Nutrien offers a combination of scale, integration and commodity leverage that’s hard to replicate. The company is the global leader in potash capacity with roughly 20% market share, complemented by large nitrogen and phosphate operations and the leading ag‑retail platform in the U.S. This integrated model underpins more stable earnings than a pure commodity producer. That’s because retail distribution can help offset some volatility in upstream pricing.
The stock trades at just 15.2 times the company’s forward earnings forecast, a reasonable multiple given the improvement in earnings power demonstrated in 2025 and the expectation of further gains.
NUTRIEN LTD. (Toronto symbol NTR; www.nutrien.com) took its current form on January 1, 2018, through the merger of fertilizer producer Agrium (old symbol AGU) and its rival Potash Corp. of Saskatchewan (old symbol POT). Today, it’s the world’s largest producer of agricultural fertilizers, including potash, nitrogen and phosphate.
Nutrien also sells seeds, fertilizers and agricultural products to farmers through some 2,000 stores in North and South America, as well as Australia. That business accounts for about two-thirds of the company’s revenue, which helps offset its exposure to volatile bulk fertilizer prices.
Nutrien now plans to build a new export terminal at the Port of Longview, Washington. That will let it ship more potash to international markets, particularly China and India. This new facility will cost roughly $1 billion U.S.
Nutrien expects to make a final decision on this project in 2027. It’s possible that the Canadian government will offer incentives to get the company to build the terminal in B.C.
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Mining Stocks: Nutrien offers solid yield at a fair price
Thanks to higher potash production and prices, Nutrien’s revenue in the quarter ended December 31, 2025, rose 5.1%%, to $5.34 billion from $5.08 billion a year earlier (all amounts except share price in U.S. dollars). That topped the consensus forecast of $5.21 billion.
The higher revenue and lower expenses also lifted the company’s earnings before unusual items by 167.7%, to $0.83 a share (or a total of $403 million) from $0.31 a share (or $184 million). However, that missed the consensus estimate of $0.87.
The company is now conducting a strategic review of its phosphate operations. In 2025, that business accounted for 6% of its total revenue, and 2% of its earnings. It also recently sold its 50% stake in Profertil S.A., based in Argentina, for $600 million. This firm supplies nitrogen fertilizers to South American farmers.
The cash from these sales will let Nutrien keep buying back shares. It spent $560 million on buybacks in 2025, plus a further $73 million in early 2026.
The stock has jumped since earlier this year as the war in the Middle East has slowed shipments from the Persian Gulf of chemicals used to make nitrogen and phosphate fertilizers. That has increased the price of fertilizers ahead of the spring planting season in North America.
Even when fertilizer prices ease, we still like Nutrien’s long-term prospects. The company will continue to benefit from its plan to improve efficiency. It’s also considering strategic options for its phosphate business, and a sale would free up cash for its larger businesses.
Meantime, with the April 2026 payment, Nutrien raised your quarterly dividend by 0.9%. Investors now receive $0.55 a share instead of $0.545 (all amounts except share price in U.S. dollars). The new annual rate of $2.20 yields a solid 2.9%. The stock also trades at an attractive 15.2 times the $4.91 a share that the company will probably earn in 2026.
Recommendation in The Successful Investor: Nutrien Ltd. is a buy.
