Sector: Precious & base-metals mining
Geography: Mexico
COMM_IPOAF
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.
Shares: connector/market_inputs
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.
| Date | Period | Status | RevenueM USD | Operating profitM USD | D&AM USD | EBITDAM USD | Net profitM USD | Operating CFM USD | Capex + M&AM USD | AssetsM USD | EquityM USD | ROE (annualized) | Net debtM USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | Q1 2026 (3M) | OK | 3444.5 y/y 91.6% | 1571.2 y/y 207.3% | 156.8 y/y -7.5% | 1728.0 y/y 153.8% | 665.0 y/y 257.7% | 616.0 | -102.4 | 14447.8 y/y 35.7% | 6427.9 y/y 43.8% | 44.0% | 216.1 | Link |
| 2025-12-31 | Q4 2025 (3M) | OK | 2792.1 y/y 48.0% | 1040.4 y/y 119.0% | 173.8 y/y -2.7% | 1214.1 y/y 85.7% | 552.0 y/y 478.7% | 719.9 | -223.3 | 13073.8 y/y 27.3% | 5660.2 y/y 32.4% | — | -426.3 | Link |
| 2025-09-30 | Q3 2025 (3M) | PARTIAL | 1978.5 y/y 14.2% | 517.0 y/y — | 187.5 y/y — | 704.5 y/y 23.6% | 301.5 y/y — | -383.5 | -23.6 | — y/y — | — y/y — | — | 146.0 | — |
| 2025-06-30 | Q2 2025 (3M) | OK | 2078.6 y/y 27.2% | 516.4 y/y — | 167.9 y/y — | 684.2 y/y 62.6% | 333.3 y/y — | 807.5 | -112.4 | 10781.0 y/y — | 4810.8 y/y — | 28.7% | 718.2 | Link |
| 2025-03-31 | Q1 2025 (3M) | OK | 1798.0 y/y 28.8% | 511.3 y/y — | 169.5 y/y — | 680.8 y/y 246.3% | 185.9 y/y — | 540.3 | -73.2 | 10648.6 y/y — | 4471.2 y/y — | 17.0% | 1139.7 | Link |
| 2024-12-31 | Q4 2024 (3M) | OK | 1886.9 y/y — | 475.2 y/y — | 178.5 y/y — | 653.6 y/y — | 95.4 y/y — | 392.5 | -173.0 | 10269.3 y/y — | 4275.2 y/y — | — | 1325.8 | Link |
| 2024-09-30 | Q3 2024 (3M) | PARTIAL | 1732.2 y/y — | — y/y — | — y/y — | 569.9 y/y — | — y/y — | — | — | — y/y — | — y/y — | — | — | Link |
| 2024-06-30 | Q2 2024 (3M) | PARTIAL | 1634.5 y/y — | — y/y — | — y/y — | 224.3 y/y — | — y/y — | — | — | — y/y — | — y/y — | — | — | Link |
| 2024-03-31 | Q1 2024 (3M) | PARTIAL | 1396.5 y/y — | — y/y — | — y/y — | 196.6 y/y — | — y/y — | — | — | — y/y — | — y/y — | — | — | Link |
| 2023-12-31 | FY 2023 (12M) | OK | 5929.0 y/y — | 71.6 y/y — | 690.6 y/y — | 762.2 y/y — | 147.1 y/y — | 476.1 | -599.9 | 9979.3 y/y — | 4210.0 y/y — | — | 1741.3 | Link |
Quarterly values ($ mln)
Year-over-year change
FCF ($ mln)
Net debt / cash ($ mln)
Physical operating metrics — supplementary, not part of the financial statements
Silver / precious & base metals
| Year | Production, million ounces |
|---|---|
| 2025 | 62.40 −11.6% |
| 2024 | 70.60 −2.5% |
| 2023 | 72.40 +8.1% |
| 2022 | 67 |
| Quarter | Production, million ounces |
|---|---|
| 1Q26 | 15.57 +3.1% |
| 4Q25 | 16.61 +1.7% |
| 3Q25 | 15.49 −14.5% |
| 2Q25 | 15.21 −19.3% |
| 1Q25 | 15.09 −12.8% |
| 4Q24 | 16.32 |
| 3Q24 | 18.11 |
| 2Q24 | 18.84 |
| 1Q24 | 17.31 |
Industrias Penoles 2024 Annual Report: 2024 silver 70.6 Moz (-2.5% YoY), gold 680,647 oz, zinc 270,847 t, lead 89,652 t. 2023 derived from YoY; 2022 ~67 Moz (Juanicipio ramp).
Current 4 050spot vs LTM -5%
Target market cap from conservative EBITDA and the historical EV/EBITDA
Upside: -27.4% ▼ -0.8 pp 1d
Main driver: Gold -5% vs LTM; revenue ×0.99 vs costs ×1.10; EBITDA 4 317→2 686; at 5.1× EV/EBITDA → -27%.
Product prices — moves vs the LTM average
| Commodity | Share | Spot | LTM | 3-yr | vs LTM, $ | vs LTM, MXN | 3y vs LTM |
|---|---|---|---|---|---|---|---|
| Gold (rev) | +35% | 4 050.27 | 4 246.02 | 3 189.61 | -5% | -10% | -25% |
| Silver (rev) | +26% | 57.64 | 62.83 | 41.56 | -8% | -14% | -34% |
| Zinc (rev) | +16% | 3 585.85 | 3 150.69 | 2 974.57 | +14% | +7% | -6% |
| Lead (rev) | +6% | 1 900.23 | 1 989.58 | 2 108.55 | -4% | -10% | +6% |
| Copper (rev) | +3% | 13 996.90 | 12 244.66 | 10 743.46 | +14% | +7% | -12% |
How it is calculated — revenue → costs → EBITDA → target market cap
| 1 · Reported baseline (LTM) | |
| LTM revenue | 10 294 |
| LTM EBITDA | 4 317 |
| LTM cash costs (revenue − EBITDA) | 5 976 |
| 2 · Revenue projection | |
| Revenue multiplier — spot | ×0.986 (-1%) |
| = Spot revenue | 10 149 |
| Revenue multiplier — 3y price | ×0.817 (-18%) |
| = 3-year-price revenue | 8 411 |
| 3 · Costs projection | |
| Cost multiplier — spot | ×1.103 (+10%) |
| = Spot cash costs | 6 594 |
| Cost multiplier — 3y price | ×1.103 (+10%) |
| = 3-year-price cash costs | 6 594 |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | 3 554 |
| = 3-year-price EBITDA | 1 817 |
| Conservative EBITDA = min(spot, avg) | 2 686 |
| 5 · Valuation → target market cap | |
| Historical EV/projected-EBITDA (75th pct) | 5.1x |
| Target EV = EV/EBITDA × conservative EBITDA | 13 670 |
| Net debt | 216 |
| Target market cap = EV − net debt | 13 454 |
| Current market cap | 18 536 |
Upside = target market cap ÷ current − 1 = -27.4%
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.
| Period | Act. rev | Model rev | Δ rev | Act. EBITDA | Model EBITDA | Δ EBITDA |
|---|---|---|---|---|---|---|
| 2025 Q1 | 1 798 | 1 839 | -2.3% | 681 | 714 | -4.6% |
| 2025 Q2 | 2 079 | 1 949 | +6.6% | 688 | 743 | -7.4% |
| 2025 Q3 | 1 979 | 2 142 | -7.6% | 705 | 797 | -11.6% |
| 2025 Q4 | 2 792 | 2 502 | +11.6% | 1 197 | 1 104 | +8.4% |
| 2026 Q1 | 3 444 | 3 117 | +10.5% | 1 728 | 1 595 | +8.3% |
Projected EV/EBITDA 3.0x · target 75th pct (3y) 5.1x · LTM avg 6.1x
| Date | Per share | Details | Status | Source |
|---|---|---|---|---|
| 2026-05-13 | 6.6508 MXN | Ex-dividend: 6.6508 MXN per share | Paid | Yahoo Finance (ex-div) |
| 2021-11-11 | 0.1258 MXN | Ex-dividend: 0.1258 MXN per share | Paid | Yahoo 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 Industrias Peñoles (IPOAF) — from primary filings.
Industrias Peñoles is a Mexican mining company that explores, extracts, and processes precious and base metals, including gold, silver, zinc, lead, and copper. It also smelts and refines non-ferrous metals and produces various industrial chemical products.