Chs CHSCP

NASDAQ CHSCP

$25.47 -0.08 (-0.31%)

At close: Nov 10, 2026 · 4:00 PM EST

Chs (CHSCP) stock price is $25.47, down 0.31% on the day, as of Nov 10, 2026. It is classified in the Agricultural Products industry (Consumer Staples sector).

Key Stats

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About

CHS Inc. is the nation's leading integrated agricultural cooperative providing grain food agronomy and energy resources to businesses and consumers worldwide. It is owned by farmers ranchers and member cooperatives across the United States and also has preferred shareholders whose shares are listed and traded on the Nasdaq Global Select Market. CHS Inc. generates revenue from the sale of grain food agronomy products and energy resources including refined petroleum products…

CHS Inc. generates revenue from the sale of grain food agronomy products and energy resources including refined petroleum products fuels lubricants and related goods. Its customers consist of member cooperatives individual agricultural producers other businesses and consumers both domestically and internationally.

The company operates through the following segments: Energy Ag Nitrogen Production and Corporate and Other.

The Energy segment refines wholesales and retails petroleum products operating refineries in Laurel Montana and McPherson Kansas. It sells gasoline diesel propane asphalt lubricants and related goods under the Cenex brand to member cooperatives and independent retailers.
The Ag segment originates and markets grain and provides wholesale agronomy sales of crop nutrient and crop protection products. It also produces renewable fuels and sells soybean meal refined soy oil soyflour while processing sunflowers feed and farm supplies for its customers.
The Nitrogen Production segment consists of an equity method investment in CF Industries Nitrogen LLC which supplies granular urea and urea ammonium nitrate to CHS under a long term supply agreement.
Corporate and Other includes financing hedging and advisory subsidiaries such as CHS Capital CHS Hedging and CHS Market Advisors as well as the joint ventures Ventura Foods and Ardent Mills.

CHS Inc. holds a leading position as the nation's largest integrated agricultural cooperative and the biggest cooperative energy company by revenues and identifiable assets. It is also the largest cooperative marketer of grain and oilseed in the United States. In the Energy segment it competes with major integrated petroleum companies such as ExxonMobil and Chevron as well as regional refiners and marketers. In the Ag segment it faces competition from large agribusiness distributors like Cargill Bunge and Louis Dreyfus as well as regional cooperatives and private retailers. In the Nitrogen Production segment it competes with major fertilizer producers such as CF Industries Nutrien and Yara International. CHS Inc.'s competitive advantages stem from its cooperative structure its integrated operations across the value chain and its close relationships with member owners which provide stable demand and efficient distribution.

CHS Inc. serves member cooperatives individual agricultural producers other businesses and consumers both domestically and internationally. Its customer base includes food companies energy companies livestock producers feed mills and retail outlets that sell products under the Cenex brand.

Investment Thesis

▲ Bull case

CHS Inc. demonstrates strong underlying operational resilience despite near-term volatility, particularly evident in the energy segment's dramatic turnaround from a $133.6 million pretax loss in Q2 FY26 to $18.7 million in pretax earnings for the first half of FY26, reflecting effective management of commodity market fluctuations and improved crack spreads that signal the success of its hedging strategies and diversified supply chain approach. This recovery, achieved while navigating significantly increased RINs expenses, highlights the company's ability to adapt to regulatory and market headwinds through operational excellence, positioning it to capitalize on stabilizing energy margins as global refining dynamics normalize and demand for refined fuels remains supported by agricultural and industrial activity. The cooperative's end-to-end product-line operating model, now fully reflected in financial reporting, provides enhanced visibility across its value chain, enabling better alignment between grain origination, agronomy inputs, and energy processing—creating synergies that were less apparent under the prior segment structure and setting the stage for improved margin capture as agricultural cycles rebound. Furthermore, CHS's role as the nation's leading farmer-owned cooperative gives it unique access to a loyal owner base during critical planting and harvest seasons, ensuring steady demand for its agronomy and grains services even amid tighter farmer spending, as evidenced by the agronomy segment's minimal pretax loss improvement of just $0.1 million year-over-year in Q2 FY26, indicating stable underlying demand for crop nutrients and protection products despite macroeconomic pressures.
The grains segment's recovery from a $17.9 million pretax loss in Q2 FY26 to $18.3 million in pretax earnings for the first half of FY26 reveals a powerful seasonal rebound driven by strong harvest execution and improved market access, underscoring CHS's competitive advantage in grain origination and logistics during peak agricultural periods. This swing, contrasting sharply with the prior year's $158.6 million first-half pretax earnings, reflects not a structural decline but rather the cyclical nature of grain markets influenced by timing of sales, global supply dynamics, and farmer selling behavior—factors that CHS is uniquely positioned to navigate through its extensive elevator network and risk management services. Management's emphasis on prioritizing efficiency and diversified supply chains, coupled with the new operating model's focus on end-to-end visibility, suggests the company is building capabilities to mitigate volatility through better timing of sales and enhanced hedging, which could unlock improved profitability as grain markets stabilize and global demand for U.S. exports remains supported by food security concerns and emerging market needs. Additionally, the corporate and services segment's resilience, with only a $1.9 million pretax loss in Q2 FY26 compared to $14.5 million in earnings the prior year, indicates that joint venture performance from Ardent Mills and Ventura Foods, while pressured, is not deteriorating at an alarming rate and may benefit from stabilizing food demand and improved operational efficiencies in the grains-to-foods value chain.
CHS's strategic focus on reducing environmental impact and developing new solutions in agriculture and energy represents a forward-looking catalyst that the market may be underestimating, particularly as regulatory incentives for sustainable aviation fuel, renewable diesel, and low-carbon agriculture gain traction globally. The company's existing infrastructure in refined fuels, propane, and lubricants, combined with its agronomy expertise in crop nutrients and nitrogen production through CF Nitrogen, positions it to participate in the energy transition without requiring massive new capital investments—leveraging current assets to produce lower-carbon fuels and sustainable inputs that could attract premium pricing and long-term contracts. This adaptability is further strengthened by its cooperative structure, which, while limiting traditional equity access, fosters deep owner loyalty and long-term commitment to shared goals, enabling CHS to pursue sustainability initiatives with aligned incentives across its farmer-owner base. As global agribusiness faces increasing pressure to decarbonize, CHS's integrated model—linking sustainable crop production with low-carbon fuel processing—could emerge as a differentiated advantage, especially if policy frameworks like the Inflation Reduction Act or international carbon markets create tangible revenue streams for climate-smart agriculture and biofuels.

CHS Inc. demonstrates strong underlying operational resilience despite near-term volatility, particularly evident in the energy segment's dramatic turnaround from a $133.6 million pretax loss in Q2 FY26 to $18.7 million in pretax earnings for the first half of FY26, reflecting effective management of commodity market fluctuations and improved crack spreads that signal the success of its hedging strategies and diversified supply chain approach. This recovery, achieved while navigating significantly increased RINs expenses, highlights the company's ability to adapt to regulatory and market headwinds through operational excellence, positioning it to capitalize on stabilizing energy margins as global refining dynamics normalize and demand for refined fuels remains supported by agricultural and industrial activity. The cooperative's end-to-end product-line operating model, now fully reflected in financial reporting, provides enhanced visibility across its value chain, enabling better alignment between grain origination, agronomy inputs, and energy processing—creating synergies that were less apparent under the prior segment structure and setting the stage for improved margin capture as agricultural cycles rebound. Furthermore, CHS's role as the nation's leading farmer-owned cooperative gives it unique access to a loyal owner base during critical planting and harvest seasons, ensuring steady demand for its agronomy and grains services even amid tighter farmer spending, as evidenced by the agronomy segment's minimal pretax loss improvement of just $0.1 million year-over-year in Q2 FY26, indicating stable underlying demand for crop nutrients and protection products despite macroeconomic pressures.
The grains segment's recovery from a $17.9 million pretax loss in Q2 FY26 to $18.3 million in pretax earnings for the first half of FY26 reveals a powerful seasonal rebound driven by strong harvest execution and improved market access, underscoring CHS's competitive advantage in grain origination and logistics during peak agricultural periods. This swing, contrasting sharply with the prior year's $158.6 million first-half pretax earnings, reflects not a structural decline but rather the cyclical nature of grain markets influenced by timing of sales, global supply dynamics, and farmer selling behavior—factors that CHS is uniquely positioned to navigate through its extensive elevator network and risk management services. Management's emphasis on prioritizing efficiency and diversified supply chains, coupled with the new operating model's focus on end-to-end visibility, suggests the company is building capabilities to mitigate volatility through better timing of sales and enhanced hedging, which could unlock improved profitability as grain markets stabilize and global demand for U.S. exports remains supported by food security concerns and emerging market needs. Additionally, the corporate and services segment's resilience, with only a $1.9 million pretax loss in Q2 FY26 compared to $14.5 million in earnings the prior year, indicates that joint venture performance from Ardent Mills and Ventura Foods, while pressured, is not deteriorating at an alarming rate and may benefit from stabilizing food demand and improved operational efficiencies in the grains-to-foods value chain.
CHS's strategic focus on reducing environmental impact and developing new solutions in agriculture and energy represents a forward-looking catalyst that the market may be underestimating, particularly as regulatory incentives for sustainable aviation fuel, renewable diesel, and low-carbon agriculture gain traction globally. The company's existing infrastructure in refined fuels, propane, and lubricants, combined with its agronomy expertise in crop nutrients and nitrogen production through CF Nitrogen, positions it to participate in the energy transition without requiring massive new capital investments—leveraging current assets to produce lower-carbon fuels and sustainable inputs that could attract premium pricing and long-term contracts. This adaptability is further strengthened by its cooperative structure, which, while limiting traditional equity access, fosters deep owner loyalty and long-term commitment to shared goals, enabling CHS to pursue sustainability initiatives with aligned incentives across its farmer-owner base. As global agribusiness faces increasing pressure to decarbonize, CHS's integrated model—linking sustainable crop production with low-carbon fuel processing—could emerge as a differentiated advantage, especially if policy frameworks like the Inflation Reduction Act or international carbon markets create tangible revenue streams for climate-smart agriculture and biofuels.

▼ Bear case

CHS Inc. faces persistent and potentially worsening headwinds in its core energy segment, where the pretax loss of $133.6 million in Q2 FY26—despite being framed as a $54.2 million improvement year-over-year—remains deeply troubling and signals ongoing structural challenges that management has not adequately addressed, particularly the significantly increased RINs expenses that continue to erode margins in the refining business. The company's attribution of this loss to commodity market fluctuations and hedge impacts, while partially offset by higher crack spreads, reveals a business model still overly exposed to volatile regulatory credit markets and unpredictable commodity swings, suggesting that its hedging and risk management strategies may be insufficient to protect earnings in a tightening biofuel policy environment. Furthermore, the reliance on improved sales mix of refined fuels as a partial offset raises concerns about the sustainability of this recovery, as it depends on favorable product demand shifts that could reverse if global economic growth slows or if electric vehicle adoption accelerates faster than anticipated in key transportation markets.
The grains segment's apparent recovery in the first half of FY26 masks underlying weakness, as the Q2 FY26 pretax loss of $17.9 million—only a $9.5 million improvement from the prior year—indicates that farmer spending remains tightly constrained and global grain demand lacks the strength to support meaningful pricing power, despite CHS's strong harvest positioning. This persistent underperformance, occurring even after a strong harvest season that should have boosted volumes and margins, suggests that structural issues such as oversupply, weak export demand, or farmer reluctance to sell at current levels are outweighing the benefits of CHS's operational execution, raising doubts about the segment's ability to generate consistent profitability without a significant rebound in commodity prices or agricultural economics. Management's acknowledgment of a tighter spending environment for farmers, combined with global market dynamics challenging the ag sector, points to a prolonged period of margin compression in grain origination and storage, where CHS's cooperative model may limit its ability to aggressively pursue cost-cutting or pricing actions that investor-owned competitors could deploy more freely.
CHS's cooperative structure, while a source of owner loyalty, presents a fundamental constraint on its financial flexibility and growth capacity, particularly in an era requiring significant capital investment for energy transition initiatives, digital transformation, and sustainability compliance—areas where the company may struggle to compete with investor-owned peers that can access equity markets more freely. The explicit acknowledgment in its filings of limits on accessing equity capital due to its cooperative structure directly impacts its ability to fund acquisitions, joint ventures, or large-scale infrastructure projects that could drive long-term value, potentially leaving CHS at a strategic disadvantage as competitors consolidate or innovate in areas like alternative fuels, precision agriculture, and sustainable inputs. This structural limitation is compounded by the ongoing costs of compliance with environmental and energy laws, which are rising globally and could disproportionately affect a cooperative with constrained reinvestment capacity, especially as scrutiny intensifies around environmental, social, and governance practices in the agribusiness sector.

CHS Inc. faces persistent and potentially worsening headwinds in its core energy segment, where the pretax loss of $133.6 million in Q2 FY26—despite being framed as a $54.2 million improvement year-over-year—remains deeply troubling and signals ongoing structural challenges that management has not adequately addressed, particularly the significantly increased RINs expenses that continue to erode margins in the refining business. The company's attribution of this loss to commodity market fluctuations and hedge impacts, while partially offset by higher crack spreads, reveals a business model still overly exposed to volatile regulatory credit markets and unpredictable commodity swings, suggesting that its hedging and risk management strategies may be insufficient to protect earnings in a tightening biofuel policy environment. Furthermore, the reliance on improved sales mix of refined fuels as a partial offset raises concerns about the sustainability of this recovery, as it depends on favorable product demand shifts that could reverse if global economic growth slows or if electric vehicle adoption accelerates faster than anticipated in key transportation markets.
The grains segment's apparent recovery in the first half of FY26 masks underlying weakness, as the Q2 FY26 pretax loss of $17.9 million—only a $9.5 million improvement from the prior year—indicates that farmer spending remains tightly constrained and global grain demand lacks the strength to support meaningful pricing power, despite CHS's strong harvest positioning. This persistent underperformance, occurring even after a strong harvest season that should have boosted volumes and margins, suggests that structural issues such as oversupply, weak export demand, or farmer reluctance to sell at current levels are outweighing the benefits of CHS's operational execution, raising doubts about the segment's ability to generate consistent profitability without a significant rebound in commodity prices or agricultural economics. Management's acknowledgment of a tighter spending environment for farmers, combined with global market dynamics challenging the ag sector, points to a prolonged period of margin compression in grain origination and storage, where CHS's cooperative model may limit its ability to aggressively pursue cost-cutting or pricing actions that investor-owned competitors could deploy more freely.
CHS's cooperative structure, while a source of owner loyalty, presents a fundamental constraint on its financial flexibility and growth capacity, particularly in an era requiring significant capital investment for energy transition initiatives, digital transformation, and sustainability compliance—areas where the company may struggle to compete with investor-owned peers that can access equity markets more freely. The explicit acknowledgment in its filings of limits on accessing equity capital due to its cooperative structure directly impacts its ability to fund acquisitions, joint ventures, or large-scale infrastructure projects that could drive long-term value, potentially leaving CHS at a strategic disadvantage as competitors consolidate or innovate in areas like alternative fuels, precision agriculture, and sustainable inputs. This structural limitation is compounded by the ongoing costs of compliance with environmental and energy laws, which are rising globally and could disproportionately affect a cooperative with constrained reinvestment capacity, especially as scrutiny intensifies around environmental, social, and governance practices in the agribusiness sector.

Segments Breakdown of Revenue (2026)

History

Geographical Breakdown of Revenue (2026)

History

Peer group

Peer Comparison

Companies in the Agricultural Products

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S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	ADM	Archer-Daniels-Midland Co	32.98 Bn	13.51	0.39	8.74 Bn
2	TSN	Tyson Foods, Inc.	21.20 Bn	36.96	0.38	8.01 Bn
3	BG	Bunge Global SA	19.10 Bn	16.49	0.20	24.55 Bn
4	JBS	Jbs N.V.	13.72 Bn	18.93	1.52	23.61 Bn
5	DAR	Darling Ingredients Inc.	7.99 Bn	9.60	1.18	3.49 Bn
6	SFD	Smithfield Foods Inc	7.58 Bn	8.42	0.50	2.00 Bn
7	PPC	Pilgrims Pride Corp	6.72 Bn	20.96	0.37	3.41 Bn
8	INGR	Ingredion Inc	5.73 Bn	10.31	0.80	1.78 Bn

Chs CHSCP

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Investment Thesis

Segments Breakdown of Revenue (2026)

Geographical Breakdown of Revenue (2026)

Peer Comparison

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