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Australian mining-technology company making drilling fluids, sensors and software that improve mineral exploration and production drilling.
Australian mining-technology company making drilling fluids, sensors and software that improve mineral exploration and production drilling.
Rents out much of its sensor fleet to drillers and sells drilling fluids as consumables, so revenue is tied to metres drilled rather than one-off equipment sales. Data from the tools flows into its IMDEXHUB-IQ cloud platform. Exposure is to mineral exploration spending, which swings with miners' funding.
In one line: A niche mining-tech instrumentation company.
Moat: narrow (IP / patents, installed base, switching costs). Proprietary sensor/software technology embedded in drilling workflows creates switching costs for customers.
Headquarters: Perth, Australia · Founded: 1981 · Employees: 1,057
Size Imdex (IMD.AX) is an Australia Industrials company (Wholesale Distributors) with a market value of $1.15B, the 163rd largest of 316 Australia companies the cockpit tracks. Shares closed at A$3.20 on 6 Nov 2026.
Performance Over six months the shares fell 21.2%, against -10.4% for the median peer and +4.1% for the Australia market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 20.6% over the last twelve months (peer median +10.7%); the operating margin is 16.2% (peer median 8.1%).
Valuation It trades at 24.5× forward earnings against a peer median of 18.6× (4th most expensive of 13).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +6 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 4.0 points below its cost of capital (10.4% WACC).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$520M | A$520M | A$431M | A$445M | A$411M |
| Revenue growth | — | +21% | -3% | +8% | — |
| Gross profit | A$158M | A$158M | A$129M | A$140M | A$137M |
| EBITDA | A$148M | A$148M | A$124M | A$123M | A$103M |
| Net income | A$79.4M | A$79.4M | A$55.2M | A$32.4M | A$35.0M |
| Free cash flow | A$69.9M | A$69.9M | A$76.5M | A$78.7M | A$61.6M |
| Capital expenditure | A$69.3M | A$69.3M | A$57.4M | A$33.5M | A$27.2M |
| Total debt | n/a | A$284M | A$100M | A$128M | A$161M |
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 |
|---|---|---|---|---|---|---|
| Imdex IMD.AX | $1.15B | -21% | +21% | 16% | 24.5× | 20.1% |
| Major Drilling Group International MDI.TO | $893M | -5% | +23% | 6% | 23.1× | 21.7% |
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 | IMD.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.5% | -6.6% | 9th highest of 21 |
| 6-month return | -21.2% | -10.4% | 10th lowest of 21 |
| Distance from 52-week high | -30.3% | -36.8% | 9th highest of 21 |
| Revenue growth (TTM) | +20.6% | +10.7% | 6th highest of 20 |
| Operating margin | 16.2% | 8.1% | 3rd highest of 20 |
| Forward P/E | 24.5× | 18.6× | 4th most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | 20.1% | -6.3% | 4th most demanding of 14 |
| Growth delivered (Del g) | +14.5% | +9.2% | 3rd highest of 14 |
| Hurdle (Req g minus delivered) | +5.6 pp | -15.4 pp | 4th most demanding of 14 |
| ROIC minus cost of capital | -4.0 pp | +1.9 pp | 4th lowest of 20 |
| EV / EBITDA | 12.9× | 8.1× | 4th most expensive of 10 |
| Net debt / EBITDA | 1.6× | -0.2× | 2nd most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Imdex IMD.AX | Australia | $1.15B | -21% | +21% | 16% | 24.5× | 20.1% | +14.5% |
| Techstorm Advanced Material 601026.SS | China | $1.16B | -33% | +8% | 6% | n/a | n/a | n/a |
| Chengdu Haoneng Technology 603809.SS | China | $1.16B | -23% | +18% | 10% | 20.5× | n/a | n/a |
| Daiichikosho 7458.T | Japan | $1.13B | +6% | +4% | 11% | 13.0× | -6.0% | +11.8% |
| Innovation Medical Management 002173.SZ | China | $1.12B | -29% | -13% | -18% | n/a | n/a | n/a |
| Brighton-Best International (Taiwan) 8415.TWO | Taiwan | $1.11B | +5% | +11% | 20% | 7.8× | -8.8% | +8.8% |
| Dongguan Aohai Technology 002993.SZ | China | $1.10B | -44% | +122% | 1% | 19.6× | n/a | n/a |
| Redox RDX.AX | Australia | $1.22B | +2% | +7% | 11% | 17.5× | -7.8% | +10.8% |
| BayWa BYW.DE | Germany | $1.07B | -58% | n/a | n/a | n/a | n/a | n/a |
| Supply Network SNL.AX | Australia | $1.06B | +12% | +16% | 17% | 26.9× | 11.7% | +19.9% |
| Zhejiang Songyuan Automotive Safety Systems 300893.SZ | China | $1.06B | -34% | +27% | 12% | 20.1× | n/a | n/a |
| Beijing Geekplus Technology 2590.HK | Hong Kong | $1.05B | -67% | +33% | 0% | 478.1× | n/a | n/a |
| Gansu Guofang Industry & Trade (Group) 601086.SS | China | $1.27B | +42% | +17% | 7% | n/a | 33.6% | -4.8% |
| China Agricultural Development Seed 600313.SS | China | $1.04B | -16% | +35% | 1% | n/a | 21.8% | +12.7% |
| Inabata & 8098.T | Japan | $1.31B | +6% | +5% | 3% | n/a | -7.8% | +7.6% |
| Taikisha 1979.T | Japan | $1.32B | -5% | -1% | 8% | 10.6× | -13.3% | +7.2% |
| Totech 9960.T | Japan | $1.00B | 0% | +6% | 10% | 10.7× | 5.4% | +9.2% |
| Deep Source 0990.HK | Hong Kong | $1.00B | -31% | +7% | 2% | n/a | -13.6% | +6.1% |
| Shanghai Luoman Technologies 605289.SS | China | $1.35B | -45% | +170% | 13% | 49.9× | 36.2% | +25.7% |
| Yamazen 8051.T | Japan | $978M | +13% | +7% | 2% | n/a | -6.3% | +4.5% |
| Hour Glass AGS.SI | Singapore | $1.38B | +10% | +18% | 15% | 10.4× | -8.7% | +12.5% |