IE
Ivanhoe Electric Inc.Basic Materials·Copper
$13.46
$2.1B market cap
Revenue
$1.8M
Free Cash Flow
$-77.7M
Rev Growth
+0.0%
FCF Margin
-4430.3%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Ivanhoe Electric Inc. operates as a mineral exploration and development company in the United States. It operates through Critical Metals, Technology, and Energy Storage. The company holds 84.6% interests in the Tintic copper-gold project covering an area of 65 square kilometers located in Utah. It also holds an option to acquire a 100% interest in the Santa Cruz copper project covering an area of 77.59 square kilometers located in Arizona; 75% interest in the Hog Heaven silver-gold-copper proje
2-Year Price History
$11.80+29.7%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.9 | -27.4 | -28.0 | 41.7 | -46.9 | -48.8 | -1.9 | 291.8 | 35.4 | 158.5 | -38.2% | -33.1x | -- |
| Act | 2025-Q4 | 0.9 | -35.8 | -37.3 | -34.0 | -25.7 | -28.9 | -3.2 | 176.3 | 37.0 | 140.0 | -86.8% | -9.5x | -- |
Valuation & Metrics
Market Stats
Price$13.46
Market Cap$2.1B
Enterprise Value$1.9B
P/S Ratio1214.7x
P/FCF--
EV/FCF--
FCF Margin (TTM)-4430.3%
FCF Yield-3.6%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$1.8M
Net Income$7.8M
Free Cash Flow$-77.7M
Revenue Growth (YoY)+0.0%
EBITDA Margin-3601.9%
Net Margin441.8%
FCF Margin-4430.3%
CapEx % of Revenue291.3%
SBC % of Revenue0.0%
ROIC-62.5%
WC Change % Rev-97.1%
Interest Coverage-13.8x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares8.1M
Days to Cover3.9
Change (vs Prior)-6.3%
Need at least 2 settlement dates for chart
Employees
Headcount240
Revenue / Employee$7,308
Gross Profit / Employee$-175,663
Cash Runway
45.1months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
48.4%(+31.7% YoY)
189 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
20.7%(+13.1% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
0.7%(+0.7% YoY)
8 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $163M | $8.47 | −$1.9M | −$6.3M | -0.2% | $5.69T |
| PRICE T ROWE ASSOCIATES INC /MD/ | $143M | $12.64 | −$7.2M | +$61.8M | -0.2% | $864.93B |
| FMR LLC | $129M | $8.51 | −$9.8M | −$39.3M | -0.0% | $1.89T |
| STATE STREET CORPPassive | $110M | $11.22 | +$34.1M | +$71.0M | -0.2% | $2.89T |
| Alyeska Investment Group, L.P. | $79.8M | $14.11 | −$9.5M | +$62.0M | -0.5% | $35.33B |
| WELLINGTON MANAGEMENT GROUP LLP | $67.0M | $13.56 | +$31.8M | +$67.0M | -0.3% | $533.98B |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $63.7M | $13.20 | +$16.9M | +$53.3M | +1.7% | $73.71B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $60.2M | $11.82 | +$60.2M | +$60.2M | — | $4.04T |
| PRIMECAP MANAGEMENT CO/CA/ | $38.3M | $11.31 | +$2.2M | +$32.6M | +0.4% | $127.01B |
| SailingStone Capital Partners LLC | $36.0M | $9.18 | −$8.7M | −$42.5M | +0.6% | $440M |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $30.3M | $10.75 | +$972K | +$7.2M | +2.3% | $1.61T |
| MFN Partners Management, LP | $30.2M | $8.70 | +$0 | +$0 | +0.2% | $4.77B |
| Goehring & Rozencwajg Associates, LLC | $25.0M | $11.78 | +$3.9M | +$4.7M | +2.5% | $1.86B |
| GOLDMAN SACHS GROUP INC | $24.5M | $11.90 | +$15.7M | +$21.8M | -0.2% | $760.93B |
| Kopernik Global Investors, LLC | $21.1M | $8.87 | +$16.0M | −$18.4M | +3.3% | $1.43B |
| DRIEHAUS CAPITAL MANAGEMENT LLC | $18.0M | $12.55 | −$6.8M | +$18.0M | +0.3% | $13.60B |
| VAN ECK ASSOCIATES CORP | $14.9M | $12.76 | +$2.8M | +$14.9M | +0.8% | $133.17B |
| BANK OF AMERICA CORP /DE/ | $14.9M | $11.96 | +$12.5M | +$13.7M | -0.1% | $1.36T |
| Ripple Effect Asset Management LP | $14.7M | $13.62 | +$3.4M | +$14.7M | +8.3% | $144M |
| Legal & General Group Plc | $14.6M | $10.62 | +$238K | +$194K | -0.1% | $432.24B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
+0.30%
avg per quarter
Holders (ex-self)
+0.33%
excl. this stock
Buyers (this Q)
+0.11%
85 buyers · $0.21B in
Sellers (this Q)
-0.02%
61 sellers · $0.35B out
alpha coverage: 94% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+11.9%
how holders react when this stock falls
On quiet Qs
-9.0%
−10% to +10% baseline
On rallies (+10%+)
+5.4%
how they react when this stock rises
Holders' portfolio flow this Q
+2.0%
inflows — adds are organic
Sellers' portfolio flow this Q
-0.2%
Sellers' overall flow ~ flat.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-4.1%
Holder mid (any stock)
-2.6%
Holder rally (any stock)
-5.8%
Biggest decreases this quarter
FMR LLC−$9.8Mα-0.0Alyeska Investment Group, L.P.−$9.5Mα-0.5Potrero Capital Research LLCexited−$9.4MSailingStone Capital Partners LLC−$8.7Mα+0.6MOORE CAPITAL MANAGEMENT, LPexited−$8.5MPRICE T ROWE ASSOCIATES INC /MD/−$7.2Mα-0.2DRIEHAUS CAPITAL MANAGEMENT LLC−$6.8Mα+0.3Kercheville Advisors, LLCexited−$2.2MBlackRock, Inc.−$1.9Mα-0.2Ghisallo Capital Management LLCexited−$1.6M
New buyers this quarter
Top-5 holders · 45.8%
BlackRock, Inc.--
PRICE T ROWE ASSOCIATES INC /MD/--
FMR LLC--
STATE STREET CORP--
Alyeska Investment Group, L.P.--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
PRICE T ROWE ASSOCIATES INC /MD/12.1MFMR LLC10.9MAlyeska Investment Group, L.P.6.7MORION RESOURCE PARTNERS (USA) LP—SailingStone Capital Partners LLC3.0MWELLINGTON MANAGEMENT GROUP LLP5.7MMIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.5.5MPRIMECAP MANAGEMENT CO/CA/3.2MMFN Partners Management, LP2.6MInvesco Ltd.68K
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (2 analysts)$16.752440.0%
Current Price$13.46
Analyst Ratings
5
Buy: 5Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$5.50M
9 txns · 7 insiders · 407,971 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$31.79M
1 txn · 1 insider · 3,418,295 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-06 | SELL | Boyd Graham Richard Thomas | officer: Senior VP, Exploration | 11,147 | $13.20 | $147K | $2.42M |
| 2026-03-06 | SELL | Joseph Cassandra Pulskamp | officer: Gen. Counsel / Corp. Secretary | 4,664 | $13.20 | $62K | $617K |
| 2026-03-06 | SELL | Kuntz Glen Nickolas | officer: SVP, Mine Development | 14,863 | $13.20 | $196K | $433K |
| 2026-03-06 | SELL | Melvin Joseph Taylor | director, officer: President and CEO | 6,808 | $13.20 | $90K | $8.26M |
| 2026-03-06 | SELL | Neeser Jordan | officer: Chief Financial Officer | 17,123 | $13.20 | $226K | $1.11M |
| 2026-03-06 | SELL | Terhorst Stephani | officer: Vice President Human Resources | 6,233 | $13.20 | $82K | $165K |
| 2026-02-25 | SELL | Joseph Cassandra Pulskamp | officer: Gen. Counsel / Corp. Secretary | 123,074 | $16.48 | $2.03M | $847K |
| 2025-12-29 | SELL | Markin Quentin | officer: See Remarks | 90,000 | $16.34 | $1.47M | $11.90M |
| 2025-09-25 | SELL | Chow Tai Fook Enterprises Ltd | 10 percent owner | 3,418,295 | $9.30 | $31.79M | $89.89M |
| 2025-08-21 | SELL | Boyd Graham Richard Thomas | officer: Senior VP, Exploration | 134,059 | $8.92 | $1.20M | $1.73M |
Order Flow (FINRA, ~3w lag)
25.7%retail+6.1pp
19.6%dark-6.5pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Ivanhoe Electric Inc.: A High-Burn Exploration Vehicle Fueled by Constant Dilution and Related-Party Fees
Overall Risk
7/10
Fraud
4/10
Dilution
9/10
Insolvency
6/10
Earnings Overstated
5/10
Hidden Liabilities
4/10
Legal
3/10
Audit Warnings
2/10
Hidden Upside
7/10
Contextually Acceptable
6/10