Nutrien Ltd. (NTR.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-7.6%

CA$90.77

vs CA$98.20 price

Levered DCF

CA$104.15

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.93

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	13.02×	32.86×	22.24×	5.13×	13.59×	59.33×	28.14×	8.16×
P/B	1.19×	0.91×	1.11×	1.52×	1.81×	1.22×	1.22×	1.19×
P/S	1.12×	0.85×	0.96×	1.04×	1.55×	1.31×	1.39×	1.48×
EV / EBITDA	6.87×	8.09×	8.11×	3.94×	8.08×	12.89×	10.44×	9.58×
Gross margin	31.0%	29.0%	29.2%	40.7%	34.0%	25.1%	27.2%	27.5%
Operating margin	13.6%	11.4%	13.3%	28.5%	17.3%	7.7%	9.3%	2.1%
Net margin	8.6%	2.6%	4.3%	20.2%	11.4%	2.2%	5.0%	18.2%
Current ratio	1.34×	1.15×	1.17×	1.14×	1.11×	1.35×	1.17×	1.4×
Debt / equity	0.48×	0.52×	0.5×	0.46×	0.46×	0.51×	0.49×	0.38×
Interest coverage	5.22×	4×	5.05×	21.97×	9.8×	3.1×	3.69×	0.77×
Dividend yield	3.6%	4.8%	3.7%	2.6%	2.4%	3.8%	3.7%	3.3%
Payout ratio	46.8%	157.3%	82.0%	13.5%	33.1%	224.4%	103.0%	26.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.1%	2.8%	5.0%	29.7%	13.3%	2.1%	4.3%	14.6%
Return on invested capital	6.4%	4.3%	5.9%	18.7%	9.1%	4.1%	3.6%	0.3%
Return on assets	4.4%	1.3%	2.4%	14.0%	6.3%	1.0%	2.1%	7.9%
Free cash flow yield	6.8%	6.2%	8.8%	14.4%	4.9%	6.5%	6.4%	2.2%
Earnings yield	7.7%	3.0%	4.5%	19.5%	7.4%	1.7%	3.6%	12.3%
Enterprise value	CA$41.3B	CA$34.1B	CA$39.6B	CA$50.3B	CA$53.2B	CA$37.3B	CA$38.3B	CA$36B
Net debt / EBITDA	1.88×	2.84×	2.38×	0.86×	1.57×	3.43×	2.85×	1.84×
Cash conversion cycle (days)	31	91	84	89	94	74	87	110