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US critical-minerals firm turning titanium ore into titanium metal powder and mill products using lower-cost, lower-carbon technology.
US critical-minerals firm turning titanium ore into titanium metal powder and mill products using lower-cost, lower-carbon technology.
Still scaling up: sales so far are small orders and qualification trials, and it funds the build-out from equity raises and US government support rather than product sales. It makes powder and finished parts at a site in Virginia, and owns the Titan mineral-sands project in Tennessee as a potential source of ore.
In one line: A US junior titanium producer using patented low-cost tech.
Moat: narrow (IP / patents, process know-how). Patented HAMR/HSPT process claims lower cost and carbon than the standard Kroll titanium process.
Headquarters: Charlotte, North Carolina, US · Founded: 2019
Size IperionX (IPX) is a United States Materials company (Precious Metals) with a market value of $540M, the 2640th largest of 3,117 United States companies the cockpit tracks. Shares closed at $14.10 on 6 Nov 2026.
Performance Over six months the shares fell 65.8%, against -1.5% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Valuation It trades at 5.42× book value against a peer median of 2.24× (4th most expensive of 20).
Price implies The share price implies a return on equity of about 64.6%; IperionX delivers -74.1%, so the price asks more than the business earns today.
Next results Next results expected around 16 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 |
| Revenue growth | — | — | — | — | — |
| Gross profit | -$4.36M | -$4.37M | -$2.27M | -$648,219 | -$424,646 |
| EBITDA | -$65.5M | -$65.7M | -$36.9M | -$22.1M | -$17.2M |
| Net income | -$66.9M | -$67.1M | -$35.3M | -$21.9M | -$17.4M |
| Free cash flow | -$62.9M | -$63.0M | -$38.7M | -$23.7M | -$17.9M |
| Capital expenditure | $20.5M | $20.5M | $24.2M | $8.10M | $2.69M |
| Total debt | n/a | $4.16M | $3.93M | $1.49M | $975,314 |
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 | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| IperionX IPX | $540M | -66% | n/a | -74% | 5.42× | 64.6% |
| ATI ATI | $23.9B | +11% | +9% | 30% | 11.91× | 90.1% |
| OSAKA Titanium Technologies 5726.T | $584M | -18% | -8% | 7% | 1.70× | 14.8% |
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 | IPX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.7% | -8.3% | 10th highest of 21 |
| 6-month return | -65.8% | -1.5% | lowest of 21 |
| Return on equity | -74.1% | -5.5% | 2nd lowest of 19 |
| Price / book | 5.42× | 2.24× | 4th most expensive of 20 |
| ROE the price implies | 64.6% | 17.1% | 4th most demanding of 20 |
| ROE delivered | -74.1% | -5.5% | 2nd lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| IperionX IPX | United States | $540M | -66% | n/a | -74% | 5.42× | 64.6% | -74.1% |
| Turaco Gold TCG.AX | Australia | $540M | +29% | n/a | -31% | 8.06× | 112.3% | -31.4% |
| Brightstar Resources BTR.AX | Australia | $542M | +68% | +91% | -30% | 1.81× | 16.9% | -29.6% |
| Goldsky Resources GSKR.V | Canada | $543M | -28% | n/a | -22% | 1.75× | 15.8% | -21.8% |
| Forrestania Resources FRS.AX | Australia | $547M | -33% | n/a | -23% | 1.63× | 16.6% | -23.2% |
| WIA Gold WIA.AX | Australia | $533M | -22% | n/a | -4% | 3.99× | 17.1% | -3.9% |
| Rox Resources RXL.AX | Australia | $532M | +13% | n/a | -19% | 2.77× | 12.8% | -19.0% |
| Banyan Gold BYN.V | Canada | $554M | +18% | n/a | -5% | 5.50× | 64.9% | -4.8% |
| Andean Precious Metals APM.TO | Canada | $555M | -20% | +63% | 49% | 1.84× | 21.4% | 49.2% |
| Gold Reserve GRZ.V | Canada | $560M | -19% | n/a | -41% | 4.59× | 12.9% | -41.5% |
| Contango Silver & Gold CTGO | United States | $520M | -43% | n/a | -24% | 1.52× | 8.1% | -23.7% |
| Thesis Gold & Silver TAU.V | Canada | $516M | -31% | n/a | -5% | 2.24× | 24.4% | -4.5% |
| Goldgroup Mining GORO.V | Canada | $500M | -21% | +215% | n/a | n/a | n/a | n/a |
| Ausgold AUC.AX | Australia | $495M | +42% | n/a | -6% | 3.30× | 37.4% | -6.2% |
| Anglo Asian Mining AAZ.L | United Kingdom | $590M | +30% | +220% | 58% | 4.42× | 39.4% | 58.0% |
| Troilus Mining TLG.TO | Canada | $611M | -8% | n/a | -122% | 7.28× | 110.2% | -121.9% |
| Aurelia Metals AMI.AX | Australia | $477M | +16% | +40% | 20% | 1.48× | 15.7% | 20.2% |
| Heliostar Metals HSTR.TO | Canada | $475M | +10% | n/a | n/a | 4.21× | 38.5% | n/a |
| Metals Exploration MTL.L | United Kingdom | $617M | +17% | -17% | 14% | 2.12× | 17.8% | 13.5% |
| Thor Explorations THX.V | Canada | $466M | -26% | +29% | 55% | 1.00× | 12.0% | 54.9% |
| St. Barbara SBM.AX | Australia | $629M | +5% | -76% | -4% | 0.96× | 14.2% | -4.3% |