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IAMGOLD (IAG) USD

At a glance: strengths & risks
✓Revenue growing (+21% y/y, Q3 2026)✓Profit growing (×2.1 y/y, Q3 2026)✓Margins improving (48%→59%, Q3 2026)✓Low leverage (0.2x EBITDA)✓Cheaper than own history (EV/EBITDA 4.1 vs avg 6.3)

Sector: Gold mining

Geography: Burkina Faso, Canada, Suriname

COMM_IAG

Price chart

17.32 USDDay 1.05%

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
17.32 USD · 1.05%
Market cap
10.0 bn USD

Growth

Δ revenue y/y
21.2%
Δ EBITDA y/y
40.8%

Multiples

P/E (LTM)
7.6x
3y avg: 10.2x
P/B (FY)
2.4x
P/E (ann.)
8.4x
EV/EBITDA (LTM)
4.1x
3y avg: 6.3x
EV/EBITDA (ann.)
4.7x

Cash return

Dividend yield
—
FCF yield (LTM)
18.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+4.4%
↓ details

Liquidity

Daily turnover (listing)
51.4 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
2026-09-30Q3 2026 (3M)OK856.5
y/y 21.2%
382.2
y/y 52.1%
126.5
y/y 15.1%
508.7
y/y 40.8%
297.0
y/y 113.1%
461.1-109.66194.9
y/y 15.2%
4618.8
y/y 29.5%
26.3%-317.4Yahoo Finance
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%
445.1-129.05953.2
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 —
569.9-109.25993.0
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 —
701.7-90.05852.5
y/y 8.9%
4191.4
y/y 25.6%
18.9%338.9Yahoo 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 —
280.8-66.55376.6
y/y —
3565.9
y/y —
15.9%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 —
85.8-80.25327.0
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%
486.0-559.15374.4
y/y 18.4%
3336.7
y/y 51.3%
30.6%804.6Yahoo 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 —
159.4-908.44537.9
y/y —
2206.0
y/y —
—580.0Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-09-30

Long-term debt (incl. LT leases)449
− Cash & equivalents767
Net debt-317

Net debt / LTM EBITDA: -0.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

0%200%400%600%2023 FY2024 FY2025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-400-20002004006002023 FY2024 FY2025 H12025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

-500-25002505007501 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.54x of reported net profit; after capex, -0.09x. Loss years (2021, 2022) are left out of the ratio.
year20212022202320242025
cash flow / profit——1.54x0.57x1.56x
accruals, % of assets-13.6%-10.4%-1.2%6.7%-7.0%
Last twelve months (to 2026-09-30): 1.66x of profit came back as operating cash flow.
net debt / EBITDA 0.2x · EBIT covers interest 9.9x · capex 2.2x 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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodGold production
Moz		AISC (gold)
$/oz sold		C1 cash cost (gold)
$/oz sold
Q3 2026-090.09——
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 2025-12—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/1203464/000106299326005470/exhibit99-1.pdf; https://www.sec.gov/Archives/edgar/data/1203464/000106299326005557/exhibit99-1.pdf

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/1203464/000106299326005470/exhibit99-1.pdf; https://www.sec.gov/Archives/edgar/data/1203464/000106299326005557/exhibit99-1.pdf

Key-commodity price — Gold

Current 3 874spot vs LTM -13%

Commodity-player potential

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

Upside: +4.4% ▲ +0.0 pp 1d

Main driver: Gold -13% vs LTM; revenue ×0.87 vs costs ×1.06; EBITDA 2 372→1 636; at 7.9× EV/EBITDA → +4%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+100%3 874.444 446.213 433.36-13%-23%
US Diesel Index (cost) (input cost) (cost)-10%6.134.654.27+32%-8%
Electricity Spot (input cost) (cost)-5%78.8388.1464.95-11%-26%

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

1 · Reported baseline (LTM)
LTM revenue3 832
LTM EBITDA2 372
LTM cash costs (revenue − EBITDA)1 460
2 · Revenue projection
Revenue multiplier — spot×0.871 (-13%)
= Spot revenue3 339
Revenue multiplier — 3y price×0.772 (-23%)
= 3-year-price revenue2 959
3 · Costs projection
Cost multiplier — spot×1.060 (+6%)
= Spot cash costs1 548
Cost multiplier — 3y price×1.013 (+1%)
= 3-year-price cash costs1 478
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 791
= 3-year-price EBITDA1 481
Conservative EBITDA = min(spot, avg)1 636
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct) — capped at 2x current7.9x
Target EV = EV/EBITDA × conservative EBITDA13 001
Net debt-317
Target market cap = EV − net debt13 537
Current market cap9 961

Upside = target market cap ÷ current − 1 = +4.4%

Life of mine: 13 yrs — before haircut +35.9%

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%762421+81.0%
2025 FY2 8532 351+21.3%1 5141 435+5.6%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +75% vs +65% the year before — a +9.3 pp move. 3-year CAGR +44%.
revenue growth by year: 2023 +3% · 2024 +65% · 2025 +75%
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).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 5.1x · target 75th pct (3y) 47.1x · LTM avg 12.6x

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

Peer comparison

Group: Gold mining. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Harmony GoldSouth Africa9.83.4x4.1x
Kinross Goldglobal24.94.2x4.2x
Barrick Mining Corporationglobal63.04.6x4.6x
Gold FieldsSouth Africa31.74.4x5.3x
AngloGold AshantiSouth Africa43.65.7x6.8x
Newmont Corporationglobal117.66.8x6.8x
Evolution MiningAustralia18.88.6x6.9x
Northern Star ResourcesAustralia25.39.2x7.4x
Coeur Miningglobal14.37.5x7.5x
Alamos Goldglobal12.17.8x7.8x
Hecla Mining Companyglobal8.87.9x7.9x
Agnico Eagle Minesglobal89.68.2x8.2x
Group median7.1x6.8x
Group average6.5x6.5x
This companyglobal10.04.1x4.1x

Group median 7.1x as traded, 6.8x adjusted; this company 4.1x — a 41% discount.

Group average 6.5x as traded, 6.5x adjusted; against the average this company is at a 37% discount.

At the adjusted group median the market cap would be +71% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 18.7x, Russia 4.0x, South Africa 5.7x, Kazakhstan 6.1x, India 19.3x, Indonesia 5.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-11-15; the company's own is live.

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 7.6x (price to trailing 12-month earnings).
What is IAMGOLD (IAG)'s EV/EBITDA?
IAMGOLD (IAG) trades at 4.1x EV/EBITDA.
What is IAMGOLD (IAG)'s P/B ratio?
IAMGOLD (IAG) trades at a P/B of 2.4x.
What is IAMGOLD (IAG)'s return on equity (ROE)?
IAMGOLD (IAG)'s ROE is 26.3%.
What is IAMGOLD (IAG)'s market capitalization?
IAMGOLD (IAG)'s market cap is 10.0 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