Forensic Analysis · Energy / Oil & Gas · as of Jun 27, 2026
Ivanhoe Electric Inc. (IE)
A forensic read on Ivanhoe Electric Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Safe
Financial health
3.2
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-8.8%
ROE
$1.5B
Market cap
Ivanhoe Electric Inc. earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is 3.2, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-35%Return on invested capital.Return on invested capital is -35% and rising from -101% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+23.4%/yrShare-count dilution.Diluted share count changed +70% over the last 3 years to FY2025 (+23.4%/yr). The count is GROWING — existing holders are being diluted. That's ~23.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~70%.
359% of revStock-based comp load.Stock-based compensation ran 359% of revenue in FY2025 — about $0.09 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-3263.7%
Free Cash Flow$-90.4M
Latest Revenue$3.2M
Return on Equity-25.4%
Revenue Growth YoY+11.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Ivanhoe Electric Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about IE's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown