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Australian gold miner operating mines in Western Australia, including the Kalgoorlie Super Pit, plus the Pogo mine in Alaska.
Australian gold miner operating mines in Western Australia, including the Kalgoorlie Super Pit, plus the Pogo mine in Alaska.
Sells gold at the market price, and since it reports in Australian dollars, the exchange rate and gold price together drive earnings. The Super Pit came from buying out the Barrick-Newmont partnership in 2019. In 2025 it bought De Grey Mining, adding the Hemi project, expected to be a large new mine in the Pilbara.
In one line: A large-scale Australian gold producer.
Moat: narrow (scale, installed base). Large, long-life gold ore reserves and processing infrastructure in a stable jurisdiction.
Headquarters: Perth, Australia · Founded: 1992 · Employees: 9,290
Size Northern Star Resources (NST.AX) is an Australia Materials company (Precious Metals) with a market value of $25.3B, the 17th largest of 316 Australia companies the cockpit tracks. Shares closed at A$25.65 on 6 Nov 2026.
Performance Over six months the shares gained 18.5%, against -12.9% for the median peer and +4.1% for the Australia market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 18.8% over the last twelve months (peer median +44.1%); the operating margin is 34.6% (peer median 49.1%).
Valuation It trades at 17.8× forward earnings against a peer median of 11.9× (5th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.0 points below its cost of capital (12.2% WACC).
Credit Northern Star Resources has 1 bond outstanding ($600M), rated BBB- by the agencies and trading like BBB- at a weighted spread of 140 bp.
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$7.62B | A$7.62B | A$6.41B | A$4.92B | A$4.13B |
| Revenue growth | — | +19% | +30% | +19% | — |
| Gross profit | A$2.82B | A$2.82B | A$2.23B | A$1.16B | A$578M |
| EBITDA | A$4.28B | A$4.27B | A$3.49B | A$2.19B | A$1.97B |
| Net income | A$1.66B | A$1.66B | A$1.34B | A$638M | A$585M |
| Free cash flow | A$690M | A$690M | A$923M | A$767M | A$431M |
| Capital expenditure | A$2.71B | A$2.71B | A$2.29B | A$1.44B | A$1.06B |
| Total debt | n/a | A$1.72B | A$1.71B | A$1.34B | A$1.32B |
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 |
|---|---|---|---|---|---|---|
| Northern Star Resources NST.AX | $25.3B | +19% | +19% | 35% | 17.8× | 17.5% |
| Evolution Mining EVN.AX | $18.3B | -4% | +28% | 42% | 13.4× | 10.8% |
| Newmont NEM | $126B | +4% | +23% | 55% | 12.7× | -8.9% |
| Gold.com GOLD | $1.09B | -17% | +132% | 1% | 13.8× | 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 | NST.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.7% | +0.7% | 5th highest of 21 |
| 6-month return | +18.5% | -12.9% | highest of 21 |
| Distance from 52-week high | -19.7% | -36.8% | 5th highest of 21 |
| Revenue growth (TTM) | +18.8% | +44.1% | 3rd lowest of 21 |
| Operating margin | 34.6% | 49.1% | 3rd lowest of 21 |
| Forward P/E | 17.8× | 11.9× | 5th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 17.5% | 1.4% | 3rd most demanding of 20 |
| Growth delivered (Del g) | +22.5% | +17.7% | 7th highest of 20 |
| Hurdle (Req g minus delivered) | -5.0 pp | -17.6 pp | 4th most demanding of 20 |
| ROIC minus cost of capital | -1.0 pp | +13.0 pp | 3rd lowest of 20 |
| EV / EBITDA | 8.7× | 8.4× | 8th most expensive of 16 |
| Net debt / EBITDA | 0.2× | -0.2× | 3rd most indebted of 16 |
| Bond spread | 140 bp | 189 bp | 3rd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Northern Star Resources NST.AX | Australia | $25.3B | +19% | +19% | 35% | 17.8× | 17.5% | +22.5% |
| Fresnillo FRES.L | United Kingdom | $24.9B | -31% | +48% | 59% | 11.8× | -8.2% | +12.6% |
| Kinross Gold K.TO | Canada | $26.4B | -25% | +30% | 51% | 8.5× | -3.9% | +11.8% |
| Royal Gold RGLD | United States | $22.5B | +11% | +94% | 63% | 20.9× | 10.9% | +15.6% |
| Gold Fields Limited Sponsored ADR GFI | United States | $31.5B | -13% | +71% | 53% | 9.2× | -14.1% | +17.7% |
| Evolution Mining EVN.AX | Australia | $18.3B | -4% | +28% | 42% | 13.4× | 10.8% | +24.4% |
| Pan American Silver PAAS.TO | Canada | $17.2B | -26% | +37% | 39% | 9.5× | 4.4% | +23.0% |
| Lundin Gold LUG.TO | Canada | $17.0B | +7% | +36% | 65% | 16.0× | 9.9% | +39.0% |
| Shandong Gold Mining 600547.SS | China | $16.5B | -24% | +12% | 13% | 18.9× | -5.6% | +10.6% |
| Coeur Mining CDE | United States | $15.9B | -17% | +117% | 35% | 12.1× | 10.9% | +21.6% |
| Zhongjin Gold 600489.SS | China | $15.1B | -20% | +25% | 13% | 11.4× | -5.9% | +10.5% |
| Zijin Gold International 2259.HK | Hong Kong | $46.6B | -19% | +106% | 54% | 15.7× | 17.3% | +43.4% |
| Endeavour Mining EDV.TO | Canada | $13.7B | -10% | +27% | 47% | 9.3× | -6.5% | +25.4% |
| Anglogold Ashanti AU | United States | $47.0B | -13% | +139% | 51% | 11.7× | -7.7% | +17.4% |
| Equinox Gold EQX.TO | Canada | $13.5B | -17% | +63% | 36% | 9.7× | 21.0% | +17.5% |
| Alamos Gold AGI.TO | Canada | $13.4B | -22% | +41% | 57% | 11.3× | 7.8% | +20.3% |
| Franco-Nevada FNV.TO | Canada | $49.6B | +16% | +72% | 75% | 31.5× | 17.7% | +13.3% |
| Chifeng Jilong Gold Mining 600988.SS | China | $11.6B | -2% | +23% | 43% | 17.4× | -5.7% | +22.6% |
| IAMGOLD IMG.TO | Canada | $10.8B | +6% | +83% | 48% | 9.1× | 1.4% | +19.1% |
| Wheaton Precious Metals WPM.TO | Canada | $62.3B | +7% | +89% | 73% | 29.9× | n/a | n/a |
| Shanjin International Gold 000975.SZ | China | $10.2B | -6% | -4% | 36% | 15.2× | -5.7% | +16.7% |
Northern Star Resources has 1 bond outstanding with $600M face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 6.11%, a spread of 140 bp over government bonds.