Ivanhoe Electric Inc. is a US-listed company in the diversified metals & mining industry. Its financial year ends in December.
Loading chart…
Third-party market data · may be delayed
Under review: every model's value for Ivanhoe Electric Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.
Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.
Ivanhoe Electric Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Ivanhoe Electric has little or no product revenue yet; it used $107m of cash in the twelve months to June 2026. The diluted share count is up 18.3% on a year earlier, which dilutes existing holders. It passes 3 of our 3 financial-health checks.
Our model value for Ivanhoe Electric is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Ivanhoe Electric Inc.'s trailing-twelve-month revenue fell 20.6% year on year, with a free-cash-flow margin of -3532.1%. Where it stands out: operating margin of 474.5% ranks 1 of 14 diversified metals & mining companies we cover. Where it lags: change in growth rate of -23.4pp ranks 15 of 16 diversified metals & mining companies we cover.
Current signal Operating margin expanding: TTM operating margin reached 474.5%, up 3736.8pp year over year.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Loading chart…
Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Ivanhoe Electric Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.43 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$1.3 ~$1.3–$1.3 | Left out: out of range vs price (0.17x) |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$0.0 ~$0.0–$0.1 | Left out: out of range vs price (0.01x) |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ivanhoe Electric Inc. with Diversified Metals & Mining in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2022 | 2023 | 2024 | 2025 | Now |
|---|---|---|---|---|---|
| Share price | $12.15 | $10.08 | $7.55 | $15.98 | $7.56 |
| Market value | $954m | $1.0bn | $909m | $2.1bn | $1.1bn |
| + Net debt (− = net cash) | −$114m | −$156m | $2m | −$140m | −$222m |
| Enterprise value | $840m | $877m | $911m | $2.0bn | $897m |
| Multiples | |||||
| Price / sales | 113.0x | n/m | n/m | n/m | n/m |
| Price / earnings | — | — | — | — | — |
| Price / free cash flow | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | 52.8x |
Weak moat
How hard Ivanhoe Electric's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -33.4% of total assets over 5 years.
Gross margin has been a median 58.7%, moving by 39.7 percentage points (standard deviation) across 5 years.
Net margin has been a median -2120.2%; its worst year was -8095.9%.
Free cash flow was positive in 0 of 5 years, at a median -3532.1% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
Next results: November 5, 2026, before the open. Analysts expect revenue of $1m and EPS of −$0.06 (range −$0.06 to −$0.05) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.51 | +27% | $3m | −4% |
| Next | −$0.43 | +15% | $4m | +15% |
The consensus EPS forecast for the current fiscal year is +218.8% on 90 days ago. In the last 30 days, 0 analysts raised Ivanhoe Electric Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$0.16 | −$0.50 |
| 60 days ago | −$0.82 | −$0.64 |
| 30 days ago | −$0.81 | −$0.60 |
| 7 days ago | −$0.51 | −$0.43 |
| Now | −$0.51 | −$0.43 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.15 | −$0.21 | −37.4% |
| Mar 2026 | −$0.23 | −$0.47 | −102.0% |
| Dec 2025 | −$0.22 | −$0.17 | +24.9% |
| Sept 2025 | −$0.20 | −$0.13 | +36.4% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −48.9%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $4m | $3m | −20.6% |
| P/S multiple | n/m | n/m | −23.8% |
| Share count | 125m | 148m | −15.5% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|
| Return | ||||
| IE | −17% | −25% | +112% | −53% |
| Industry peers (median) | −1% | −22% | +47% | −43% |
| S&P 500 | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||
| IE | 50% | 50% | 67% | 46% |
| S&P 500 | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||
| IE | −40% | −49% | −41% | −62% |
| S&P 500 | −10% | −8% | −19% | −9% |
Worst fall since June 28, 2022: 71% from July 17, 2023 to April 4, 2025. Getting back needed a 246% gain, reached on October 14, 2025, 193 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 21, 2025 | −8.7% | −0.5% | −13.2% | −23.8% |
| February 11, 2025 | −0.3% | −0.2% | +2.9% | −6.9% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $2.5M |
| FY23 Q4 | $3.9M |
| FY24 Q1 | $3.6M |
| FY24 Q2 | $2.8M |
| FY24 Q3 | $3.2M |
| FY24 Q4 | $2.9M |
| FY25 Q1 | $3.3M |
| FY25 Q2 | $3.8M |
| FY25 Q3 | $3.7M |
| FY25 Q4 | $3.2M |
| FY26 Q1 | $3.4M |
| FY26 Q2 | $3M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -71.3% |
| FY23 Q4 | -53.8% |
| FY24 Q1 | 52.1% |
| FY24 Q2 | -18.4% |
| FY24 Q3 | 29.6% |
| FY24 Q4 | -25.7% |
| FY25 Q1 | -8.6% |
| FY25 Q2 | 35.5% |
| FY25 Q3 | 13.6% |
| FY25 Q4 | 11.8% |
| FY26 Q1 | 2.8% |
| FY26 Q2 | -20.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -7060.4% |
| FY23 Q4 | -4622.1% |
| FY24 Q1 | -5543.9% |
| FY24 Q2 | -7117.3% |
| FY24 Q3 | -6009.6% |
| FY24 Q4 | -6099.7% |
| FY25 Q1 | -4489.4% |
| FY25 Q2 | -3262.3% |
| FY25 Q3 | -2878.3% |
| FY25 Q4 | -3501.0% |
| FY26 Q1 | 302.6% |
| FY26 Q2 | 474.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -6109.0% |
| FY23 Q4 | -3896.8% |
| FY24 Q1 | -4809.1% |
| FY24 Q2 | -6459.5% |
| FY24 Q3 | -5450.8% |
| FY24 Q4 | -5688.6% |
| FY25 Q1 | -4269.5% |
| FY25 Q2 | -3049.8% |
| FY25 Q3 | -2637.6% |
| FY25 Q4 | -2786.8% |
| FY26 Q1 | -3202.8% |
| FY26 Q2 | -3532.1% |
| Fiscal year | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|
| Income | ||||||
| Revenue | 5 | 8 | 4 | 3 | 3 | 3 |
| Gross profit | 3 | 5 | 1 | 2 | 2 | 2 |
| EBITDA | −56 | −128 | −178 | −174 | −111 | 17 |
| Operating income | −61 | −132 | −180 | −177 | −114 | 14 |
| Net income | −59 | −150 | −199 | −129 | −106 | −34 |
| Diluted EPS | $0.96 | $1.91 | $1.95 | $1.07 | $0.79 | −$0.23 |
| Growth (year on year) | ||||||
| Revenue | — | +81.4% | −53.8% | −25.7% | +11.8% | −20.6% |
| Margins | ||||||
| Gross margin | 67.3% | 62.9% | 23.5% | 64.9% | 65.3% | 58.7% |
| EBITDA margin | <−999% | <−999% | <−999% | <−999% | <−999% | 562.4% |
| Operating margin | <−999% | <−999% | <−999% | <−999% | <−999% | 474.5% |
| Net margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Free-cash-flow margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Cash flow | ||||||
| Cash from operations | −48 | −116 | −151 | −162 | −89 | −106 |
| Capital spending | 4 | 9 | 2 | 3 | 1 | 1 |
| Free cash flow | −52 | −124 | −152 | −165 | −90 | −107 |
| Stock-based pay | 4 | 5 | 21 | 15 | 12 | 11 |
| Free cash flow after stock pay | −55 | −129 | −173 | −180 | −102 | −118 |
| Balance sheet | ||||||
| Cash | 50 | 140 | 205 | 41 | 173 | 257 |
| Total debt | 79 | 26 | 49 | 43 | 34 | 35 |
| Net debt (negative = net cash) | 29 | −114 | −156 | 2 | −140 | −222 |
| Diluted shares | 62m | 79m | 102m | 120m | 134m | 148m |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Gross profit | 0 | 1 | 0 | 1 | 0 | 1 | 1 | 0 |
| EBITDA | −41 | −29 | −26 | −25 | −23 | −37 | 97 | −21 |
| Operating income | −42 | −30 | −27 | −26 | −24 | −37 | 97 | −21 |
| Net income | −43 | 17 | −31 | −24 | −18 | −34 | 42 | −25 |
| Diluted EPS | $0.36 | −$0.14 | $0.24 | $0.18 | $0.13 | $0.24 | −$0.26 | $0.16 |
| Growth (year on year) | ||||||||
| Revenue | +180.8% | −20.3% | +104.2% | +98.5% | −18.8% | −32.7% | +16.7% | −32.2% |
| Net income | — | — | — | — | — | −301.0% | — | — |
| Margins | ||||||||
| Gross margin | 61.8% | 64.7% | 60.1% | 72.5% | 51.2% | 69.5% | 58.9% | 50.8% |
| EBITDA margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | >999% | <−999% |
| Operating margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | >999% | <−999% |
| Net margin | <−999% | >999% | <−999% | <−999% | <−999% | <−999% | >999% | <−999% |
| Free-cash-flow margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Cash flow | ||||||||
| Cash from operations | −37 | −31 | −25 | −20 | −18 | −26 | −42 | −20 |
| Capital spending | 0 | 2 | 0 | 1 | −0 | 0 | 1 | 0 |
| Free cash flow | −37 | −32 | −25 | −21 | −18 | −26 | −43 | −20 |
| Stock-based pay | 4 | 4 | 3 | 3 | 3 | 3 | 3 | 3 |
| Free cash flow after stock pay | −41 | −36 | −28 | −25 | −21 | −28 | −45 | −23 |
| Last 12 months unless stated | IE | LODE | MTA | ABAT | UAMY | ATLX | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $3m | $1m | $12m | $22m | $36m | $109897 | $118m |
| Revenue growth, last 12 months | −20.6% | −69.1% | 99.6% | 406.8% | 41.6% | −68.6% | 14.6% |
| Revenue growth, 3-year average | −4.2% | 95.1% | — | — | 63.4% | 120.3% | 13.4% |
| Revenue growth, latest quarter | −32.2% | −19.7% | — | 196.6% | −24.7% | −100.0% | 7.2% |
| Gross margin | 58.7% | −165.6% | 80.9% | −14.2% | 17.4% | 85.1% | 24.6% |
| Operating margin | 474.5% | <−999% | −0.5% | −343.6% | −64.0% | <−999% | −5.3% |
| Operating margin, 3-year average | <−999% | <−999% | — | — | −45.8% | <−999% | −23.9% |
| Net margin | <−999% | <−999% | −36.1% | −337.5% | −44.6% | <−999% | −36.1% |
| Cash from operations / revenue | <−999% | <−999% | 37.5% | −111.4% | −77.0% | <−999% | −9.3% |
| Free-cash-flow margin | <−999% | <−999% | — | −167.3% | −195.6% | <−999% | −48.3% |
| Free-cash-flow margin, 3-year average | <−999% | <−999% | — | — | −80.4% | <−999% | −37.2% |
| Stock pay / revenue | 365.3% | 29.7% | — | 213.8% | 38.4% | >999% | 11.9% |
| Change in share count | 18.3% | 40.6% | 1.1% | 58.8% | 15.2% | 43.7% | 8.3% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -20.6% | 14.6% | 15 of 17 |
| Change in growth rate Growth | -23.4pp | +10.2pp | 15 of 16 |
| Gross margin Profitability | 58.7% | 24.6% | 3 of 14 |
| Operating margin Profitability | 474.5% | -0.5% | 1 of 14 |
| Net margin Profitability | -1138.7% | -36.1% | 15 of 17 |
| Free-cash-flow margin Cash generation | -3532.1% | -34.6% | 15 of 16 |
| Stock pay as % of revenue Cash generation | 365.3% | 13.5% | 12 of 13 |
| Long-term debt as % of assets Balance sheet | 0.0% | 21.3% | 1 of 14 |
| Change in share count Balance sheet | 18.3% | 8.3% | 11 of 16 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Data Processing | $3.2M | 100.0% | ▲ 14.6% |
| Santa Cruz Copper Project | $0 | 0.0% | — |
| Critical Metals | $0 | 0.0% | — |
| Energy Storage | $0 | 0.0% | ▼ 100.0% |
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Data Processing Services | $3.2M | 100.0% | ▲ 14.6% |
| Renewable Energy Storage Systems | $0 | 0.0% | ▼ 100.0% |
| Region | Revenue | Share | YoY |
|---|---|---|---|
| Canada | $3.2M | 100.0% | ▲ 14.6% |
| China | $0 | 0.0% | ▼ 100.0% |
From Ivanhoe Electric Inc.'s 10-K filed February 23, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $146M | 15.2M | 12.8% | ▲ 10.7% |
| Price T Rowe Associates Inc | $106M | 11.1M | 9.3% | ▼ 8.2% |
| State Street Corp | $103M | 10.7M | 9.1% | ▲ 15.1% |
| FMR LLC | $86.7M | 9.0M | 7.6% | ▼ 17.4% |
| Mirae Asset Global Etfs Holdings Ltd. | $69.1M | 7.2M | 6.1% | ▲ 32.2% |
| Wellington Management Group LLP | $67.6M | 7.0M | 5.9% | ▲ 24.2% |
| Alyeska Investment Group, L.P. | $65.9M | 6.9M | 5.8% | ▲ 1.6% |
| Vanguard Capital Management LLC | $52.9M | 5.5M | 4.6% | ▲ 8.0% |
| Sailingstone Capital Partners LLC | $40.3M | 4.2M | 3.5% | ▲ 37.6% |
| Primecap Management Co | $32.9M | 3.4M | 2.9% | ▲ 5.8% |
| Geode Capital Management, LLC | $29.2M | 3.0M | 2.6% | ▲ 18.7% |
| Mfn Partners Management, LP | $24.5M | 2.6M | 2.2% | 0.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ivanhoe Electric Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Boyd Graham Richard Thomas Senior VP, Exploration | March 6, 2026 | Sell | 11,147 | $13.20 | $147,140 |
| Joseph Cassandra Pulskamp Gen. Counsel / Corp. Secretary | March 6, 2026 | Sell | 4,664 | $13.20 | $61,565 |
| Melvin Joseph Taylor President and CEO | March 6, 2026 | Sell | 6,808 | $13.20 | $89,866 |
| Terhorst Stephani Vice President Human Resources | March 6, 2026 | Sell | 6,233 | $13.20 | $82,276 |
| Neeser Jordan Chief Financial Officer | March 6, 2026 | Sell | 17,123 | $13.20 | $226,024 |
| Kuntz Glen Nickolas SVP, Mine Development | March 6, 2026 | Sell | 14,863 | $13.20 | $196,192 |
| Joseph Cassandra Pulskamp Gen. Counsel / Corp. Secretary | February 25, 2026 | Sell | 123,074 | $16.48 | $2M |
| Markin Quentin See Remarks | December 29, 2025 | Sell | 90,000 | $16.34 | $1.5M |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
New research on the companies we cover arrives in the weekly email. Free, one email a week.
