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On July 21, 2026 SQM and Wesfarmers announced a final investment decision for the Mt Holland lithium expansion project. On July 5–6, 2026 the company provided investor updates emphasizing a strategy focused on lithium and specialty fertilizers amid shifting global demand. On May 26, 2026 the company disclosed changes to its board of directors.
Technical Analysis
ADX at 21.67 indicates an emerging trend strength rather than a fully established directional move; that emerging strength supports a near-term directional bias but does not imply momentum exhaustion.
DI+ equals 21.07 and trends higher while DI- equals 24.40 and trends lower; the combination points to a bullish shift in directional intent as DI+ increases and DI- decreases.
MACD sits at -0.80 and the signal line at -1.61, with the MACD rising and having crossed above its signal line — a bullish momentum inflection despite MACD remaining below zero.
MRO reads 17.94 and trends upward; the positive MRO indicates the current price sits above the model target and therefore carries reversionary pressure that could favor a pullback if momentum stalls.
RSI at 44.49 and rising signals building buying interest from below the mid-point but not yet overbought; allow for range expansion toward recent resistance if momentum accelerates.
Short-term averages show constructive bias: the 12-day EMA at 70.51 and the 26-day EMA at 71.05 both sit below the last close of $72.22 and trend higher, while the 50-day ($73.55) and 200-day ($73.00) averages remain above price—this sets a short-term bullish tilt inside a broader neutral-to-slightly-bearish medium-term structure.
Ichimoku components place price beneath the cloud (Senkou A 77.54, Senkou B 82.76), indicating the medium-term baseline still offers resistance to sustained upside.
Fundamental Analysis
Revenue totaled $1,760,000,000 with gross profit of $778,600,000; WMDST notes the company converted strong margins into operating profit with EBIT of $740,500,000 and EBITDA equal to $740,500,000. Gross margin at 44.24% and operating margin at 41.46% reflect outsized profitability relative to the industry peer mean operating margin of 14.66% and peer high of 57.96%—SQM’s margins sit above the industry peer high for EBIT margin and well above the industry peer mean.
Net income reached $364,700,000; EPS actual stood at $1.28 versus an estimate of $1.56, producing an EPS surprise of -17.95%.
Revenue growth registers 32.94% on the reported series, while reported year-over-year revenue change shows -10.53% (YoY); sequential growth metrics show strong QoQ expansion. QoQ improvements in operating margin (+44.43% QoQ) and EBIT margin (+44.40% QoQ) indicate accelerating profitability on a quarter-to-quarter basis.
Balance sheet and liquidity: cash and short-term investments total $3,867,500,000 and cash equals $2,829,400,000; current ratio stands at 2.76 and quick ratio at 2.01, both above the industry peer mean current ratio of 1.70, supporting operational flexibility. Net debt measures $2,282,500,000 and debt to EBITDA about 6.90x, while interest coverage of 13.79x remains comfortably above the industry peer mean of 9.15x.
Valuation multiples: trailing P/E reads 64.82 while forward P/E sits near 49.50; price-to-book equals 4.05, slightly above the industry peer mean price-to-book of 3.49. Enterprise Value to Revenue and enterprise multiple metrics show a premium multiple structure consistent with high margin and growth expectations. WMDST values the stock as fair-valued based on these fundamentals and the margin profile.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-26 |
| NEXT REPORT DATE: | 2026-08-25 |
| CASH FLOW | Begin Period Cash Flow | — |
| Operating Cash Flow | — | |
| Capital Expenditures | — | |
| Change In Working Capital | $ -364.70 M | |
| Dividends Paid | — | |
| Cash Flow Delta | — | |
| End Period Cash Flow | — | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.8 B | |
| Forward Revenue | $ 597.5 M | |
| COSTS | ||
| Cost Of Revenue | $ 981.5 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.0 B | |
| PROFITABILITY | ||
| Gross Profit | $ 778.6 M | |
| EBITDA | $ 740.5 M | |
| EBIT | $ 740.5 M | |
| Operating Income | $ 729.7 M | |
| Interest Income | $ 26.8 M | |
| Interest Expense | $ 53.7 M | |
| Net Interest Income | $ -26.90 M | |
| Income Before Tax | $ 686.8 M | |
| Tax Provision | $ 283.9 M | |
| Tax Rate | 40.0 % | |
| Net Income | $ 364.7 M | |
| Net Income From Continuing Operations | $ 364.7 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.56 | |
| EPS Actual | $ 1.28 | |
| EPS Difference | $ -0.28 | |
| EPS Surprise | -17.949 % | |
| Forward EPS | $ 1.73 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 15.8 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 5.9 B | |
| Total Current Assets | $ 7.0 B | |
| Cash and Short-Term Investments | $ 3.9 B | |
| Cash | $ 2.8 B | |
| Net Receivables | $ 826.1 M | |
| Inventory | $ 1.9 B | |
| Long-Term Investments | $ 3.2 B | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | $ 324.4 M | |
| Total Current Liabilities | $ 2.5 B | |
| Net Debt | $ 2.3 B | |
| Total Debt | $ 5.1 B | |
| Total Liabilities | $ 7.6 B | |
| EQUITY | ||
| Total Equity | $ 5.9 B | |
| Retained Earnings | — | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 20.49 | |
| Shares Outstanding | 285.638 M | |
| Revenue Per-Share | $ 6.16 | |
| VALUATION | Market Capitalization | $ 23.7 B |
| Enterprise Value | $ 24.9 B | |
| Enterprise Multiple | 33.685 | |
| Enterprise Multiple QoQ | -40.99 % | |
| Enterprise Multiple YoY | -31.602 % | |
| Enterprise Multiple IPRWA | high: 194.687 mean: 64.464 median: 54.095 SQM: 33.685 low: -41.898 |
|
| EV/R | 14.173 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.696 | |
| Asset To Liability | 2.086 | |
| Debt To Capital | 0.466 | |
| Debt To Assets | 0.324 | |
| Debt To Assets QoQ | -0.617 % | |
| Debt To Assets YoY | -21.229 % | |
| Debt To Assets IPRWA | high: 0.892 median: 0.329 SQM: 0.324 mean: 0.289 low: 0.002 |
|
| Debt To Equity | 0.874 | |
| Debt To Equity QoQ | 5.142 % | |
| Debt To Equity YoY | -2.863 % | |
| Debt To Equity IPRWA | high: 3.545 SQM: 0.874 median: 0.751 mean: 0.728 low: 0.002 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.05 | |
| Price To Book QoQ | 14.728 % | |
| Price To Book YoY | 104.786 % | |
| Price To Book IPRWA | high: 7.728 SQM: 4.05 mean: 3.493 median: 2.167 low: -0.199 |
|
| Price To Earnings (P/E) | 64.82 | |
| Price To Earnings QoQ | -41.014 % | |
| Price To Earnings YoY | -14.454 % | |
| Price To Earnings IPRWA | high: 209.878 mean: 86.128 median: 72.19 SQM: 64.82 low: -157.884 |
|
| PE/G Ratio | 0.648 | |
| Price To Sales (P/S) | 13.466 | |
| Price To Sales QoQ | -11.261 % | |
| Price To Sales YoY | 34.364 % | |
| Price To Sales IPRWA | high: 20.33 SQM: 13.466 median: 10.753 mean: 10.733 low: 0.203 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 49.501 | |
| Forward PE/G | 0.495 | |
| Forward P/S | 46.483 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 2.792 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.116 | |
| Asset Turnover Ratio QoQ | 15.148 % | |
| Asset Turnover Ratio YoY | 28.844 % | |
| Asset Turnover Ratio IPRWA | high: 0.282 median: 0.155 mean: 0.145 SQM: 0.116 low: 0.002 |
|
| Receivables Turnover | 2.493 | |
| Receivables Turnover Ratio QoQ | 9.524 % | |
| Receivables Turnover Ratio YoY | 32.338 % | |
| Receivables Turnover Ratio IPRWA | high: 4.196 SQM: 2.493 mean: 1.598 median: 1.342 low: 0.052 |
|
| Inventory Turnover | 0.533 | |
| Inventory Turnover Ratio QoQ | 10.949 % | |
| Inventory Turnover Ratio YoY | 27.009 % | |
| Inventory Turnover Ratio IPRWA | high: 2.731 mean: 1.09 median: 0.906 SQM: 0.533 low: 0.416 |
|
| Days Sales Outstanding (DSO) | 36.61 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 228.717 | |
| Cash Conversion Cycle Days QoQ | 13.85 % | |
| Cash Conversion Cycle Days YoY | 11.889 % | |
| Cash Conversion Cycle Days IPRWA | high: 332.977 SQM: 228.717 mean: 90.928 median: 60.827 low: -4.195 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.396 | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 10.6 B | |
| Net Invested Capital | $ 11.0 B | |
| Invested Capital | $ 11.0 B | |
| Net Tangible Assets | $ 5.9 B | |
| Net Working Capital | $ 4.4 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.53 | |
| Current Ratio | 2.759 | |
| Current Ratio QoQ | -15.574 % | |
| Current Ratio YoY | -4.202 % | |
| Current Ratio IPRWA | high: 5.013 SQM: 2.759 mean: 1.699 median: 1.467 low: 0.644 |
|
| Quick Ratio | 2.015 | |
| Quick Ratio QoQ | -10.399 % | |
| Quick Ratio YoY | 2.814 % | |
| Quick Ratio IPRWA | high: 3.574 SQM: 2.015 mean: 1.115 median: 1.028 low: 0.404 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 6.903 | |
| Cost Of Debt | 0.655 % | |
| Interest Coverage Ratio | 13.79 | |
| Interest Coverage Ratio QoQ | 76.344 % | |
| Interest Coverage Ratio YoY | 145.087 % | |
| Interest Coverage Ratio IPRWA | high: 24.833 SQM: 13.79 mean: 9.151 median: 8.22 low: -7.509 |
|
| Operating Cash Flow Ratio | 0.0 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 8.787 % | |
| Revenue Growth | 32.944 % | |
| Revenue Growth QoQ | 156.234 % | |
| Revenue Growth YoY | -1052.689 % | |
| Revenue Growth IPRWA | high: 61.032 % SQM: 32.944 % mean: 7.164 % median: 4.698 % low: -48.15 % |
|
| Earnings Growth | 100.0 % | |
| Earnings Growth QoQ | 2999.814 % | |
| Earnings Growth YoY | 599.986 % | |
| Earnings Growth IPRWA | high: 424.0 % SQM: 100.0 % median: -18.269 % mean: -39.308 % low: -288.462 % |
|
| MARGINS | ||
| Gross Margin | 44.239 % | |
| Gross Margin QoQ | 30.576 % | |
| Gross Margin YoY | 50.514 % | |
| Gross Margin IPRWA | high: 51.641 % SQM: 44.239 % median: 37.14 % mean: 34.52 % low: -2.38 % |
|
| EBIT Margin | 42.074 % | |
| EBIT Margin QoQ | 44.401 % | |
| EBIT Margin YoY | 69.394 % | |
| EBIT Margin IPRWA | SQM: 42.074 % high: 32.081 % median: 15.627 % mean: 12.754 % low: -20.445 % |
|
| Return On Sales (ROS) | 41.46 % | |
| Return On Sales QoQ | 45.229 % | |
| Return On Sales YoY | 66.922 % | |
| Return On Sales IPRWA | high: 57.958 % SQM: 41.46 % median: 16.438 % mean: 14.661 % low: -20.805 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | — | |
| Free Cash Flow Yield | — | |
| Free Cash Flow Yield QoQ | — | |
| Free Cash Flow Yield YoY | — | |
| Free Cash Flow Yield IPRWA | — | |
| Free Cash Growth | — | |
| Free Cash Growth QoQ | — | |
| Free Cash Growth YoY | — | |
| Free Cash Growth IPRWA | — | |
| Free Cash To Net Income | — | |
| Cash Flow Margin | 0.0 % | |
| Cash Flow To Earnings | 0.0 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.408 % | |
| Return On Assets QoQ | 71.877 % | |
| Return On Assets YoY | 101.17 % | |
| Return On Assets IPRWA | high: 5.022 % SQM: 2.408 % median: 1.683 % mean: 1.225 % low: -4.763 % |
|
| Return On Capital Employed (ROCE) | 5.588 % | |
| Return On Equity (ROE) | 0.062 | |
| Return On Equity QoQ | 93.001 % | |
| Return On Equity YoY | 138.044 % | |
| Return On Equity IPRWA | high: 0.16 SQM: 0.062 median: 0.03 mean: 0.021 low: -0.36 |
|
| DuPont ROE | 6.319 % | |
| Return On Invested Capital (ROIC) | 4.052 % | |
| Return On Invested Capital QoQ | 56.993 % | |
| Return On Invested Capital YoY | 138.353 % | |
| Return On Invested Capital IPRWA | high: 4.674 % SQM: 4.052 % median: 2.687 % mean: 1.929 % low: -6.035 % |
|