ICL
ICL Group Ltd
ICL's fundamentals are mixed: revenue grew 11%, but free cash flow fell 34%. At 19x earnings, it's trading in line with its usual 18x. Analysts expect earnings growth.
ICL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Under pressure | |
| Stable |
ICL's revenue is currently healthy, and its profitability and balance sheet are stable, but its cash flow is under pressure.
ICL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.3x | $1.51 | -67% |
| Forward | 11x | $4.59 | — |
| Fair | 18x | $4.24 | -7.6% |
| Current | 19x | $4.59 | — |
| Expensive | 31x | $7.55 | +64% |
Historical ranges are pointers, not guarantees.
ICL's PE is in its fair range at 19x. If earnings grow as analysts expect, today's price would be 11x next year's earnings.
ICL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for ICL, with profitability holding steady.
ICL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.42 | +76% |
| Q2 2026 | $0.24 | -17% |
| Q1 2026 | $0.20 | -35% |
| Q4 2025 | $0.17 | -47% |
| Q3 2025 | $0.29 | -9.4% |
| Q2 2025 | $0.29 | -12% |
| Q1 2025 | $0.31 | -14% |
| Q4 2024 | $0.32 | -33% |
| Q3 2024 | $0.32 | -53% |
ICL's earnings per share have fallen from their peak: $0.24 over the past year, against $1.67 in late 2022.
ICL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $2.1B | +17% |
| Q1 2026 | $2B | +14% |
| Q4 2025 | $1.7B | +6.2% |
| Q3 2025 | $1.9B | +5.7% |
| Q2 2025 | $1.8B | +4.6% |
| Q1 2025 | $1.8B | +1.8% |
| Q4 2024 | $1.6B | -5.3% |
| Q3 2024 | $1.8B | -5.9% |
ICL's revenue is recovering but still below its 2022 peak: $2.1B last quarter, up 17% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 13% | +2.2 points |
| Q1 2026 | 12% | +1.1 points |
| Q4 2025 | 5.8% | -3.4 points |
| Q3 2025 | 12% | +0.2 points |
| Q2 2025 | 10% | -1.7 points |
| Q1 2025 | 10% | -1.2 points |
| Q4 2024 | 9.2% | +0.4 points |
| Q3 2024 | 12% | 0 points |
ICL's operating margin was 13% last quarter, up 2.2 points from the same quarter a year ago.
ICL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $93M | +39% |
| Q1 2026 | $45M | +$70M |
| Q4 2025 | $25M | -83% |
| Q3 2025 | $128M | -49% |
| Q2 2025 | $67M | -61% |
| Q1 2025 | -$25M | -117% |
| Q4 2024 | $146.9M | -8.2% |
| Q3 2024 | $249M | +6% |
ICL still generates free cash flow, though less than at its 2022 peak: $291M over the past year.
ICL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +23K shares |
| 1 year | -0.1% | -1.4M shares |
| 3 years | 0% | -92K shares |
| 5 years | +0.4% | +5M shares |
| Available history | +0.5% | +7M shares |
ICL has 1.3B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
ICL hasn't bought back shares in the past year.
ICL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 1.9x | Healthy |
| Q1 2026 | 2.0x | Moderate |
| Q4 2025 | 1.9x | Healthy |
| Q3 2025 | 1.6x | Healthy |
| Q2 2025 | 1.6x | Healthy |
| Q1 2025 | 1.5x | Healthy |
| Q4 2024 | 1.4x | Healthy |
| Q3 2024 | 1.6x | Healthy |
ICL's net debt is about 1.9 years of its operating earnings (EBITDA), up from 1.6 years a year ago.
ICL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.9 | Neutral |
| Stochastic | 12.9 | Oversold |
ICL's weekly RSI is 38 (neutral) and its Stochastic is 13 (oversold).
ICL PE vs Basic Materials Sector
| Metric | ICL | Sector median | Relative |
|---|---|---|---|
| PE | 19x | 19x | 2.7% above |
| PE % | 57 | 40 | 17 pts above |
ICL is trading at 19x earnings, in line with the Basic Materials sector's median of 19x.
ICL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $4.85 | 5.4% below |
| 20 week MA | $5.16 | 11% below |
| 50 week MA | $5.34 | 14% below |
| 100 week MA | $5.75 | 20% below |
| 200 week MA | $5.54 | 17% below |
ICL is in a downtrend: it's below all five of its weekly moving averages, and 17% below its 200-week average.
ICL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $4.69 | $4.69 | 0% |
| 2021 | $4.69 | $9.51 | +103% |
| 2022 | $9.51 | $7.38 | -22% |
| 2023 | $7.38 | $5.01 | -32% |
| 2024 | $5.01 | $4.79 | -4.4% |
| 2025 | $4.79 | $5.54 | +16% |
| 2026 YTD | $5.54 | $4.59 | -17% |
ICL has finished lower in four of the last six years. It's down 17% so far in 2026.