IGO (AU:IGO)
ASX:IGO
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IGO
(Sydney:IGO)
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Rating:40Underperform
Price Target:
AU$6.50
▼(-11.20% Downside)
Action:DowngradedDate:03/20/26
The score is primarily weighed down by weak financial performance (declining revenue, negative margins, and stressed cash flow). Technicals add pressure due to a bearish moving-average setup and negative MACD, partially offset by oversold readings. Valuation is constrained by losses implied by the negative P/E and the absence of a provided dividend yield.
Positive Factors
Conservative leverage / low debt
A relatively low debt-to-equity ratio gives IGO durable financial flexibility to fund development, support JV contributions and absorb commodity-price volatility. Over 2–6 months, conservative leverage reduces solvency risk and preserves capacity for strategic investment without heavy refinancing.
Negative Factors
Declining revenue and negative margins
Sustained revenue declines and negative gross and net margins indicate the company is not covering operating costs. Over months, this erodes earnings power, limits reinvestment capacity, and forces reliance on non-operating sources or cost cuts to restore profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative leverage / low debt
A relatively low debt-to-equity ratio gives IGO durable financial flexibility to fund development, support JV contributions and absorb commodity-price volatility. Over 2–6 months, conservative leverage reduces solvency risk and preserves capacity for strategic investment without heavy refinancing.
Read all positive factors
IGO (IGO) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$5.22B
Dividend YieldN/A
Average Volume (3M)4.81M
Price to Earnings (P/E)―
Beta (1Y)1.60
Revenue Growth-37.23%
EPS Growth-32433.33%
CountryAU
Employees244
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.05
Shares Outstanding757,267,800
10 Day Avg. Volume4,390,707
30 Day Avg. Volume4,806,635
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.51
Price to Sales (P/S)6.32
P/FCF Ratio83.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$8.09Price Target Upside10.50% Upside
Rating ConsensusHold
Number of Analyst Covering10
EPS Forecast (FY)0.22
Revenue Forecast (FY)AU$406.74M
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 op...
How the Company Makes Money
IGO makes money primarily by selling mined and processed mineral products (and/or receiving its share of sales from operations in which it holds an ownership interest). Its key revenue streams come from: (1) sales of battery metals such as nickel,...
IGO Earnings Call Summary
Earnings Call Date:Aug 27, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 27, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted strong operational performance and improvements in safety and financial positions, but these positives were offset by challenges in the lithium market and ongoing issues at the Kwinana refinery. Overall, the sentiment is balanced with noteworthy achievements and significant challenges.Positive Updates
Safety Improvement
Significant improvement in safety performance across IGO operations, with a reduction in the severity and number of injuries, as indicated by the decline in the 3-month and 12-month TRIFR.
Negative Updates
Volatility in the Lithium Market
The lithium market remains volatile and challenging, affecting IGO's operations and financial outcomes.
Read all updates
Q4-2025 Updates
Positive
Negative
Safety Improvement
Significant improvement in safety performance across IGO operations, with a reduction in the severity and number of injuries, as indicated by the decline in the 3-month and 12-month TRIFR.
Read all positive updates
Company Guidance
During the IGO Limited Q4 FY '25 Results Call, Managing Director and CEO Ivan Vella highlighted several key metrics and updates. The company reported a 60% EBITDA margin for the quarter from Greenbushes, despite challenges such as unseasonably wet weather and lower-grade ore. Sales experienced a substantial increase due to logistical improvements at the Bunbury port. At Nova, operational enhancements led to meeting guidance, with nickel production expected to remain between 15,000 to 18,000 tonnes until the mine's closure at the end of 2026. The company also emphasized ongoing safety improvements, reflected in a reduction in the Total Recordable Injury Frequency Rate (TRIFR). Financially, the quarter saw an EBITDA of $59 million, a strong cash position of $280 million, and an available debt facility of $300 million. However, challenges at the Kwinana refinery led to a full impairment of Train 1, affecting the overall asset valuation. The company also updated its ESG framework, focusing on safety, environmental stewardship, and transitioning to a low-carbon future.IGO Financial Statement Overview
Summary
Income Statement
30
Negative
Balance Sheet
45
Neutral
Cash Flow
40
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 414.90M | 499.90M | 796.40M | 1.05B | 845.20M | 619.86M |
| Gross Profit | -119.80M | -176.50M | -134.60M | 203.20M | 327.30M | 151.74M |
| EBITDA | 1.50M | -811.10M | 148.40M | -592.20M | 468.40M | 358.66M |
| Net Income | -206.60M | -954.60M | 2.80M | 549.10M | 330.90M | 163.84M |
Balance Sheet | ||||||
| Total Assets | 2.30B | 2.36B | 3.57B | 4.74B | 4.86B | 3.61B |
| Cash, Cash Equivalents and Short-Term Investments | 411.00M | 343.50M | 530.40M | 837.60M | 493.90M | 639.46M |
| Total Debt | 21.80M | 31.40M | 48.70M | 432.10M | 959.20M | 25.05M |
| Total Liabilities | 239.10M | 263.90M | 357.50M | 947.70M | 1.43B | 408.86M |
| Stockholders Equity | 2.06B | 2.09B | 3.21B | 3.79B | 3.44B | 3.20B |
Cash Flow | ||||||
| Free Cash Flow | 69.70M | 37.60M | 673.10M | 1.05B | 300.30M | 351.34M |
| Operating Cash Flow | 73.00M | 42.90M | 872.00M | 1.39B | 388.40M | 446.05M |
| Investing Cash Flow | 1.40M | -4.00M | -240.30M | -293.60M | -1.28B | -1.06B |
| Financing Cash Flow | -24.80M | -223.40M | -943.70M | -726.70M | 761.80M | 633.00M |
IGO Technical Analysis
Negative
7.32
Price Trends
8.29
Negative
7.55
Negative
6.20
Positive
Market Momentum
-0.35
Positive
35.28
Neutral
12.68
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:IGO, the sentiment is Negative. The current price of 7.32 is below the 20-day moving average (MA) of 7.76, below the 50-day MA of 8.29, and above the 200-day MA of 6.20, indicating a neutral trend. The MACD of -0.35 indicates Positive momentum. The RSI at 35.28 is Neutral, neither overbought nor oversold. The STOCH value of 12.68 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:IGO.
IGO Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | AU$1.98B | 6.18 | 135.85% | 5.18% | 6.54% | 0.48% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
48 Neutral | AU$10.38B | 5.40 | 11.50% | ― | -15.27% | -817.26% | |
47 Neutral | AU$3.69B | -61.30 | -7.26% | 5.03% | -2.30% | -234.27% | |
45 Neutral | AU$13.73B | 103.52 | -2.64% | ― | -38.69% | -174.12% | |
40 Underperform | AU$5.22B | -45.43 | -35.65% | ― | -37.23% | -32433.33% |
* Basic Materials Sector Average
AU:IGO
IGO
7.32
3.19
77.24%
AU:PLS
Pilbara Minerals
4.54
2.71
147.41%
AU:MIN
Mineral Resources Limited
52.93
28.85
119.81%
AU:NIC
Nickel Mines Ltd.
0.89
0.27
42.74%
AU:DRR
Deterra Royalties Ltd
3.82
0.35
10.12%
IGO Corporate Events
IGO updates market on changes to Director Ivan Vella’s equity interests
Mar 12, 2026
IGO Limited has reported changes in the security interests held by director Ivan Vella, detailing movements in his direct holdings of ordinary shares, performance rights and service rights. The notice records the vesting and disposal of certain se...
IGO Issues 117,763 New Shares After Conversion of Unquoted Securities
Mar 12, 2026
IGO Limited has notified the market of the issue of 117,763 ordinary fully paid shares, following the conversion or exercise of previously unquoted options or other unquoted convertible securities. The new shares, issued on 27 February 2026, modes...
IGO completes Forrestania sale to Medallion as it reshapes asset portfolio
Mar 1, 2026
IGO Limited has completed the sale of its Forrestania Nickel Operations assets in Western Australia to Medallion Metals, transferring the Cosmic Boy processing plant, associated infrastructure, inventories and rehabilitation obligations for no cas...
IGO Highlights Lithium-Focused Growth and Strong Margins at BMO Conference
Feb 23, 2026
IGO Limited outlined its value proposition at the BMO Global Metals, Mining and Critical Minerals Conference, emphasizing a clear growth pathway built on a world-class strategic asset base. The company’s portfolio is anchored by a 24.99% sta...
IGO appoints Dean Jenkins to board with no initial shareholding
Feb 20, 2026
IGO Limited has notified the Australian Securities Exchange of the appointment of Dean Jenkins as a director, effective 18 February 2026. The disclosure was made under ASX listing rule 3.19A.1 and relevant Corporations Act provisions governing dir...
IGO to Host Investor Webcast on 1H26 Half-Year Results
Feb 10, 2026
IGO Limited has announced that its Managing Director and CEO, Ivan Vella, and Chief Financial Officer, Kathleen Bozanic, will host an investor webcast to present the company’s half-year results for the first half of the 2026 financial year. ...
IGO posts solid Nova performance and strong Greenbushes margins amid Kwinana ramp-up challenges
Jan 28, 2026
IGO Limited reported its second-quarter 2026 results with a solid operational performance at the Nova nickel operation, continued strong margins at the Greenbushes lithium mine, and early progress at the expanded CGP3 processing plant. Greenbushes...
IGO lifts Greenbushes output and margins as CGP3 starts up, Nova underpins stronger earnings
Jan 28, 2026
IGO reported a strong operational quarter to 31 December 2025, highlighted by improved safety performance, higher spodumene output and stronger margins at Greenbushes, and continued solid performance at its Nova nickel operation. Greenbushes produ...
IGO sets investor webcast for December 2025 quarterly results
Jan 13, 2026
IGO Limited has announced it will host an investor webcast to present its December 2025 quarterly results on 29 January 2026, led by Managing Director and CEO Ivan Vella and Chief Financial Officer Kathleen Bozanic. The webcast, scheduled for midd...
Ausbil Exits Substantial Holder Position in IGO Ltd
Jan 12, 2026
Ausbil Investment Management Limited has notified IGO Ltd that it has ceased to be a substantial holder in the company as of 8 January 2026, following an on‑market disposal of shares. The change reduces Ausbil’s voting power in IGO and...
IGO Announces Departure of Director Michael Nossal and Confirms Final Interest Holdings
Jan 2, 2026
IGO Limited has announced that non-executive director Michael Peter Nossal ceased to be a director of the company effective 1 January 2026. In its final director’s interest notice to the ASX, the company reported that Nossal holds an indirec...
IGO Director Ivan Vella Converts Vested Service Rights Into Ordinary Shares
Dec 31, 2025
IGO Limited has disclosed a change in the securities held by director Ivan Vella, detailing movements in his direct interests in the company’s ordinary shares and related rights. Vella converted 127,691 vested service rights into an equivale...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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