Ivanhoe Mines

IVN.TO

Industrial Materials · Basic Materials

Also trades as: IVPAF

Exchange

Toronto Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Good

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Winston Score History

The full picture

Ivanhoe Mines is a Canadian mining company that digs copper, zinc, and platinum-group metals out of the ground in Africa. Its most important asset is the Kamoa-Kakula copper mine in the Democratic Republic of Congo, which is one of the largest copper deposits ever discovered. It also operates the Platreef platinum and palladium project in South Africa and the Kipushi zinc mine, also in the DRC.

The company makes money by selling mined metals to industrial buyers, smelters, and commodity traders around the world. Ivanhoe is still in a heavy growth and construction phase, which explains its near-zero margins and returns — most cash is being reinvested to expand production capacity. Copper is its biggest long-term opportunity, since demand for the metal is expected to rise sharply as the world builds more electric vehicles and power grids, but operating in the DRC carries real political and logistical risk that investors must weigh carefully.

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

+53.7% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+4.3% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

45.0%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

C$4.5B cash & investments at current burn rate

Strong grower

Ivanhoe Mines is growing revenue at 54% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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.

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Quality

Profit per sale

Gross Margin

18.7%

Thin — 18.7% gross margin

Profit after running costs

Operating Margin

7.3%

Modest — 7.3% operating margin

Return on the money invested

ROCE

0.3%

Weak — 0.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+171.5%

Fast-growing sales (+171.5% YoY)

Profit growth

EPS YoY

-66.5%

Earnings shrinking (-66.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

-62%

Weak — only -62% of profit becomes cash

Spare cash per sale

FCF Margin

-79.5%

Burning cash (-79.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.22

Conservative — low debt load (0.22)

Covers its interest

Interest Cover

0.62x

Dangerous — barely covers interest (0.6x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

92.6x

no trend

Expensive — P/E 92.6

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+79.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (92.6 → 13.3)

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Dividends

Not applicable for this business.

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