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IGO Ltd USD

At a glance: strengths & risks
✓Net cash balance sheet✗Revenue declining (-38%)✗Profit falling (-34193%)✗Loss-making last FY✗Margins compressing (-24%→-32%)

Sector: Nickel & lithium

AU_IGO

Price chart

8.36 AUDDay 3.98%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
8.36 AUD · 3.98%
Market cap
4.5 bn USD

Growth

Δ revenue y/y
-32.9%
Δ EBITDA y/y
—

Multiples

P/E (LTM)
—
P/B (FY)
3.3x
P/E (ann.)
<0
EV/EBITDA (LTM)
—
EV/EBITDA (ann.)
464.5x

Cash return

Dividend yield
—
FCF yield (LTM)
1.6%

Value creation

fundamental value/yr, % of market cap
Value created / year
+5.5%
↓ details

Liquidity

Daily turnover (listing)
21.5 mln AUD

Shares: yahoo_fundamentals_timeseries/IGO.AX

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2025-12-31H1 2026 (6M)OK125.4
y/y -32.9%
-53.5
y/y —
58.1
y/y -58.6%
4.6
y/y —
-22.0
y/y —
18.4-0.41536.3
y/y -0.2%
1376.5
y/y -2.2%
-3.2%-277.9Link
2025-06-30H2 2025 (6M)OK138.8
y/y -44.8%
-83.7
y/y 38.8%
3.4
y/y 109.1%
-80.2
y/y 54.0%
-91.9
y/y 51.9%
31.6-3.01538.7
y/y -35.2%
1366.3
y/y -36.2%
-43.7%-248.3—
2024-12-31H1 2025 (6M)OK186.9
y/y -36.3%
-164.6
y/y —
140.2
y/y -24.1%
-24.4
y/y -155.2%
-514.7
y/y -366.8%
-4.3-2.31538.7
y/y -44.8%
1406.8
y/y -42.4%
-58.0%-203.4Link
2024-06-30H2 2024 (6M)OK251.3
y/y —
-136.6
y/y —
-37.8
y/y —
-174.5
y/y —
-191.0
y/y —
197.0-13.62374.7
y/y -24.4%
2141.1
y/y -14.8%
0.1%-419.3—
2023-12-31H1 2024 (6M)OK293.2
y/y —
-140.6
y/y —
184.8
y/y —
44.2
y/y —
192.9
y/y —
379.8-185.32788.6
y/y —
2442.9
y/y —
15.6%-215.1Link
2023-06-30FY 2023 (12M)OK710.7
y/y —
-470.1
y/y —
194.3
y/y —
-275.8
y/y —
371.7
y/y —
963.3-338.43139.6
y/y —
2511.6
y/y —
—-417.3—

Revenue & EBITDA

RevenueEBITDA

Quarterly values (AUD mln)

-400-20002004006008002023 FY2024 H12024 H22025 H12025 H2

Year-over-year change

-400%-300%-200%-100%0%2023 FY2024 H12024 H22025 H12025 H2

Cash flow

FCF (AUD mln)

-20002004006008002023 FY2024 H12024 H22025 H12025 H2

Net debt / cash (AUD mln)

-500-400-300-200-10002023 H12023 FY2024 H12024 FY2025 H12025 FY

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.84x of reported net profit; after capex, 1.39x. Loss years (2025) are left out of the ratio.
year2022202320242025
cash flow / profit1.08x2.59x——
accruals, % of assets-0.5%-18.4%-24.4%-42.3%
capex 0.7x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +5.5%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2025-12-31 vs 2024-12-31)
= (5 − 7) × -17.25
39
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (4 538 + -278) ÷ -79
0.0x
3. Target multiple
(Current EV/EBITDA + 9) ÷ 2
= (0.0 + 9) ÷ 2
4.5x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 74 + 0 + 0 − 0
74
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (39 × 4.5 + 74) ÷ 4 538
+5.5%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • half-year basis (semi-annual reporter)
  • base 2024-12-31 normalized for growth: margin -13.1% << typical 3.7% -> base EBITDA -24->7 (vs normal-margin base, not the trough)
  • negative LTM EBITDA — value destruction
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -38% vs -22% the year before — a -16.2 pp move. 3-year CAGR -15%.
revenue growth by year: 2023 +24% · 2024 -22% · 2025 -38%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2024-09-110.26 AUDEx-dividend: 0.26 AUD per sharePaidYahoo Finance (ex-div)
2024-03-110.11 AUDEx-dividend: 0.11 AUD per sharePaidYahoo Finance (ex-div)
2023-09-130.6 AUDEx-dividend: 0.6 AUD per sharePaidYahoo Finance (ex-div)
2023-03-150.14 AUDEx-dividend: 0.14 AUD per sharePaidYahoo Finance (ex-div)
2022-09-150.05 AUDEx-dividend: 0.05 AUD per sharePaidYahoo Finance (ex-div)
2022-03-020.05 AUDEx-dividend: 0.05 AUD per sharePaidYahoo Finance (ex-div)
2021-09-070.1 AUDEx-dividend: 0.1 AUD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of IGO Ltd — from primary filings.

IGO Limited discovers, develops, and delivers battery minerals, primarily nickel, lithium, copper, cobalt, and silver, through mining operations and exploration in Australia.

Frequently asked questions

What is IGO Ltd's P/B ratio?
IGO Ltd trades at a P/B of 3.3x.
What is IGO Ltd's return on equity (ROE)?
IGO Ltd's ROE is -3.2%.
What is IGO Ltd's market capitalization?
IGO Ltd's market cap is 4.5 bn USD.

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