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Analyses on ICL (4)
- March 11, 2026March 11, 2026
- Follow-up
ICL: How Much of the Story Is Specialty, and How Much Is Still Commodity
ICL is moving strategically toward Specialty, but on the detailed 2025 numbers the center of earnings gravity still sits with Potash, Industrial Products and the commodity portion of Phosphate Solutions.
- Follow-up
ICL in 2025: Why EBITDA Did Not Turn Into Cash
In 2025 ICL did not suffer from a shortage of EBITDA. It suffered from too wide a gap between a presentation metric and actual cash. The $664 million headline came from EBITDA minus CAPEX, while the company’s usual metric and the cash flow statement leave a much leaner picture.
- Follow-up
ICL and 2030: What the Dead Sea Framework Is Actually Worth to Shareholders
The Dead Sea framework gives ICL much better certainty around the transfer of the concession assets and the timing of payment, but the $2.54 billion headline is mainly an orderly monetization floor for assets already reflected in the balance sheet, not clean new value automatica…
ICL in 2025: Prices Recovered, but the Real Test Moved to Cash and 2030
ICL is benefiting from a real pricing recovery in potash and parts of phosphate, but the central test has shifted from EBITDA optics to cash quality and to the way 2030 is already embedded in both the accounting and the equity story.
