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Australian miner producing lithium (via Greenbushes/Kwinana joint ventures) and nickel from Western Australian operations.
Australian miner producing lithium (via Greenbushes/Kwinana joint ventures) and nickel from Western Australian operations.
Holds its lithium interests through joint ventures, notably with Tianqi, rather than operating them alone, so its lithium earnings are a share of the venture's profit and follow the lithium price; nickel, from the mine it runs itself, is its second commodity.
In one line: An Australian lithium/nickel miner akin to a smaller Albemarle.
Moat: narrow (scale, installed base). Stake in Greenbushes, the world's largest hard-rock lithium mine, is a scarce, high-grade asset.
Headquarters: Perth, Australia · Founded: 1972
Size IGO (IGO.AX) is an Australia Materials company (Other Metals/Minerals) with a market value of $2.60B, the 106th largest of 316 Australia companies the cockpit tracks. Shares closed at A$4.96 on 6 Nov 2026.
Performance Over six months the shares fell 45.0%, against -22.2% for the median peer and +4.1% for the Australia market (cap-weighted) — 3rd lowest of 20 in its peer set.
Growth Revenue fell 11.6% over the last twelve months (peer median +31.6%); the operating margin is -30.6% (peer median 14.3%).
Valuation It trades at 8.9× forward earnings against a peer median of 19.8× (4th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is -7%, so the hurdle is +24 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 16.5 points below its cost of capital (11.2% WACC).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$442M | A$442M | A$500M | A$796M | A$1.05B |
| Revenue growth | — | -12% | -37% | -24% | — |
| Gross profit | -A$74.9M | -A$79.7M | -A$176M | -A$135M | A$203M |
| EBITDA | A$51.4M | A$51.7M | -A$25.2M | A$42.2M | A$430M |
| Net income | A$145M | A$145M | -A$955M | A$2.80M | A$549M |
| Free cash flow | A$131M | A$131M | A$32.7M | A$694M | A$1.05B |
| Capital expenditure | A$6.10M | A$6.10M | A$5.30M | A$199M | A$338M |
| Total debt | n/a | A$16.8M | A$31.4M | A$48.7M | A$432M |
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 |
|---|---|---|---|---|---|---|
| IGO IGO.AX | $2.60B | -45% | -12% | -31% | 8.9× | 17.2% |
| PLS PLS.AX | $6.33B | -56% | +152% | 43% | 10.6× | 2.5% |
| Mineral Resources MIN.AX | $6.36B | -34% | +44% | 25% | 13.8× | 4.2% |
| Liontown LTR.AX | $1.43B | -75% | +115% | 8% | 18.9× | 38.7% |
| Albemarle ALB | $11.7B | -51% | +18% | 14% | 11.3× | 10.9% |
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 | IGO.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.0% | -18.8% | 10th lowest of 21 |
| 6-month return | -45.0% | -22.2% | 3rd lowest of 20 |
| Distance from 52-week high | -50.6% | -51.2% | 11th highest of 21 |
| Revenue growth (TTM) | -11.6% | +31.6% | 2nd lowest of 21 |
| Operating margin | -30.6% | 14.3% | lowest of 21 |
| Forward P/E | 8.9× | 19.8× | 4th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 17.2% | 30.5% | 5th least demanding of 9 |
| Growth delivered (Del g) | -6.5% | +9.1% | lowest of 9 |
| Hurdle (Req g minus delivered) | +23.8 pp | +21.4 pp | 5th least demanding of 9 |
| ROIC minus cost of capital | -16.5 pp | -1.2 pp | lowest of 21 |
| EV / EBITDA | 63.8× | 16.2× | most expensive of 9 |
| Net debt / EBITDA | -9.1× | 0.1× | 2nd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| IGO IGO.AX | Australia | $2.60B | -45% | -12% | -31% | 8.9× | 17.2% | -6.5% |
| Changyu 603407.SS | China | $2.59B | n/a | +9% | 16% | n/a | 51.8% | +2.2% |
| Trekor Metals TKO.TO | Canada | $2.57B | -1% | +68% | 28% | 9.8× | n/a | n/a |
| Sanxiang Advanced Materials 603663.SS | China | $2.65B | -10% | +5% | 18% | 44.4× | 48.1% | +9.7% |
| Jinhui Mining 603132.SS | China | $2.53B | -11% | +38% | 51% | n/a | n/a | n/a |
| Shengda Resources 000603.SZ | China | $2.75B | -27% | +25% | 47% | 15.8× | 12.8% | +8.5% |
| Western Metal Materials 002149.SZ | China | $2.76B | -41% | +3% | 0% | 139.8× | 54.3% | +9.7% |
| Dowa 5714.T | Japan | $2.78B | -22% | +29% | 6% | 6.9× | n/a | n/a |
| Chengxin Lithium 002240.SZ | China | $2.79B | -66% | +226% | 20% | 11.3× | n/a | n/a |
| Zhuzhou Smelter 600961.SS | China | $2.85B | -33% | +23% | 12% | 6.7× | -1.6% | +8.5% |
| Ningbo Jintian Copper (Group) 601609.SS | China | $2.36B | -11% | +25% | 1% | 15.3× | n/a | n/a |
| Almonty Industries ALM | United States | $2.34B | -59% | +208% | 5% | 12.3× | n/a | n/a |
| Paladin Energy PDN.AX | Australia | $2.32B | -33% | +64% | 4% | 50.9× | n/a | n/a |
| North Copper 000737.SZ | China | $2.97B | -28% | +54% | 9% | n/a | -3.9% | +26.8% |
| Ningbo Boway Alloy Material 601137.SS | China | $2.26B | -6% | +31% | 0% | 19.8× | n/a | n/a |
| Co-tech Development 8358.TWO | Taiwan | $2.24B | -30% | +31% | 23% | 19.9× | n/a | n/a |
| Ero Copper ERO.TO | Canada | $3.03B | +10% | +106% | 40% | 5.9× | 0.4% | +20.4% |
| Ningxia Orient Tantalum Industry 000962.SZ | China | $3.08B | -11% | +43% | 12% | 54.0× | n/a | n/a |
| Altius Minerals ALS.TO | Canada | $2.16B | -2% | +68% | 17% | 47.6× | 57.7% | -4.5% |
| China Rare Earth Nonferrous Metals 600259.SS | China | $3.13B | -33% | -43% | 4% | 34.1× | n/a | n/a |
| 5N Plus VNP.TO | Canada | $2.15B | -10% | +32% | 18% | 28.8× | n/a | n/a |