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Australian gold miner operating the Karlawinda and Mt Gibson gold mines in Western Australia.
Australian gold miner operating the Karlawinda and Mt Gibson gold mines in Western Australia.
Pours gold bars at its own mill, which are refined and sold at the market price, so income follows the gold price, ounces produced and the Australian-dollar exchange rate. Karlawinda in the Pilbara region came first, and Mt Gibson in the Mid West is the newer addition.
In one line: A mid-cap Western Australian gold producer.
Moat: none. Commodity gold producer; advantage comes from mine grade/cost position, not a durable structural moat.
Headquarters: Perth, Australia · Founded: 2007 · Employees: 212
Size Capricorn Metals (CMM.AX) is an Australia Materials company (Precious Metals) with a market value of $4.42B, the 76th largest of 316 Australia companies the cockpit tracks. Shares closed at A$13.95 on 6 Nov 2026.
Performance Over six months the shares fell 1.5%, against +0.5% for the median peer and +4.1% for the Australia market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 44.7% over the last twelve months (peer median +53.2%); the operating margin is 57.5% (peer median 43.8%).
Valuation It trades at 17.6× forward earnings against a peer median of 11.2× (4th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +34%, so the hurdle is -21 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 19.6 points above its cost of capital (12.2% WACC).
Next results Next results expected around 10 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$747M | A$769M | A$528M | A$360M | A$321M |
| Revenue growth | — | +46% | +47% | +12% | — |
| Gross profit | A$433M | A$456M | A$276M | A$141M | A$136M |
| EBITDA | A$461M | A$483M | A$299M | A$168M | A$162M |
| Net income | A$282M | A$282M | A$150M | A$87.1M | A$4.40M |
| Free cash flow | A$264M | A$264M | A$215M | A$125M | A$141M |
| Capital expenditure | A$302M | A$302M | A$97.8M | A$65.6M | A$47.3M |
| Total debt | n/a | A$20.3M | A$31.8M | A$84.1M | A$91.8M |
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 |
|---|---|---|---|---|---|---|
| Capricorn Metals CMM.AX | $4.42B | -1% | +45% | 58% | 17.6× | 12.7% |
| Regis Resources RRL.AX | $3.49B | -3% | +43% | 43% | 8.5× | -9.5% |
| Westgold Resources WGX.AX | $3.64B | -2% | +79% | 32% | 8.8× | -7.6% |
| Vault Minerals VAU.AX | $4.19B | +21% | +35% | 33% | 13.0× | -0.1% |
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 | CMM.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.1% | -0.6% | 9th lowest of 21 |
| 6-month return | -1.5% | +0.5% | 11th highest of 21 |
| Distance from 52-week high | -23.6% | -28.5% | 10th highest of 21 |
| Revenue growth (TTM) | +44.7% | +53.2% | 10th highest of 19 |
| Operating margin | 57.5% | 43.8% | 2nd highest of 18 |
| Forward P/E | 17.6× | 11.2× | 4th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 12.7% | -0.1% | 3rd most demanding of 18 |
| Growth delivered (Del g) | +33.9% | +26.0% | 4th highest of 17 |
| Hurdle (Req g minus delivered) | -21.1 pp | -29.0 pp | 7th most demanding of 17 |
| ROIC minus cost of capital | +19.6 pp | +19.4 pp | 10th highest of 20 |
| EV / EBITDA | 12.8× | 5.2× | 2nd most expensive of 16 |
| Net debt / EBITDA | -1.1× | -0.5× | 3rd least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Capricorn Metals CMM.AX | Australia | $4.42B | -1% | +45% | 58% | 17.6× | 12.7% | +33.9% |
| Centerra Gold CG.TO | Canada | $4.25B | +27% | +44% | 27% | 12.4× | 6.5% | +13.9% |
| Vault Minerals VAU.AX | Australia | $4.19B | +21% | +35% | 33% | 13.0× | -0.1% | +59.0% |
| Hunan Gold 002155.SZ | China | $4.72B | -33% | +1% | 4% | 15.3× | 11.1% | +27.4% |
| Ramelius Resources RMS.AX | Australia | $4.78B | +3% | -14% | 42% | 19.0× | 13.7% | +10.3% |
| Montage Gold MAU.TO | Canada | $4.79B | +17% | n/a | n/a | 18.4× | n/a | n/a |
| K92 Mining KNT.TO | Canada | $4.86B | +10% | +62% | 68% | 11.0× | 0.7% | +31.3% |
| Skeena Resources SKE.TO | Canada | $3.90B | +6% | n/a | n/a | n/a | n/a | n/a |
| Torex Resources TXR.TO | Canada | $5.02B | +16% | +76% | 46% | 7.1× | -3.9% | +11.5% |
| JCHX MINING MANAGEMENT 603979.SS | China | $5.09B | -12% | +23% | 28% | 9.9× | -7.7% | +29.3% |
| Greatland Resources GGP.AX | Australia | $5.11B | -31% | +118% | 52% | 13.4× | -3.1% | n/a |
| Pan African Resources PAF.L | United Kingdom | $3.79B | -25% | +106% | 54% | 7.2× | -6.7% | +25.7% |
| Aya Gold & Silver AYA.TO | Canada | $3.68B | +40% | +265% | 53% | 19.2× | 17.9% | +72.4% |
| Westgold Resources WGX.AX | Australia | $3.64B | -2% | +79% | 32% | 8.8× | -7.6% | +33.7% |
| Regis Resources RRL.AX | Australia | $3.49B | -3% | +43% | 43% | 8.5× | -9.5% | +23.5% |
| SSR Mining SSRM | United States | $5.66B | -17% | +39% | 42% | 8.1× | n/a | n/a |
| Genesis Minerals GMD.AX | Australia | $5.73B | +6% | +89% | 45% | 15.1× | 7.2% | +182.9% |
| Perseus Mining PRU.AX | Australia | $5.77B | +11% | +13% | 48% | 11.8× | -1.1% | +26.4% |
| Hochschild Mining HOC.L | United Kingdom | $3.37B | -27% | +37% | 44% | 9.8× | -10.7% | +14.1% |
| Western Region Gold 601069.SS | China | $3.29B | -26% | +118% | n/a | 11.2× | 11.7% | +19.5% |
| Aris Mining ARIS.TO | Canada | $3.24B | -15% | +94% | 46% | 5.5× | 2.1% | +19.8% |