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IAMGOLD (IAG) USD

At a glance: strengths & risks
✓Revenue growing (+48% y/y, Q2 2026)✓Profit growing (+193% y/y, Q2 2026)✓Margins improving (48%→57%, Q2 2026)✓Net cash balance sheet

Sector: Gold mining

COMM_IAG

Price chart

18.41 USDDay -1.23%

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
18.41 USD · -1.23%
Market cap
10.6 bn USD

Growth

Δ revenue y/y
47.5%
Δ EBITDA y/y
85.1%

Multiples

P/E (LTM)
9.2x
P/B (FY)
2.5x
P/E (ann.)
11.5x
EV/EBITDA (LTM)
4.7x
EV/EBITDA (ann.)
5.2x

Cash return

Dividend yield
—
FCF yield (LTM)
8.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+49.2%
↓ details

Liquidity

Daily turnover (listing)
74.1 mln USD

Shares: yahoo_fundamentals_timeseries/IAG

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
2026-06-30Q2 2026 (3M)OK856.9
y/y 47.5%
386.1
y/y 117.4%
118.6
y/y 24.8%
504.7
y/y 85.1%
230.5
y/y 192.9%
445.1-145.35953.2
y/y 11.8%
4398.4
y/y 28.1%
21.1%-52.1Yahoo Finance
2026-03-31Q1 2026 (3M)OK1030.1
y/y —
544.7
y/y —
115.7
y/y —
660.4
y/y —
379.7
y/y —
569.9-81.05993.0
y/y —
4334.5
y/y —
35.6%-1.0Yahoo Finance
2025-12-31Q4 2025 (3M)PARTIAL1088.1
y/y —
566.8
y/y —
136.3
y/y —
703.1
y/y —
406.6
y/y —
701.7-158.15852.5
y/y 8.9%
4191.4
y/y 25.6%
18.9%≈ 658.2Yahoo Finance
2025-09-30Q3 2025 (3M)OK706.7
y/y —
251.3
y/y —
109.9
y/y —
361.2
y/y —
139.4
y/y —
280.8-68.85376.6
y/y —
3565.9
y/y —
5.3%658.2Yahoo Finance
2025-06-30Q2 2025 (3M)OK580.9
y/y —
177.6
y/y —
95.0
y/y —
272.6
y/y —
78.7
y/y —
85.8-64.85327.0
y/y —
3433.5
y/y —
9.3%838.3Yahoo Finance
2024-12-31FY 2024 (12M)PARTIAL1633.0
y/y 65.4%
944.0
y/y —
273.8
y/y 26.8%
1217.8
y/y 464.6%
847.8
y/y 716.8%
486.0—5374.4
y/y 18.4%
3336.7
y/y 51.3%
30.6%—Yahoo Finance
2023-12-31FY 2023 (12M)PARTIAL987.1
y/y —
-0.3
y/y —
216.0
y/y —
215.7
y/y —
103.8
y/y —
159.4—4537.9
y/y —
2206.0
y/y —
——Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)449
− Cash & equivalents501
Net debt-52

Net debt / LTM EBITDA: -0.0x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%200%400%2023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

01002003004005002023 FY2024 FY2025 H12025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-20002004006008002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodGold production
Moz		AISC (gold)
$/oz sold		C1 cash cost (gold)
$/oz sold
Q2 2026-060.19
+8.7%		2 201
−1.0%		1 606
+2.6%
H1 2026-060.37
+11.4%		2 159
+6.7%		1 417
−8.3%
Q4 2025-120.24
+36.7%		1 750
−17.4%		—
FY 2025-120.77
+15.0%		2 117
+23.4%		—
Q2 2025-060.172 2241 565
H1 2025-060.332 0241 545
Q4 2024-120.182 118—
FY 2024-120.67
+43.2%		1 716
−26.8%		—
FY 2023-120.472 344—

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://www.sec.gov/Archives/edgar/data/1203464/000106299326000323/exhibit99-1.pdf; https://www.sec.gov/Archives/edgar/data/1203464/000106299326001011/exhibit99-1.pdf; https://www.sec.gov/Archives/edgar/data/1203464/000106299326001015/exhibit99-1.pdf; https://www.sec.gov/Archives/edgar/data/1203464/000106299326004088/exhibit99-1.pdf; https://www.sec.gov/Archives/edgar/data/1203464/000162828026054453/q22026mda.htm

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Proved reserves
9.87 Moz
2025
Reserve life (R/P)
12.9 yrs
reserves ÷ annual output
Annual production
0.77 Moz
2025

Production, Moz

0.4720230.6720240.772025

Proved reserves

YearReserves, Moz
20259.87
202410.66

Production

YearProduction, Mozper day, Moz
20250.77
+14.9%		0.00
20240.67
+43.3%		0.00
20230.470.00

Company reports: https://www.sec.gov/Archives/edgar/data/1203464/000106299326000323/exhibit99-1.pdf; https://www.sec.gov/Archives/edgar/data/1203464/000106299326001011/exhibit99-1.pdf; https://www.sec.gov/Archives/edgar/data/1203464/000106299326001015/exhibit99-1.pdf; https://www.sec.gov/Archives/edgar/data/1203464/000106299326004088/exhibit99-1.pdf; https://www.sec.gov/Archives/edgar/data/1203464/000162828026054453/q22026mda.htm

Key-commodity price — Gold

Current 4 156spot vs LTM -2%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +49.2% ▲ +0.0 pp 1d

Main driver: Gold -2% vs LTM; revenue ×0.98 vs costs ×1.11; EBITDA 2 175→1 647; at 9.3× EV/EBITDA → +49%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+100%4 155.664 242.243 346.28-2%-21%
US Diesel Index (cost) (input cost) (cost)-10%6.384.214.19+51%-1%
Electricity Spot (input cost) (cost)-5%117.4077.9262.56+51%-20%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue3 682
LTM EBITDA2 175
LTM cash costs (revenue − EBITDA)1 507
2 · Revenue projection
Revenue multiplier — spot×0.980 (-2%)
= Spot revenue3 607
Revenue multiplier — 3y price×0.789 (-21%)
= 3-year-price revenue2 904
3 · Costs projection
Cost multiplier — spot×1.111 (+11%)
= Spot cash costs1 674
Cost multiplier — 3y price×1.024 (+2%)
= 3-year-price cash costs1 542
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 933
= 3-year-price EBITDA1 362
Conservative EBITDA = min(spot, avg)1 647
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct) — capped at 2x current9.3x
Target EV = EV/EBITDA × conservative EBITDA15 341
Net debt-52
Target market cap = EV − net debt15 801
Current market cap10 588

Upside = target market cap ÷ current − 1 = +49.2%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2021 FY8761 255-30.2%160328-51.3%
2022 FY959875+9.6%28266+329.7%
2023 FY9871 034-4.6%216363-40.6%
2024 FY1 6331 214+34.5%1 218421+189.1%
2025 FY2 8532 351+21.3%1 5141 914-20.9%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 5.5x · target 75th pct (3y) 10.6x · LTM avg 9.6x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (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 IAMGOLD (IAG) — from primary filings.

Frequently asked questions

What is IAMGOLD (IAG)'s P/E ratio?
IAMGOLD (IAG) trades at a P/E of 9.2x (price to trailing 12-month earnings).
What is IAMGOLD (IAG)'s EV/EBITDA?
IAMGOLD (IAG) trades at 4.7x EV/EBITDA.
What is IAMGOLD (IAG)'s P/B ratio?
IAMGOLD (IAG) trades at a P/B of 2.5x.
What is IAMGOLD (IAG)'s return on equity (ROE)?
IAMGOLD (IAG)'s ROE is 21.1%.
What is IAMGOLD (IAG)'s market capitalization?
IAMGOLD (IAG)'s market cap is 10.6 bn USD.

See also: Gold Mining Stocks: The Cheapest Gold Miners by Valuation (2026) · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map