IEIvanhoe Electric Inc.
Is the business good?
The checks split: nothing decisive, though margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is IE?
Ivanhoe Electric Inc. earns 4.2% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 4.8 points below what the capital costs: growth destroys value
- Operating margin
- 475%
Operating margin · Copper median 38% · 12 months to Q2 2026
- Share count, year on year
- +19%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 25%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2021 | −1306% |
| FY2022 | −1566% |
| FY2023 | −4622% |
| FY2024 | −6100% |
| FY2025 | −3501% |
Details›
- Gross margin12 months to Q2 2026
- 59%
- Operating margin12 months to Q2 2026
- 475%
- Net margin12 months to Q2 2026
- −195%
- Free cash flow margin
- −3538%
- R&D as % of revenue
- 25%
- Revenue, trailing twelve months
- $3.0M
- Free cash flow, trailing twelve months
- −$107M
- Net income, trailing twelve months
- −$5.9M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 4.2%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.