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Relative valuation derived from Materials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 33.9GRADE D
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
101.6%
Sector: 3.3%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, IAMGOLD CORP (IAG) receives a "Hold" rating with a composite score of 56.0/100, ranked #1135 out of 4446 stocks. Key factor scores: Quality 34/100, Value 75/100, Momentum 89/100. This is quantitative analysis only — not investment advice.
IAMGOLD CORP (IAG) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does IAMGOLD CORP Do?
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 Essakane mine situated in Burkina Faso and Boto gold project located in Senegal, West Africa; and Westwood mine, covers an area of 1,925 hectare and located in Quebec and the Côté gold project, which covers an area of 586 square kilometer located in Ontario, Canada. Its exploration and development projects include the Pitangui project in Brazil; the Karita project located in Guinea; the Diakha-Siribaya project situated in Mali; and the Nelligan and Monster Lake projects located in Quebec, Canada. IAMGOLD Corporation was incorporated in 1990 and is headquartered in Toronto, Canada. IAMGOLD CORP (IAG) is classified as a large-cap stock in the Materials sector, specifically within the Precious Metals industry. The company is led by CEO Maryse Bélanger and employs approximately 5,360 people, headquartered in Toronto, Ontario. With a market capitalization of $11.6B, IAG is one of the prominent companies in the Materials sector.
IAMGOLD CORP (IAG) Stock Rating — Hold (April 2026)
As of April 2026, IAMGOLD CORP receives a Hold rating with a composite score of 56.0/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.IAG ranks #1,135 out of 4,446 stocks in our coverage universe. Within the Materials sector, IAMGOLD CORP ranks #71 of 284 stocks, placing it in the top quartile of its Materials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
IAG Stock Price and 52-Week Range
IAMGOLD CORP (IAG) currently trades at $20.00. The stock gained $0.22 (1.1%) in the most recent trading session. The 52-week high for IAG is $24.66, which means the stock is currently trading -18.9% from its annual peak. The 52-week low is $5.35, putting the stock 273.8% above its annual trough. Recent trading volume was 1.8M shares, reflecting moderate market activity.
Is IAG Overvalued or Undervalued? — Valuation Analysis
IAMGOLD CORP (IAG) carries a value factor score of 75/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 13.01x, compared to the Materials sector average of 26.50x — a discount of 51%. The price-to-book ratio stands at 3.37x, versus the sector average of 2.83x. The price-to-sales ratio is 1.72x, compared to 0.74x for the average Materials stock. On an enterprise value basis, IAG trades at 2.47x EV/EBITDA, versus 6.01x for the sector.
Based on these multiples, IAMGOLD CORP appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
IAMGOLD CORP Profitability — ROE, Margins, and Quality Score
IAMGOLD CORP (IAG) earns a quality factor score of 34/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 101.6%, compared to the Materials sector average of 3.3%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 63.1% versus the sector average of 0.6%.
On a margin basis, IAMGOLD CORP reports gross margins of 33.7%, compared to 29.8% for the sector. The operating margin is 57.8% (sector: 6.0%). Net profit margin stands at 51.9%, versus 3.0% for the average Materials stock. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
IAG Debt, Balance Sheet, and Financial Health
IAMGOLD CORP has a debt-to-equity ratio of 34.0%, compared to the Materials sector average of 41.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. Total debt on the balance sheet is $1.12B. Cash and equivalents stand at $348M.
IAG has a beta of 0.75, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for IAMGOLD CORP is 49/100, reflecting average volatility within the normal range for its sector.
IAMGOLD CORP Revenue and Earnings History — Quarterly Trend
In TTM 2026, IAMGOLD CORP reported revenue of $1.63B and earnings per share (EPS) of $1.52. Net income for the quarter was $848M. Gross margin was 33.7%. Operating income came in at $944M.
In FY 2024, IAMGOLD CORP reported revenue of $1.63B and earnings per share (EPS) of $1.52. Net income for the quarter was $848M. Gross margin was 33.7%. Revenue grew 65.4% year-over-year compared to FY 2023. Operating income came in at $944M.
In FY 2023, IAMGOLD CORP reported revenue of $987M. Net income for the quarter was $104M. Gross margin was 12.6%. Revenue grew 3.0% year-over-year compared to FY 2022. Operating income came in at $73M.
In FY 2022, IAMGOLD CORP reported revenue of $959M and earnings per share (EPS) of $-0.15. Net income for the quarter was $-53M. Gross margin was 15.4%. Revenue grew -16.7% year-over-year compared to FY 2021. Operating income came in at $41M.
Over the past 8 quarters, IAMGOLD CORP has demonstrated a growth trajectory, with revenue expanding from $1.11B to $1.63B. Investors analyzing IAG stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
IAG Dividend Yield and Income Analysis
IAMGOLD CORP (IAG) does not currently pay a dividend. This is common among growth-oriented companies in the Precious Metals industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Materials dividend stocks may want to explore other Materials stocks or use the stock screener to filter by dividend yield.
IAG Momentum and Technical Analysis Profile
IAMGOLD CORP (IAG) has a momentum factor score of 89/100, indicating strong price momentum with the stock outperforming the majority of the market over recent periods. Stocks with high momentum scores have historically tended to continue their outperformance in the near term. The investment factor score is 24/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 48/100 reflects moderate short selling activity.
IAG vs Competitors — Materials Sector Ranking and Peer Comparison
Comparing IAG against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full IAG vs S&P 500 (SPY) comparison to assess how IAMGOLD CORP stacks up against the broader market across all factor dimensions.
IAG Next Earnings Date
No upcoming earnings date has been announced for IAMGOLD CORP (IAG) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy IAG? — Investment Thesis Summary
IAMGOLD CORP presents a balanced picture with arguments on both sides. The quality score of 34/100 flags below-average profitability. The value score of 75/100 suggests attractive pricing relative to fundamentals. Price momentum is positive at 89/100, suggesting the trend favors buyers.
In summary, IAMGOLD CORP (IAG) earns a Hold rating with a composite score of 56.0/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on IAG stock.
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Institutional Research Dossier
IAMGOLD CORP (IAG) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
IAMGOLD Corp (IAG) receives a Hold rating, justified by a mixed financial profile. While the company exhibits compelling value metrics and strong recent momentum, concerns arise from its inconsistent profitability, negative free cash flow, and substantial debt. The current valuation appears attractive relative to the sector, but the operational challenges and financial risks warrant a cautious approach, supporting the neutral Hold rating.
The company's high ROE and attractive multiples are offset by significant capital expenditures and operational headwinds, particularly related to project development and execution. IAMGOLD's future success hinges on the successful ramp-up of key projects and a sustained improvement in operational efficiency to generate consistent positive free cash flow. Until these factors demonstrate a clear positive trend, a Hold rating reflects the balanced risk-reward profile.
Business Strategy & Overview
IAMGOLD Corporation operates as a gold mining company with assets spanning North America, South America, and West Africa. The company's primary revenue streams are derived from the production and sale of gold from its operating mines, including Rosebel in Suriname, Essakane in Burkina Faso, and Westwood in Quebec. Additionally, the company is heavily invested in the development of new projects, most notably the Côté Gold project in Ontario, Canada, which is expected to be a significant contributor to future production.
IAMGOLD's strategic focus involves a combination of optimizing existing operations and advancing its development pipeline. The company aims to enhance operational efficiency at its producing mines to lower costs and increase gold output. Simultaneously, it is allocating substantial capital to bring the Côté Gold project online, which is projected to significantly increase the company's overall production profile. This dual approach reflects a strategy of balancing current cash flow generation with long-term growth potential.
The company's geographical diversification is a key element of its strategy, mitigating risk by operating in multiple jurisdictions. However, this also introduces complexities related to regulatory environments, political stability, and logistical challenges specific to each region. IAMGOLD's success depends on its ability to navigate these diverse operating conditions effectively.
IAMGOLD's product pipeline is centered around gold, a commodity with relatively stable demand and pricing dynamics, although subject to macroeconomic factors and investor sentiment. The company's ability to manage its project development timelines and budgets is crucial, as delays or cost overruns can significantly impact its financial performance and investor confidence. The Côté Gold project, in particular, represents a pivotal element of IAMGOLD's future growth strategy, and its successful execution is paramount.
Execution Benchmarks audit
Gross Margin
Core pricing power
33.7%
Sector: 29.8%
+13% VS SCTR
Economic Moat Analysis
IAMGOLD's economic moat is assessed as None. The gold mining industry, in general, is characterized by limited differentiation among producers, as gold is a commodity with standardized pricing. Consequently, companies compete primarily on cost efficiency and production volume, rather than unique product features or brand recognition.
IAMGOLD does not possess significant network effects, as the value of its gold production is not dependent on the size or interconnectedness of a user base. Similarly, switching costs are negligible, as gold buyers can easily switch between different suppliers without incurring significant penalties or disruptions.
While IAMGOLD owns mining properties, these intangible assets do not necessarily translate into a sustainable competitive advantage. The value of these assets is highly dependent on prevailing gold prices, ore grades, and extraction costs, all of which can fluctuate significantly over time. Furthermore, mining rights and permits are subject to regulatory oversight and can be revoked or modified, adding to the uncertainty surrounding these assets.
IAMGOLD does not exhibit a clear cost advantage over its competitors. The company's historical gross margins and operating margins have been volatile, indicating inconsistent cost control and operational efficiency. While recent performance shows improvement, sustained cost leadership has not been demonstrated. Efficient scale is also not a significant factor, as the gold mining industry is not characterized by natural monopolies or economies of scale that would create insurmountable barriers to entry for new competitors.
In summary, IAMGOLD operates in a highly competitive industry with limited opportunities for differentiation. The absence of network effects, switching costs, intangible asset advantages, cost advantages, and efficient scale supports the assessment of a None economic moat.
Financial Health & Profitability
IAMGOLD's financial health presents a mixed picture. The company's revenue has fluctuated significantly over the past several years, with a notable increase to $1.63 billion in the latest fiscal year, compared to $987.10 million in the prior year. This volatility reflects the inherent cyclicality of the gold mining industry and the impact of production volumes and gold prices on revenue generation.
Profitability metrics have also been highly variable. Net income swung from a loss of $255.10 million in FY2021 to a substantial profit of $847.80 million in the latest fiscal year. This dramatic improvement is reflected in the company's gross margin, operating margin, and net margin, which have all increased significantly. However, it's crucial to assess the sustainability of these improvements, as they may be influenced by temporary factors such as favorable gold prices or one-time gains.
A significant concern is the company's negative free cash flow. IAMGOLD has consistently generated negative free cash flow over the past several years, including a substantial outflow of $226.60 million in the latest fiscal year. This negative free cash flow is primarily driven by significant capital expenditures related to project development, particularly the Côté Gold project. The company's ability to generate positive free cash flow in the future is critical to its long-term financial sustainability.
IAMGOLD's balance sheet reflects a moderate level of leverage. The company has total cash of $347.50 million and total debt of $1.12 billion, resulting in a debt-to-equity ratio of 34.00, which is slightly lower than the sector average of 40.00. While the debt level is manageable, the company's negative free cash flow necessitates careful monitoring of its liquidity position and debt repayment capacity.
Compared to the sector, IAMGOLD exhibits a significantly higher ROE (101.6% vs. 2.7%), indicating strong profitability relative to equity. However, this metric should be interpreted cautiously, as it may be influenced by accounting factors or temporary gains. Overall, IAMGOLD's financial health is characterized by volatile profitability, negative free cash flow, and a moderate level of leverage, requiring careful monitoring of its operational performance and project development progress.
Valuation Assessment
IAMGOLD's valuation metrics suggest that the stock is relatively undervalued compared to its peers in the materials sector. The company's P/E ratio of 10.6x is significantly lower than the sector average of 26.1x, indicating that investors are paying less for each dollar of earnings compared to other companies in the sector. Similarly, the company's EV/EBITDA ratio of 2.1x is substantially lower than the sector average of 5.2x, suggesting that the company's enterprise value is low relative to its earnings before interest, taxes, depreciation, and amortization.
These attractive valuation multiples may reflect investor concerns about the company's negative free cash flow, volatile profitability, and project development risks. The market may be discounting the stock to account for the uncertainty surrounding the company's ability to generate consistent positive earnings and cash flow in the future.
However, the company's high ROE of 101.6% suggests that it is generating significant returns on its equity, which could justify a higher valuation. The discrepancy between the low valuation multiples and the high ROE may indicate that the market is underestimating the company's long-term earnings potential.
Given the company's volatile financial performance and project development risks, a discounted cash flow (DCF) analysis would be necessary to determine a more precise intrinsic value. However, the lack of consistent positive free cash flow makes it challenging to develop a reliable DCF model. A relative valuation approach, comparing the company's multiples to its peers and historical averages, suggests that the stock is currently undervalued. However, this undervaluation is likely warranted given the company's operational challenges and financial risks.
In conclusion, IAMGOLD's valuation appears attractive based on its P/E and EV/EBITDA ratios, but this undervaluation reflects the company's operational and financial risks. A Hold rating is appropriate, as the potential upside from a re-rating is balanced by the downside risk associated with project delays, cost overruns, or a decline in gold prices.
Risk & Uncertainty
IAMGOLD faces several specific risks that could negatively impact its business and financial performance. One of the most significant risks is project development risk, particularly related to the Côté Gold project. Delays in construction, cost overruns, or technical challenges could significantly impact the project's economics and delay the realization of its anticipated production benefits. The successful execution of the Côté Gold project is critical to IAMGOLD's future growth, and any setbacks could have a material adverse effect on the company's financial results.
Another key risk is commodity price risk. IAMGOLD's revenue is highly dependent on the price of gold, which can fluctuate significantly due to macroeconomic factors, investor sentiment, and geopolitical events. A decline in gold prices could reduce the company's revenue and profitability, potentially leading to lower earnings and cash flow. The company attempts to mitigate this risk through hedging strategies, but these strategies may not fully protect against price declines.
Political and regulatory risks are also relevant, particularly given IAMGOLD's operations in multiple jurisdictions, including West Africa and South America. Changes in government regulations, tax policies, or mining laws could negatively impact the company's operations and profitability. Political instability or social unrest in these regions could also disrupt production and increase operating costs.
Operational risks, such as mining accidents, equipment failures, or labor disputes, could also disrupt production and increase costs. IAMGOLD's ability to manage these operational risks effectively is crucial to maintaining consistent production and profitability. The company invests in safety programs and risk management systems to mitigate these risks, but unforeseen events can still occur.
Finally, liquidity risk is a concern given the company's negative free cash flow and substantial debt. IAMGOLD's ability to meet its debt obligations and fund its capital expenditures depends on its ability to generate positive cash flow from operations or access external financing. A prolonged period of negative free cash flow could strain the company's liquidity position and potentially lead to financial distress.
Bulls Say / Bears Say
The Bull Case
BULL VIEWIAMGOLD's Côté Gold project is poised to significantly increase production and drive substantial revenue growth in the coming years, making the current valuation a bargain.
BULL VIEWThe company's recent operational improvements and cost-cutting measures will lead to sustained profitability and positive free cash flow, justifying a higher multiple.
BULL VIEWRising gold prices will provide a significant tailwind for IAMGOLD, boosting revenue and earnings beyond current expectations.
The Bear Case
BEAR VIEWIAMGOLD's persistent negative free cash flow and high debt levels pose a significant threat to its financial stability, potentially leading to a liquidity crisis.
BEAR VIEWThe Côté Gold project faces significant execution risks, including potential cost overruns and delays, which could derail the company's growth plans.
BEAR VIEWIAMGOLD's operations in politically unstable regions expose the company to significant regulatory and geopolitical risks, potentially disrupting production and impacting profitability.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score IAG and 4,400+ other equities.
IAMGOLD CORP exhibits a 10% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
63.1%
Sector: 0.6%
Gross Margin
Pricing power and cost efficiency
33.7%
Sector: 29.8%
Operating Margin
Core business profitability
57.8%
Sector: 6.0%
Net Margin
Bottom-line profitability
51.9%
Sector: 3.0%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
