MOS: Q4 Net Loss, Full-Year Net Income of $540.7M, Trades at 14x Earnings

Mosaic (MOS) reported a $519.5M Q4 net loss due to surging sulfur costs and a $189M impairment charge. Despite this, full-year 2025 net income was $540.7M. The company trades at 14x earnings, while Nutrien (NTR) trades at 16x and CF Industries (CF) gained 65% year-to-date from its domestic natural gas advantage. Hormuz Strait disruption threatens global fertilizer production and logistics, positioning Mosaic to benefit from Chinese exports falling 1.5M+ tonnes into 2026.