Estados financieros detallados de Ivanhoe Electric Inc. (IE): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Ivanhoe Electric Inc. registró ingresos de $3.2M en el último ejercicio fiscal, con un CAGR de 5 años del -6.9%.
Márgenes de los últimos 12 meses: margen bruto -13.7%, margen operativo -36.5%, margen neto -11.4%.
Al precio actual de $8.94, IE presenta beneficios negativos (P/E no significativo) y un ROE del -7.81%. La capitalización bursátil es de $1.4B.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $3.8M | $4.6M | $4.7M | $8.4M | $3.9M | $2.9M | $3.2M |
| Coste de Ventas | $1.8M | $1.8M | $1.5M | $3.1M | $3.0M | $1.0M | $67.4M |
| Beneficio Bruto | $1.9M | $2.8M | $3.1M | $5.3M | $917000 | $1.9M | -$64.1M |
| I+D | $4.2M | $3.6M | $3.8M | $5.0M | $6.1M | $2.9M | $275000 |
| Generales y Administrativos | $11.0M | $11.7M | $20.6M | $27.1M | $48.5M | $45.0M | $39.2M |
| Gastos Operativos | -$24.2M | -$23.8M | $63.9M | $137.5M | $181.3M | $178.8M | $46.9M |
| Beneficio Operativo | $26.2M | $26.6M | -$60.7M | -$132.2M | -$180.4M | -$177.0M | -$111.0M |
| EBITDA | -$25.5M | -$25.3M | -$62.2M | -$154.4M | -$211.1M | -$134.9M | -$117.9M |
| Gastos por Intereses | $114000 | $175000 | $1.5M | $972000 | $3.0M | $2.6M | $4.1M |
| Beneficio Antes de Impuestos | -$29.5M | -$29.5M | -$68.0M | -$159.6M | -$216.7M | -$140.2M | -$125.0M |
| Impuestos | -$717000 | $381000 | $484000 | $618000 | -$584000 | $32000 | $12000 |
| Beneficio Neto | -$24.6M | -$25.2M | -$59.3M | -$149.8M | -$199.4M | -$128.6M | -$105.9M |
| BPA | $-0.31 | $-0.32 | $-0.74 | $-1.61 | $-1.95 | $-1.07 | $-0.79 |
| BPA Diluido | $-0.31 | $-0.32 | $-0.74 | $-1.61 | $-1.95 | $-1.07 | $-0.79 |
| Acciones en Circulación (Diluidas) | $92.6M | $92.6M | $92.6M | $93.0M | $102.5M | $120.4M | $133.6M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $545000 | $896000 | $858000 | $724000 |
| Beneficio Bruto | $279000 | -$18.9M | -$23.3M | $368000 |
| Beneficio Operativo | -$23.6M | -$37.3M | -$28.0M | -$21.5M |
| EBITDA | -$19.8M | -$35.8M | $95.0M | -$24.9M |
| Beneficio Neto | -$17.5M | -$34.0M | $41.7M | -$24.7M |
| BPA | $-0.13 | $-0.24 | $0.27 | $-0.16 |
| BPA Diluido | $-0.13 | $-0.24 | $0.26 | $-0.16 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $4.7M | $9.3M | $49.9M | $139.7M | $205.0M | $41.0M | $176.3M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $892000 | $2.8M | $1.4M | $1.5M | $3.3M | $21.6M | $526000 |
| Inventario | $2.5M | $3.5M | $5.9M | $5.6M | $5.0M | 0 | 0 |
| Activos Corrientes | $9.6M | $16.8M | $58.3M | $151.0M | $216.5M | $69.3M | $180.2M |
| Inmovilizado Material | $13.3M | $34.4M | $75.6M | $90.7M | $222.9M | $235.5M | $9.3M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $10.4M | $7.5M | $4.3M | $1.2M | $123000 | 0 | 0 |
| Activos Totales | $52.8M | $71.7M | $153.5M | $260.5M | $487.2M | $374.9M | $484.1M |
| Cuentas por Pagar | $870000 | $1.3M | $5.7M | $4.6M | $12.9M | $6.3M | $7.8M |
| Deuda a Corto | $7.9M | $5.8M | 0 | 0 | $12.7M | $12.4M | $34.8M |
| Pasivos Corrientes | $17.7M | $15.2M | $40.6M | $17.4M | $39.7M | $33.4M | $53.9M |
| Deuda a Largo | 0 | 0 | $78.8M | $25.9M | $64.6M | $55.1M | $1.1M |
| Pasivos Totales | $22.2M | $23.0M | $125.7M | $58.0M | $110.9M | $94.5M | $60.6M |
| Reservas | 0 | 0 | -$52.3M | -$202.1M | -$401.5M | -$530.1M | -$636.0M |
| Patrimonio Neto | $30.8M | $42.0M | $21.9M | $206.4M | $374.3M | $268.6M | $416.1M |
| Deuda Total | $9.3M | $6.5M | $79.2M | $27.0M | $79.2M | $69.9M | $37.0M |
| Deuda Neta | $4.6M | -$2.9M | $29.4M | -$112.6M | -$125.9M | $28.9M | -$139.3M |
| Capital Circulante | -$8.1M | $1.6M | $17.7M | $133.6M | $176.8M | $35.9M | $126.3M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $73.5M | $176.3M | $291.8M | $256.9M |
| Activos Totales | $386.2M | $484.1M | $594.3M | $584.8M |
| Pasivos Totales | $92.4M | $60.6M | $48.6M | $54.2M |
| Patrimonio Neto | $280.1M | $416.1M | $540.3M | $525.8M |
| Deuda Total | $74.0M | $37.0M | $35.4M | $36.6M |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$28.7M | -$29.9M | -$68.5M | -$160.2M | -$199.4M | -$128.6M | -$105.9M |
| Amortizaciones | $3.9M | $4.0M | $4.2M | $4.2M | $2.6M | $2.7M | $5.8M |
| Compensación en Acciones | $382000 | $1.1M | $3.7M | $4.8M | $21.0M | 0 | $11.7M |
| Cambio en Capital Circulante | -$1.3M | -$1.0M | $5.6M | -$2.5M | $1.3M | -$5.2M | -$2.4M |
| Flujo de Caja Operativo | -$23.0M | -$23.0M | -$47.8M | -$115.7M | -$150.5M | -$162.1M | -$89.2M |
| Inversiones (CapEx) | -$4.0M | -$16.7M | -$18.4M | -$44.4M | -$82.1M | -$2.9M | -$4.0M |
| Adquisiciones | -$5.3M | 0 | -$870000 | -$4.0M | 0 | $26.6M | $29.9M |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | -$626000 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$27.0M | -$39.7M | -$66.2M | -$160.1M | -$232.6M | -$165.0M | -$93.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$27.7M | -$25.7M | -$46.9M | -$20.0M |
| Inversiones (CapEx) | $92000 | -$3.2M | -$1.9M | -$22.7M |
| Flujo de Caja Libre | -$27.6M | -$28.9M | -$48.8M | -$42.7M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | 0 | 0 | $3.2M |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +23.5% | +0.4% | +81.4% | -53.8% | -25.7% | +11.8% |
| Crecimiento Beneficio Neto (anual) | | -2.4% | -135.1% | -152.6% | -33.1% | +35.5% | +17.7% |
| Crecimiento BPA (anual) | | -3.2% | -131.2% | -117.6% | -21.1% | +45.1% | +26.2% |
| Cambio en Acciones (anual) | | +0.0% | +0.0% | +0.4% | +10.3% | +17.5% | +10.9% |
| Crecimiento FCF (anual) | | -47.2% | -66.8% | -141.8% | -45.2% | +29.1% | +43.5% |
| Margen Bruto | 51.9% | 61.5% | 67.3% | 62.9% | 23.5% | 64.9% | -1976.6% |
| Margen Operativo | 697.8% | 574.2% | -1305.9% | -1565.9% | -4622.1% | -6099.7% | -3422.2% |
| Margen EBITDA | -678.9% | -545.1% | -1338.0% | -1829.6% | -5407.6% | -4651.8% | -3635.7% |
| Margen Neto | -656.6% | -544.7% | -1275.2% | -1775.0% | -5108.3% | -4433.7% | -3263.7% |
| Margen FCF | -719.2% | -857.1% | -1423.6% | -1897.5% | -5959.5% | -5688.6% | -2873.1% |
| Tasa Impositiva Efectiva | 2.4% | -1.3% | -0.7% | -0.4% | 0.3% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.29 | $-0.43 | $-0.72 | $-1.72 | $-2.27 | $-1.37 | $-0.70 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $92.6M | $92.6M | $92.6M | $93.0M | $102.5M | $120.4M | $133.6M |
Qué mirar en Basic Materials
Mineras, químicas, acero. 100% commodity-driven. Analizar con P/E puro es un error — mira posición de costes y sostenibilidad del dividendo.
- FCF yield — En commodities el FCF es oro — EPS engaña mucho
- Margen bruto — Margen bruto consistente 5y = señal de moat
- Deuda neta / EBITDA (valle) — Usar EBITDA del peor año del ciclo, no el actual
- Dividend coverage — Dividendo cubierto por FCF en año medio, no en pico
- Capex / D&A — >1x = mantienen/crecen reservas. <0.7x = están descapitalizando
- Altman Z-Score — Modelo de bankruptcy (NYU 1968) — combina liquidez, apalancamiento y rentabilidad. Clave en cíclicos
- P/B en ciclos — Commodities: 0.8-1.2x en valles, 2x+ en picos. <2x aún zona razonable
Rentabilidad
| Rentabilidad sobre capital | -7.81% |
| Rentabilidad sobre capital invertido | 18.28% |
| Rentabilidad sobre activos | -5.89% |
| Margen bruto | -1373.21% |
| Margen operativo | -3651.31% |
| Margen neto | -1138.74% |
Salud financiera
| Deuda / Patrimonio | 0.07 |
| Ratio corriente | 5.05 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -34.84 | -33.75 | -14.59 | -7.55 | -5.17 | -7.06 | -20.23 |
| P/VC | 32.43 | 23.82 | 45.60 | 5.47 | 2.76 | 3.38 | 5.13 |
| P/V | 266.57 | 215.88 | 215.00 | 133.82 | 264.70 | 313.36 | 658.03 |
| Margen Bruto | 51.9% | 61.5% | 67.3% | 62.9% | 23.5% | 64.9% | -1976.6% |
| Margen Operativo | 697.8% | 574.2% | -1305.9% | -1565.9% | -4622.1% | -6099.7% | -3422.2% |
| Margen Neto | -656.6% | -544.7% | -1275.2% | -1775.0% | -5108.3% | -4433.7% | -3263.7% |