Labrador Iron Ore Royalty Corporation LIF

MaterialsMetals & MiningCanada

Last close 20.01 CAD on Nov 3, 2026, −30.7% year to date

Quant rating

Quant rating C Rank 95 of 154 in Materials

Growth C 66 of 154
Valuation D 137 of 154
Quality A 21 of 154
Revisions D 128 of 154
Momentum D 126 of 154

Wall Street consensus Hold (3.00)Average target 28.30 CAD +41.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.3B
Enterprise value: 1.3B
52-week range: 19.69 – 31.97
3-year range: 19.69 – 33.42
Dividend yield: 5.95%
Beta (5 years): 0.80
Shares outstanding: 64.0M
Next earnings: Nov 4, 2026

About the company

Labrador Iron Ore Royalty Corporation is a Canada-based investment company. The Company holds interests in Iron Ore Company of Canada (IOC), a North American producer and exporter of premium iron ore pellets and high-grade concentrate. The Company, through its wholly owned subsidiary, Hollinger Hanna Limited (Hollinger-Hanna), holds an approximately 15.10% equity interest in IOC. It holds an approximately 15.10% equity interest in IOC and receives approximately 7% gross overriding royalty and a $0.10 per ton commission on all iron ore products produced, sold, and shipped by IOC. IOC operates mine, concentrator and pellet plant at Labrador City, Newfoundland and Labrador. The IOC mines and produces iron ore pellets and concentrates at its facilities in Labrador City, Newfoundland, and Labrador. The Company holds mining leases and mining licenses covering approximately 18,200 hectares of land near Labrador City.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	167	209	201	233	280	–
Revenue growth	−20.3%	3.8%	−13.6%	−16.8%	38.3%	−3.8%
EPS (basic, normalized)	1.57	2.73	2.91	4.15	5.93	–
EPS growth	−42.5%	−6.2%	−29.9%	−30.0%	–	–
Gross margin	80.3%	80.3%	80.3%	80.2%	80.1%	80.2%
Net margin	60.4%	83.7%	92.6%	114.0%	135.8%	97.3%
ROE	15.6%	26.9%	28.7%	44.2%	67.2%	36.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	13.7
Current ratio	1.99x
Long-term debt (mil)	0
Net debt (mil)	−13.7
Total equity (mil)	632
Net debt / equity	−0.02x
Net debt / EBITDA	−0.11x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	167	−20.3%	7.6x	131	−55.9%	9.7x	1.57	−42.5%	12.7x
2026	143	−14.4%	8.9x	131	+0.2%	9.7x	1.24	−20.9%	16.1x
2027	164	+14.9%	7.7x	174	+32.9%	7.3x	1.46	+17.7%	13.7x
2028	177	+7.7%	7.2x	191	+9.6%	6.7x	1.57	+7.4%	12.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	143	−6.4%	−16.9%	−16.9%	1.24	−0.6%	−16.7%	−31.7%
2027	164	−2.1%	−3.5%	−4.8%	1.46	−12.9%	−23.8%	−24.2%
2028	177	−2.7%	−1.2%	−16.0%	1.57	−12.8%	−16.0%	−29.2%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	56.7	53.1	42.3	56.9	36.2	46.8	44.0	39.6	35.9	34.1
Sales mean (mil)	2.5	2.4	2.5	45.2	2.8	3.0	–	22.3	2.2	–
Surprise	+2,130.7%	+2,104.4%	+1,593.6%	+25.9%	+1,196.3%	+1,481.1%	–	+77.8%	+1,509.9%	–
EPS reported	0.93	0.78	0.53	0.51	0.33	0.42	0.47	0.35	0.21	0.17
EPS mean	0.79	0.81	0.68	0.67	0.78	0.69	0.72	0.69	0.48	0.41
Surprise	+18.0%	−3.2%	−22.3%	−24.2%	−57.8%	−38.7%	−34.9%	−49.3%	−56.6%	−58.5%

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
LIF Labrador Iron Ore Royalty Corporation	1.3B	−0.11x	60.4%	2.03x	16.1x	13.7x	9.7x	7.3x
FCX Freeport-McMoRan Inc	121.2B	1.93x	8.5%	4.23x	19.2x	14.1x	8.3x	5.9x
TECKb Teck Resources Ltd	42.5B	0.94x	13.0%	1.45x	13.3x	15.5x	5.8x	5.9x
ANTO Antofagasta PLC	58.1B	–	14.8%	3.86x	21.1x	21.3x	7.3x	7.0x
IVN Ivanhoe Mines Ltd.	12.7B	0.90x	42.0%	1.51x	30.1x	14.3x	10.1x	6.3x
HBM Hudbay Minerals Inc.	13.4B	0.58x	25.7%	1.98x	14.8x	10.9x	6.4x	5.1x
Mean		0.85x	27.4%	2.51x	19.1x	15.0x	7.9x	6.3x
Median		0.90x	20.2%	2.01x	17.6x	14.2x	7.8x	6.1x

Technical analysis

1M−14.6%
3M−24.3%
1Y−27.8%
3Y−20.3%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Labrador Iron Ore Royalty Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	167	209	201	233	280	202
Cost of revenue	32.9	41.2	39.7	46.1	55.6	40.0
Gross profit	134	168	162	187	224	162
Selling, general & administrative expenses	3.0	3.1	3.1	3.1	3.0	3.1
Research & development	–	–	–	–	–	–
Depreciation/amortization	6.2	6.3	6.0	6.4	6.2	6.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	124	159	153	177	215	153
Net interest income (expense)	15.9	60.6	84.7	154	230	126
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	140	219	237	331	445	279
Provision for taxes	39.7	44.1	50.9	65.9	64.8	51.8
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	101	175	186	265	380	227
Extraordinary items	–	–	–	–	–	–
Net income	101	175	186	265	380	227
EBIT, normalized	124	159	153	177	215	153
EBITDA, normalized	131	165	159	184	221	159
Basic EPS, normalized	1.57	2.73	2.91	4.15	5.93	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Labrador Iron Ore Royalty Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	14.6	42.3	13.2	39.9	82.9	106
Receivables	43.1	52.8	54.3	43.1	49.7	58.3
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	0	0	0	0	0	0
Total current assets	57.7	95.1	67.5	83.0	133	164
Property, plant & equipment	–	–	–	–	–	–
Goodwill	–	–	–	–	–	–
Intangibles	210	217	223	229	235	242
Long-term investments	541	524	547	514	421	417
Note receivable	–	–	–	–	–	–
Other long-term assets	0	0	0	0	0	0
Total assets	809	836	837	826	789	823
Liabilities
Accounts payable	8.9	11.2	11.5	9.3	10.8	12.5
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	22.4	49.8	28.8	44.8	92.2	121
Total current liabilities	31.3	61.0	40.3	54.1	103	133
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	133	132	137	134	122	123
Total liabilities	164	193	178	188	225	257
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	318	318	318	318	318	318
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	332	331	348	325	258	262
Treasury stock	–	–	–	–	–	–
Other equity	−4.9	−5.7	−6.3	−5.1	−11.4	−13.3
Total equity	645	643	659	637	564	566
Total liabilities & shareholders' equity	809	836	837	826	789	823

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Labrador Iron Ore Royalty Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	101	175	186	265	380	227
Depreciation, depletion & amortization	6.2	6.3	6.0	6.4	6.2	6.2
Deferred taxes	0.6	−5.3	3.4	10.9	−1.5	4.1
Non-cash items	23.3	−11.2	−37.2	−99.1	−163	−78.4
Changes in working capital	−33.6	37.1	−6.0	0.6	181	16.3
Cash from operations	97.1	202	152	184	402	175
Investing activities
Capital expenditures	–	–	–	–	–	–
Other investing cash flows	–	–	–	–	–	–
Cash from investing	–	–	–	–	–	–
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	−125	−173	−179	−227	−426	−147
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	0	0	0	0	0	0
Cash from financing	−125	−173	−179	−227	−426	−147
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−27.7	29.1	−26.7	−43.0	−23.2	28.2
Free cash flow	97.1	202	152	184	402	175

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.