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Indonesian nickel producer holding stakes in RKEF nickel pig iron/matte and HPAL projects alongside Tsingshan.
Indonesian nickel producer holding stakes in RKEF nickel pig iron/matte and HPAL projects alongside Tsingshan.
Sells nickel pig iron, a lower-grade nickel product, mainly to stainless-steel makers, priced off the global nickel market, so earnings move with nickel. Its plants sit in Indonesian industrial parks with shared power, and it owns a nickel mine for part of its ore. HPAL, an acid-leach process making battery-grade nickel intermediates, is the newer addition.
In one line: An Indonesia-focused nickel processor.
Moat: narrow (scale, process know-how). Low-cost Indonesian RKEF processing and Tsingshan partnership give a cost edge over non-integrated peers.
Headquarters: Perth, Australia · Founded: 2007
Size Nickel Industries (NIC.AX) is an Australia Materials company (Other Metals/Minerals) with a market value of $1.78B, the 130th largest of 316 Australia companies the cockpit tracks. Shares closed at A$0.59 on 6 Nov 2026.
Performance Over six months the shares fell 46.4%, against -24.3% for the median peer and +4.1% for the Australia market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue fell 3.2% over the last twelve months (peer median +20.0%); the operating margin is 9.9% (peer median 7.2%).
Valuation It trades at 10.4× forward earnings against a peer median of 24.2× (5th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.3 points below its cost of capital (8.6% WACC).
Credit Nickel Industries has 1 bond outstanding ($800M), rated B1 by the agencies and trading like B- at a weighted spread of 489 bp.
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | A$2.59B | A$2.56B | A$2.64B | A$2.83B | A$1.76B |
| Revenue growth | — | -3% | -7% | +61% | — |
| Gross profit | A$312M | A$256M | A$281M | A$504M | A$419M |
| EBITDA | A$445M | A$371M | A$439M | A$644M | A$495M |
| Net income | -A$29.6M | -A$88.5M | -A$256M | A$183M | A$229M |
| Free cash flow | A$150M | A$133M | A$211M | -A$30.5M | -A$120M |
| Capital expenditure | A$76.4M | A$59.0M | A$116M | A$360M | A$173M |
| Total debt | n/a | A$1.80B | A$1.70B | A$1.24B | A$825M |
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 |
|---|---|---|---|---|---|---|
| Nickel Industries NIC.AX | $1.78B | -46% | -3% | 10% | 10.4× | 13.1% |
| IGO IGO.AX | $2.60B | -45% | -12% | -31% | 8.9× | 17.2% |
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 | NIC.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -22.4% | -8.3% | 3rd lowest of 21 |
| 6-month return | -46.4% | -24.3% | 6th lowest of 21 |
| Distance from 52-week high | -47.6% | -47.7% | 11th highest of 21 |
| Revenue growth (TTM) | -3.2% | +20.0% | 4th lowest of 20 |
| Operating margin | 9.9% | 7.2% | 10th highest of 20 |
| Forward P/E | 10.4× | 24.2× | 5th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 13.1% | 12.8% | 5th most demanding of 10 |
| Growth delivered (Del g) | +27.5% | +14.8% | 2nd highest of 9 |
| Hurdle (Req g minus delivered) | -14.4 pp | -4.1 pp | 2nd least demanding of 9 |
| ROIC minus cost of capital | -5.3 pp | -3.9 pp | 8th lowest of 21 |
| EV / EBITDA | 10.3× | 6.0× | 2nd most expensive of 6 |
| Net debt / EBITDA | 3.1× | 1.0× | 2nd most indebted of 7 |
| Bond spread | 489 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nickel Industries NIC.AX | Australia | $1.78B | -46% | -3% | 10% | 10.4× | 13.1% | +27.5% |
| Energy Fuels EFR.TO | Canada | $1.78B | -70% | +70% | -79% | 61.7× | n/a | n/a |
| Iluka Resources ILU.AX | Australia | $1.77B | -30% | -20% | -29% | n/a | n/a | n/a |
| Baoji Titanium Industry 600456.SS | China | $1.76B | -26% | +14% | 7% | 26.4× | n/a | n/a |
| Yantai Zhenghai Magnetic Material 300224.SZ | China | $1.79B | -1% | +16% | 5% | 29.9× | 20.1% | +29.2% |
| Yellow Cake YCA.L | United Kingdom | $1.74B | -12% | n/a | n/a | 10.6× | n/a | n/a |
| RHI Magnesita RHIM.L | United Kingdom | $1.74B | +2% | -1% | 11% | 6.9× | 3.0% | +7.5% |
| Jiangsu ToLand Alloy 300855.SZ | China | $1.83B | -21% | +75% | 28% | 26.5× | n/a | n/a |
| Atalaya Mining Copper ATYM.L | United Kingdom | $1.71B | -2% | +20% | 29% | 7.8× | 6.5% | +13.0% |
| Beijing Zhong Ke San Huan High-Tech 000970.SZ | China | $1.87B | -16% | +11% | 3% | 65.8× | n/a | n/a |
| Denison Mines DML.TO | Canada | $2.00B | -39% | -9% | -2,101% | n/a | n/a | n/a |
| Tibet Summit Resources 600338.SS | China | $1.56B | -59% | +54% | 30% | n/a | 12.8% | +16.5% |
| CGN Mining 1164.HK | Hong Kong | $2.03B | -47% | +15% | 2% | 20.8× | 33.0% | +19.1% |
| China Kings Resources 603505.SS | China | $1.55B | -33% | -11% | -1% | 46.2× | n/a | n/a |
| Lianyou Metals 7610.TW | Taiwan | $2.03B | +89% | +238% | 56% | 11.4× | n/a | n/a |
| Henan Liliang Diamond 301071.SZ | China | $2.03B | -2% | +73% | 21% | 45.0× | 28.0% | +20.9% |
| Baowu Magnesium Technology 002182.SZ | China | $1.54B | -34% | +4% | 0% | 74.0× | n/a | n/a |
| Anhui Jingcheng Copper Share 002171.SZ | China | $2.07B | -22% | +35% | 1% | 22.0× | n/a | n/a |
| Jiaxin International Resources Investment 3858.HK | Hong Kong | $2.08B | -56% | +2,782% | 65% | 6.1× | -6.4% | n/a |
| Nexa Resources NEXA | United States | $1.51B | -20% | +27% | 22% | 3.0× | -17.4% | +8.9% |
| Tibet Mineral Development 000762.SZ | China | $1.50B | -50% | +270% | 20% | n/a | 33.1% | -1.3% |
Nickel Industries has 1 bond outstanding with $800M face value. The agencies rate it B1; its bonds trade like B-. Weighted yield 9.50%, a spread of 489 bp over government bonds.