Fertilizer - Peer Group

This peer group comprises the four largest publicly listed fertilizer companies (excluding China): Nutrien, Yara, Mosaic and CF Industries. Together they cover the full spectrum of primary crop nutrients (nitrogen, phosphate and potash) and the main business models in the sector, ranging from pure-play nitrogen production to integrated mining and retail operations, with core production and market exposure concentrated in North America and Europe.

Fertilizer Stocks - Valuation Multiples

Yara International ASA

YAR.OL

NOK 408.80+1.31%$10.90B0.285.45%40.2%114.7×7.6×10.1×1.2×1.6%+9.1%19

CF Industries Holdings, Inc.

$122.37+0.00%$17.90B0.541.96%14.8%10.6×8.6×10.8×3.2×18.3%+5.8%20

Nutrien Ltd.

NTR

$71.43-1.03%$33.87B1.133.05%47.9%22.7×15.6×14.0×1.3×28.6%+8.5%22

The Mosaic Company

MOS

$22.59-1.76%$7.14B0.863.83%628.6%-16.5×—15.6×0.6×46.5%+11.2%18

Avg

—-0.37%—0.703.57%182.9%32.9×10.6×12.6×1.6×23.7%+8.6%20

4 tickers · Mkt Cap, Beta, Yield, Div. Payout, EV/FCF, Tr P/E, Fw P/E, P/B, NetDebt/EV, Tgt Spread, # Analysts

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Fertilizer Stocks - Performance

Overview

Company	Main Focus	Regional Focus
Nutrien (NTR)	Integrated crop nutrients: world’s largest potash producer + significant nitrogen and phosphate production, plus large agriculture retail network	Strongest in North America (Canada potash mines, U.S./Canadian nitrogen); major retail presence across the Americas and Australia; global distribution
Yara International (YAR.OL)	Nitrogen fertilizers (largest pure nitrogen player), NPK compounds, specialty fertilizers and nitrates	Global, with core production and market strength in Europe; significant operations and sales worldwide (including Americas and Asia)
Mosaic (MOS)	Combined phosphate and potash (leading producer of both)	Primarily North America (Florida phosphate, Saskatchewan potash); significant operations and sales in Brazil and other international markets
CF Industries (CF)	Pure-play nitrogen (ammonia, urea, UAN, ammonium nitrate)	Heavily concentrated in North America (U.S. and Canada manufacturing facilities); limited presence in the UK