ICL Group Ltd. (ICL) vs CVR Partners, LP (UAN)

ICL Group Ltd. and CVR Partners, LP are both Agricultural Inputs companies. ICL Group Ltd. is the larger, with a market value of $6.7B against $1.3B — 5.0× the size. CVR Partners, LP trades at the lower P/E: 8.1× against 21.4×. CVR Partners, LP grew revenue faster over the last twelve months: 17.5% against 10.9%. CVR Partners, LP has the higher net margin (23.7% vs 3.95%) and the higher return on invested capital (15.3% vs 4.92%). Both pay a dividend; CVR Partners, LP yields more (37.2% vs 6.96%). Across the 23 metrics below, CVR Partners, LP leads on 17 and ICL Group Ltd. on 6.

Valuation

Metric ICL UAN Agricultural Inputs median
P/E 21.42 8.09 15.82
P/S 0.86 1.92 0.85
P/B 1.03 3.74 0.80
Price to free cash flow 19.34 8.97 13.58
EV/EBITDA 6.84 6.27 6.55
EV/Sales 1.20 2.56 1.07
Earnings yield 4.67% 12.36% 0.00%
Free cash flow yield 5.17% 11.15% 2.54%

Profitability

Metric ICL UAN Agricultural Inputs median
Gross margin 30.63% 46.11% 30.83%
Operating margin 9.27% 28.10% 0.30%
Net margin 3.95% 23.67% (7.81%)
Free cash flow margin 4.45% 21.37% 1.46%
Return on equity 4.80% 48.30% (2.64%)
Return on assets 2.39% 15.59% (5.16%)
Return on invested capital 4.92% 15.27% 0.00%

Growth

Metric ICL UAN Agricultural Inputs median
Revenue growth (TTM) 10.92% 17.47% 8.74%
EPS growth (last fiscal year) (43.75%) 61.98% —
Revenue growth, 5-year CAGR 7.24% 11.61% 3.77%
Net income growth, 5-year CAGR 83.04% 0.00% 0.00%

Health

Metric ICL UAN Agricultural Inputs median
Debt to equity 0.51 1.64 0.47
Current ratio 1.58 3.01 1.55
Net debt to EBITDA 1.89 2.37 0.16

Dividend

Metric ICL UAN Agricultural Inputs median
Dividend yield 6.96% 37.15% 4.12%
Payout ratio 0.73 — 0.05

Size

Metric ICL UAN Agricultural Inputs median
Market cap 6.69b 1.33b 269.62m

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