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Fertiglobe (FERTIGLB) USD

Fertiglobe is a producer and distributor of nitrogen fertilizers, including urea and ammonia, operating primarily in the Middle East and North Africa. It is a joint venture between ADNOC and OCI, with production assets in the UAE and Egypt.

At a glance: strengths & risks
✓Revenue growing (+92% y/y, Q2 2026)✓Profit growing (+467% y/y, Q2 2026)✗Margins compressing (33%→31%, Q2 2026)

Sector: Fertilizers

AE_FERTIGLB

Price chart

2.26 AEDDay —

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
2.26 AED
Market cap
5.1 bn USD

Growth

Δ revenue y/y
91.9%
Δ EBITDA y/y
79.7%

Multiples

P/E (LTM)
11.2x
P/B (FY)
2.8x
P/E (ann.)
11.1x
EV/EBITDA (LTM)
4.6x
EV/EBITDA (ann.)
4.2x

Cash return

Dividend yield
—
FCF yield (LTM)
5.6%

Liquidity

Daily turnover
—

Shares: connector/market_inputs

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK1085.9
y/y 91.9%
261.2
y/y 132.8%
76.5
y/y 1.1%
337.7
y/y 79.7%
-83.4
y/y 466.8%
349.8-14.45641.8
y/y 23.9%
2163.4
y/y 43.6%
22.3%621.2Link
2026-03-31Q1 2026 (3M)OK915.1
y/y 31.7%
265.9
y/y 44.7%
76.1
y/y 0.1%
342.0
y/y 31.7%
197.9
y/y 172.6%
257.2-19.25183.1
y/y 11.8%
1935.3
y/y 16.6%
42.4%821.7Link
2025-12-31Q4 2025 (3M)OK808.4
y/y 73.5%
225.2
y/y 182.2%
68.2
y/y -1.4%
293.4
y/y 96.9%
106.3
y/y 167.8%
312.9-80.04949.5
y/y 12.2%
1799.8
y/y 17.0%
24.3%998.6Link
2025-09-30Q3 2025 (3M)OK758.3
y/y 53.0%
206.2
y/y 441.2%
74.0
y/y 4.7%
280.2
y/y 157.5%
234.8
y/y —
41.5-45.84561.6
y/y 3.1%
1767.0
y/y 16.0%
19.1%984.3Link
2025-06-30Q2 2025 (3M)OK565.8
y/y 14.1%
112.2
y/y 32.2%
75.7
y/y 9.1%
187.9
y/y 21.8%
20.2
y/y 41.3%
142.7-42.04552.9
y/y 1.7%
1506.3
y/y -10.6%
5.1%908.7Link
2025-03-31Q1 2025 (3M)OK694.9
y/y 25.9%
183.7
y/y 25.6%
76.0
y/y 10.3%
259.7
y/y 20.7%
72.6
y/y -37.6%
237.1-23.54634.6
y/y 0.2%
1660.0
y/y -17.4%
18.2%836.2Link
2024-12-31Q4 2024 (3M)OK466.0
y/y -27.9%
79.8
y/y -62.8%
69.2
y/y -1.3%
149.0
y/y -47.7%
39.7
y/y -58.0%
159.2-74.44410.6
y/y -4.7%
1537.7
y/y -17.8%
10.4%1048.3Link
2024-09-30Q3 2024 (3M)OK495.6
y/y -5.6%
38.1
y/y -68.1%
70.7
y/y -2.5%
108.8
y/y -43.3%
-10.4
y/y -126.3%
143.5-49.74424.1
y/y -18.6%
1523.9
y/y -23.0%
-0.9%956.9Link
2024-06-30Q2 2024 (3M)OK495.7
y/y -10.1%
84.9
y/y -42.8%
69.4
y/y 0.7%
154.3
y/y -29.0%
14.3
y/y -81.9%
116.1-23.44477.1
y/y -17.9%
1685.4
y/y -12.2%
3.1%880.6Link
2024-03-31Q1 2024 (3M)OK551.9
y/y -20.4%
146.3
y/y -35.8%
68.9
y/y 2.2%
215.2
y/y -27.1%
116.3
y/y -14.3%
188.9-20.84623.9
y/y -18.3%
2009.0
y/y -40.8%
24.0%743.4Link
2023-12-31Q4 2023 (3M)OK645.9
y/y —
214.6
y/y —
70.1
y/y —
284.7
y/y —
94.5
y/y —
192.0-34.34625.8
y/y —
1869.7
y/y —
18.1%905.3Link
2023-09-30Q3 2023 (3M)OK525.1
y/y —
119.3
y/y —
72.5
y/y —
191.8
y/y —
39.5
y/y —
148.6-33.15434.2
y/y —
1978.0
y/y —
2.7%-28.0Link
2023-06-30Q2 2023 (3M)OK551.5
y/y —
148.4
y/y —
68.9
y/y —
217.3
y/y —
79.2
y/y —
155.7-34.55451.2
y/y —
1919.1
y/y —
11.9%66.3Link
2023-03-31Q1 2023 (3M)OK693.7
y/y —
227.8
y/y —
67.4
y/y —
295.2
y/y —
135.7
y/y —
301.3-12.75662.1
y/y —
3391.4
y/y —
—-564.2Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02505007501 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-10001002003002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02505007501 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2022–2025 operating cash flow came to 2.13x of reported net profit; after capex, 1.92x.
year2022202320242025
cash flow / profit1.98x2.29x3.80x1.69x
accruals, % of assets-22.2%-9.7%-10.2%-6.1%
Last twelve months (to 2026-06-30): 2.11x of profit came back as operating cash flow.
net debt / EBITDA 1.0x · capex 0.5x of depreciation
● Capex is 53% of depreciation - the asset base is being consumed faster than replaced.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +41% vs -17% the year before — a +57.6 pp move. 3-year CAGR -17%.
revenue growth by year: 2023 -52% · 2024 -17% · 2025 +41%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: Fertilizers. Each peer is shown as it trades and re-priced onto this company's market (UAE) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Intrepid Potashglobal0.43.9x4.9x
CF Industriesglobal19.45.0x6.3x
Nutrienglobal34.06.8x8.5x
The Mosaic Companyglobal6.010.4x12.9x
Group median5.9x7.4x
Group average6.5x8.2x
This companyUAE5.14.6x4.6x

Group median 5.9x as traded, 7.4x adjusted; this company 4.6x — a 38% discount.

Group average 6.5x as traded, 8.2x adjusted; against the average this company is at a 44% discount.

At the adjusted group median the market cap would be +74% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 21.0x, Russia 4.0x, South Africa 5.1x, Kazakhstan 6.3x, India 18.4x, Indonesia 4.7x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-15; the company's own is live.

Dividends

No dividend rows found for this issuer.

Investor reporting (IR): https://www.adx.ae/en/main-market/company-profile/financial-reports?symbols=FERTIGLB

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Fertiglobe (FERTIGLB) — from primary filings.

Frequently asked questions

What is Fertiglobe (FERTIGLB)'s P/E ratio?
Fertiglobe (FERTIGLB) trades at a P/E of 11.2x (price to trailing 12-month earnings).
What is Fertiglobe (FERTIGLB)'s EV/EBITDA?
Fertiglobe (FERTIGLB) trades at 4.6x EV/EBITDA.
What is Fertiglobe (FERTIGLB)'s P/B ratio?
Fertiglobe (FERTIGLB) trades at a P/B of 2.8x.
What is Fertiglobe (FERTIGLB)'s return on equity (ROE)?
Fertiglobe (FERTIGLB)'s ROE is 22.3%.
What is Fertiglobe (FERTIGLB)'s market capitalization?
Fertiglobe (FERTIGLB)'s market cap is 5.1 bn USD.

See also: UAE Stocks (2026): Tax-Free Dividends in Dubai and Abu Dhabi · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map