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Makes commercial explosives and blasting services for the mining industry, after Incitec Pivot exited fertilisers to focus on explosives.
Makes commercial explosives and blasting services for the mining industry, after Incitec Pivot exited fertilisers to focus on explosives.
Sells explosives packaged with blasting services to mines and quarries, often under multi-year supply contracts at the mine site, so volume follows ore and coal production. It makes the ammonium nitrate that goes into most of its explosives itself. Operations are mostly in North America and Australia.
In one line: The dominant Australian mining-explosives maker, like a global Orica peer.
Moat: narrow (scale, installed base, regulatory licence). Large-scale ammonium nitrate plants and long-term mine-site blasting contracts are costly to replicate.
Headquarters: Melbourne, Australia · Founded: 1918 · Employees: 5,500
Size Dyno Nobel (DNL.AX) is an Australia Materials company (Chemicals: Agricultural) with a market value of $4.64B, the 71st largest of 316 Australia companies the cockpit tracks. Shares closed at A$3.82 on 6 Nov 2026.
Performance Over six months the shares gained 5.5%, against -25.6% for the median peer and +4.1% for the Australia market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue fell 16.6% over the last twelve months (peer median +5.5%); the operating margin is 14.9% (peer median 10.7%).
Valuation It trades at 21.1× forward earnings against a peer median of 15.7× (6th most expensive of 19).
Capital Return on invested capital runs 1.5 points below its cost of capital (8.6% WACC).
Credit Dyno Nobel has 2 bonds outstanding ($343M), rated BBB by the agencies and trading like BBB- at a weighted spread of 160 bp.
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | A$3.74B | A$3.71B | A$3.54B | A$5.40B | A$5.52B |
| Revenue growth | — | +5% | -35% | -2% | — |
| Gross profit | A$1.04B | A$1.02B | A$883M | A$1.00B | A$1.49B |
| EBITDA | A$841M | A$768M | A$618M | A$674M | A$1.19B |
| Net income | A$169M | A$146M | -A$435M | A$560M | A$1.01B |
| Free cash flow | -A$7.70M | A$100M | -A$88.5M | A$206M | A$659M |
| Capital expenditure | A$355M | A$474M | A$379M | A$495M | A$434M |
| Total debt | n/a | A$2.02B | A$1.96B | A$1.97B | A$1.96B |
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 |
|---|---|---|---|---|---|---|
| Dyno Nobel DNL.AX | $4.64B | +6% | -17% | 15% | 21.1× | n/a |
| Orica ORI.AX | $7.23B | +1% | +2% | 11% | 18.2× | 6.9% |
| Guangdong Hongda 002683.SZ | $3.86B | -7% | +15% | 10% | 23.7× | 4.9% |
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 | DNL.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.5% | -4.3% | 10th lowest of 21 |
| 6-month return | +5.5% | -25.6% | 3rd highest of 21 |
| Distance from 52-week high | -9.5% | -33.7% | highest of 21 |
| Revenue growth (TTM) | -16.6% | +5.5% | 2nd lowest of 21 |
| Operating margin | 14.9% | 10.7% | 3rd highest of 21 |
| Forward P/E | 21.1× | 15.7× | 6th most expensive of 19 |
| ROIC minus cost of capital | -1.5 pp | +0.6 pp | 9th lowest of 21 |
| EV / EBITDA | 9.7× | 8.8× | 5th most expensive of 10 |
| Net debt / EBITDA | 1.7× | 2.3× | 5th least indebted of 11 |
| Bond spread | 160 bp | 118 bp | 2nd widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dyno Nobel DNL.AX | Australia | $4.64B | +6% | -17% | 15% | 21.1× | n/a | n/a |
| UPL UPL.NS | India | $4.78B | -18% | +10% | 14% | 14.8× | 10.9% | +6.0% |
| Fertilizers & Chemicals Travancore FACT.NS | India | $5.14B | -18% | +32% | 0% | n/a | n/a | n/a |
| Scotts Miracle-Gro SMG | United States | $3.77B | +6% | -4% | 14% | 13.6× | 7.5% | -7.8% |
| ICL ICL | United States | $6.04B | -27% | +11% | 11% | 11.5× | 3.5% | +7.2% |
| Jiangsu Yangnong Chemical 600486.SS | China | $3.42B | -22% | +3% | 13% | 16.2× | 0.8% | +3.8% |
| Mosaic Company (The) MOS | United States | $7.11B | +2% | 0% | 3% | 26.2× | n/a | n/a |
| YONFER Agricultural Technology 000902.SZ | China | $2.69B | -2% | +15% | 11% | 11.4× | n/a | n/a |
| Sichuan Hebang Biotechnology 603077.SS | China | $2.59B | -30% | -24% | -1% | n/a | n/a | n/a |
| Sichuan New Energy Power 000155.SZ | China | $2.54B | -47% | +98% | 32% | 12.9× | n/a | n/a |
| Shandong Weifang Rainbow Chemical 301035.SZ | China | $2.42B | -32% | +6% | 12% | 14.9× | -0.1% | +15.0% |
| Chengdu Wintrue 002539.SZ | China | $2.09B | -24% | +6% | 6% | 11.7× | n/a | n/a |
| Yara International YAR.OL | Norway | $11.0B | -26% | +2% | 13% | 8.2× | -6.9% | +8.3% |
| Sichuan Development Lomon 002312.SZ | China | $1.93B | -36% | +5% | 6% | 35.0× | 8.2% | +14.0% |
| Lier Chemical 002258.SZ | China | $1.85B | +20% | +6% | 8% | 21.0× | n/a | n/a |
| Zhejiang Xinan Chemical Industrial 600596.SS | China | $1.75B | -31% | +5% | 2% | 22.9× | 12.4% | +3.1% |
| Sumitomo Chemical India SUMICHEM.NS | India | $1.74B | -34% | -3% | 18% | 28.1× | 23.4% | +4.1% |
| Tata Chemicals TATACHEM.NS | India | $1.64B | -25% | +2% | 3% | 85.9× | n/a | n/a |
| Atul ATUL.NS | India | $1.63B | -26% | +18% | 12% | 19.7× | 18.2% | +11.0% |
| Hubei Yihua Chemical Industry 000422.SZ | China | $1.60B | -42% | +15% | 5% | 15.2× | n/a | n/a |
| Bayer Cropscience India BAYERCROP.NS | India | $1.58B | -28% | -5% | 15% | 19.5× | 16.1% | +5.9% |
Dyno Nobel has 2 bonds outstanding with $343M face value. The agencies rate it BBB; its bonds trade like BBB-. Weighted yield 6.42%, a spread of 160 bp over government bonds.