# Ivanhoe Mines Ltd. (IVN.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Basic Materials / Metals & Mining. Price C$11.78, market value C$16.8 billion.

## Valuation
- **P/E (trailing): 98.2×** (5-yr avg 98.5×, 3-yr avg 77.3×). Ivanhoe Mines Ltd. trades at 98.2× trailing earnings, close to its own five-year average of 98.5×. The Basic Materials median in the September 2026 study was 19.0×. Forward P/E is 20.6×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 1.75**. A PEG of 1.75 is in the range usually read as fairly priced for its growth.
- **Price / sales: 20.8×**. Each dollar of revenue is priced at 20.8×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 2.0×**. The shares trade at 2.0× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 44.4×**. Enterprise value is 44.4× operating earnings before depreciation, the multiple that ignores how the company is financed; above 20× is demanding.
- **Free-cash-flow yield: -3.8%** (5-yr avg -1.7%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.
- **Earnings yield: 1.0%**. The inverse of the P/E: 1.0% of the price is earned each year.

## Profitability
- **Gross margin: 12.2%**. Ivanhoe Mines Ltd. keeps 12.2% of revenue after the direct cost of what it sells, a thin margin typical of retail, distribution and commodity businesses.
- **Operating margin: 4.0%**. 4.0% of revenue is left after running the business, which leaves little cushion in a downturn.
- **Net margin: 59.2%**. 59.2% of each dollar of sales reaches the bottom line.
- **Return on equity: 4.5%**. 4.5% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 0.3%**. Return on all capital, debt included, is 0.3%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 1.8%**. Each dollar of assets produces 1.8% of profit.

## Growth
- **Revenue growth (1 yr): 1000.9%**. Revenue grew 1000.9% over the last year.
- **EPS growth (1 yr): 11.8%** (3-yr -16.8%/yr). Earnings per share rose 11.8%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 0.22**. Debt is 0.22 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 1.4×**. It would take 1.4 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 0.9×**. Operating profit covers interest only 0.9×: fragile.
- **Current ratio: 2.23** (quick 2.10). Current assets cover the next year's liabilities 2.23 times.
- **Altman Z-score: 6.54**. A Z-score of 6.54 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Ivanhoe Mines Ltd. does not currently pay a dividend.

## Analyst view
- **Analyst consensus: buy** (15 analysts). 15 analysts cover Ivanhoe Mines Ltd.; the consensus is buy, with an average price target of C$14.36 (+22% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): -3.2%** (YTD -24.5%, 3-mo 5.7%). The shares are down 3.2% over twelve months including dividends.
- **From 52-week high: -42.1%** (24.7% above the low). Trading 42% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 52**. An RSI of 52 is neutral.
- **Beta (1 yr): 2.72** (volatility 58%). Beta of 2.72 against the S&P/TSX Composite: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=IVN.TO · Page: https://foliofundamentals.com/stocks/ivn.to

Not investment advice.