# Igo (IGO.AU)

Canonical: https://gigainvestors.com/s/IGO.AU

Analysis as of: 2026-10-16T07:39:30.928Z. Financial observations: FY2001–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## 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: AUD 5.39 per share; close as of 2026-10-15.

Estimated value: low AUD 3.71 per share, central AUD 4.13 per share, high AUD 4.70 per share. Buy at or below the central value AUD 4.13 per share. Valuation as of 2026-10-16T07:39:30.928Z; scenarios are not confidence intervals.

Expected annual return: 8.1% at the stated quote. About 8.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 22.92×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.11×

- FY2019: 0.14×

- FY2020: 0.13×

- FY2021: 0.20×

- FY2022: 0.35×

- FY2023: 0.13×

- FY2024: -0.22×

- FY2025: -0.48×

- FY2026: -0.32×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 39.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 3.3%

- ROIC, second-lowest year: -7.9%

- Typical minus recent gross margin: 39.9 pp

- Typical gross margin (annual median): 21.9%

- Recent gross margin (lower of latest and 3-year median): -18.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 15.2%

- ROIC including acquisitions, ten-year median: 9.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 0.9%

- FY2018: 3.3%

- FY2019: 5.2%

- FY2020: 3.7%

- FY2021: 3.5%

- FY2022: 5.0%

- FY2023: 3.3%

- FY2024: -5.3%

- FY2025: -11.3%

- FY2026: -7.9%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 7.59×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 558M

- Net income, five-year total: AUD 74M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -1.0 pp

- Working capital / revenue, change between three-year averages: -5.9 pp

- Working capital / revenue, final three-year average: 14.7%

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

- FY2022: 1.23×

- FY2023: 0.97×

- FY2024: 8.41×

- FY2025: 0.78×

- FY2026: 2.29×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 3.3% vs -7.9%

- Per-share earnings: 0.03 to 0.00 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.8%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: AUD 3.8B

- Cumulative retained earnings: AUD -729M

- Diluted shares, 10-year annual growth: 2.8%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -22.7%

- Per-share value change: AUD -0.03

- Per-share value, starting three-year median: AUD 0.03

- Per-share value, ending three-year median: AUD 0.00

- Buybacks concentrated in cheaper years (correlation): -0.26

- Average buyback yield: 0.2%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 64M

- Cumulative net income, 10 years: AUD 538M

- ROIC, first three-year median: 3.3%

- ROIC, last three-year median: -7.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.03

- FY2018: AUD 0.09

- FY2019: AUD 0.13

- FY2020: AUD 0.21

- FY2021: AUD 0.22

- FY2022: AUD 0.44

- FY2023: AUD 0.72

- FY2024: AUD 0.00

- FY2025: AUD -1.26

- FY2026: AUD 0.19

### accounting: pass

- Sloan accruals: 0.5%

- Receivables to sales index (DSRI): 0.40×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.91×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.7%

- FY2018: -10.4%

- FY2019: -13.5%

- FY2020: -10.6%

- FY2021: -7.8%

- FY2022: -0.5%

- FY2023: -18.4%

- FY2024: -24.4%

- FY2025: -42.3%

- FY2026: 0.5%

## Holders

## Price story

Down 65% since Nov 2022 · "IGO Shares Fall 14% After Greenbushes Output Guidance Cut" (finance.yahoo.com, Apr 2026) · sales -16.2%

Story as of 2026-10-16T10:00:10.820Z; price observation 2026-10-15.

Price needs cash profits to grow 4.7% a year for ten years

- 2026-04-24: IGO Shares Fall 14% After Greenbushes Output Guidance Cut ([finance.yahoo.com](https://finance.yahoo.com/markets/commodities/articles/igo-shares-fall-14-greenbushes-145507836.html))

### Sales · FY2025–2026

sales -16.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 422M 

- FY2018: AUD 778M 

- FY2019: AUD 785M 

- FY2020: AUD 580M 

- FY2021: AUD 620M 

- FY2022: AUD 845M 

- FY2023: AUD 1.0B 

- FY2024: AUD 841M 

- FY2025: AUD 528M 

- FY2026: AUD 442M 

### Gross margin · FY2023

gross margin 19.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 59.7% 

- FY2018: 63.9% 

- FY2019: 62.6% 

- FY2020: 18.1% 

- FY2021: 24.5% 

- FY2022: 38.7% 

- FY2023: 19.4% 

## Owner memo

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

### How it makes money

Operates in other industrial metals & mining; annual sales are AUD 442.3 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.928Z); FY2026: revenue 442300000; grossProfit -79700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IGO.AU: IGO Limited, together with its subsidiaries, discovers, develops, and delivers battery minerals in Australia. It operates through Nova Operation, Forrestania Operation, Cosmos Project, Lithium Business, and Growth segments. The company explores for nickel, lithium, copper, cobalt, and silver deposits. It is also involved in exploration, business development, and project evaluation activities, as well as sale of concentrates. In addition, the company offers shipping and insurance services. The company was formerly known as Independence Group NL and changed its name to IGO Limited in January 2020. IGO Limited was incorporated in 2000 and is headquartered in Perth, Australia.

### Why customers stay

It earns 3.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.928Z); FY2024: grossProfit / revenue = -16%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.928Z); FY2025: grossProfit / revenue = -33.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.928Z); FY2026: grossProfit / revenue = -18%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.928Z); 10-year return on capital observations [[2017,0.0094719313317514],[2018,0.03294295603100551],[2019,0.051784866931950065],[2020,0.03717590288946329],[2021,0.035108781320972955],[2022,0.04954364825022433],[2023,0.03267645581587733],[2024,-0.05317641882974043],[2025,-0.11342133348312082],[2026,-0.07897708027548832]]; median 0.03280970592344142. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back AUD 3.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.928Z); FY2018: growth capex 0; upkeep 140196000; owner earnings 166232000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.928Z); FY2019: growth capex 0; upkeep 106193000; owner earnings 207239000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.928Z); FY2020: growth capex 0; upkeep 87671000; owner earnings 231186000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.928Z); FY2021: growth capex 0; upkeep 94712000; owner earnings 240093400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.928Z); FY2022: growth capex 0; upkeep 88100000; owner earnings 407620000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.928Z); FY2023: growth capex 48400000; upkeep 290000000; owner earnings 534260000. Growth capex / owner earnings = 0.09059259536555235.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.928Z); FY2024: growth capex 0; upkeep 195300000; owner earnings 23560000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.928Z); FY2026: growth capex 0; upkeep 1100000; owner earnings 332440000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.928Z); Dividend observations: [[2017,17601000],[2018,11736000],[2019,23619000],[2020,82712000],[2021,29540000],[2022,113600000],[2023,143900000],[2024,537700000],[2025,196900000],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.928Z); FY2026: cash repurchases 3900000 AUD.

### Are managers owners

Insiders own 11.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IGO.AU SharesStats.PercentInsiders = 11.092 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:30.928Z); Ten-year compound average after fade. Initial solved rate 0.05486584221142021. Price 5.39; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share -0.33895320058010786 → FY2026 0.4368856377854824. Closing-price date 2026-10-15.

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

- 2016-10: AUD 4.21 per share

- 2016-11: AUD 4.25 per share

- 2016-12: AUD 4.28 per share

- 2017-01: AUD 3.73 per share

- 2017-02: AUD 3.61 per share

- 2017-03: AUD 3.54 per share

- 2017-04: AUD 3.23 per share

- 2017-05: AUD 3.54 per share

- 2017-06: AUD 3.12 per share

- 2017-07: AUD 2.98 per share

- 2017-08: AUD 3.34 per share

- 2017-09: AUD 3.42 per share

- 2017-10: AUD 3.97 per share

- 2017-11: AUD 4.16 per share

- 2017-12: AUD 4.71 per share

- 2018-01: AUD 4.98 per share

- 2018-02: AUD 5.02 per share

- 2018-03: AUD 4.55 per share

- 2018-04: AUD 5.12 per share

- 2018-05: AUD 4.79 per share

- 2018-06: AUD 5.09 per share

- 2018-07: AUD 4.45 per share

- 2018-08: AUD 4.24 per share

- 2018-09: AUD 4.61 per share

- 2018-10: AUD 4.00 per share

- 2018-11: AUD 3.76 per share

- 2018-12: AUD 3.78 per share

- 2019-01: AUD 4.34 per share

- 2019-02: AUD 4.83 per share

- 2019-03: AUD 4.81 per share

- 2019-04: AUD 4.41 per share

- 2019-05: AUD 4.41 per share

- 2019-06: AUD 4.67 per share

- 2019-07: AUD 5.33 per share

- 2019-08: AUD 5.38 per share

- 2019-09: AUD 6.37 per share

- 2019-10: AUD 6.30 per share

- 2019-11: AUD 5.79 per share

- 2019-12: AUD 6.18 per share

- 2020-01: AUD 6.04 per share

- 2020-02: AUD 5.22 per share

- 2020-03: AUD 4.19 per share

- 2020-04: AUD 4.69 per share

- 2020-05: AUD 4.97 per share

- 2020-06: AUD 4.82 per share

- 2020-07: AUD 4.55 per share

- 2020-08: AUD 4.38 per share

- 2020-09: AUD 4.12 per share

- 2020-10: AUD 4.39 per share

- 2020-11: AUD 4.64 per share

- 2020-12: AUD 6.38 per share

- 2021-01: AUD 6.42 per share

- 2021-02: AUD 7.03 per share

- 2021-03: AUD 6.28 per share

- 2021-04: AUD 7.49 per share

- 2021-05: AUD 7.60 per share

- 2021-06: AUD 7.63 per share

- 2021-07: AUD 9.31 per share

- 2021-08: AUD 9.65 per share

- 2021-09: AUD 8.88 per share

- 2021-10: AUD 9.64 per share

- 2021-11: AUD 10.54 per share

- 2021-12: AUD 11.47 per share

- 2022-01: AUD 11.75 per share

- 2022-02: AUD 10.93 per share

- 2022-03: AUD 14.06 per share

- 2022-04: AUD 13.17 per share

- 2022-05: AUD 12.64 per share

- 2022-06: AUD 9.94 per share

- 2022-07: AUD 11.04 per share

- 2022-08: AUD 13.44 per share

- 2022-09: AUD 13.70 per share

- 2022-10: AUD 15.29 per share

- 2022-11: AUD 15.40 per share

- 2022-12: AUD 13.46 per share

- 2023-01: AUD 14.57 per share

- 2023-02: AUD 13.13 per share

- 2023-03: AUD 12.77 per share

- 2023-04: AUD 13.75 per share

- 2023-05: AUD 14.26 per share

- 2023-06: AUD 15.20 per share

- 2023-07: AUD 13.80 per share

- 2023-08: AUD 13.92 per share

- 2023-09: AUD 12.66 per share

- 2023-10: AUD 9.51 per share

- 2023-11: AUD 8.58 per share

- 2023-12: AUD 9.05 per share

- 2024-01: AUD 7.56 per share

- 2024-02: AUD 7.94 per share

- 2024-03: AUD 7.07 per share

- 2024-04: AUD 7.91 per share

- 2024-05: AUD 6.99 per share

- 2024-06: AUD 5.64 per share

- 2024-07: AUD 5.55 per share

- 2024-08: AUD 5.55 per share

- 2024-09: AUD 5.86 per share

- 2024-10: AUD 5.25 per share

- 2024-11: AUD 4.85 per share

- 2024-12: AUD 4.77 per share

- 2025-01: AUD 4.93 per share

- 2025-02: AUD 3.98 per share

- 2025-03: AUD 3.96 per share

- 2025-04: AUD 3.92 per share

- 2025-05: AUD 3.88 per share

- 2025-06: AUD 4.17 per share

- 2025-07: AUD 4.43 per share

- 2025-08: AUD 5.22 per share

- 2025-09: AUD 5.18 per share

- 2025-10: AUD 5.37 per share

- 2025-11: AUD 6.77 per share

- 2025-12: AUD 8.20 per share

- 2026-01: AUD 8.32 per share

- 2026-02: AUD 8.62 per share

- 2026-03: AUD 7.85 per share

- 2026-04: AUD 7.43 per share

- 2026-05: AUD 9.58 per share

- 2026-06: AUD 7.37 per share

- 2026-07: AUD 6.87 per share

- 2026-08: AUD 8.69 per share

- 2026-09: AUD 6.50 per share

- 2026-10: AUD 5.51 per share

## Annual estimated value (AUD per share)

- FY2018: low AUD 2.03 per share, central AUD 2.34 per share, high AUD 2.68 per share

- FY2019: low AUD 4.02 per share, central AUD 4.99 per share, high AUD 5.73 per share

- FY2020: low AUD 2.63 per share, central AUD 2.88 per share, high AUD 3.22 per share

- FY2021: low AUD 3.18 per share, central AUD 3.51 per share, high AUD 3.94 per share

- FY2022: low AUD 5.34 per share, central AUD 5.99 per share, high AUD 6.86 per share

- FY2023: low AUD 7.10 per share, central AUD 7.93 per share, high AUD 9.04 per share

- FY2024: low AUD 5.52 per share, central AUD 6.18 per share, high AUD 7.07 per share

- FY2025: low AUD 3.40 per share, central AUD 3.81 per share, high AUD 4.35 per share

- FY2026: low AUD 3.69 per share, central AUD 4.11 per share, high AUD 4.68 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

Prior published observations retained from 2026-10-15T06:44:59.898Z where newer inputs omit a numeric field or fiscal period.

## Sources

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.