# Yara International ASA (YAR.OL)

Canonical: https://gigainvestors.com/s/YAR.OL

Analysis as of: 2026-10-16T07:35:43.240Z. Financial observations: FY2003–FY2025.

Listing currency: NOK. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: NOK 412.80 per share; close as of 2026-10-15.

Estimated value: low NOK 232.11 per share, central NOK 262.20 per share, high NOK 302.24 per share. Buy at or below the central value NOK 262.20 per share. Valuation as of 2026-10-16T07:35:43.240Z; scenarios are not confidence intervals.

Expected annual return: 7.3% at the stated quote. About 7.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NO 10-year bond 4.5% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.52×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.04×

- FY2018: 0.03×

- FY2019: 0.07×

- FY2020: 0.09×

- FY2021: 0.06×

- FY2022: 0.16×

- FY2023: 0.03×

- FY2024: 0.05×

- FY2025: 0.10×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 6.4%

- ROIC, second-lowest year: 3.6%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 27.0%

- Recent gross margin (lower of latest and 3-year median): 27.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.4%

- ROIC including acquisitions, ten-year median: 2.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.1%

- FY2017: 3.8%

- FY2018: 3.6%

- FY2019: 6.0%

- FY2020: 8.6%

- FY2021: 6.7%

- FY2022: 26.6%

- FY2023: 3.0%

- FY2024: 5.4%

- FY2025: 11.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $4.5B

- Net income, five-year total: $4.7B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -4.7 pp

- Working capital / revenue, change between three-year averages: -29.0 pp

- Working capital / revenue, final three-year average: 19.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.20×

- FY2022: 0.98×

- FY2023: -1.77×

- FY2024: -9.12×

- FY2025: 1.02×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.8% vs 5.4%

- Per-share earnings: 2.69 to 0.19 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.8%

- Ordinary dilution, 5-year annual growth: -1.0%

- Market cap gain: $1.3B

- Cumulative retained earnings: $3.6B

- Diluted shares, 10-year annual growth: -0.8%

- Diluted shares, 5-year annual growth: -1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -28.1%

- Per-share value change: -$2.50

- Per-share value, starting three-year median: $2.69

- Per-share value, ending three-year median: $0.19

- Buybacks concentrated in cheaper years (correlation): 0.30

- Average buyback yield: 1.5%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: $85M

- Cumulative net income, 10 years: $7.3B

- ROIC, first three-year median: 3.8%

- ROIC, last three-year median: 5.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.69

- FY2017: $1.76

- FY2018: $0.58

- FY2019: $2.20

- FY2020: $2.58

- FY2021: $1.76

- FY2022: $10.90

- FY2023: $0.19

- FY2024: $0.05

- FY2025: $5.37

### accounting: pass

- Sloan accruals: -3.1%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.38×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.4%

- FY2017: -2.0%

- FY2018: -3.6%

- FY2019: -7.8%

- FY2020: -8.2%

- FY2021: -5.5%

- FY2022: 2.1%

- FY2023: -19.7%

- FY2024: -8.5%

- FY2025: -3.1%

## Holders

## Price story

Down 27% since Mar 2026 · "Fertilizer Maker Yara Warns Farmers Are Being Squeezed by Price Surge Amid War" (finance.yahoo.com, Mar 2026) · sales +12.7%

Story as of 2026-10-16T10:00:05.900Z; price observation 2026-10-15.

Price needs cash profits to grow 6.8% a year for ten years

- 2025-04-25: Yara reports strong deliveries and margins ([finance.yahoo.com](https://finance.yahoo.com/news/yara-reports-strong-deliveries-margins-060000708.html))

- 2026-05-05: Air Products Could Cancel Darrow Investment Unless Yara Agrees to Higher Costs, RBC Says ([finance.yahoo.com](https://finance.yahoo.com/sectors/energy/articles/air-products-could-cancel-darrow-153946160.html))

### Sales · FY2024–2025

sales +12.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: $11B 

- FY2017: $11B 

- FY2018: $13B 

- FY2019: $13B 

- FY2020: $12B 

- FY2021: $17B 

- FY2022: $24B 

- FY2023: $16B 

- FY2024: $14B 

- FY2025: $16B 

### Gross margin · FY2025

gross margin 28.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 26.9% 

- FY2017: 24.8% 

- FY2018: 23.0% 

- FY2019: 27.4% 

- FY2020: 30.8% 

- FY2021: 27.0% 

- FY2022: 27.4% 

- FY2023: 22.0% 

- FY2024: 27.0% 

- FY2025: 28.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in agricultural inputs; annual sales are USD 15.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:43.240Z); FY2025: revenue 15623000000; grossProfit 4415000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); YAR.OL: Yara International ASA provides crop nutrition, ammonia, and industrial solutions in Norway, European Union, Europe, Africa, Asia, North America, Latin America, Australia, and New Zealand. The company offers ammonium- and urea-based fertilizers; compound fertilizers that contain nutrients, such as nitrogen, phosphorus, and potassium; coatings; biostimulants; organic-based fertilizers; climate choice fertilizers; and nitrate-based fertilizers, as well as foliar and fertigation solutions; and nitrate, calcium nitrate, micronutrient, and urea fertilizers. It also provides digital solutions, such as YaraFX Insight, an agricultural API that connects unparalleled crop nutrition expertise with digital platforms; N-sensors, a tractor-mounted sensor; N-Tester, a handheld tool that measures chlorophyll content; YaraPlus, a digital platform to support crop nutrition decisions; Atfarm, a digital toolbox for farmer; Tankmix, an app and web solutions that provides guidelines; Yara E-commerce, a platform that enables customer access to nutritional solutions; Yara FarmCare, a mobile app for farmers; Yara AllFarm, a farm management platform; YaraConnect, a mobile app for retailers; and Yara Crop Nutrition Recommendation System, a service that helps farmers to make decisions for crop management. The company sells its products under YaraBela, YaraMila, YaraLiva, YaraVita, YaraAmplix, YaraRega, YaraTera, YaraSuna, and YaraVera brand names. Yara International ASA was founded in 1905 and is based in Oslo, Norway.

### Why customers stay

Margins ranged from 22% to 28.3% during 2023–25; it earns 6.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:43.240Z); FY2023: grossProfit / revenue = 22%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:43.240Z); FY2024: grossProfit / revenue = 27%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:43.240Z); FY2025: grossProfit / revenue = 28.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:43.240Z); 10-year return on capital observations [[2016,0.07107597621664137],[2017,0.03837591987562391],[2018,0.0364476386036961],[2019,0.05974713165792214],[2020,0.08582325453545904],[2021,0.06745044694908667],[2022,0.2657334422552732],[2023,0.03048331528693769],[2024,0.05425367904695165],[2025,0.11372583157701824]]; median 0.0635987893035044. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:43.240Z); FY2017: growth capex 195242709.32233667; upkeep 1147990524.9276633; owner earnings 58605566.18233675. Growth capex / owner earnings = 3.331470405300534.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:43.240Z); FY2018: growth capex 529000000; upkeep 807000000; owner earnings 159000000. Growth capex / owner earnings = 3.3270440251572326.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:43.240Z); FY2019: growth capex 0; upkeep 1066000000; owner earnings 368000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:43.240Z); FY2020: growth capex 0; upkeep 739000000; owner earnings 781800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:43.240Z); FY2021: growth capex 0; upkeep 809000000; owner earnings 539000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:43.240Z); FY2022: growth capex 0; upkeep 926000000; owner earnings 2733000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:43.240Z); FY2025: growth capex 0; upkeep 946000000; owner earnings 1394400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:43.240Z); Dividend observations: [[2016,475213256],[2017,332702918.94],[2018,219000000],[2019,203000000],[2020,926000000],[2021,1214000000],[2022,796000000],[2023,1577000000],[2024,120000000],[2025,127000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 36.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); YAR.OL SharesStats.PercentInsiders = 36.288 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.8% yearly over ten years; actual growth was 9.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:43.240Z); Ten-year compound average after fade. Initial solved rate 0.08517012947083225. Price 412.8; FX 9.475080538184574; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.2269512505661915 → FY2025 5.474125302673217. Closing-price date 2026-10-15.

## Monthly share-price history (NOK per share)

- 2016-10: NOK 292.00 per share

- 2016-11: NOK 315.00 per share

- 2016-12: NOK 340.00 per share

- 2017-01: NOK 347.60 per share

- 2017-02: NOK 318.30 per share

- 2017-03: NOK 330.60 per share

- 2017-04: NOK 319.20 per share

- 2017-05: NOK 314.10 per share

- 2017-06: NOK 313.60 per share

- 2017-07: NOK 313.30 per share

- 2017-08: NOK 317.30 per share

- 2017-09: NOK 356.70 per share

- 2017-10: NOK 387.80 per share

- 2017-11: NOK 369.90 per share

- 2017-12: NOK 376.70 per share

- 2018-01: NOK 370.50 per share

- 2018-02: NOK 351.70 per share

- 2018-03: NOK 331.10 per share

- 2018-04: NOK 339.00 per share

- 2018-05: NOK 337.20 per share

- 2018-06: NOK 338.00 per share

- 2018-07: NOK 359.90 per share

- 2018-08: NOK 386.00 per share

- 2018-09: NOK 399.70 per share

- 2018-10: NOK 362.70 per share

- 2018-11: NOK 345.30 per share

- 2018-12: NOK 333.50 per share

- 2019-01: NOK 348.10 per share

- 2019-02: NOK 360.10 per share

- 2019-03: NOK 352.80 per share

- 2019-04: NOK 389.10 per share

- 2019-05: NOK 375.90 per share

- 2019-06: NOK 413.80 per share

- 2019-07: NOK 416.60 per share

- 2019-08: NOK 395.30 per share

- 2019-09: NOK 391.80 per share

- 2019-10: NOK 357.90 per share

- 2019-11: NOK 347.50 per share

- 2019-12: NOK 365.20 per share

- 2020-01: NOK 335.40 per share

- 2020-02: NOK 341.00 per share

- 2020-03: NOK 329.30 per share

- 2020-04: NOK 349.30 per share

- 2020-05: NOK 332.60 per share

- 2020-06: NOK 333.90 per share

- 2020-07: NOK 380.30 per share

- 2020-08: NOK 366.00 per share

- 2020-09: NOK 359.50 per share

- 2020-10: NOK 332.50 per share

- 2020-11: NOK 359.80 per share

- 2020-12: NOK 356.00 per share

- 2021-01: NOK 400.50 per share

- 2021-02: NOK 416.60 per share

- 2021-03: NOK 444.80 per share

- 2021-04: NOK 434.70 per share

- 2021-05: NOK 445.30 per share

- 2021-06: NOK 453.20 per share

- 2021-07: NOK 465.30 per share

- 2021-08: NOK 436.60 per share

- 2021-09: NOK 434.30 per share

- 2021-10: NOK 440.80 per share

- 2021-11: NOK 445.60 per share

- 2021-12: NOK 445.00 per share

- 2022-01: NOK 454.60 per share

- 2022-02: NOK 448.00 per share

- 2022-03: NOK 442.00 per share

- 2022-04: NOK 480.70 per share

- 2022-05: NOK 485.60 per share

- 2022-06: NOK 411.60 per share

- 2022-07: NOK 411.00 per share

- 2022-08: NOK 421.40 per share

- 2022-09: NOK 383.30 per share

- 2022-10: NOK 464.00 per share

- 2022-11: NOK 450.00 per share

- 2022-12: NOK 430.60 per share

- 2023-01: NOK 442.00 per share

- 2023-02: NOK 494.10 per share

- 2023-03: NOK 453.90 per share

- 2023-04: NOK 428.80 per share

- 2023-05: NOK 414.20 per share

- 2023-06: NOK 379.00 per share

- 2023-07: NOK 414.40 per share

- 2023-08: NOK 388.90 per share

- 2023-09: NOK 405.30 per share

- 2023-10: NOK 365.00 per share

- 2023-11: NOK 366.30 per share

- 2023-12: NOK 361.20 per share

- 2024-01: NOK 349.40 per share

- 2024-02: NOK 330.00 per share

- 2024-03: NOK 342.90 per share

- 2024-04: NOK 317.50 per share

- 2024-05: NOK 324.90 per share

- 2024-06: NOK 307.60 per share

- 2024-07: NOK 311.00 per share

- 2024-08: NOK 308.80 per share

- 2024-09: NOK 334.10 per share

- 2024-10: NOK 330.80 per share

- 2024-11: NOK 310.60 per share

- 2024-12: NOK 300.80 per share

- 2025-01: NOK 339.00 per share

- 2025-02: NOK 319.70 per share

- 2025-03: NOK 315.90 per share

- 2025-04: NOK 335.20 per share

- 2025-05: NOK 366.00 per share

- 2025-06: NOK 372.00 per share

- 2025-07: NOK 384.10 per share

- 2025-08: NOK 365.70 per share

- 2025-09: NOK 364.60 per share

- 2025-10: NOK 369.20 per share

- 2025-11: NOK 369.50 per share

- 2025-12: NOK 414.00 per share

- 2026-01: NOK 443.20 per share

- 2026-02: NOK 480.70 per share

- 2026-03: NOK 564.00 per share

- 2026-04: NOK 539.00 per share

- 2026-05: NOK 502.80 per share

- 2026-06: NOK 435.40 per share

- 2026-07: NOK 446.70 per share

- 2026-08: NOK 456.00 per share

- 2026-09: NOK 422.00 per share

- 2026-10: NOK 402.00 per share

## Annual estimated value (NOK per share)

- FY2016: low NOK 239.54 per share, central NOK 271.55 per share, high NOK 314.16 per share

- FY2017: low NOK 226.06 per share, central NOK 255.73 per share, high NOK 295.21 per share

- FY2018: low NOK 60.27 per share, central NOK 68.58 per share, high NOK 79.64 per share

- FY2019: low NOK 61.60 per share, central NOK 69.89 per share, high NOK 80.93 per share

- FY2020: low NOK 93.98 per share, central NOK 101.58 per share, high NOK 111.69 per share

- FY2021: low NOK 194.03 per share, central NOK 220.69 per share, high NOK 256.19 per share

- FY2022: low NOK 345.01 per share, central NOK 388.47 per share, high NOK 446.33 per share

- FY2023: low NOK 223.78 per share, central NOK 251.98 per share, high NOK 289.53 per share

- FY2024: low NOK 195.23 per share, central NOK 220.44 per share, high NOK 254.01 per share

- FY2025: low NOK 228.37 per share, central NOK 256.78 per share, high NOK 294.60 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:29.417Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.