Ivanhoe Electric Inc.

IEdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Ivanhoe Electric Inc. earns about -103% on equity, but has diluted owners by 117% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.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

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$4.65M¹	$8.44M²	$3.9M³	$2.9M³	$3.24M³
Net income	−$68.5M⁴	−$160.2M⁵	−$199.4M⁶	−$128.6M⁶	−$105.9M⁶
Operating cash flow	−$47.8M⁷	−$115.7M⁸	−$150.5M⁹	−$162.1M⁹	−$89.2M⁹
Capital expenditure	$3.99M¹⁰	$8.51M¹¹	$1.58M¹²	$2.93M¹²	$1.2M¹²
Free cash flow (derived)	−$51.8M⁷	−$124.2M⁸	−$152.1M⁹	−$165M⁹	−$90.4M⁹
Total debt	—	—	—	—	—
Cash & equivalents	$49.9M¹³	$139.7M¹⁴	$205M¹⁵	$41M¹⁵	$173.3M¹⁵
Diluted shares	61.5M	78.5M	102.5M	120.4M	133.6M

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

Net assets behind them

$31.15

your share of equity

Profit it earned you last year

−$7.93

Free cash flow it threw off

−$6.77

Debt you’d be carrying

—

10 shares is a claim on $31.15 of net worth that earned you −$7.93 and generated −$6.77 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

-103% avg · 5y

FY21 -312%FY22 -78%FY23 -53%FY24 -48%FY25 -25%

It earned an average -103% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+117% shares · 5y

Share count is up 117% over 5 years — owners have been diluted. Worth asking what they got for it.

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

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

$7.44

assumptions (1)

grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-12-31 · accession 0001879016-23-000003 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2022-12-31 · accession 0001879016-25-000003 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2023-12-31 · accession 0001879016-26-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2021-12-31 · accession 0001879016-23-000003 (ProfitLoss)
10-K · period ending 2022-12-31 · accession 0001879016-25-000003 (ProfitLoss)
10-K · period ending 2023-12-31 · accession 0001879016-26-000005 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001879016-23-000003 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001879016-25-000003 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001879016-26-000005 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001879016-23-000003 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2022-12-31 · accession 0001879016-25-000003 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-12-31 · accession 0001879016-26-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2021-12-31 · accession 0001879016-23-000003 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001879016-25-000003 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001879016-26-000005 (CashAndCashEquivalentsAtCarryingValue)