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World's largest provider of commercial explosives and blasting services to mining and infrastructure customers.
World's largest provider of commercial explosives and blasting services to mining and infrastructure customers.
Supplies explosives and blasting services mostly under multi-year contracts at mine sites, often from plants built on or beside the site, so it is paid for the volume of rock blasted rather than one-off sales. Contracts usually include formulas that pass on changes in the cost of ammonium nitrate, its main input.
In one line: A global mining-explosives leader.
Moat: narrow (scale, installed base, switching costs). On-site manufacturing plants at mine sites and long-term blasting contracts create high switching costs.
Headquarters: Melbourne, Australia · Founded: 1874 · Employees: 14,000
Size Orica (ORI.AX) is an Australia Materials company (Industrial Specialties) with a market value of $7.23B, the 49th largest of 316 Australia companies the cockpit tracks. Shares closed at A$22.50 on 6 Nov 2026.
Performance Over six months the shares gained 0.8%, against -11.2% for the median peer and +4.1% for the Australia market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 1.8% over the last twelve months (peer median +11.0%); the operating margin is 11.4% (peer median 12.6%).
Valuation It trades at 18.2× forward earnings against a peer median of 18.8× (10th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.9 points above its cost of capital (8.2% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | A$8.09B | A$8.14B | A$7.66B | A$7.95B | A$7.10B |
| Revenue growth | — | +6% | -4% | +12% | — |
| Gross profit | A$1.55B | A$1.55B | A$1.34B | A$1.22B | A$970M |
| EBITDA | A$1.43B | A$1.39B | A$1.17B | A$1.06B | A$878M |
| Net income | A$251M | A$162M | A$525M | A$296M | A$154M |
| Free cash flow | A$498M | A$564M | A$372M | A$481M | A$43.2M |
| Capital expenditure | A$470M | A$414M | A$456M | A$439M | A$349M |
| Total debt | n/a | A$3.00B | A$2.52B | A$2.37B | A$2.41B |
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 |
|---|---|---|---|---|---|---|
| Orica ORI.AX | $7.23B | +1% | +2% | 11% | 18.2× | 6.9% |
| Dyno Nobel DNL.AX | $4.64B | +6% | -17% | 15% | 21.1× | n/a |
| Hanwha 000880.KS | $2.86B | -30% | +35% | 6% | 4.5× | n/a |
| Guangdong Hongda 002683.SZ | $3.86B | -7% | +15% | 10% | 23.7× | 4.9% |
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 | ORI.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.5% | -2.9% | 9th highest of 20 |
| 6-month return | +0.8% | -11.2% | 7th highest of 20 |
| Distance from 52-week high | -15.0% | -23.6% | 5th highest of 20 |
| Revenue growth (TTM) | +1.8% | +11.0% | 4th lowest of 21 |
| Operating margin | 11.4% | 12.6% | 9th lowest of 21 |
| Forward P/E | 18.2× | 18.8× | 10th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 6.9% | 10.7% | 4th least demanding of 15 |
| Growth delivered (Del g) | +9.6% | +11.0% | 6th lowest of 15 |
| Hurdle (Req g minus delivered) | -2.7 pp | +2.1 pp | 7th least demanding of 15 |
| ROIC minus cost of capital | +1.9 pp | +1.0 pp | 8th highest of 21 |
| EV / EBITDA | 9.1× | 12.6× | 4th cheapest of 12 |
| Net debt / EBITDA | 1.7× | 1.4× | 5th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Orica ORI.AX | Australia | $7.23B | +1% | +2% | 11% | 18.2× | 6.9% | +9.6% |
| Srf SRF.NS | India | $7.67B | -11% | +20% | 19% | 30.3× | 25.2% | +13.5% |
| Axalta Coating Systems AXTA | United States | $7.80B | +25% | 0% | 14% | 14.0× | 8.3% | +6.5% |
| Sekisui Chemical 4204.T | Japan | $6.61B | +9% | +6% | 9% | 13.4× | n/a | n/a |
| Berger Paints India BERGEPAINT.NS | India | $5.90B | -2% | +5% | 12% | 41.5× | 38.5% | +11.8% |
| Fuchs FPE.DE | Germany | $5.87B | +21% | +12% | 13% | 13.8× | -4.4% | +8.4% |
| Taiwan Glass Industry 1802.TW | Taiwan | $5.08B | -21% | +12% | 12% | 16.7× | n/a | n/a |
| SICC 688234.SS | China | $4.98B | -24% | +20% | -5% | 202.4× | n/a | n/a |
| Sichuan EM Technology 601208.SS | China | $4.88B | -15% | +23% | 7% | 51.1× | 44.5% | +22.5% |
| Sunresin New Materials 300487.SZ | China | $4.77B | -2% | +17% | 36% | 31.2× | 19.0% | +24.7% |
| CSW Industrials CSW | United States | $4.43B | 0% | +30% | 18% | 20.8× | 13.5% | +20.9% |
| Akzo Nobel AKZA.AS | Netherlands | $12.1B | +26% | -5% | 6% | 16.1× | 10.7% | +3.6% |
| FSPG Hi-Tech 000973.SZ | China | $4.07B | -47% | +205% | 17% | 16.5× | n/a | n/a |
| RPM International RPM | United States | $13.2B | +2% | +6% | 13% | 16.9× | 7.5% | +5.2% |
| Beijing Oriental Yuhong Waterproof Technology 002271.SZ | China | $3.92B | -27% | +10% | 1% | 18.8× | 10.6% | +5.0% |
| AZZ AZZ | United States | $3.76B | -15% | +10% | 17% | 16.9× | 9.8% | +14.5% |
| Shanghai Sinyang Semiconductor Materials 300236.SZ | China | $3.58B | -20% | +33% | 15% | 54.8× | n/a | n/a |
| China Hainan Rubber Industry 601118.SS | China | $3.36B | -27% | -37% | -3% | 104.6× | 2.9% | +22.2% |
| Crown New Materials Techn Co L 001381.SZ | China | $3.33B | n/a | +8% | 10% | n/a | n/a | n/a |
| Kansai Paint 4613.T | Japan | $3.23B | +29% | +3% | 8% | 19.1× | 2.3% | +10.1% |
| China Jushi 600176.SS | China | $16.6B | -20% | +27% | 34% | 13.5× | 14.6% | +10.1% |