What Could Lift Iamgold Stock? Trefis Team Thu, November 12, 2026 at 3:06 PM EST 4 min read IAG -4.59% ^GSPC -0.35% IAG -4.59% NEM -4.49% GOLD -2.13% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
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Iamgold (IAG) stock returned 35.9% over the twelve months to November 11, 2026, against 12.8% for the S&P 500. Yet at today's price, the stock trades at only 7.8 times earnings, below the stock's own average of 10.0 at its last twelve fiscal quarter-ends. So where would the next gain in Iamgold stock have to come from?
All Of Iamgold's Upside Comes From Higher Revenue
In our scenario, Iamgold stock would be worth about 55.2% more three years after its November 11, 2026 close. In the scenario, revenue grows 30% a year, the most the scenario allows, against 60.7% a year before that limit. That 60.7% is 0.85 times the 71.5% revenue growth of the latest twelve months. The table sets the company today against the scenario three years on.
All of that gain comes from revenue, since the net margin and the P/E are both lower three years out. The modeled net margin blends today's figure with its own past average. The scenario also sets the P/E lower for slower growth, placing the multiple at the floor the model allows. Iamgold generates this revenue by selling gold from three mines: Essakane in Burkina Faso, along with Côté Gold and the Westwood complex in Canada.
Iamgold's Growth Has Come Mostly From Côté Gold
In fiscal 2025, Côté Gold's revenue rose to $1.01 billion from $0.284 billion a year earlier. This growth accounted for more than half of Iamgold's revenue increase that year. On the November 6, 2026 call, management said it expects the fourth quarter of 2026 to be the company's strongest, led by Côté, and that an updated Côté mine plan due in that quarter will set out a path to take the plant from 36,000 to 40,000 tons a day.
Management gives its outlook in ounces rather than revenue. For fiscal 2026, it expects Côté to finish at the lower end of its range of 390,000 to 440,000 ounces, counting the whole mine. Revenue in fiscal Q3 2026 rose 21.2% from a year earlier, a pace slower than the scenario assumes.
How Does Iamgold's Upside Change Under Other Assumptions?
Each row below changes one assumption and keeps the others as in the scenario.
Net margin of 27.7% in year three instead of 32.3%
With today's P/E kept, or with five years of holding instead of three, the upside is larger; with slower growth or a lower margin, it is smaller. Iamgold also starts from a net margin above its own average of 27.7% for the twelve-month periods ended September 2023 through June 2026. The scenario holds the share count at today's, though Iamgold's diluted share count rose 19.2% from fiscal Q3 2023 to fiscal Q3 2026, and with a rising count, each share would get less than the scenario shows. Over the latest year the count fell, to 574 million from 581 million, while Iamgold bought back shares.
Revenue growth could slow from the scenario's 30% a year to 12.3% a year before three years of owning the stock return nothing. Iamgold delivered 71.5% over the twelve months to September 2026, but revenue grew 21.2% in fiscal Q3 2026. The net margin could fall from 34.3% to 20.8% with the same result. The P/E could drop to 3.8, under half of today's, before the gain is gone.
The measure to watch is how many ounces Côté produces in the fourth quarter of 2026. Management expects to release the updated Côté mine plan in that quarter, by the end of 2026.
Does This Mean You Should Act On IAG?
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