Share count
672Mpeak FY2025
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IAUX, i-80 Gold Corp.
The Company is a Nevada-focused, growth-oriented gold and silver company engaged in the exploration and advancement of gold and silver mineral deposits.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$95M
+89.1% YoY
Vital signs · TTM, with 3-yr average
Revenue $134M 3-yr avg $67M
Revenue $52M +272.9% vs yr-ago qtr
Operating margin −41.6% yr-ago −112.3%
Net income ($79M) yr-ago ($41M)
Net margin −150.0% yr-ago −293.3%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
- What moves the needle
- Operating margin has run around −177% through the cycle, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. Inventory runs near 30% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the commodity price and the cost position. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median −15%, above 15% in 0 of 3 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|
| Income statement | ||||
| $55M | $50M | $95M | $134M | RevenueRevenue |
| 39% | 41% | 31% | 24% | SG&A / revenueSG&A/rev |
| ($101M) | ($89M) | ($124M) | ($130M) | Operating incomeOp. inc. |
| −183.9% | −177.0% | −130.7% | −97.7% | Operating marginOp. mgn |
| ($90M) | ($122M) | ($199M) | ($236M) | Net incomeNet inc. |
| Cash flow & returns | ||||
| ($77M) | ($83M) | ($84M) | ($106M) | Operating cash flowOp. cash |
| $9M | $3M | — | $3M | DepreciationDeprec. |
| $1M | $35M | $106M | $116M | Working capital & otherWC & other |
| $17M | $2M | $10M | $21M | CapexCapex |
| 31.7% | 4.0% | 10.1% | 15.8% | Capex / revenueCapex/rev |
| ($86M) | ($85M) | ($90M) | ($109M) | Owner earningsOwner earn. |
| −156.9% | −167.9% | −94.2% | −81.7% | Owner earnings marginOE mgn |
| ($95M) | ($85M) | ($93M) | ($127M) | Free cash flowFCF |
| −172.8% | −167.9% | −97.9% | −95.2% | Free cash flow marginFCF mgn |
| $0 | $0 | — | $0 | AcquisitionsAcquis. |
| -15% | -14% | -21% | -46% | ROICROIC |
| -26% | -36% | -57% | -79% | Return on equityROE |
| −26% | −36% | −57% | −79% | Retained to equityRetained/eq |
| Balance sheet | ||||
| $16M | $19M | $63M | $514M | Cash & investmentsCash+inv |
| $4M | $3M | $2M | $9M | ReceivablesReceiv. |
| $11M | $15M | $29M | $25M | InventoryInvent. |
| $27M | $26M | $41M | $49M | Accounts payablePayables |
| ($11M) | ($8M) | ($10M) | ($15M) | Operating working capitalOper. WC |
| $40M | $42M | $100M | $552M | Current assetsCur. assets |
| $65M | $74M | $138M | $58M | Current liabilitiesCur. liab. |
| 0.6× | 0.6× | 0.7× | 9.5× | Current ratioCurr. ratio |
| $654M | $656M | $703M | $1.2B | Total assetsAssets |
| $194M | $191M | $175M | $438M | Total debtDebt |
| $178M | $172M | $111M | ($76M) | Net debt / (cash)Net debt |
| -3.7× | -2.7× | -4.2× | -4.8× | Interest coverageInt. cov. |
| $345M | $341M | $347M | $299M | Shareholders’ equityEquity |
| 4.2% | 1.1% | 9.6% | 8.2% | Stock comp / revenueSBC/rev |
| Per share | ||||
| 274M | 359M | 672M | 837M | Shares out (diluted)Shares |
| $0.20 | $0.14 | $0.14 | $0.16 | Revenue / shareRev/sh |
| $-0.33 | $-0.34 | $-0.30 | $-0.28 | EPS (diluted)EPS |
| $-0.31 | $-0.24 | $-0.13 | $-0.13 | Owner earnings / shareOE/sh |
| $-0.35 | $-0.24 | $-0.14 | $-0.15 | Free cash flow / shareFCF/sh |
| $0.06 | $0.01 | $0.01 | $0.03 | Cap. spending / shareCapex/sh |
| $1.26 | $0.95 | $0.52 | $0.36 | Book value / shareBVPS |
The diluted share count moved ×1.87 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
ROIC
−21%low FY2025
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
($90M)owner earningsvs.($199M)net incomelow FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business earned ($90M) of owner earnings, the operating cash left after the $6M it takes just to hold its position. It put $4M more into growth; free cash flow, after that spending, was ($93M).
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | ($199M) | ($122M) | ($90M) |
| Depreciation & amortizationnon-cash charge added back | — | +$3M | +$9M |
| Stock-based compensationreal costnon-cash, but a real cost | +$9M | +$570K | +$2M |
| Working capital & othertiming of cash in and out, other non-cash items | +$106M | +$35M | +$1M |
| Cash from operations | ($84M) | ($83M) | ($77M) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$6M | −$2M | −$9M |
| Owner earnings | ($90M) | ($85M) | ($86M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$4M | — | −$9M |
| Free cash flow | ($93M) | ($85M) | ($95M) |
| Owner-earnings marginowner earnings ÷ revenue | -94% | -168% | -157% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $6M, roughly its depreciation, the rate its assets wear out). The other $4M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $9M), owner earnings is nearer ($99M).
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? -4.2×Does not cover its interestOperating income ($124M) ÷ interest expense $30M
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net debt against an operating lossCash $63M − debt $175M
What this means
Netting $63M of cash and short-term investments against $175M of debt leaves $111M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Below average through the cycle3-yr median, range -21%–-14%; -21% latest = NOPAT ($98M) ÷ invested capital $458MIndustry peers: median -9%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 3 years (it ran -21% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Owner-earnings margin -157%Consumes cash through the cycle3-yr median margin, range -168%–-94%; latest ($87M) = operating cash ($84M) − maintenance capex $3MIndustry peers: median -8%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -91% of revenue this year, a -157% median across 3 years. Treating stock comp as the real expense it is (less $9M of SBC) leaves ($96M).
- Are earnings backed by cash? ($84M)Loss, and burning cashNet income ($199M) · cash from operations ($84M)
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 3.01×ExpandingCapex $10M ÷ depreciation $3M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 0 of 3 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $95M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity MissCurrent ratio ≥ 2× · 0.73×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt MissDebt ≤ working capital · $175M vs ($38M) WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.16/share (latest year $-0.23), the averaged base the calculator's gate runs on, and book value is $0.40/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$552M
- Cash & short-term investments$514M
- Receivables$9M
- Inventory$25M
- Other current assets$5M
Current liabilities$58M
- Debt due within a year$307K
- Accounts payable$49M
- Other current liabilities$9M
Current ratio9.46×all current assets ÷ what's due · Graham looked for 2×
Quick ratio9.02×stricter: inventory excluded
Cash ratio8.80×strictest: cash alone against what's due
Working capital$494Mthe cushion left after near-term bills
Debt due this year vs. cash$307K due · $514M cash
covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet
Cash runway4.0 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Revenue, latest quarter vs. a year ago+272.9%the freshest read on whether the business is still growing
Current ratio, recent quarters0.6× → 9.5×
Deeper floors
Tangible book value$299Mequity stripped of goodwill & intangibles
Net current asset value($325M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$438Mno operating-lease liability tagged this quarter, so debt alone
From the company's latest filing.
Management, ownership & pay
From the proxy: how much of the business the people running it own, and how they are paid.
- Stock-based compensation$9M
The slice of the business handed to employees in shares this year, 10% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Peers, Gold & Precious Metals
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| CDECoeur Mining Inc. | $2.1B | 79% | 4.3% | 2% | 2% |
| MPMP Materials | $224M | — | -10.4% | -4% | -3% |
| MUXMcEwen Inc. | $198M | 77% | -43.0% | -9% | -7% |
| IAUXi-80 Gold Corp. | $95M | — | -177.0% | -15% | -157% |
| UECUranium Energy Corp. | $67M | 31% | -103.9% | -12% | -168% |
| EUenCore Energy Corp. | $43M | 17% | -168.1% | -16% | -106% |
| IDRIdaho Strategic Resources Inc. | $42M | 6% | -2.6% | -9% | -8% |
| URGUr Energy Inc Common Shares (Canada) | $27M | -9% | -167.4% | -32% | -105% |
| Group median | — | — | -73.4% | -11% | -56% |
The price
What a price has to assume.
What the price implies
reverse-DCFi-80 Gold Corp. is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
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The assumptions
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−95%
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "i-80 Gold Corp. (IAUX), the owner's record," https://ownerscorecard.com/c/IAUX, data as of 2026-07-09.
Manual order: ← IART its page in the Manual IBCP →
Industry order: ← IAG the Gold & Precious Metals chapter IDR →