IGO (IGO) AI Stock Analysis

• Market Cap: $3.87B
• Dividend Yield: 5.09%
• Average Volume (3M): 4.78M
• Price to Earnings (P/E): 1418.9
• Beta (1Y): 1.85
• Revenue Growth: -37.23%
• EPS Growth: -32433.33%
• Country: AU
• Employees: 244
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.23
• Shares Outstanding: 757,267,800
• 10 Day Avg. Volume: 4,701,033
• 30 Day Avg. Volume: 4,783,132
• PEG Ratio: <0.01
• Price to Book (P/B): 1.51
• Price to Sales (P/S): 6.32
• P/FCF Ratio: 83.98
• Enterprise Value/Market Cap: 0.73
• Enterprise Value/Revenue: 5.49
• Enterprise Value/Gross Profit: 78.23
• Enterprise Value/Ebitda: -78.67
• 1Y Price Target: $4.60
• Price Target Upside: -9.93% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 10

• Rating: 47 Neutral
• Price Target: AU$4.50 ▼(-11.94% Downside)

IGO's overall stock score is primarily impacted by its financial challenges, including declining revenues and negative profitability. While the earnings call provided some positive operational updates, ongoing issues in the lithium market and at the Kwinana refinery pose significant risks. The technical analysis and valuation offer mixed signals, with a high dividend yield being a potential positive for income investors.

IGO Business Overview & Revenue Model

Company Description

IGO Limited operates as an exploration and mining company that engages in discovering, developing, and operating assets focused on metals to enable clean energy in Australia. It owns and operates a 100% interest in the Nova nickel-copper-cobalt operation located to the east northeast of Norseman in the Great Western Woodlands of Western Australia; a 100% interest in the Cosmos nickel operation located to the north of Leinster in Western Australia; and a 100% interest in the Forrestania nickel operation located to the east of Perth in Western Australia. The company also focuses on investing in lithium mines, as well as holds 100% interest in the downstream processing refinery at Kwinana in Western Australia to produce battery grade lithium hydroxide. In addition, it owns and operates various projects, including Fraser Range, Kimberley, Paterson, Copper Coast, Frontier, Raptor, and Western Gawler projects. 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.

How the Company Makes Money

IGO makes money through the extraction and sale of mineral resources such as nickel, copper, cobalt, and lithium. The company's revenue streams are primarily derived from the sale of these minerals to global markets, particularly for use in electric vehicle batteries and renewable energy storage solutions. Strategic partnerships and joint ventures, such as those with lithium producers, enhance their production capabilities and market reach. IGO's financial performance is also influenced by commodity prices, operational efficiencies, and its ability to maintain sustainable mining practices.

IGO Financial Statement Overview

Summary

IGO faces significant financial challenges with declining revenues and negative profitability metrics. While the balance sheet shows low leverage, the lack of profitability and cash flow issues are significant concerns. The company needs to address these issues to stabilize its financial position and return to growth.

Income Statement

The income statement reveals significant challenges for IGO, with declining revenue and negative margins. The gross profit margin and net profit margin are both negative, indicating that the company is struggling to cover its costs. The revenue growth rate has been negative in recent years, showing a downward trend. These factors suggest financial instability and a need for strategic changes to improve profitability.

Balance Sheet

IGO's balance sheet shows a relatively low debt-to-equity ratio, indicating conservative leverage. However, the return on equity is negative, reflecting poor profitability. The equity ratio is stable, suggesting that the company maintains a solid equity base relative to its assets. Overall, while leverage is managed well, the lack of profitability is a concern.

Cash Flow

The cash flow statement highlights a significant decline in free cash flow growth, which is a red flag for liquidity. The operating cash flow to net income ratio is below 1, indicating that the company is not generating sufficient cash from operations relative to its net income. The free cash flow to net income ratio is positive, but the overall cash flow situation requires improvement to ensure financial health.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	517.30M	499.90M	796.40M	1.05B	845.20M	619.86M
Gross Profit	36.30M	-176.50M	-134.60M	203.20M	327.30M	151.74M
EBITDA	-36.10M	-811.10M	144.80M	-592.20M	468.40M	358.66M
Net Income	-954.60M	-954.60M	2.80M	549.10M	330.90M	163.84M
Balance Sheet
Total Assets	2.36B	2.36B	3.57B	4.74B	4.86B	3.61B
Cash, Cash Equivalents and Short-Term Investments	343.50M	343.50M	530.40M	837.60M	493.90M	639.46M
Total Debt	31.40M	31.40M	48.70M	432.10M	959.20M	25.05M
Total Liabilities	263.90M	263.90M	357.50M	947.70M	1.43B	408.86M
Stockholders Equity	2.09B	2.09B	3.21B	3.79B	3.44B	3.20B
Cash Flow
Free Cash Flow	32.70M	37.60M	673.10M	1.05B	300.30M	351.34M
Operating Cash Flow	37.90M	42.90M	872.00M	1.39B	388.40M	446.05M
Investing Cash Flow	-4.00M	-4.00M	-240.30M	-293.60M	-1.28B	-1.06B
Financing Cash Flow	-223.40M	-223.40M	-943.70M	-726.70M	761.80M	633.00M

IGO Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.11
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:IGO, the sentiment is Positive. The current price of 5.11 is above the 20-day moving average (MA) of 4.79, above the 50-day MA of 4.98, and above the 200-day MA of 4.51, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 57.43 is Neutral, neither overbought nor oversold. The STOCH value of 93.57 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:IGO.

IGO Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DRR	77 Outperform	2.12B	13.59	124.90%	5.50%	6.54%	0.48%
MIN	58 Neutral	8.10B	-8.93	―	―	-15.27%	-817.26%
PLS	57 Neutral	7.73B	-37.91	-5.54%	―	-38.69%	-174.12%
NIC	55 Neutral	3.17B	-12.76	-7.97%	5.48%	-2.30%	-234.27%
IGO	47 Neutral	$3.87B	1,418.92	-35.65%	5.09%	-37.23%	-32433.33%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

IGO Corporate Events

IGO Limited Announces Cessation of Securities

IGO Limited has announced the cessation of certain securities, specifically performance rights and options, due to unmet conditions. This cessation could impact the company’s capital structure and may influence stakeholder perceptions regarding the company’s strategic execution and financial planning.

The most recent analyst rating on (AU:IGO) stock is a Hold with a A$5.00 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.

IGO Limited Announces 2025 AGM Date and Director Nomination Deadline

IGO Limited, a company listed on the Australian Securities Exchange (ASX: IGO), has announced the date for its 2025 Annual General Meeting (AGM), which will be held on November 19, 2025. The company has also set September 17, 2025, as the deadline for director nominations. This announcement is significant for shareholders and potential board candidates as it outlines the timeline for participation in the company’s governance.

The most recent analyst rating on (AU:IGO) stock is a Hold with a A$4.50 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.

Ubique Asset Management Ceases Substantial Holding in IGO Limited

Ubique Asset Management Pty Ltd has ceased to be a substantial holder in IGO Limited as of August 29, 2025. This change involved on-market sales and in-specie movements, affecting 18,605,742 voting securities and amounting to $92,338,598.75, which may impact IGO’s shareholder composition and market perception.

The most recent analyst rating on (AU:IGO) stock is a Sell with a A$4.20 price target. To see the full list of analyst forecasts on IGO stock, see the AU:IGO Stock Forecast page.