Ivanhoe Electric Inc. Common Stock (IE)

FairStock Score: 23/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for businesses with durable earnings power and a margin of safety. Ivanhoe Electric is not that today; it is an exploration story. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $724,000 and net income was -$24.7 million. For FY2025, revenue was $3.2 million and net income was -$105.9 million. FY2024 revenue was $2.9 million with net income of -$128.6 million, and FY2023 revenue was $3.9 million with net income of -$199.4 million. So it has no meaningful revenue, no profits, and losses in each of the last four years; the Lynch category is none for that reason. FairStock calculations show a Piotroski F-Score of 1/9, ROCE of -15.34%, ROE of -1.40%, and trailing free cash flow of -$134.0 million, a -9.5% FCF yield. The balance sheet has low debt, with D/E of 0.07, and an Altman Z-Score of 14.42. But cash burn is the real issue. At $8.85 on 2026-10-13, FairStock puts P/B at 2.69, EV/EBITDA at 168.93, and P/E at -34.04. That is not a Graham bargain; it is a bet on Santa Cruz and future copper. The Arizona project and water rights may have option value, but there is no proved moat, no earnings, and revenue is tiny. Until the company shows production, cash flow, and a path to profit, this remains speculative. I would need a much larger discount to tangible value, or hard evidence of mine economics, before calling it attractive.

In plain English: Ivanhoe Electric is an early-stage mining explorer that searches for copper and other metals, mainly at a project in Arizona called Santa Cruz. It makes almost no money and has lost money every year, so the business looks weak today. At the latest price of $8.85, the company is worth about $1.4 billion, which looks expensive compared with its tiny sales and ongoing losses; any real value would come from future mining success.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer