Nutrien Ltd NTR

MaterialsChemicalsCanada

Last close 96.96 CAD on Nov 1, 2026, +17.2% year to date

Quant rating

Quant rating A+ Rank 14 of 154 in Materials

Growth B 72 of 154
Valuation B 57 of 154
Quality B 47 of 154
Revisions B 32 of 154
Momentum B 46 of 154

Wall Street consensus Buy (2.26)Average target 110.47 CAD +13.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 46.3B
Enterprise value: 62.8B
52-week range: 74.77 – 116.95
3-year range: 61.55 – 116.95
Dividend yield: 3.22%
Beta (5 years): 1.11
Shares outstanding: 477M
Next earnings: Nov 4, 2026

About the company

Nutrien Ltd. is a global provider of crop inputs and services. The Company operates a network of production, distribution and ag retail facilities. The Company’s segments include Nutrien Ag Solutions (Retail), Potash, Nitrogen and Phosphate. Its downstream Retail segment distributes crop nutrients, crop protection products, seed and merchandise, and provides agronomic application services and solutions, including the services offered through Nutrien Financial. The Retail segment also manufactures and distributes proprietary products and provides services directly to farmers through a network of retail locations in North America, South America and Australia. Its upstream Potash, Nitrogen and Phosphate segments are differentiated by the chemical nutrient contained in the products that each segment produces and are supported by midstream activities, which include the global sales, freight, transportation and distribution of its products.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	36,897	37,348	38,485	51,329	35,011	–
Revenue growth	−1.2%	−3.0%	−25.0%	46.6%	31.5%	6.8%
EPS (basic, normalized)	6.24	4.94	6.00	17.75	7.90	–
EPS growth	26.4%	−17.6%	−66.2%	124.7%	–	–
Gross margin	30.1%	28.4%	28.2%	38.3%	32.7%	31.5%
Net margin	8.4%	2.6%	4.3%	20.2%	11.4%	9.4%
ROE	9.1%	2.7%	4.9%	31.0%	13.7%	12.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,307
Current ratio	1.39x
Long-term debt (mil)	14,764
Net debt (mil)	16,811
Total equity (mil)	36,768
Net debt / equity	0.46x
Net debt / EBITDA	2.03x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	36,897	−1.2%	1.7x	8,280	+10.9%	7.6x	6.24	+26.4%	15.5x
2026	38,679	+4.8%	1.6x	8,815	+6.5%	7.1x	6.93	+10.9%	14.0x
2027	38,626	−0.1%	1.6x	8,841	+0.3%	7.1x	7.12	+2.9%	13.6x
2028	38,355	−0.7%	1.6x	8,381	−5.2%	7.5x	6.70	−5.9%	14.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	38,679	0.0%	−1.1%	+2.4%	6.93	−1.6%	−14.5%	−18.3%
2027	38,626	+0.1%	+1.2%	+4.4%	7.12	+0.7%	−2.1%	−4.0%
2028	38,355	−0.8%	+2.9%	+4.2%	6.70	+6.5%	−1.4%	−7.4%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	5,151	9,916	5,085	4,864	4,874	10,198	5,735	5,142	5,802	10,609
Sales mean (mil)	5,305	10,777	5,268	5,093	5,184	10,447	5,606	5,286	5,246	10,296
Surprise	−2.9%	−8.0%	−3.5%	−4.5%	−6.0%	−2.4%	+2.3%	−2.7%	+10.6%	+3.0%
EPS reported	0.46	2.34	0.39	0.31	0.11	2.65	0.97	0.83	0.51	2.61
EPS mean	0.39	2.21	0.46	0.35	0.31	2.40	0.95	0.95	0.53	2.71
Surprise	+19.4%	+5.8%	−15.3%	−10.9%	−64.1%	+10.6%	+2.0%	−12.8%	−3.8%	−3.7%

Peer comparison Chemicals

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NTR Nutrien Ltd	46.3B	2.03x	8.4%	1.28x	14.0x	13.6x	7.1x	7.1x
LIN Linde PLC	330.2B	1.82x	20.3%	5.99x	28.7x	26.3x	18.3x	17.2x
AIRP L'Air Liquide Societe Anonyme pour l'Etude et l'Exploitation des Procedes Georges Claude SA	180.5B	–	13.0%	4.34x	27.9x	25.2x	15.0x	13.8x
SHW Sherwin-Williams Co	112.4B	2.50x	10.9%	20.21x	27.6x	25.1x	18.9x	17.8x
ECL Ecolab Inc.	118.9B	3.22x	12.9%	8.15x	37.1x	32.3x	22.2x	19.8x
APD Air Products and Chemicals, Inc.	98.6B	3.82x	−3.2%	5.08x	23.6x	22.0x	16.4x	15.4x
Mean		2.68x	10.4%	7.51x	26.5x	24.1x	16.3x	15.2x
Median		2.50x	11.9%	5.53x	27.8x	25.1x	17.4x	16.3x

Technical analysis

1M−4.2%
3M−0.3%
1Y+26.1%
3Y+41.4%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Nutrien Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	36,897	37,348	38,485	51,329	35,011	26,616
Cost of revenue	25,797	26,751	27,630	31,663	23,555	20,056
Gross profit	11,100	10,597	10,854	19,666	11,457	6,560
Selling, general & administrative expenses	4,724	4,963	4,350	4,452	3,956	3,651
Research & development	–	–	–	–	–	–
Depreciation/amortization	1,025	1,125	1,033	1,041	900	572
Interest expense (income), operating	−452	342	−13.2	−318	−59.4	−70.0
Unusual expense (income)	244	1,229	1,413	−984	332	900
Other operating expenses	431	269	436	831	467	383
Operating income	5,127	2,669	3,636	14,645	5,861	1,124
Net interest income (expense)	−856	−942	−915	−622	−595	−579
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−86.5	−93.5	−135	−141	0	−58.6
Net income before taxes	4,184	1,634	2,585	13,882	5,266	486
Provision for taxes	1,032	627	887	3,467	1,250	−98.0
Minority interest	−41.2	−37.4	−31.8	−36.6	−32.8	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	3,111	969	1,666	10,379	3,984	584
Extraordinary items	–	–	–	–	–	–
Net income	3,111	969	1,666	10,379	3,984	584
EBIT, normalized	4,920	4,241	5,036	13,343	6,134	1,954
EBITDA, normalized	8,171	7,604	7,877	16,089	8,599	4,486
Basic EPS, normalized	6.24	4.94	6.00	17.75	7.90	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Nutrien Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	962	1,227	1,246	1,221	630	1,851
Receivables	7,788	7,751	7,150	8,392	6,779	4,559
Total inventory	9,575	8,841	8,392	10,341	7,995	6,276
Prepaid expenses	1,916	2,015	1,980	2,188	2,088	1,916
Other current assets	0	0	0	0	0	0
Total current assets	20,242	19,833	18,768	22,142	17,493	14,601
Property, plant & equipment	31,218	32,505	29,750	29,492	25,288	25,027
Goodwill	16,655	17,318	16,045	16,757	15,439	15,528
Intangibles	2,459	2,797	3,086	3,253	3,068	3,153
Long-term investments	198	1,004	975	1,142	888	715
Note receivable	98.8	69.0	121	73.2	210	388
Other long-term assets	907	1,021	1,122	1,099	726	662
Total assets	71,778	74,546	69,866	73,959	63,112	60,075
Liabilities
Accounts payable	7,603	7,706	7,254	7,854	6,543	–
Payable/accrued	–	–	–	–	–	10,197
Accrued expenses	1,899	1,921	1,877	2,225	1,961	–
Short-term debt	1,198	2,206	2,404	2,902	1,971	202
Current portion of long-term debt	1,179	2,003	1,111	1,148	1,050	335
Other current liabilities	3,273	3,484	3,408	5,219	4,196	61.1
Total current liabilities	15,153	17,321	16,054	19,348	15,720	10,795
Long-term debt	14,118	14,207	13,128	12,111	10,682	13,924
Minority interest	57.6	50.3	59.6	61.0	59.4	48.4
Other liabilities	7,696	7,870	7,305	7,457	6,768	6,837
Total liabilities	37,025	39,449	36,547	38,978	33,230	31,605
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	18,553	19,770	18,328	19,202	19,528	19,952
Additional paid-in capital	78.2	97.8	110	148	188	261
Retained earnings (accumulated deficit)	16,573	15,970	15,273	16,161	10,350	8,409
Treasury stock	–	–	–	–	–	–
Other equity	−452	−741	−392	−530	−184	−151
Total equity	34,753	35,097	33,319	34,981	29,882	28,471
Total liabilities & shareholders' equity	71,778	74,546	69,866	73,959	63,112	60,075

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Nutrien Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	3,152	1,007	1,698	10,415	4,016	584
Depreciation, depletion & amortization	3,251	3,363	2,873	2,726	2,465	2,532
Deferred taxes	343	44.6	9.3	247	−39.2	−11.5
Non-cash items	−189	922	1,458	−844	566	395
Changes in working capital	−1,058	−253	672	−1,555	−2,099	731
Cash from operations	5,499	5,083	6,710	10,988	4,910	4,230
Investing activities
Capital expenditures	−2,752	−3,097	−3,538	−3,303	−2,253	−1,972
Other investing cash flows	869	30.2	−380	−627	−30.3	439
Cash from investing	−1,883	−3,067	−3,918	−3,931	−2,283	−1,533
Financing activities
Financing cash flow items	−50.8	−66.1	−45.0	−27.1	−26.5	−19.1
Cash dividends paid	−1,456	−1,524	−1,367	−1,397	−1,320	−1,311
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−2,359	−499	−1,318	−4,986	−2,447	−374
Cash from financing	−3,866	−2,089	−2,730	−6,410	−3,794	−1,705
Foreign exchange effects	41.2	−53.2	−9.3	−103	−39.2	3.8
Net change in cash	−209	−127	53.0	545	−1,207	997
Free cash flow	2,748	1,986	3,172	7,685	2,657	2,258

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.