Shareholders being diluted. Shares outstanding up 72% from December 2022 to August 2026.
Ivanhoe Electric had 72% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Ivanhoe Electric had 72% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 359% of revenue in 2025.
Ivanhoe Electric paid employees $12M in stock in 2025, 359% of its $3M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Ivanhoe Electric reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
Revenue is falling. Revenue fell 21% in the 12 months to June 2026 vs the 12 months before.
Ivanhoe Electric's revenue fell 21% in the 12 months to June 2026 vs the 12 months before.
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 15 → 16
Peer companies moved+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield-2.8%
SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0364 · MAD: 0.0364
EBITDA yield1.7%
SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -1.31Sector median: 0.0854 · MAD: 0.0520
Free cash flow yield-8.7%
SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0261 · MAD: 0.0261
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Ivanhoe Electric
Is Ivanhoe Electric getting weaker?
Its latest SEC filing (Aug 7, 2026) got weaker in some ways: 12-month revenue fell 10.2%. Its overall score is unchanged at 47/100 since Oct 28, 2026.
How is Ivanhoe Electric valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 16/100 against 1,371 basic materials peers.Earnings yield -2.8% vs a peer median of 3.6% (weaker than 100% of peers).Earnings yield -2.8% vs peers 3.6% (weaker than 100% of peers).
Is Ivanhoe Electric growing?
More slowly than most of its peers. Growth scores 23/100 against 1,371 basic materials peers.Revenue growth -20.6% vs a peer median of 3.4% (weaker than 95% of peers).Revenue growth -20.6% vs peers 3.4% (weaker than 95% of peers).
How profitable is Ivanhoe Electric?
More profitable than most of its peers. Profitability scores 65/100 against 1,371 basic materials peers.Operating margin 474.5% vs a peer median of 7.6% (stronger than 95% of peers).Operating margin 474.5% vs peers 7.6% (stronger than 95% of peers).Return on assets -5.9% vs a peer median of 2.5% (weaker than 93% of peers).Return on assets -5.9% vs peers 2.5% (weaker than 93% of peers).
How risky is Ivanhoe Electric?
Lower risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings.Debt / equity 0.00× vs a peer median of 0.36× (stronger than 95% of peers).Debt / equity 0.00× vs peers 0.36× (stronger than 95% of peers).Beta 1.29 vs a peer median of 0.69 (weaker than 85% of peers).Beta 1.29 vs peers 0.69 (weaker than 85% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 7, 2026 · compared with the quarter ended Mar 31, 2026
Got weaker
12-month revenue fell 10.2%
Previous quarter
Latest quarter
Change
Revenue (12 months)
3.4M USD
3.0M USD
−10.2%
Net income (12 months)
−33.6M USD
−34.4M USD
+2.4%
Operating margin
302.6%
474.5%
+171.9 pts
Free cash flow (12 months)
−107.8M USD
−106.8M USD
−1.0%
Cash
289.8M USD
256.9M USD
−11.4%
Shares outstanding
158.3M
159.6M
+0.8%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Basic Materials · 121 companies
Valuations in Basic Materials are near the top of their range since 2016.
84% of months since 2016 were valued lower than now.
43% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +23% and earnings +13% (medians): prices and earnings moved broadly together.
Median price-to-sales is −9% vs the whole market, against a usual −27%.
2016Shaded: most expensive fifth of its range2026
Shown for Basic Materials: too few Copper companies have a long enough history of their own.
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Gross margin
67.3%
62.9%
23.5%
64.9%
65.3%
▲ 0.4 pts
Operating margin
-1305.9%
-1565.9%
-4622.1%
-6099.7%
-3501.0%
▲ >999 pts
Net margin
-1472.7%
-1898.4%
-5108.3%
-4433.7%
-3263.7%
▲ >999 pts
Return on assets (ROA)
-44.6%
-61.5%
-40.9%
-34.3%
-21.9%
▲ 12 pts
Return on equity (ROE)
-312.4%
-77.6%
-53.3%
-47.9%
-25.4%
▲ 22 pts
Free cash flow margin
-1114.0%
-1472.0%
-3896.8%
-5688.6%
-2786.8%
▲ >999 pts
Current ratio
1.44×
8.66×
5.45×
2.07×
3.34×
▲ 61%
Quick ratio
1.29×
8.34×
5.32×
2.07×
—
—
Debt to equity
—
0.13×
0.16×
0.18×
0.00×
▼ 100%
Interest coverage
-39.60×
-63.82×
-48.67×
-61.04×
-40.62×
▲ 33%
IE price history
Price history is added with the daily price update and will appear after the next one.