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Holds a royalty and equity stake in the Iron Ore Company of Canada, operated by Rio Tinto.
Holds a royalty and equity stake in the Iron Ore Company of Canada, operated by Rio Tinto.
Receives a royalty on each tonne of iron ore pellets and concentrate sold by Iron Ore Company of Canada, plus a share of dividends from its equity stake, and passes most of that on to unit holders. It has no mining costs of its own, so it moves with the ore price and the mine's output. Rio Tinto operates the mine.
Moat: wide (installed base). Perpetual royalty on a large, low-cost, long-life iron ore operation with no operating costs of its own.
Headquarters: Toronto, Canada · Employees: 2,954
Size Labrador Iron Ore Royalty (LIF.TO) is a Canada Materials company (Steel) with a market value of $981M, the 250th largest of 420 Canada companies the cockpit tracks. Shares closed at C$21.47 on 6 Nov 2026.
Performance Over six months the shares fell 22.8%, against -22.8% for the median peer and +5.2% for the Canada market (cap-weighted) — 10th lowest of 20 in its peer set.
Growth Revenue fell 15.4% over the last twelve months (peer median +4.6%); the operating margin is 74.6% (peer median 5.0%).
Valuation It trades at 15.4× forward earnings against a peer median of 18.8× (5th cheapest of 12).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is -4%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.0 points above its cost of capital (7.6% WACC).
Next results Next results expected around 16 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$153M | C$166M | C$208M | C$200M | C$232M |
| Revenue growth | — | -20% | +4% | -14% | — |
| Gross profit | C$147M | C$160M | C$201M | C$194M | n/a |
| EBITDA | C$120M | C$130M | C$163M | C$157M | C$183M |
| Net income | C$77.1M | C$101M | C$175M | C$186M | C$265M |
| Free cash flow | C$95.4M | C$97.1M | C$202M | C$152M | C$184M |
| Capital expenditure | C$0 | C$0 | C$0 | C$0 | C$0 |
| Total debt | C$0 | C$0 | C$0 | C$0 | C$0 |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Labrador Iron Ore Royalty LIF.TO | $981M | -23% | -15% | 75% | 15.4× | 0.6% |
| Champion Iron CIA.TO | $741M | -57% | 0% | 7% | 11.7× | 8.0% |
| Rio Tinto RIO.L | $144B | -21% | +11% | 27% | 10.3× | 5.6% |
| Franco-Nevada FNV.TO | $49.6B | +16% | +72% | 75% | 31.5× | 17.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LIF.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.7% | -7.0% | 4th highest of 21 |
| 6-month return | -22.8% | -22.8% | 10th lowest of 20 |
| Distance from 52-week high | -32.8% | -39.4% | 8th highest of 21 |
| Revenue growth (TTM) | -15.4% | +4.6% | 2nd lowest of 19 |
| Operating margin | 74.6% | 5.0% | highest of 19 |
| Forward P/E | 15.4× | 18.8× | 5th cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 0.6% | 8.4% | 3rd least demanding of 10 |
| Growth delivered (Del g) | -3.9% | +8.5% | lowest of 10 |
| Hurdle (Req g minus delivered) | +4.4 pp | -5.6 pp | 4th most demanding of 10 |
| ROIC minus cost of capital | +6.0 pp | -3.2 pp | 2nd highest of 21 |
| EV / EBITDA | 11.4× | 6.8× | most expensive of 7 |
| Net debt / EBITDA | -0.1× | 0.8× | 3rd least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Labrador Iron Ore Royalty LIF.TO | Canada | $981M | -23% | -15% | 75% | 15.4× | 0.6% | -3.9% |
| Hanza HANZA.ST | Sweden | $978M | -11% | +72% | 8% | 18.8× | 10.4% | +22.8% |
| Companhia Siderurgica Nacional Sponsored ADR SID | United States | $984M | -38% | +9% | 10% | n/a | n/a | n/a |
| Xining Special Steel 600117.SS | China | $976M | -23% | 0% | -21% | n/a | n/a | n/a |
| Aichi Steel 5482.T | Japan | $970M | -17% | +4% | 5% | 14.2× | 1.6% | +8.5% |
| Sansteel MinGuang Co., Ltd., Fujian 002110.SZ | China | $993M | -20% | -7% | -2% | 27.5× | 9.7% | -2.4% |
| Zhejiang Jingu 002488.SZ | China | $939M | -45% | +11% | 5% | 40.0× | n/a | n/a |
| Tianjin You Fa Steel Pipe Group Stock 601686.SS | China | $1.03B | -15% | -2% | 1% | 9.8× | 4.0% | +0.9% |
| Hengong Precision Equipment 301261.SZ | China | $1.04B | -9% | +34% | 5% | 41.5× | 26.1% | +15.8% |
| Jayaswal Neco Industries JAYNECOIND.NS | India | $920M | -22% | +18% | 15% | n/a | 8.4% | +14.0% |
| Jiangsu Longda Superalloy 688231.SS | China | $919M | -34% | +54% | 6% | 35.0× | n/a | n/a |
| RongFa Nuclear Equipment 002366.SZ | China | $898M | -29% | -15% | -18% | n/a | n/a | n/a |
| BRC Asia BEC.SI | Singapore | $894M | -9% | +23% | 8% | 10.5× | -14.8% | +20.5% |
| Xinjiang Baodi Mining 601121.SS | China | $887M | -23% | +23% | 23% | n/a | n/a | n/a |
| ZhongHe Shangda Aeronautic Materials 301522.SZ | China | $1.09B | -39% | +5% | 2% | n/a | n/a | n/a |
| BCI Minerals BCI.AX | Australia | $1.09B | +45% | n/a | n/a | n/a | n/a | n/a |
| Jiangsu Shagang 002075.SZ | China | $1.09B | -25% | -4% | 1% | n/a | n/a | n/a |
| TSP Wind Power 300129.SZ | China | $1.10B | -42% | -26% | 1% | 35.8× | n/a | n/a |
| Feng Hsin Steel 2015.TW | Taiwan | $1.11B | +4% | -12% | 0% | 14.5× | 9.2% | +1.2% |
| Vedanta Iron And Steel VISL.NS | India | $1.11B | n/a | n/a | n/a | n/a | n/a | n/a |
| Jiangsu Changbao Steel Tube 002478.SZ | China | $847M | -40% | +2% | 6% | 17.5× | -4.8% | +8.4% |