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IDR, Idaho Strategic Resources Inc.

Gold & Precious Metals capital-intensive Capital build-outCyclical

Idaho Strategic is a gold producer and critical minerals exploration company focused on a diversified asset base and cash flows from operations.

The Company's plan of operation is to generate positive cash flow, increase its gold production and asset base over time while being mindful of corporate overhead.

The Company's management is focused on utilizing its in-house technical and operating skills to build a portfolio of producing mines and milling operations with a focus on gold production and critical minerals exploration.

Latest annual: FY2025 10-K

IDR · Idaho Strategic Resources Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$42M

+64.6% YoY · 50% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $50M 5-yr avg $20M

Operating margin 43.9% 5-yr avg 2.0%

ROIC 21% 5-yr avg 1%

Owner-earnings margin 46% 5-yr avg 5%

Free cash flow margin 35% 5-yr avg 2%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Capital build-out. Capital spending has surged to 16% of sales, today's earnings are charged less depreciation than tomorrow's will be. Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Operating margin has reached 37% at its best but run negative through the cycle (median −12%) on a 16% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. Capital spending runs about 8.7% of sales, so the return earned on what it sinks into that plant weighs as much as 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 −9%, above 15% in 2 of 9 years). Owner earnings, the cash-based check, have been thin too. The cycle and the balance sheet decide this one; the worst year tells more than the median, and 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, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$545K	$4M	$4M	$6M	$6M	$8M	$10M	$14M	$26M	$42M	$50M	RevenueRevenue
—	—	—	5%	1%	6%	16%	29%	—	—	—	Gross marginGross mgn
40%	6%	11%	8%	7%	17%	13%	5%	3%	3%	2%	SG&A / revenueSG&A/rev
($1M)	$298K	$824K	($686K)	($995K)	($3M)	($3M)	$1M	$8M	$16M	$22M	Operating incomeOp. inc.
−190.2%	6.9%	22.7%	−12.1%	−17.5%	−40.1%	−26.6%	7.4%	32.7%	36.8%	43.9%	Operating marginOp. mgn
($1M)	($22K)	$752K	($727K)	($740K)	($3M)	($3M)	$1M	$9M	$17M	$21M	Net incomeNet inc.
—	—	0%	—	—	—	—	0%	0%	2%	8%	Effective tax rateTax rate
											Cash flow & returns
($673K)	$338K	($1M)	$206K	($482K)	($1M)	($2M)	$2M	$11M	$19M	$25M	Operating cash flowOp. cash
$30K	$156K	$368K	$580K	$576K	$814K	$984K	$1M	$2M	$2M	$3M	DepreciationDeprec.
$366K	$62K	($3M)	$163K	($318K)	$7K	($717K)	($520K)	$51K	($1M)	$328K	Working capital & otherWC & other
$132K	$144K	$317K	$95K	$503K	$665K	$1M	$772K	$2M	$7M	$8M	CapexCapex
24.2%	3.4%	8.7%	1.7%	8.9%	8.7%	15.1%	5.7%	8.6%	15.8%	16.4%	Capex / revenueCapex/rev
($703K)	$193K	($2M)	$111K	($985K)	($2M)	($3M)	$1M	$9M	$17M	$23M	Owner earningsOwner earn.
−129.1%	4.5%	−47.7%	2.0%	−17.4%	−26.4%	−29.2%	9.8%	33.5%	39.5%	46.3%	Owner earnings marginOE mgn
($805K)	$193K	($2M)	$111K	($985K)	($2M)	($3M)	$1M	$9M	$12M	$17M	Free cash flowFCF
−147.7%	4.5%	−47.7%	2.0%	−17.4%	−26.4%	−34.0%	9.8%	33.5%	29.2%	34.9%	Free cash flow marginFCF mgn
-30%	—	13%	-9%	-12%	-24%	-13%	6%	22%	15%	21%	ROICROIC
-68%	-1%	12%	-13%	-9%	-32%	-18%	7%	23%	15%	18%	Return on equityROE
−68%	−1%	12%	−13%	−9%	−32%	−18%	7%	23%	15%	18%	Retained to equityRetained/eq
											Balance sheet
$155K	$125K	$249K	$218K	$3M	$2M	$2M	$2M	$1M	$10M	$27M	Cash & investmentsCash+inv
$184K	$245K	$183K	$225K	$403K	$214K	$618K	$877K	$900K	$965K	$1M	InventoryInvent.
—	—	$402K	$529K	$687K	$647K	$580K	$484K	$1M	$2M	$2M	Accounts payablePayables
$184K	$245K	($218K)	($304K)	($285K)	($433K)	$39K	$392K	($106K)	($939K)	($443K)	Operating working capitalOper. WC
$530K	$785K	$762K	$910K	$3M	$3M	$3M	$4M	$12M	$51M	$55M	Current assetsCur. assets
$2M	$1M	$725K	$949K	$1M	$1M	$2M	$2M	$2M	$4M	$4M	Current liabilitiesCur. liab.
0.2×	0.6×	1.1×	1.0×	2.8×	2.0×	2.1×	2.6×	5.2×	14.0×	12.8×	Current ratioCurr. ratio
$9M	$9M	$11M	$11M	$15M	$18M	$21M	$24M	$44M	$116M	$126M	Total assetsAssets
$891K	$273K	$424K	$902K	$1M	$2M	$2M	$2M	$2M	$2M	$2M	Total debtDebt
$737K	$148K	$175K	$684K	($1M)	($27K)	$536K	$30K	$626K	($8M)	($25M)	Net debt / (cash)Net debt
-12.9×	4.2×	9.9×	-8.1×	—	-62.1×	-24.8×	22.9×	101.2×	—	—	Interest coverageInt. cov.
$2M	$4M	$6M	$6M	$8M	$10M	$15M	$18M	$38M	$108M	$117M	Shareholders’ equityEquity
53.6%	3.3%	1.2%	3.3%	0.0%	14.3%	5.7%	0.0%	0.0%	3.5%	2.3%	Stock comp / revenueSBC/rev
											Per share
95.0M	108M	122M	124M	129M	10.2M	11.8M	12.3M	13.2M	14.7M	16.0M	Shares out (diluted)Shares
$0.01	$0.04	$0.03	$0.05	$0.04	$0.75	$0.81	$1.11	$1.95	$2.88	$3.11	Revenue / shareRev/sh
$-0.01	$-0.00	$0.01	$-0.01	$-0.01	$-0.32	$-0.22	$0.09	$0.67	$1.14	$1.35	EPS (diluted)EPS
$-0.01	$0.00	$-0.01	$0.00	$-0.01	$-0.20	$-0.24	$0.11	$0.65	$1.14	$1.44	Owner earnings / shareOE/sh
$-0.01	$0.00	$-0.01	$0.00	$-0.01	$-0.20	$-0.28	$0.11	$0.65	$0.84	$1.08	Free cash flow / shareFCF/sh
$0.00	$0.00	$0.00	$0.00	$0.00	$0.07	$0.12	$0.06	$0.17	$0.46	$0.51	Cap. spending / shareCapex/sh
$0.02	$0.03	$0.05	$0.05	$0.06	$1.00	$1.26	$1.45	$2.86	$7.36	$7.30	Book value / shareBVPS

The diluted share count moved ×1/12.63 into 2021 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+99.6%/yr	+130.8%/yr
Capital spending / share	+90.4%/yr	+159.2%/yr
Book value / share	+91.7%/yr	+157.8%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

15Mpeak FY2020

ROIC

15%low FY2016

Gross margin

29%low FY2020

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$17Mowner earningsvs.$17Mnet incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2017FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

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 $17M of owner earnings, the operating cash left after the $2M it takes just to hold its position. It put $4M more into growth; free cash flow, after that spending, was $12M.

Reported net income$17M

Owner earnings$17M · 40% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$17M	$9M	$1M	($3M)	($3M)
Depreciation & amortizationnon-cash charge added back	+$2M	+$2M	+$1M	+$984K	+$814K
Stock-based compensationreal costnon-cash, but a real cost	+$2M	—	—	+$547K	+$1M
Working capital & othertiming of cash in and out, other non-cash items	−$1M	+$51K	−$520K	−$717K	+$7K
Cash from operations	$19M	$11M	$2M	($2M)	($1M)
Maintenance capital expenditurethe spending needed just to hold position and volume	−$2M	−$2M	−$772K	−$984K	−$665K
Owner earnings	$17M	$9M	$1M	($3M)	($2M)
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$4M	—	—	−$458K	—
Free cash flow	$12M	$9M	$1M	($3M)	($2M)
Owner-earnings marginowner earnings ÷ revenue	40%	33%	10%	-29%	-26%

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 $2M, 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 $2M), owner earnings is nearer $15M.

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.

III

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? —

No meaningful interest burden

Little or no interest expense reported

What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
How heavy is the debt, net of cash? +$8M

Net cash

Cash $10M + ST investments $10K − debt $2M

What this means
Cash and short-term investments exceed every dollar of debt by $8M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital -9%

Below average through the cycle

9-yr median, range -30%–22%; 15% latest = NOPAT $15M ÷ invested capital $101M

Industry peers: median -12%

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 9 years (it ran 15% 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 40%

High, recently turned positive

latest $17M = operating cash $19M − maintenance capex $2M; positive each of the last 3 years, after an earlier loss stretch (10-yr median -17%)

Industry peers: median -105%

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 40% of revenue this year, a -17% median across 10 years. It chose to put $4M more into growth, so free cash flow this year was $12M — the gap is investment, not weakness. Treating stock comp as the real expense it is (less $2M of SBC) leaves $15M.
Are earnings backed by cash? 1.14×

Cash-backed

Cash from ops $19M ÷ net income $17M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 2.87×

Expanding

Capex $7M ÷ depreciation $2M

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 · 2 of 5 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 Miss

Revenue ≥ $2B · $42M

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 Pass

Current ratio ≥ 2× · 13.96×

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 Pass

Debt ≤ working capital · $2M vs $48M 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.
Earnings stability Miss

A profit every year (10-yr record) · 6 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
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 $0.56/share (latest year $1.06), the averaged base the calculator's gate runs on, and book value is $6.84/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.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 4 of 10

What this means
Lost money in 6 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 2 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −54% → 26% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −54% early to 26% lately, median −12% — pricing power intact or improving.
Reinvestment, incremental ROIC 17%

What this means
Every extra dollar the business reinvested came back at a high incremental return — the lens GBM read for a moat that reinvests rather than merely harvests. The record and the 10-K are where you check whether the rate holds.
Worst year 2016 · −190.2% op. margin

What this means
Operations went underwater in 2016, understand why before trusting the good years.

Does AI threaten the moat?

Low contestability

The 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, 2026

Can 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$55M

Cash & short-term investments$27M
Inventory$1M
Other current assets$26M

Current liabilities$4M

Accounts payable$2M
Other current liabilities$3M

Current ratio12.77×all current assets ÷ what's due · Graham looked for 2×

Quick ratio12.48×stricter: inventory excluded

Cash ratio6.35×strictest: cash alone against what's due

Working capital$50Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+99.0%the freshest read on whether the business is still growing

Current ratio, recent quarters6.0× → 12.8×

Deeper floors

Tangible book value$117Mequity stripped of goodwill & intangibles

Net current asset value$48MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$2Mno operating-lease liability tagged this quarter, so debt alone

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $27M of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.

Reinvested$13M · 48%
Retained (debt / cash)$14M · 52%

Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $1M and cash and short-term investments rose $27M.
Net change in share count−83.2%
The diluted count fell from 95M to 16M, so the buybacks outran the stock issued to staff.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained52%
Of the earnings it kept rather than paid out ($19M over the span), annual owner earnings (first three years vs last three) grew $10M, so each retained $1 added about 0.52 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Pay, as filed	“Actually paid”	Owner earnings
2023	$167k	$167k	$1M
2024	$241k	$241k	$9M
2025	$443k	$892k	$17M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership5.9%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$2M
The slice of the business handed to employees in shares this year, 4% of revenue, equal to 10% of operating profit. 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.

Inverting the record

Invert: instead of why Idaho Strategic Resources Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

None of the 5 tests turned up a mark; each came back clean. A clean panel says only that these particular ways of being wrong are not written into the record.

Each test came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did debt outgrow the business?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

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	—	24%	-73.4%	-11%	-56%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Idaho Strategic Resources Inc. has delivered.

Idaho Strategic Resources Inc.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Idaho Strategic Resources Inc. earns about $831K on its 2.0% median owner-earnings margin. This year’s 39.5% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($831K) Net of stock comp (−$1M) Steady-state · maintenance capex ($23M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · since FY2023+205%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $17M on 16M shares outstanding, per the 10-Q cover, as of 2026-05-01; net cash $25M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($8M) runs well above depreciation ($3M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $23M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh IDR against another business →

Cite: Owner Scorecard, "Idaho Strategic Resources Inc. (IDR), the owner's record," https://ownerscorecard.com/c/IDR, data as of 2026-07-09.

Manual order: ← IDCC its page in the Manual IDT →

Industry order: ← IAUX the Gold & Precious Metals chapter ITRG →