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World-leading miner of mineral sands (titanium dioxide feedstock, zircon) in Australia, now building a rare-earths refinery in WA.
World-leading miner of mineral sands (titanium dioxide feedstock, zircon) in Australia, now building a rare-earths refinery in WA.
Sells zircon and titanium feedstock to tile, ceramic and pigment makers under a mix of contract and spot pricing, so revenue follows housing and construction demand. A royalty from BHP's Mining Area C iron-ore operation adds income unrelated to mineral sands. The Eneabba refinery, built with an Australian government loan, aims to make it a rare-earths processor too.
In one line: No direct US peer — closest is a mineral-sands Chemours plus a rare-earths refiner.
Moat: narrow (scale, installed base, regulatory licence). One of few large-scale, low-impurity mineral-sands producers with a government-backed rare-earths refinery.
Headquarters: Perth, Australia · Founded: 1954 · Employees: 909
Size Iluka Resources (ILU.AX) is an Australia Materials company (Other Metals/Minerals) with a market value of $1.77B, the 131st largest of 316 Australia companies the cockpit tracks. Shares closed at A$5.93 on 6 Nov 2026.
Performance Over six months the shares fell 30.0%, against -24.3% for the median peer and +4.1% for the Australia market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 20.1% over the last twelve months (peer median +20.0%); the operating margin is -28.6% (peer median 9.9%).
Valuation It trades at 4.2× enterprise value to sales against a peer median of 2.5× (8th most expensive of 20).
Capital Return on invested capital runs 14.2 points below its cost of capital (8.7% WACC).
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | A$894M | A$1.02B | A$1.17B | A$1.29B | A$1.61B |
| Revenue growth | — | -13% | -9% | -20% | — |
| Gross profit | -A$59.3M | A$82.7M | A$478M | A$644M | A$969M |
| EBITDA | -A$66.7M | A$145M | A$505M | A$612M | A$844M |
| Net income | -A$404M | -A$288M | A$231M | A$343M | A$608M |
| Free cash flow | -A$602M | -A$896M | -A$280M | -A$161M | A$485M |
| Capital expenditure | A$819M | A$862M | A$434M | A$281M | A$153M |
| Total debt | n/a | A$1.14B | A$291M | A$164M | A$62.5M |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Iluka Resources ILU.AX | $1.77B | -30% | -20% | -29% | 4.2× | n/a |
| Tronox TROX | $401M | -72% | +4% | -3% | 1.2× | n/a |
| Rio Tinto RIO.L | $144B | -21% | +11% | 27% | 2.6× | 5.6% |
| Lynas Rare Earths LYC.AX | $8.58B | -38% | +76% | 25% | 11.8× | 34.3% |
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 | ILU.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.6% | -8.8% | 2nd highest of 21 |
| 6-month return | -30.0% | -24.3% | 10th lowest of 21 |
| Distance from 52-week high | -31.8% | -48.2% | 4th highest of 21 |
| Revenue growth (TTM) | -20.1% | +20.0% | lowest of 20 |
| Operating margin | -28.6% | 9.9% | 3rd lowest of 20 |
| EV / Sales | 4.2× | 2.5× | 8th most expensive of 20 |
| ROIC minus cost of capital | -14.2 pp | -3.9 pp | 3rd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Iluka Resources ILU.AX | Australia | $1.77B | -30% | -20% | -29% | 4.2× | n/a | n/a |
| Nickel Industries NIC.AX | Australia | $1.78B | -46% | -3% | 10% | 1.8× | 13.1% | +27.5% |
| Baoji Titanium Industry 600456.SS | China | $1.76B | -26% | +14% | 7% | 2.5× | n/a | n/a |
| Energy Fuels EFR.TO | Canada | $1.78B | -70% | +70% | -79% | 14.2× | n/a | n/a |
| Yantai Zhenghai Magnetic Material 300224.SZ | China | $1.79B | -1% | +16% | 5% | 1.7× | 20.1% | +29.2% |
| Yellow Cake YCA.L | United Kingdom | $1.74B | -12% | n/a | n/a | n/a | n/a | n/a |
| RHI Magnesita RHIM.L | United Kingdom | $1.74B | +2% | -1% | 11% | 0.9× | 3.0% | +7.5% |
| Atalaya Mining Copper ATYM.L | United Kingdom | $1.71B | -2% | +20% | 29% | 2.4× | 6.5% | +13.0% |
| Jiangsu ToLand Alloy 300855.SZ | China | $1.83B | -21% | +75% | 28% | 7.1× | n/a | n/a |
| Beijing Zhong Ke San Huan High-Tech 000970.SZ | China | $1.87B | -16% | +11% | 3% | 1.7× | n/a | n/a |
| Denison Mines DML.TO | Canada | $2.00B | -39% | -9% | -2,101% | 717.0× | n/a | n/a |
| Tibet Summit Resources 600338.SS | China | $1.56B | -59% | +54% | 30% | 3.2× | 12.8% | +16.5% |
| China Kings Resources 603505.SS | China | $1.55B | -33% | -11% | -1% | 4.5× | n/a | n/a |
| CGN Mining 1164.HK | Hong Kong | $2.03B | -47% | +15% | 2% | 2.4× | 33.0% | +19.1% |
| Lianyou Metals 7610.TW | Taiwan | $2.03B | +89% | +238% | 56% | 18.0× | n/a | n/a |
| Henan Liliang Diamond 301071.SZ | China | $2.03B | -2% | +73% | 21% | 11.2× | 28.0% | +20.9% |
| Baowu Magnesium Technology 002182.SZ | China | $1.54B | -34% | +4% | 0% | 1.8× | n/a | n/a |
| Anhui Jingcheng Copper Share 002171.SZ | China | $2.07B | -22% | +35% | 1% | 0.3× | n/a | n/a |
| Nexa Resources NEXA | United States | $1.51B | -20% | +27% | 22% | 0.9× | -17.4% | +8.9% |
| Jiaxin International Resources Investment 3858.HK | Hong Kong | $2.08B | -56% | +2,782% | 65% | 4.2× | -6.4% | n/a |
| Tibet Mineral Development 000762.SZ | China | $1.50B | -50% | +270% | 20% | 12.6× | 33.1% | -1.3% |