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German miner and producer of potash fertilizer and salt products used in agriculture, industry and winter road de-icing.
German miner and producer of potash fertilizer and salt products used in agriculture, industry and winter road de-icing.
Mines potash in Germany and Canada and sells it to farmers through distributors at prices that follow the world fertiliser market; German output is limited by rules on disposing of salty waste water, and the Canadian Bethune mine, opened in 2017, is a second, newer source. Salt for roads, industry and food adds a line tied to winter weather.
In one line: A German Mosaic/Nutrien for potash.
Moat: narrow (scale, installed base). Large European potash mining assets, but a price-taker in a global commodity market dominated by lower-cost producers.
Headquarters: Kassel, Germany · Founded: 1889 · Employees: 11,468
Size K+s (SDF.DE) is a Germany Materials company (Chemicals: Specialty) with a market value of $2.68B, the 94th largest of 205 Germany companies the cockpit tracks. Shares closed at €13.36 on 6 Nov 2026.
Performance Over six months the shares fell 13.2%, against -10.4% for the median peer and +2.6% for the Germany market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 6.2% over the last twelve months (peer median +8.3%); the operating margin is 33.7% (peer median 9.1%).
Valuation It trades at 11.7× forward earnings against a peer median of 18.8× (4th cheapest of 20).
Capital Return on invested capital runs 12.0 points above its cost of capital (5.0% WACC).
Credit K+s has 2 bonds outstanding ($746M), rated BBB- by the agencies and trading like BBB- at a weighted spread of 98 bp.
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €3.85B | €3.65B | €3.65B | €3.87B | €5.68B |
| Revenue growth | — | 0% | -6% | -32% | — |
| Gross profit | €1.78B | -€1.14B | €278M | €513M | €2.45B |
| EBITDA | -€381M | -€976M | €540M | €726M | €2.63B |
| Net income | €1.06B | -€1.08B | -€66.8M | €210M | €1.51B |
| Free cash flow | €120M | €28.3M | €85.6M | €354M | €1.04B |
| Capital expenditure | €545M | €563M | €522M | €482M | €474M |
| Total debt | €768M | €766M | €791M | €574M | €949M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| K+s SDF.DE | $2.68B | -13% | +6% | 34% | 11.7× | n/a |
| Nutrien NTR.TO | $34.3B | +8% | +8% | 14% | 13.2× | 4.1% |
| Mosaic Company (The) MOS | $7.11B | +2% | 0% | 3% | 26.2× | n/a |
| ICL ICL | $6.04B | -27% | +11% | 11% | 11.5× | 3.5% |
| Intrepid Potash IPI | $443M | -13% | +5% | 6% | 11.8× | 9.9% |
| Compass Minerals International CMP | $962M | -18% | +5% | 8% | 20.0× | 8.1% |
| Qinghai Salt Lake Industry 000792.SZ | $17.8B | -41% | +48% | 57% | 9.9× | -2.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SDF.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.9% | -5.3% | 6th lowest of 21 |
| 6-month return | -13.2% | -10.4% | 10th lowest of 21 |
| Distance from 52-week high | -28.5% | -34.8% | 8th highest of 21 |
| Revenue growth (TTM) | +6.2% | +8.3% | 9th lowest of 21 |
| Operating margin | 33.7% | 9.1% | highest of 20 |
| Forward P/E | 11.7× | 18.8× | 4th cheapest of 20 |
| ROIC minus cost of capital | +12.0 pp | -0.4 pp | highest of 19 |
| Bond spread | 98 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| K+s SDF.DE | Germany | $2.68B | -13% | +6% | 34% | 11.7× | n/a | n/a |
| Guizhou Chanhen Chemical 002895.SZ | China | $2.64B | -20% | +15% | 18% | 12.9× | 2.4% | +36.1% |
| Nifco 7988.T | Japan | $2.62B | +6% | +4% | 14% | 11.7× | -3.5% | +6.6% |
| China Petroleum Engineering 600339.SS | China | $2.60B | -24% | +8% | 1% | 26.7× | n/a | n/a |
| PI Industries PIIND.NS | India | $2.79B | -44% | -15% | 13% | 22.7× | n/a | n/a |
| Quaker Houghton KWR | United States | $2.58B | +2% | +9% | 9% | 16.9× | 16.3% | +5.9% |
| Hubei Zhenhua Chemical 603067.SS | China | $2.56B | -35% | +31% | 11% | 23.6× | n/a | n/a |
| Shanghai Bairun Investment 002568.SZ | China | $2.82B | -8% | +8% | 28% | 24.2× | 14.5% | +8.8% |
| Kemira KEMIRA.HE | Finland | $2.55B | -8% | -3% | 8% | 16.0× | 3.9% | +2.6% |
| Qingdao Gon Technology 002768.SZ | China | $2.83B | +48% | +15% | 7% | 17.7× | n/a | n/a |
| Beijing Easpring Material Technology 300073.SZ | China | $2.86B | -45% | +116% | 5% | 18.8× | n/a | n/a |
| Sichuan Qiaoyuan Gas 301286.SZ | China | $2.88B | -4% | +8% | 26% | 73.4× | 31.8% | +8.0% |
| Bloomage Biotechnology 688363.SS | China | $2.49B | -16% | -22% | 5% | 55.6× | 20.8% | +9.8% |
| Daicel 4202.T | Japan | $2.48B | +24% | +2% | 7% | 11.1× | 6.1% | +8.1% |
| Shandong Dongyue Silicone Material 300821.SZ | China | $2.43B | -11% | +13% | 13% | n/a | 20.7% | +8.6% |
| Shanghai Huayi 600623.SS | China | $2.41B | -24% | +5% | n/a | 14.8× | -11.1% | +10.3% |
| XTC New Energy Materials (Xiamen) 688778.SS | China | $3.01B | -52% | +78% | 4% | 19.2× | 16.0% | +20.0% |
| Shanghai Haoyuan Chemexpress 688131.SS | China | $3.11B | +30% | +28% | 13% | 59.6× | 32.0% | +35.2% |
| Luxi Chemical 000830.SZ | China | $3.13B | -36% | -1% | 4% | 12.1× | -1.4% | +10.6% |
| Kaneka 4118.T | Japan | $2.30B | +23% | +4% | 5% | 11.6× | 4.9% | +7.0% |
| Hawkins HWKN | United States | $3.14B | -10% | +9% | 11% | 33.9× | 15.2% | +12.7% |
K+s has 2 bonds outstanding with $746M face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 3.94%, a spread of 98 bp over government bonds.