IGO Limited

IGO.AX

Other Precious Metals · Basic Materials

Price

A$8.36

+0.32 (+3.98%)

Market Cap

A$6.33B

Exchange

Australian Securities Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Mixed

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+11.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 681.5M (2021) → 757.3M (2025)

Winston Score History

The full picture

IGO Limited is an Australian mining company that digs up minerals used to make batteries for electric vehicles and electronics. Its main products are lithium and nickel, which it sells to battery makers and manufacturers around the world. IGO owns a stake in the Greenbushes lithium mine in Western Australia, which is one of the largest hard-rock lithium deposits on the planet.

IGO makes money by selling these mined minerals at market prices, so its revenue rises and falls with commodity prices. The company operates almost entirely in Western Australia and is considered a mid-sized miner by global standards. The negative margins shown in its financials reflect a sharp drop in lithium prices since their 2022 peak, which has turned previously profitable operations into loss-making ones. The key risk IGO faces is that lithium prices remain depressed for longer than expected, which would continue to pressure cash flows and could force the company to reassess its spending plans.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-36.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+95.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

11.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$2.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

IGO Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

-33.7%

Thin — -33.7% gross margin

Profit after running costs

Operating Margin

-49.2%

Losing money on operations — -49.2%

Return on the money invested

ROCE

-9.0%

Weak — -9.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-38.2%

Shrinking sales (-38.2% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

16.8%

Converts sales into free cash efficiently (16.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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