | Mar 2022 2.3 | Jun 2022 1.6 | Sep 2022 1.7 | Dec 2022 1.4 | Mar 2023 1.5 | Jun 2023 1.2 | Sep 2023 1.2 | Dec 2023 1.1 | Mar 2024 1.1 | Jun 2024 1.0 | Sep 2024 1.0 | Dec 2024 0.9 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 1.1 | Dec 2025 1.2 | Mar 2026 1.4
- CF: Jun 2021 — | Sep 2021 4.1 | Dec 2021 4.6 | Mar 2022 5.4 | Jun 2022 3.8 | Sep 2022 4.3 | Dec 2022 3.3 | Mar 2023 2.6 | Jun 2023 2.3 | Sep 2023 2.9 | Dec 2023 2.6 | Mar 2024 2.8 | Jun 2024 2.5 | Sep 2024 2.9 | Dec 2024 2.9 | Mar 2025 2.7 | Jun 2025 3.0 | Sep 2025 2.9 | Dec 2025 2.5 | Mar 2026 3.7
- MOS: Jun 2021 — | Sep 2021 1.3 | Dec 2021 1.4 | Mar 2022 2.1 | Jun 2022 1.4 | Sep 2022 1.4 | Dec 2022 1.2 | Mar 2023 1.3 | Jun 2023 0.9 | Sep 2023 1.0 | Dec 2023 0.9 | Mar 2024 0.9 | Jun 2024 0.8 | Sep 2024 0.7 | Dec 2024 0.7 | Mar 2025 0.7 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 0.6 | Mar 2026 0.7
- ICL: Jun 2021 — | Sep 2021 2.2 | Dec 2021 2.8 | Mar 2022 3.1 | Jun 2022 2.3 | Sep 2022 2.0 | Dec 2022 1.7 | Mar 2023 1.6 | Jun 2023 1.3 | Sep 2023 1.3 | Dec 2023 1.1 | Mar 2024 1.2 | Jun 2024 1.0 | Sep 2024 0.9 | Dec 2024 1.1 | Mar 2025 1.3 | Jun 2025 1.5 | Sep 2025 1.3 | Dec 2025 1.2 | Mar 2026 1.1
- SMG: Jun 2021 — | Sep 2021 8.0 | Dec 2021 — | Mar 2022 10.7 | Jun 2022 7.2 | Sep 2022 10.6 | Dec 2022 45.7 | Mar 2023 — | Jun 2023 28.4 | Sep 2023 26.1 | Dec 2023 -9.4 | Mar 2024 -16.9 | Jun 2024 -25.3 | Sep 2024 -12.7 | Dec 2024 -7.9 | Mar 2025 -10.9 | Jun 2025 -22.2 | Sep 2025 -9.2 | Dec 2025 -6.7 | Mar 2026 -12.3
- FMC: Jun 2021 — | Sep 2021 3.8 | Dec 2021 4.4 | Mar 2022 5.4 | Jun 2022 4.3 | Sep 2022 4.2 | Dec 2022 4.6 | Mar 2023 4.4 | Jun 2023 3.9 | Sep 2023 2.5 | Dec 2023 1.8 | Mar 2024 1.8 | Jun 2024 1.6 | Sep 2024 1.8 | Dec 2024 1.4 | Mar 2025 1.2 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 0.8 | Mar 2026 1.2
- DMC: Jun 2021 — | Sep 2021 — | Dec 2021 0.9 | Mar 2022 — | Jun 2022 0.7 | Sep 2022 0.8 | Dec 2022 0.7 | Mar 2023 0.7 | Jun 2023 0.6 | Sep 2023 0.6 | Dec 2023 0.7 | Mar 2024 0.7 | Jun 2024 0.5 | Sep 2024 0.7 | Dec 2024 0.8 | Mar 2025 0.7 | Jun 2025 0.8 | Sep 2025 0.8 | Dec 2025 0.8 | Mar 2026 1.0
- UAN: Jun 2021 — | Sep 2021 2.4 | Dec 2021 2.6 | Mar 2022 4.0 | Jun 2022 2.3 | Sep 2022 3.6 | Dec 2022 2.6 | Mar 2023 2.3 | Jun 2023 2.4 | Sep 2023 2.8 | Dec 2023 2.3 | Mar 2024 2.8 | Jun 2024 2.6 | Sep 2024 2.5 | Dec 2024 2.7 | Mar 2025 2.6 | Jun 2025 3.0 | Sep 2025 3.0 | Dec 2025 4.1 | Mar 2026 4.3
- GLAS: Jun 2021 4.0 | Sep 2021 1.3 | Dec 2021 1.2 | Mar 2022 1.7 | Jun 2022 1.1 | Sep 2022 0.7 | Dec 2022 0.6 | Mar 2023 1.0 | Jun 2023 1.5 | Sep 2023 1.9 | Dec 2023 2.3 | Mar 2024 4.5 | Jun 2024 3.5 | Sep 2024 4.7 | Dec 2024 2.7 | Mar 2025 2.2 | Jun 2025 2.5 | Sep 2025 3.3 | Dec 2025 4.1 | Mar 2026 3.9
- IPI: Jun 2021 — | Sep 2021 0.9 | Dec 2021 0.9 | Mar 2022 1.6 | Jun 2022 0.8 | Sep 2022 0.7 | Dec 2022 0.5 | Mar 2023 0.5 | Jun 2023 0.4 | Sep 2023 0.5 | Dec 2023 0.5 | Mar 2024 0.4 | Jun 2024 0.4 | Sep 2024 0.5 | Dec 2024 0.6 | Mar 2025 0.8 | Jun 2025 1.0 | Sep 2025 0.8 | Dec 2025 0.7 | Mar 2026 1.1

## Market action

Glass House Brands Inc. has the strongest one-year price move in Agricultural Inputs at +78.2%. CF Industries Holdings, Inc. leads on Mansfield relative strength against the S&P 500 at +15%. 5 of 11 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Glass House Brands Inc. (GLAS): 78%
2. CF Industries Holdings, Inc. (CF): 34%
3. CVR Partners, LP (UAN): 27%
4. Corteva, Inc. (CTVA): 25%
5. Nutrien Ltd. (NTR): 19%

### Strongest relative strength versus NIFTY 500
1. CF Industries Holdings, Inc. (CF): 15%
2. Corteva, Inc. (CTVA): 11%
3. The Scotts Miracle-Gro Company (SMG): 11%
4. Glass House Brands Inc. (GLAS): 5.4%
5. CVR Partners, LP (UAN): 5.2%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- Corteva, Inc. (CTVA) — market value ₹59.5K Cr; latest fundamentals Mar 2026
- Nutrien Ltd. (NTR) — market value ₹32.4K Cr; latest fundamentals Mar 2026
- CF Industries Holdings, Inc. (CF) — market value ₹18.9K Cr; latest fundamentals Mar 2026
- The Mosaic Company (MOS) — market value ₹7.3K Cr; latest fundamentals Mar 2026
- ICL Group Ltd (ICL) — market value ₹6.8K Cr; latest fundamentals Mar 2026
- The Scotts Miracle-Gro Company (SMG) — market value ₹4.3K Cr; latest fundamentals Mar 2026
- FMC Corporation (FMC) — market value ₹1.4K Cr; latest fundamentals Mar 2026
- Del Monte Corporation (DMC) — market value ₹1.4K Cr; latest fundamentals Mar 2026
- CVR Partners, LP (UAN) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- Glass House Brands Inc. (GLAS) — market value ₹841 Cr; latest fundamentals Mar 2026
- Intrepid Potash, Inc. (IPI) — market value ₹465 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Agricultural Inputs company is the biggest?

Nutrien Ltd. is the largest, with trailing-twelve-month revenue of $27,831 million, ahead of Corteva, Inc. at $17,889 million. That covers 11 of 11 companies with comparable reporting through Mar 2026.

### Which Agricultural Inputs company is growing fastest?

CF Industries Holdings, Inc. has the fastest revenue growth at 20.9% year on year, across 11 of 11 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Agricultural Inputs company has the best profit margins?

CF Industries Holdings, Inc. has the highest operating margin at 43.5%, from 11 of 11 comparable companies. CF Industries Holdings, Inc. shows the biggest recent improvement, at +16.1 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Agricultural Inputs company makes the most profit?

Nutrien Ltd. earns the most, at $2,417 million of trailing-twelve-month net profit, from 11 of 11 comparable companies. Nutrien Ltd. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Agricultural Inputs company earns the highest return on capital?

The Scotts Miracle-Gro Company leads on return on capital employed at 17.2%, across 11 of 11 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Agricultural Inputs stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — CVR Partners, LP screens cheapest at 0.06×. Only 4 of 11 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Agricultural Inputs company has the strongest balance sheet?

Intrepid Potash, Inc. carries the lowest comparable gross debt at $4 million, from 11 of 11 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Agricultural Inputs company is investing most in new capacity?

The Mosaic Company reports the largest capital spending at $357 million, across 11 of 11 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Agricultural Inputs sector beating the market?

Agricultural Inputs has underperformed S&P 500 by 11.7% over the last 52 weeks and 7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 5 of 11 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Agricultural Inputs stock has the strongest price momentum?

CF Industries Holdings, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Agricultural Inputs company scores highest for research priority?

CF Industries Holdings, Inc. scores 79.3 out of 100 with 86.2% evidence confidence, from 30.4 points on growth and earnings, 16.6 on capital efficiency, 15.9 on valuation and 16.4 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Agricultural Inputs companies does this comparison cover, and over what period?

It compares 11 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Agricultural Inputs sector?

The 11 Agricultural Inputs companies on this page carry $134,437 million of combined market value. Corteva, Inc. is the largest at $59,492 million, about 44% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Agricultural Inputs sector's P/E ratio?

The median price-to-earnings ratio across the 11 Agricultural Inputs companies on this page is 33.9×, measured on the 10 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Agricultural Inputs sector performing?

5 of the 11 covered Agricultural Inputs companies are beating S&P 500 on Mansfield relative strength. The sector itself is 11.7% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Agricultural Inputs stocks are listed in the US?

This comparison covers 11 listed Agricultural Inputs companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Mar 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/agricultural-inputs