Labrador Iron Ore Royalty Corporation

LIFZF

Steel · Basic Materials

Price

$19.33

-0.14 (-0.72%)

Market Cap

$1.24B

Exchange

Other OTC

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 13, 2026 · filings through Jun 30, 2026

Labrador Iron Ore Royalty Corporation is a Canadian company that collects royalties and dividends from the Iron Ore Company of Canada (IOC), a large iron ore mine in Labrador, Canada. IOC mines and processes iron ore into pellets and concentrate, which are sold to steel mills in North America, Europe, and Asia. Labrador Iron Ore owns about 15% of IOC and holds a royalty on every tonne of iron ore that IOC sells.

The company makes money in two ways: a per-tonne royalty on IOC's iron ore sales and dividend payments from its ownership stake in IOC. This simple structure explains the unusually high gross and operating margins — there are almost no operating costs. The business is entirely tied to one asset in one location, which is both its strength and its biggest risk. Iron ore prices are set by global commodity markets, so falling steel demand or lower iron ore prices directly reduce the company's income.

Winston Score History

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 64.0M (2021) → 64.0M (2025)

Score breakdown

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Quality

Gross Margin

80.2%

Premium pricing power — 80.2% gross margin

Operating Margin

74.2%

Excellent — 74.2% operating margin

ROCE

4.0%

Weak — 4.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-15.4%

Shrinking sales (-15.4% YoY)

EPS YoY

-33.1%

Earnings shrinking (-33.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

124%

Turns 124% of profit into real cash

FCF Margin

62.3%

Converts sales into free cash efficiently (62.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

16.2x

Fair value — P/E 16.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+2.7

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

4.97%

Healthy income — 4.97% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

-39.7%

Dividend cut (-39.7% YoY) — warning sign

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