Brazil Potash Corp.

GRO
About the company

Brazil Potash Corp. engages in the exploration and development of potash properties in Brazil. The company holds interest in the Autazes project, a potash deposit located in the state of Amazonas, Brazil. Brazil Potash Corp. was incorporated in 2006 and is headquartered in Toronto, Canada.

Country: CanadaPrice: $1.65Market Cap: $102.5M

Investment snapshot

18%positive consensus
Scored 1d ago

Positive

3

BUY / PASS

Neutral / negative

6 / 7

NEUTRAL / FAIL

Median fair value

$12.01

+627.9% vs price

Models with upside

5 / 17

Positive margin of safety

Strongest signal

GRO undervalued: all 5 models price fair value above $1.65 (median $12.01)

Key risk

9 of 10 flag GRO's cash flow — Buffett, Lynch, Piotroski +6 more

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictPASSFAILFAILNot rankedPASSPASSNEUTRALNEUTRALFAILFAILFAILNEUTRALFAILNEUTRALFAILNEUTRALNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of Safety+81.7%N/A+86.3%N/AN/A+88.5%N/AN/AN/A+88.5%N/A+14.9%N/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025

Latest source filing: 2026-03-23

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-23

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-23

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-23

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-23

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-03-23

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-23

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-23

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-23

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-23

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-03-23

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-03-23

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-23

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-03-23

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-23

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-23

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-03-23

Score computed: 2026-11-14

Where It Passes

  • Valuation models100% pass✓ 5▾

    GRO undervalued: all 5 models price fair value above $1.65 (median $12.01)

    Graham fair value$9.02
    ✓Graham+81.7% margin vs $1.65
    Lynch fair value$12.01
    ✓Lynch+86.3% margin vs $1.65
    Dreman fair value$14.40
    ✓Dreman+88.5% margin vs $1.65
    Marks fair value$14.29
    ✓Marks+88.5% margin vs $1.65
    Templeton fair value$1.94
    ✓Templeton+14.9% margin vs $1.65
  • Debt & Leverage67% pass✓ 11✗ 4▾

    8 of 12 pass — Graham, Buffett, Lynch +1 more object

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.00, IC: -54.4x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0
    ✓Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities10.78
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=-54.4x, D/EBITDA=N/A (D&A unavailable)
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0035; #462/4210 (top 11.0%)
    ✓AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Cash Flow10% pass✓ 2✗ 10▾

    9 of 10 flag GRO's cash flow — Buffett, Lynch, Piotroski +6 more

    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    FCF Positive and Growing$-13.2M
    ✗LynchPositive and growing
    Operating Cash Flow$-13.2M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-7.80%, ROA=-30.85%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF YieldP/E=1.3x, FCF Yield=-12.9%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive0/4 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap-14.9%
    ✗Ackman>= 4%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency0/4 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-13.2M
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization-12.88%; #3332/4519 (top 73.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Profitability13% pass✓ 8✗ 27▾

    14 of 16 flag GRO's profitability — Graham, Buffett, Lynch +11 more

    Positive EPS (10 years)4/5 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)0/5 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-25.6%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)0.14
    ✓Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR9.8%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    ROE-33.0%
    ✗Lynch> 15%
    EBIT / Enterprise Value-72.9%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-72.9%, ROC=N/A (invested capital <= 0)
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-30.85%
    ✗PiotroskiROA > 0
    ROA Change YoY-32.90% -> -30.85% (delta: +2.05%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-7.80%, ROA=-30.85%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-33.0%
    ✗Dreman> 12%
    Margin of SafetyP/E=1.3x, P/B=0.6x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-25.8% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value88.5% (IV=$14.40 vs Price=$1.65)
    ✓Marks>= 20% below intrinsic value
    Positive Net Income Frequency0/4 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-33.0%
    ✗Ackman>= 15%
    5-Year EPS CAGR9.8% CAGR over 3 years
    ✓Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-50.88%; #5062/6340 (top 79.8%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity-33.05%; #3949/5226 (top 75.6%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.1038; #3524/5884 (top 59.9%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR9.8% over 3 years
    ✓Neff7%-20% annualized
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Efficiency25% pass✓ 3✗ 8▾

    6 of 8 flag GRO's efficiency — Buffett, Greenblatt, Piotroski +3 more

    Current Ratio10.78
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)-24.3%
    ✗Buffett> 10%
    ROIC - WACC-34.3%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)
    ✗Greenblatt> 25%
    Current Ratio Change YoY6.79 -> 10.78
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities10.78
    ✓Dreman> 1.5
    Return on Invested Capital-27.4%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-8.2%; FY2024: ROIC=-27.1%; FY2025: ROIC=-27.4%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/3 years above 12% (latest -27.4%)
    ✗SleepROIC > 12% in a majority of years
  • Verdicts30% pass✓ 3✗ 7▾

    Split decision: 7 FAIL · 6 NEUTRAL · 3 PASS

    Overall verdict
    ✓GrahamPASS (4/9)✗BuffettFAIL (0/9)✗LynchFAIL (4/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 4)✓DremanPASS (6/11)•MungerNEUTRAL (3/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (1/6)✗MarksFAIL (2/5)✗AckmanFAIL (1/9)•TempletonNEUTRAL (5/8)✗SleepFAIL (0/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)
  • Valuation38% pass✓ 16✗ 12▾

    8 of 13 flag GRO's valuation — Greenblatt, Dreman, Ackman +5 more

    Price / 3-yr avg EPS1.7x
    ✓Graham<= 15x
    Price-to-Book Ratio0.6x
    ✓Graham<= 1.5x
    P/E x P/B1.00
    ✓Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)0.14
    ✓Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value-72.9%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-72.9%, ROC=N/A (invested capital <= 0)
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS1.3x
    ✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    Price / Book Value per Share0.6x
    ✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessP/E=1.3x
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldP/E=1.3x, FCF Yield=-12.9%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/E=1.3x, P/B=0.6x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value88.5% (IV=$14.40 vs Price=$1.65)
    ✓Marks>= 20% below intrinsic value
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Price vs. Trailing Low121% of trailing low ($1.36)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-50.88%; #5062/6340 (top 79.8%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+1.5398; #883/6449 (top 13.7%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS1.3x
    ✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share0.56x
    ✓SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization-12.88%; #3332/4519 (top 73.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-46.25%; #5024/6202 (top 81.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth50% pass✓ 7✗ 6▾

    4 of 8 pass — Graham, Marks, Ackman +1 more object

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)0.14
    ✓Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR9.8%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$0.93 (2022) -> $1.23 (2025)
    ✓DremanPositive over recent years
    EPS CAGR9.8% CAGR over 3 years
    ✓Dreman> 5% annualized
    Positive Net Income Frequency0/4 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth
    ✗Ackman>= 5%
    Positive EPS Growth Frequency1/3 years with positive EPS growth
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR9.8% CAGR over 3 years
    ✓Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR9.8% over 3 years
    ✓Neff7%-20% annualized

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Non-Metallic Mining
SIC Sector: Mining & Quarrying
Size: Micro Cap($102.5M)
Revenue: N/A
Net Income: $52.2M-12.4% YoY

Financial Snapshot

Operating Margin--
Return on Equity-33.0%
Debt / Equity0.00
Current Ratio10.78
EPS (Diluted)$1.23

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Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

MetricFY 2025
Sources
  • 20-F · 2026-03-23
FY 2024
Sources
  • 20-F/A · 2025-04-09
FY 2023
Sources
  • 20-F/A · 2025-04-09
FY 2022
Sources
  • 20-F/A · 2025-04-09
FY 2021
Sources
  • 20-F/A · 2025-04-09
Market Cap$102.5Mcurrent$168.2Mest.$466.2Mest.----
Revenue----------
Operating Income-$54.9M↓18%-$46.6M↓249%-$13.3M↑59%-$32.7M--
Net Income-$52.2M↓12%-$46.4M↓251%-$13.2M↑60%-$32.6M--
EPS (Diluted)$1.23↓4%$1.28↑246%$0.37↓60%$0.93--
Gross Margin—————
Operating Margin—————
ROE-33.0%↑4%-34.3%↓235%-10.2%↑59%-25.1%—
Total Debt$554.1K↓8%$605.6K$0----
Shareholders' Equity$157.8M↑17%$135.4M↑5%$129.2M↓1%$130.2M↑2%$127.3M
Current Ratio10.78↑59%6.79↑314%1.64——
Debt / Equity0.00↓21%0.000.00——
Operating Cash Flow-$13.2M↓17%-$11.3M↓38%-$8.2M-$8.2M--
Free Cash Flow-$13.2M↓17%-$11.3M↓38%-$8.2M-$8.2M--

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Non-Metallic Mining

GRO vs Peers — Financial Grading

RevenueN/A
Net Income$52.2MBottom 25%
ROE-33.0%Bottom 25%
D/E0.00Top 25%
Op. Margin—
Curr. Ratio10.78Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
BHP Group LtdBHP$202.0B$79.49$51.3B$9.0B18.9%0.4538.0%1.461/96/92/71/3F-Score 57/11
SOUTHERN COPPER CORP/SCCO$140.0B$164.08$13.4B$4.3B39.4%0.6152.2%3.894/95/94/71/3F-Score 75/11
FREEPORT-MCMORAN INCFCX$85.0B$59.24$25.9B$4.2B22.0%0.5025.2%2.292/95/93/70/3F-Score 57/11
Vale S.A.VALE$47.7B$11.22$38.4B$2.4B7.0%0.0215.4%1.151/94/92/71/3F-Score 34/11
MARTIN MARIETTA MATERIALS INCMLM$36.5B$513.61$6.2B$1.1B11.3%0.5323.4%3.574/93/91/70/3F-Score 87/11
Vulcan Materials COVMC$35.8B$278.63$7.9B$1.1B12.6%0.5120.4%2.692/92/92/70/3F-Score 95/11
CAMECO CORPCCJ$30.8B$70.73$2.5B$430.5M8.5%0.1417.8%2.473/93/95/70/3F-Score 86/11
TECK RESOURCES LTDTECK$29.6B$60.19$7.9B$1.0B5.6%0.1620.9%2.543/92/92/70/3F-Score 84/11