# IAMGold (IAG.US)

Canonical: https://gigainvestors.com/s/IAG

Analysis as of: 2026-10-16T07:29:13.621Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $17.76 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 4

- Operating margin variation: 2.11×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.53×

- FY2018: 0.03×

- FY2019: -0.32×

- FY2020: 0.12×

- FY2021: -0.12×

- FY2022: 0.04×

- FY2023: -0.00×

- FY2024: 0.58×

- FY2025: 0.39×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 1.0%

- ROIC, second-lowest year: -3.7%

- Typical minus recent gross margin: -20.4 pp

- Typical gross margin (annual median): 13.3%

- Recent gross margin (lower of latest and 3-year median): 33.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 30.4%

- ROIC including acquisitions, ten-year median: -0.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 1.0%

- FY2017: 19.9%

- FY2018: 0.9%

- FY2019: -13.5%

- FY2020: 4.6%

- FY2021: -3.7%

- FY2022: 1.0%

- FY2023: -0.0%

- FY2024: 19.8%

- FY2025: 18.5%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.19×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $240M

- Net income, five-year total: $1.3B

- Return on incremental invested capital: 88.3%

- Working capital / revenue, annual change: -1.7 pp

- Working capital / revenue, change between three-year averages: -11.1 pp

- Working capital / revenue, final three-year average: 2.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 2.04×

- FY2022: 4.84×

- FY2023: -5.64×

- FY2024: 1.00×

- FY2025: 1.20×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 1.0% vs 18.5%

- Per-share earnings: 0.12 to 1.16 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.9%

- Ordinary dilution, 5-year annual growth: 4.0%

- Market cap gain: $8.0B

- Cumulative retained earnings: $1.3B

- Diluted shares, 10-year annual growth: 3.9%

- Diluted shares, 5-year annual growth: 4.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 32.3%

- Per-share value change: $1.04

- Per-share value, starting three-year median: $0.12

- Per-share value, ending three-year median: $1.16

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.8%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: $26M

- Cumulative net income, 10 years: $1.4B

- ROIC, first three-year median: 1.0%

- ROIC, last three-year median: 18.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.12

- FY2017: $1.07

- FY2018: -$0.06

- FY2019: -$0.88

- FY2020: $0.09

- FY2021: -$0.53

- FY2022: -$0.15

- FY2023: $0.19

- FY2024: $1.50

- FY2025: $1.16

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -6.2%

- Receivables to sales index (DSRI): 11.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.58×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.7%

- FY2017: 5.2%

- FY2018: -5.5%

- FY2019: -20.1%

- FY2020: -7.2%

- FY2021: -12.8%

- FY2022: -9.8%

- FY2023: -0.6%

- FY2024: 7.9%

- FY2025: -6.2%

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 28% since Feb 2026 · sales +77.8%

Story as of 2026-10-16T09:58:55.597Z; price observation 2026-10-15.

- 2025-08-14: IAMGOLD (IAG) Reports Q2 Results, Expects Higher Production in Second Half ([finance.yahoo.com](https://finance.yahoo.com/news/iamgold-iag-reports-q2-results-034931246.html))

- 2025-09-11: IAMGOLD (TSX:IMG) Reports Q2 Revenue Surges To US$581 Million ([finance.yahoo.com](https://finance.yahoo.com/news/iamgold-tsx-img-reports-q2-180548347.html))

- 2026-01-21: IAMGOLD (IAG) Climbs to 14-Year High Ahead of Earnings on PT Hike, Gold Rush ([finance.yahoo.com](https://finance.yahoo.com/news/iamgold-iag-climbs-14-high-071753771.html))

### Sales · FY2024–2025

sales +77.8%; source https://www.sec.gov/Archives/edgar/data/1203464/000106299326001022/form40f.htm; observed 2026-02-18.

- FY2016: $987M 

- FY2017: $1.1B 

- FY2018: $1.1B 

- FY2019: $1.1B 

- FY2020: $1.2B 

- FY2021: $876M 

- FY2022: $959M 

- FY2023: $987M 

- FY2024: $1.6B 

- FY2025: $2.9B 

### Gross margin · FY2025

gross margin 41.2%; source https://www.sec.gov/Archives/edgar/data/1203464/000106299326001022/form40f.htm; observed 2026-02-18.

- FY2016: 10.4% 

- FY2017: 14.0% 

- FY2018: 12.3% 

- FY2019: 6.5% 

- FY2020: 20.2% 

- FY2021: 7.1% 

- FY2022: 15.4% 

- FY2023: 12.6% 

- FY2024: 33.7% 

- FY2025: 41.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in gold; annual sales are USD 2.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1203464/000106299326001022/form40f.htm (filed 2026-02-18); FY2025: revenue 2902739786; grossProfit 1196484757; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 12.6% to 41.2% during 2023–25; it earns 1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: grossProfit / revenue = 12.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: grossProfit / revenue = 33.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1203464/000106299326001022/form40f.htm (filed 2026-02-18); FY2025: grossProfit / revenue = 41.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); 10-year return on capital observations [[2016,0.01003896782778121],[2017,0.19897431559377415],[2018,0.00901492658722089],[2019,-0.1354320048676605],[2020,0.04623550706912578],[2021,-0.03731836280222798],[2022,0.009885840545019333],[2023,-0.00008174816428826618],[2024,0.19776309757924126],[2025,0.18531801128943526]]; median 0.009962404186400271. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years; bought back USD 50.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2016: growth capex 37400000; upkeep 263500000; owner earnings 52600000. Growth capex / owner earnings = 0.7110266159695817.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2017: growth capex 0; upkeep 239500000; owner earnings 528100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2020: growth capex 49600000; upkeep 268000000; owner earnings 42600000. Growth capex / owner earnings = 1.164319248826291.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: growth capex 256779551; upkeep 275000000; owner earnings 819600000. Growth capex / owner earnings = 0.3132986224987799.

- Source: https://www.sec.gov/Archives/edgar/data/1203464/000106299326001022/form40f.htm (filed 2026-02-18); FY2025: growth capex 0; upkeep 298637876; owner earnings 811053658. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1203464/000106299326001022/form40f.htm (filed 2026-02-18); FY2025: cash repurchases 50875276 USD.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IAG.US SharesStats.PercentInsiders = 0.11 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Closing price 17.76 USD; reporting-to-trading FX 1; FY2025 annual sales per share 4.9900976207667185; price multiple 3.5590486098088023. FY2025 cash earnings/share 1.3942816881554065. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $4.01 per share

- 2016-11: $3.67 per share

- 2016-12: $3.85 per share

- 2017-01: $4.62 per share

- 2017-02: $3.94 per share

- 2017-03: $4.00 per share

- 2017-04: $4.14 per share

- 2017-05: $4.47 per share

- 2017-06: $5.16 per share

- 2017-07: $5.40 per share

- 2017-08: $6.64 per share

- 2017-09: $6.10 per share

- 2017-10: $5.49 per share

- 2017-11: $5.43 per share

- 2017-12: $5.83 per share

- 2018-01: $5.88 per share

- 2018-02: $5.26 per share

- 2018-03: $5.19 per share

- 2018-04: $5.46 per share

- 2018-05: $6.24 per share

- 2018-06: $5.81 per share

- 2018-07: $5.50 per share

- 2018-08: $4.08 per share

- 2018-09: $3.68 per share

- 2018-10: $3.42 per share

- 2018-11: $3.05 per share

- 2018-12: $3.68 per share

- 2019-01: $3.76 per share

- 2019-02: $3.34 per share

- 2019-03: $3.47 per share

- 2019-04: $3.03 per share

- 2019-05: $2.51 per share

- 2019-06: $3.38 per share

- 2019-07: $3.63 per share

- 2019-08: $3.72 per share

- 2019-09: $3.41 per share

- 2019-10: $3.74 per share

- 2019-11: $3.62 per share

- 2019-12: $3.73 per share

- 2020-01: $2.96 per share

- 2020-02: $2.84 per share

- 2020-03: $2.28 per share

- 2020-04: $3.51 per share

- 2020-05: $3.74 per share

- 2020-06: $3.95 per share

- 2020-07: $4.98 per share

- 2020-08: $4.29 per share

- 2020-09: $3.83 per share

- 2020-10: $3.67 per share

- 2020-11: $3.37 per share

- 2020-12: $3.67 per share

- 2021-01: $3.38 per share

- 2021-02: $2.97 per share

- 2021-03: $2.98 per share

- 2021-04: $3.13 per share

- 2021-05: $3.62 per share

- 2021-06: $2.95 per share

- 2021-07: $2.74 per share

- 2021-08: $2.38 per share

- 2021-09: $2.26 per share

- 2021-10: $2.77 per share

- 2021-11: $3.09 per share

- 2021-12: $3.13 per share

- 2022-01: $2.42 per share

- 2022-02: $2.91 per share

- 2022-03: $3.48 per share

- 2022-04: $2.82 per share

- 2022-05: $2.20 per share

- 2022-06: $1.61 per share

- 2022-07: $1.66 per share

- 2022-08: $1.19 per share

- 2022-09: $1.07 per share

- 2022-10: $1.46 per share

- 2022-11: $2.05 per share

- 2022-12: $2.58 per share

- 2023-01: $2.81 per share

- 2023-02: $2.27 per share

- 2023-03: $2.71 per share

- 2023-04: $2.85 per share

- 2023-05: $2.70 per share

- 2023-06: $2.63 per share

- 2023-07: $2.72 per share

- 2023-08: $2.46 per share

- 2023-09: $2.15 per share

- 2023-10: $2.54 per share

- 2023-11: $2.54 per share

- 2023-12: $2.53 per share

- 2024-01: $2.38 per share

- 2024-02: $2.60 per share

- 2024-03: $3.33 per share

- 2024-04: $3.56 per share

- 2024-05: $3.95 per share

- 2024-06: $3.75 per share

- 2024-07: $4.12 per share

- 2024-08: $4.94 per share

- 2024-09: $5.23 per share

- 2024-10: $5.54 per share

- 2024-11: $5.50 per share

- 2024-12: $5.16 per share

- 2025-01: $6.24 per share

- 2025-02: $5.52 per share

- 2025-03: $6.25 per share

- 2025-04: $7.08 per share

- 2025-05: $6.86 per share

- 2025-06: $7.35 per share

- 2025-07: $6.76 per share

- 2025-08: $9.31 per share

- 2025-09: $12.93 per share

- 2025-10: $11.58 per share

- 2025-11: $15.54 per share

- 2025-12: $16.49 per share

- 2026-01: $18.18 per share

- 2026-02: $24.57 per share

- 2026-03: $18.82 per share

- 2026-04: $16.87 per share

- 2026-05: $17.88 per share

- 2026-06: $15.84 per share

- 2026-07: $14.19 per share

- 2026-08: $20.45 per share

- 2026-09: $18.41 per share

- 2026-10: $18.80 per share

## Annual estimated value (USD per share)

- FY2020: low $2.90 per share, central $3.04 per share, high $3.22 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 40-F filing](https://www.sec.gov/Archives/edgar/data/1203464/000106299326001022/form40f.htm); period 2025-12-31, filed 2026-02-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.