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Australian miner with an economic interest in the Renison tin mine (Tasmania) via a joint venture, plus other base-metal interests.
Australian miner with an economic interest in the Renison tin mine (Tasmania) via a joint venture, plus other base-metal interests.
In one line: A small-cap Australian tin miner.
Moat: none. Minority JV interest in a single tin mine, exposed fully to tin price cycles.
Headquarters: Perth, Australia · Founded: 1971
Size Metals X (MLX.AX) is an Australia Materials company (Other Metals/Minerals) with a market value of $934M, the 187th largest of 316 Australia companies the cockpit tracks. Shares closed at A$1.52 on 6 Nov 2026.
Performance Over six months the shares fell 11.4%, against -17.1% for the median peer and +4.1% for the Australia market (cap-weighted) — 7th highest of 19 in its peer set.
Growth Revenue grew 26.1% over the last twelve months (peer median +48.6%); the operating margin is 53.3% (peer median 4.9%).
Valuation It trades at 7.2× forward earnings against a peer median of 14.1× (2nd cheapest of 11).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +31%, so the hurdle is -41 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 38.9 points above its cost of capital (9.5% WACC).
Next results Next results expected around 27 Aug 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | A$342M | A$285M | A$219M | A$154M | A$133M |
| Revenue growth | — | +30% | +42% | +15% | — |
| Gross profit | A$186M | A$126M | A$89.1M | A$46.4M | A$32.3M |
| EBITDA | n/a | A$148M | A$115M | A$58.7M | A$40.6M |
| Net income | A$156M | A$105M | A$102M | A$14.6M | A$19.9M |
| Free cash flow | A$151M | A$92.4M | A$104M | A$29.9M | -A$7.28M |
| Capital expenditure | A$39.0M | A$37.3M | A$40.9M | A$34.9M | A$18.8M |
| Total debt | n/a | A$3.29M | A$6.15M | A$8.36M | A$3.34M |
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 |
|---|---|---|---|---|---|---|
| Metals X MLX.AX | $934M | -11% | +26% | 53% | 7.2× | -10.3% |
| Yunnan Tin 000960.SZ | $5.66B | -34% | +19% | 8% | 10.8× | 1.9% |
| Alphamin Resources AFM.V | $1.12B | -15% | +45% | 54% | 4.1× | n/a |
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 | MLX.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -26.9% | -15.9% | 3rd lowest of 21 |
| 6-month return | -11.4% | -17.1% | 7th highest of 19 |
| Distance from 52-week high | -30.3% | -44.5% | 6th highest of 21 |
| Revenue growth (TTM) | +26.1% | +48.6% | 7th lowest of 17 |
| Operating margin | 53.3% | 4.9% | highest of 18 |
| Forward P/E | 7.2× | 14.1× | 2nd cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | -10.3% | 3.8% | 2nd least demanding of 8 |
| Growth delivered (Del g) | +31.2% | +6.0% | 2nd highest of 8 |
| Hurdle (Req g minus delivered) | -41.5 pp | -9.5 pp | least demanding of 8 |
| ROIC minus cost of capital | +38.9 pp | -2.6 pp | highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Metals X MLX.AX | Australia | $934M | -11% | +26% | 53% | 7.2× | -10.3% | +31.2% |
| Sandur Manganese & Iron Ores SANDUMA.NS | India | $914M | -18% | +21% | 20% | n/a | 13.8% | +46.8% |
| Osisko Metals OM.TO | Canada | $911M | -16% | n/a | n/a | n/a | n/a | n/a |
| Amerigo Resources ARG.TO | Canada | $910M | +24% | +54% | 41% | 12.2× | 3.8% | +13.4% |
| Zhejiang Tony Electronic 603595.SS | China | $960M | +52% | +5% | -12% | n/a | n/a | n/a |
| Changsha Dialine New Material Sci.&Tech 300700.SZ | China | $903M | -13% | +14% | -23% | n/a | n/a | n/a |
| AMG Critical Materials AMG.AS | Netherlands | $988M | -41% | +12% | 7% | 11.9× | 0.2% | +13.0% |
| Jinchuan Group International Resources 2362.HK | Hong Kong | $997M | +4% | +65% | 22% | 2.0× | -2.2% | -1.8% |
| TMC TMC | United States | $1.00B | -60% | n/a | n/a | n/a | n/a | n/a |
| Talon Metals TLO.TO | Canada | $839M | +3% | n/a | 3% | 17.9× | n/a | n/a |
| Luyang Energy-Saving Materials 002088.SZ | China | $837M | +12% | -21% | 1% | 58.4× | 20.8% | +1.3% |
| Americas Gold and Silver USA.TO | Canada | $1.05B | -50% | +86% | 19% | 14.9× | n/a | n/a |
| Jain Resource Recycling JAINREC.NS | India | $1.05B | -43% | +48% | 5% | 23.4× | n/a | n/a |
| IMC Rare Earths IMC | United States | $824M | n/a | n/a | n/a | n/a | n/a | n/a |
| Zimplats ZIM.AX | Australia | $1.06B | -15% | +50% | 33% | n/a | -15.0% | +1.1% |
| Jinzhou Yongshan Lithium 603399.SS | China | $821M | -45% | +50% | 2% | n/a | n/a | n/a |
| Xizang Zhihui Mining 2546.HK | Hong Kong | $1.08B | +8% | +104% | 28% | n/a | 32.8% | +6.0% |
| Develop Global DVP.AX | Australia | $801M | -43% | +68% | 4% | 11.8× | n/a | n/a |
| Jiangyin Electrical Alloy 300697.SZ | China | $791M | -24% | +54% | 5% | n/a | n/a | n/a |
| Londian Wason New Energy Tech, Inc. Unsponsored ADR FOIL | United States | $1.11B | n/a | +25% | 5% | 13.3× | n/a | n/a |
| GRIPM Advanced Materials 688456.SS | China | $780M | -24% | +34% | 2% | 49.6× | n/a | n/a |