Ivanhoe Mines Ltd. (IVN.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-27.3%

CA$6.54

vs CA$9.00 price

Levered DCF

-CA$0.64

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.21

Safe zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	56.84×	69.74×	37.26×	23.22×	178.53×	-269.19×	163.5×	56.76×
P/B	2.64×	3.21×	3.21×	3.26×	3.95×	2.19×	1.45×	0.78×
P/S	34.67×	392.04×	0×	0×	0×	0×	0×	0×
EV / EBITDA	42.21×	-131.5×	-131.82×	-114.37×	-96.33×	-59.71×	-56.9×	-24.56×
Gross margin	-7.8%	-21.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating margin	-9.4%	363.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Net margin	59.2%	558.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Current ratio	2.23×	1.25×	0.65×	0.88×	21.49×	14.37×	22.29×	19.78×
Debt / equity	0.22×	0.07×	0.26×	0.25×	0.2×	0.02×	0.02×	0.02×
Interest coverage	-0.99×	3.18×	5.59×	4.37×	-0.14×	-68.06×	-212.18×	-49.5×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.5%	4.6%	8.6%	14.0%	2.2%	-0.8%	0.8%	1.4%
Return on invested capital	-0.5%	2.7%	3.7%	4.1%	0.2%	-5.1%	-2.5%	-2.4%
Return on assets	3.5%	4.0%	6.4%	10.4%	1.7%	-0.8%	0.8%	1.4%
Free cash flow yield	-3.1%	-4.0%	-4.3%	0.2%	-0.6%	-1.9%	-3.7%	-9.7%
Earnings yield	1.7%	1.4%	2.7%	4.3%	0.6%	-0.4%	0.5%	1.8%
Enterprise value	CA$16.1B	CA$16.3B	CA$12.3B	CA$9.7B	CA$9.7B	CA$5.1B	CA$2.9B	CA$942.5M
Net debt / EBITDA	1.29×	-2.16×	-4.23×	-1.7×	1.16×	2.46×	12.79×	14.08×
Cash conversion cycle (days)	153	440	0	0	0	0	0	0