IAMGOLD Corp (TSE:IMG)
TSX:IMG
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IAMGOLD
(TSX:IMG)
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Rating:75Outperform
Price Target:
C$25.00
▼(-5.20% Downside)
Action:UpgradedDate:02/19/26
The score is driven primarily by improved financial performance (profitability rebound, deleveraging, and 2025 positive free cash flow) and strong technical uptrend (price above key moving averages with positive MACD). The latest earnings call supports the outlook via record cash generation and shareholder returns, while valuation is only moderate and the key risk remains cost pressure and historically volatile cash flows.
Positive Factors
Material cash generation
IAMGOLD’s strong 2025 operating cash flow and positive free cash flow materially increase durable financial flexibility. Reliable cash generation funds sustaining and growth capex, debt reduction, and buybacks, improving resilience to commodity cycles and enabling multi-year capital plans.
Negative Factors
Elevated per‑ounce costs
Relatively high AISC guidance across key assets compresses margin sensitivity to lower gold prices and raises the break‑even floor. Persistently elevated unit costs and royalties reduce excess cash generation during mid/low price scenarios, limiting long-term free cash flow durability.
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Positive Factors
Negative Factors
Material cash generation
IAMGOLD’s strong 2025 operating cash flow and positive free cash flow materially increase durable financial flexibility. Reliable cash generation funds sustaining and growth capex, debt reduction, and buybacks, improving resilience to commodity cycles and enabling multi-year capital plans.
Read all positive factors
IAMGOLD (IMG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$13.16B
Dividend YieldN/A
Average Volume (3M)1.95M
Price to Earnings (P/E)14.0
Beta (1Y)2.75
Revenue Growth74.17%
EPS Growth-20.86%
CountryCA
Employees3,700
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.96
Shares Outstanding588,800,000
10 Day Avg. Volume1,446,270
30 Day Avg. Volume1,947,463
Financial Highlights & Ratios
PEG Ratio-0.61
Price to Book (P/B)2.27
Price to Sales (P/S)3.27
P/FCF Ratio12.30
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$38.54Price Target Upside46.16% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)3.25
Revenue Forecast (FY)C$5.75B
IAMGOLD Business Overview & Revenue Model
Company Description
IAMGOLD Corporation, through its subsidiaries, explores, develops, and operates gold mining properties in North America, South America, and West Africa. The company owns interests in the Rosebel mine located in Suriname, South America; the Essakan...
How the Company Makes Money
IAMGOLD makes money primarily by producing gold and selling it to customers, generating revenue based on the volume of gold sold and the realized gold price. Its core revenue stream is the sale of mined gold (typically sold as doré or refined gold...
IAMGOLD Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call was decisively positive on financial and operational performance: record revenue, EBITDA, mine-site free cash flow and substantial deleveraging coupled with production records, resource growth and strategic asset consolidation. Key near-term challenges are elevated per-ounce costs driven by higher royalties, temporary processing costs at Côté and a reserve decline at Essakane; management has clear mitigation plans (operational optimizations, removal of temporary crusher, staged expansion, use of free cash flow for buybacks) and substantial liquidity to execute them. On balance, highlights (strong cash generation, balance sheet repair, shareholder returns, resource upside) materially outweigh the lowlights.Positive Updates
Record revenue, margins and cash flow
Reported near $3.0 billion revenue in 2025 with gross margin >40% and generated operating cash flow of over $1.0 billion (including $702 million in Q4). Adjusted EBITDA ~ $1.6 billion in 2025 versus $780.6 million in 2024 (~+105% YoY).
Negative Updates
Elevated costs and royalty pressure
Company-wide AISC was $1,900 for the year and Q4 AISC $1,750. Royalties materially pressured cash costs as gold prices rose: royalties averaged ~ $330/oz (~24% of cash cost company-wide in Q4) and at Essakane royalties in Q4 were ~$460/oz (~36% of that asset's cash cost).
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Q4-2025 Updates
Positive
Negative
Record revenue, margins and cash flow
Reported near $3.0 billion revenue in 2025 with gross margin >40% and generated operating cash flow of over $1.0 billion (including $702 million in Q4). Adjusted EBITDA ~ $1.6 billion in 2025 versus $780.6 million in 2024 (~+105% YoY).
Read all positive updates
Company Guidance
IAMGOLD’s 2026 guidance and priorities emphasize asset-level production, cost improvement, disciplined capital deployment and shareholder returns: Essakane attributable production is guided to 340–380 koz (400–440 koz on a 100% basis) with cash costs excluding royalties $1,150–1,300/oz, including royalties (at $4,000/oz gold) $1,600–1,750/oz and AISC $2,000–2,150/oz; Westwood is guided to 107–113 koz with ~1.2 Mt mill throughput, blended head grade ~3.44 g/t, cash costs $1,500–1,650/oz, AISC $1,950–2,100/oz, sustaining capex ~$55M and expansion capital ~$30M; Côté will focus on stabilizing 36 ktpd with Côté AISC guidance of $1,725–1,925/oz (including ~$50M of non‑recurring sustaining capital, ~ $185/oz impact) and IAMGOLD-wide expansion capital ~$85M; corporately the company aims to continue deleveraging and buybacks after repaying the $400M term loan (net debt fell $468.8M to $344.4M at YE25), with year‑end liquidity of ~ $868M (cash $422M + ~$446M available credit), Q4 mine‑site free cash flow $626.6M (FY25 $1.2B; Q4 Essakane $340.4M, Côté $197.0M), and an NCIB share buyback underway (≈5.6M shares repurchased to date for ~ $93M) with potential repurchases of ~$400–500M in 2026 at $4,000/oz.IAMGOLD Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.90B | 1.63B | 987.10M | 958.80M | 1.15B |
| Gross Profit | 1.20B | 549.90M | 124.10M | 147.90M | 2.70M |
| EBITDA | 1.56B | 1.25B | 315.40M | 273.60M | 219.00M |
| Net Income | 676.03M | 819.60M | 94.30M | -36.40M | -255.10M |
Balance Sheet | |||||
| Total Assets | 6.34B | 5.37B | 4.54B | 4.43B | 3.97B |
| Cash, Cash Equivalents and Short-Term Investments | 422.13M | 348.50M | 367.10M | 407.80M | 552.50M |
| Total Debt | 839.97M | 1.15B | 952.10M | 992.50M | 530.00M |
| Total Liabilities | 2.10B | 1.97B | 2.27B | 2.22B | 1.65B |
| Stockholders Equity | 4.18B | 3.34B | 2.21B | 2.13B | 2.24B |
Cash Flow | |||||
| Free Cash Flow | 771.37M | -151.40M | -817.30M | -371.80M | -370.20M |
| Operating Cash Flow | 1.07B | 486.00M | 159.40M | 408.70M | 285.00M |
| Investing Cash Flow | -358.06M | -582.40M | -402.30M | -891.90M | -630.70M |
| Financing Cash Flow | -656.09M | 83.30M | 201.70M | 404.00M | -41.20M |
IAMGOLD Technical Analysis
Neutral
26.37
Price Trends
27.86
Negative
25.78
Positive
20.04
Positive
Market Momentum
-0.04
Negative
47.91
Neutral
27.75
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:IMG, the sentiment is Neutral. The current price of 26.37 is above the 20-day moving average (MA) of 25.82, below the 50-day MA of 27.86, and above the 200-day MA of 20.04, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 47.91 is Neutral, neither overbought nor oversold. The STOCH value of 27.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:IMG.
IAMGOLD Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | C$9.22B | 10.22 | 30.82% | 0.42% | 48.74% | 246.81% | |
75 Outperform | C$13.16B | 14.03 | 18.40% | ― | 74.17% | -20.86% | |
74 Outperform | C$18.51B | 18.05 | 16.65% | 2.31% | 61.00% | ― | |
62 Neutral | C$14.50B | 39.29 | 4.51% | ― | 60.81% | -63.10% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | C$7.90B | 14.58 | 12.15% | 1.71% | 63.82% | ― |
* Basic Materials Sector Average
TSE:IMG
IAMGOLD
22.35
12.58
128.76%
TSE:BTO
B2Gold
5.88
1.65
38.97%
TSE:OGC
OceanaGold
40.97
26.44
182.05%
TSE:EDV
Endeavour Mining
76.47
40.18
110.74%
TSE:EQX
Equinox Gold
18.40
9.14
98.68%
IAMGOLD Corporate Events
Financial Disclosures
IAMGOLD Sets Date for Q1 2026 Results and Investor Call
Neutral
Apr 10, 2026
IAMGOLD said it will publish its first-quarter 2026 operating and financial results after markets close on May 5, 2026, followed by a management-hosted conference call on May 6 to discuss performance. The results release and webcast, which will al...
Financial DisclosuresRegulatory Filings and Compliance
IAMGOLD Files 2025 Annual Disclosure with U.S. and Canadian Regulators
Positive
Feb 18, 2026
IAMGOLD Corporation has filed its 2025 annual audited financial statements, management discussion and analysis, and annual information form with the U.S. Securities and Exchange Commission on Form 40-F, making these disclosures available to invest...
Business Operations and StrategyStock BuybackFinancial Disclosures
IAMGOLD Delivers Record 2025 Results and Targets Growth, Buybacks in 2026
Positive
Feb 18, 2026
IAMGOLD reported strong fourth-quarter and full-year 2025 results, with attributable gold production of 242,400 ounces in the quarter and 765,900 ounces for the year, hitting the midpoint of guidance despite Westwood underperforming. Côté...
Business Operations and StrategyFinancial Disclosures
IAMGOLD Boosts Gold Resource Base and Highlights Mine Life Upside
Positive
Feb 18, 2026
IAMGOLD reported updated mineral resources and reserves for year-end 2025, disclosing proven and probable reserves of 9.9 million ounces of gold and a 16% rise in measured and indicated resources to 31.0 million ounces, largely driven by conversio...
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.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower 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.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.