MeritValue

IAMGOLD CORP

IAGdata completeness 88%10 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

IAMGOLD CORP earns about 10% on invested capital, but has diluted owners by 24% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $1.65 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$875.5M1$958.8M2$987.1M3$1.63B4$2.85B4
Net income−$254.4M5−$70.1M6$94.3M7$819.6M7$732.3M8
Operating cash flow$285M9$408.7M10$159.4M11$486M12$1.14B12
Capital expenditure$525.2M13$742.7M14$907.3M15$558.6M16$293.5M16
Free cash flow (derived)−$240.2M9−$334M10−$747.9M11−$72.6M12$849.1M12
Total debt$450M17$450M17———
Cash & equivalents$544.9M18$407.8M19$367.1M20$347.5M20$421.9M20
Diluted shares477.0M479.0M481.3M571.4M591.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$70.9
your share of equity
Profit it earned you last year
$12.39
Free cash flow it threw off
$14.36
Debt you’d be carrying
—

10 shares is a claim on $70.9 of net worth that earned you $12.39 and generated $14.36 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
10% avg · 5y
FY21 -2%FY22 1%FY23 5%FY24 28%FY25 19%

It earned an average 10% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+24% shares · 5y

Share count is up 24% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$1.65
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$94.3M
  • growthAssumed0.0%
Graham Number
$13.49
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 40-F · period ending 2021-12-31 · accession 0001062993-23-007836 (Revenue)
  2. 40-F · period ending 2022-12-31 · accession 0001062993-24-006457 (Revenue)
  3. 40-F · period ending 2023-12-31 · accession 0001062993-25-006062 (Revenue)
  4. 40-F · period ending 2024-12-31 · accession 0001062993-26-001022 (Revenue)
  5. 40-F · period ending 2021-12-31 · accession 0001062993-23-007836 (ProfitLossAttributableToOwnersOfParent)
  6. 40-F · period ending 2022-12-31 · accession 0001062993-24-006457 (ProfitLossAttributableToOwnersOfParent)
  7. 40-F · period ending 2023-12-31 · accession 0001062993-25-006062 (ProfitLossAttributableToOwnersOfParent)
  8. 40-F · period ending 2025-12-31 · accession 0001062993-26-001022 (ProfitLoss)
  9. 40-F · period ending 2021-12-31 · accession 0001062993-23-007836 (CashFlowsFromUsedInOperatingActivities)
  10. 40-F · period ending 2022-12-31 · accession 0001062993-24-006457 (CashFlowsFromUsedInOperatingActivities)
  11. 40-F · period ending 2023-12-31 · accession 0001062993-25-006062 (CashFlowsFromUsedInOperatingActivities)
  12. 40-F · period ending 2024-12-31 · accession 0001062993-26-001022 (CashFlowsFromUsedInOperatingActivities)
  13. 40-F · period ending 2021-12-31 · accession 0001062993-23-007836 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  14. 40-F · period ending 2022-12-31 · accession 0001062993-24-006457 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  15. 40-F · period ending 2023-12-31 · accession 0001062993-25-006062 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  16. 40-F · period ending 2024-12-31 · accession 0001062993-26-001022 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  17. 40-F · period ending 2021-12-31 · accession 0001062993-23-007836 (Borrowings)
  18. 40-F · period ending 2021-12-31 · accession 0001062993-24-006457 (CashAndCashEquivalents)
  19. 40-F · period ending 2022-12-31 · accession 0001062993-25-006062 (CashAndCashEquivalents)
  20. 40-F · period ending 2023-12-31 · accession 0001062993-26-001022 (CashAndCashEquivalents)