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Industrias Peñoles (IPOAF) USD

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.

At a glance: strengths & risks
✓Revenue growing (+39% y/y, Q2 2026)✓Profit growing (+93% y/y, Q2 2026)✓Margins improving (33%→50%, Q2 2026)

Sector: Precious & base-metals mining

Geography: Mexico

COMM_IPOAF

Price chart

856.33 MXNDay -3.15%

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
856.33 MXN · -3.15%
Market cap
18.1 bn USD

Growth

Δ revenue y/y
38.9%
Δ EBITDA y/y
112.9%

Multiples

P/E (LTM)
8.4x
P/B (FY)
4.3x
P/E (ann.)
7.1x
EV/EBITDA (LTM)
3.4x
EV/EBITDA (ann.)
3.0x

Cash return

Dividend yield
0.8%
FCF yield (LTM)
8.5%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-29.5%
↓ details

Liquidity

Daily turnover (listing)
327.5 mln MXN

Shares: connector/market_inputs

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)OK2886.9
y/y 38.9%
1297.4
y/y 151.3%
159.3
y/y -5.1%
1456.7
y/y 112.9%
642.0
y/y 92.6%
1205.8-153.013612.8
y/y 26.3%
6865.6
y/y 42.7%
38.6%-563.1Yahoo Finance
2026-03-31Q1 2026 (3M)OK3444.5
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%
616.0-102.414447.8
y/y 35.7%
6427.9
y/y 43.8%
44.0%216.1Yahoo Finance
2025-12-31Q4 2025 (3M)OK2792.1
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%
719.9-223.313073.8
y/y 27.3%
5660.2
y/y 32.4%
—-426.3Yahoo Finance
2025-09-30Q3 2025 (3M)PARTIAL1978.5
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 —
—146.0Yahoo Finance
2025-06-30Q2 2025 (3M)OK2078.6
y/y 27.2%
516.4
y/y —
167.9
y/y —
684.2
y/y 62.6%
333.3
y/y —
807.5-112.410781.0
y/y —
4810.8
y/y —
28.7%718.2Yahoo Finance
2025-03-31Q1 2025 (3M)OK1798.0
y/y 28.8%
511.3
y/y —
169.5
y/y —
680.8
y/y 246.3%
185.9
y/y —
540.3-73.210648.6
y/y —
4471.2
y/y —
17.0%1139.7Yahoo Finance
2024-12-31Q4 2024 (3M)OK1886.9
y/y —
475.2
y/y —
178.5
y/y —
653.6
y/y —
95.4
y/y —
392.5-173.010269.3
y/y —
4275.2
y/y —
—1325.8Yahoo Finance
2024-09-30Q3 2024 (3M)PARTIAL1732.2
y/y —
—
y/y —
—
y/y —
569.9
y/y —
—
y/y —
———
y/y —
—
y/y —
—≈ 1741.3Yahoo Finance
2024-06-30Q2 2024 (3M)PARTIAL1634.5
y/y —
—
y/y —
—
y/y —
224.3
y/y —
—
y/y —
———
y/y —
—
y/y —
—≈ 1741.3Yahoo Finance
2024-03-31Q1 2024 (3M)PARTIAL1396.5
y/y —
—
y/y —
—
y/y —
196.6
y/y —
—
y/y —
———
y/y —
—
y/y —
—≈ 1741.3Yahoo Finance
2023-12-31FY 2023 (12M)OK5929.0
y/y —
71.6
y/y —
690.6
y/y —
762.2
y/y —
147.1
y/y —
476.1-599.99979.3
y/y —
4210.0
y/y —
—1741.3Yahoo Finance

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

Short-term debt (incl. ST leases)310
Long-term debt (incl. LT leases)2 509
− Cash & equivalents3 382
Net debt-563

Net debt / LTM EBITDA: -0.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0004 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%100%200%300%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

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

02004006008001 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-1 000-50005001 0001 5002 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2023 operating cash flow came to 3.44x of reported net profit; after capex, -0.65x.
year20222023
cash flow / profit3.64x3.24x
accruals, % of assets-4.8%-3.3%
Last twelve months (to 2026-06-30): 1.00x of profit came back as operating cash flow.
net debt / EBITDA 2.3x · capex 1.0x 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 →

Production & Reserves

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

Silver / precious & base metals

Annual production
62.40 million ounces
2025

Quarterly production, million ounces

17.311Q2418.842Q2418.113Q2416.324Q2415.091Q2515.212Q2515.493Q2516.614Q2515.571Q2615.582Q26

Production, million ounces

67202272.40202370.60202462.402025

Production

YearProduction, million ounces
202562.40
−11.6%
202470.60
−2.5%
202372.40
+8.1%
202267

Quarterly production

QuarterProduction, million ounces
2Q2615.58
+2.4%
1Q2615.57
+3.1%
4Q2516.61
+1.7%
3Q2515.49
−14.5%
2Q2515.21
−19.3%
1Q2515.09
−12.8%
4Q2416.32
3Q2418.11
2Q2418.84

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).

Key-commodity price — Gold

Current 4 022spot vs LTM -10%

Commodity-player potential

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

Upside: -29.5% ▼ -0.1 pp 1d

Main driver: Gold -5% vs LTM; revenue ×0.98 vs costs ×0.99; EBITDA 5 085→4 215; at 5.0× EV/EBITDA → -29%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, MXN3y vs LTM
Gold (rev)+35%4 022.004 242.243 395.06-5%-1%-20%
Silver (rev)+26%53.8762.3045.01-14%-10%-28%
Zinc (rev)+16%3 713.053 149.593 089.12+18%+23%-2%
Lead (rev)+6%1 905.681 989.602 084.11-4%+0%+5%
Copper (rev)+3%14 263.9312 225.5911 296.44+17%+22%-8%

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

1 · Reported baseline (LTM)
LTM revenue11 102
LTM EBITDA5 085
LTM cash costs (revenue − EBITDA)6 017
2 · Revenue projection
Revenue multiplier — spot×0.978 (-2%)
= Spot revenue10 853
Revenue multiplier — 3y price×0.856 (-14%)
= 3-year-price revenue9 508
3 · Costs projection
Cost multiplier — spot×0.992 (-1%)
= Spot cash costs5 966
Cost multiplier — 3y price×0.992 (-1%)
= 3-year-price cash costs5 966
4 · EBITDA projection (revenue − costs)
= Spot EBITDA4 887
= 3-year-price EBITDA3 542
Conservative EBITDA = min(spot, avg)4 215
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)5.0x
Target EV = EV/EBITDA × conservative EBITDA21 115
Net debt-471
Target market cap = EV − net debt21 586
Current market cap18 665

Upside = target market cap ÷ current − 1 = -29.5%

Life of mine: 8 yrs — before haircut +15.6%

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
2025 Q11 7981 839-2.3%681714-4.6%
2025 Q22 0791 949+6.6%688743-7.4%
2025 Q31 9792 142-7.6%705797-11.6%
2025 Q42 7922 502+11.6%1 1971 104+8.4%
2026 Q13 4443 117+10.5%1 7281 595+8.3%
2026 Q22 8873 058-5.6%1 4561 412+3.0%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 3.2x · target 75th pct (3y) 5.0x · LTM avg 9.0x

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

Peer comparison

Group: materials (global). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Barrick Mining Corporationglobal64.85.0x
BHP Groupglobal197.46.3x
Valeglobal52.16.5x
Zijin Miningglobal107.86.6x
Rio Tintoglobal137.87.0x
Newmont Corporationglobal124.37.5x
Agnico Eagle Minesglobal88.48.4x
Freeport-McMoRanglobal92.610.9x
Glencoreglobal84.312.5x
Southern Copperglobal156.414.3x
Nucor Corporationglobal58.915.4x
Wheaton Precious Metalsglobal56.121.8x
Group median7.9x
Group average10.2x
This companyglobal18.13.4x

Group median 7.9x; this company 3.4x — a 57% discount.

Group average 10.2x; against the average this company is at a 66% discount. The average sits 28% above the median: Wheaton Precious Metals (21.8x) skews the group.

At the adjusted group median the market cap would be +143% 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 20.5x, Russia 3.6x, South Africa 5.0x, Kazakhstan 4.6x, India 18.7x, Indonesia 5.6x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-05-137.1237 MXNEx-dividend: 7.1237 MXN per sharePaidYahoo Finance (ex-div)
2021-11-110.1258 MXNEx-dividend: 0.1258 MXN 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 Industrias Peñoles (IPOAF) — from primary filings.

Frequently asked questions

What is Industrias Peñoles (IPOAF)'s P/E ratio?
Industrias Peñoles (IPOAF) trades at a P/E of 8.4x (price to trailing 12-month earnings).
What is Industrias Peñoles (IPOAF)'s EV/EBITDA?
Industrias Peñoles (IPOAF) trades at 3.4x EV/EBITDA.
What is Industrias Peñoles (IPOAF)'s P/B ratio?
Industrias Peñoles (IPOAF) trades at a P/B of 4.3x.
What is Industrias Peñoles (IPOAF)'s dividend yield?
Industrias Peñoles (IPOAF)'s trailing 12-month dividend yield is 0.8%.
What is Industrias Peñoles (IPOAF)'s return on equity (ROE)?
Industrias Peñoles (IPOAF)'s ROE is 38.6%.
What is Industrias Peñoles (IPOAF)'s market capitalization?
Industrias Peñoles (IPOAF)'s market cap is 18.1 bn USD.

See also: The Cheapest Metals & Mining Stocks (2026): Copper, Steel, Silver by Valuation · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map