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Global metal recycling company that collects, processes and sells ferrous and non-ferrous scrap metal.
Global metal recycling company that collects, processes and sells ferrous and non-ferrous scrap metal.
Buys scrap metal from yards and industrial sources, shreds and sorts it, and sells to steel mills and foundries, so income is the spread between what it pays and what it receives, multiplied by tonnes handled. North America is its largest region, and it also earns from recycling electronic waste.
In one line: A global scrap metal recycler like Commercial Metals/Radius Recycling.
Moat: narrow (scale, installed base). Large global network of scrap yards and processing facilities is costly and slow to replicate.
Headquarters: Sydney, Australia · Founded: 1917 · Employees: 4,015
Size Sims (SGM.AX) is an Australia Materials company (Steel) with a market value of $2.62B, the 105th largest of 316 Australia companies the cockpit tracks. Shares closed at A$19.65 on 6 Nov 2026.
Performance Over six months the shares fell 10.7%, against -24.4% for the median peer and +4.1% for the Australia market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 6.6% over the last twelve months (peer median -3.3%); the operating margin is 3.8% (peer median 2.4%).
Valuation It trades at 10.5× forward earnings against a peer median of 17.1× (2nd cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +8 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.1 points below its cost of capital (11.5% WACC).
Next results Next results expected around 15 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$8.01B | A$8.01B | A$7.49B | A$7.20B | A$6.64B |
| Revenue growth | — | +7% | +4% | +8% | — |
| Gross profit | A$1.49B | A$1.49B | A$1.13B | A$1.04B | A$1.19B |
| EBITDA | A$560M | A$560M | A$312M | A$18.3M | A$184M |
| Net income | A$245M | A$245M | -A$16.9M | -A$57.8M | A$181M |
| Free cash flow | A$220M | A$220M | A$103M | -A$11.8M | A$219M |
| Capital expenditure | A$203M | A$203M | A$194M | A$215M | A$232M |
| Total debt | n/a | A$827M | A$788M | A$784M | A$805M |
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 |
|---|---|---|---|---|---|---|
| Sims SGM.AX | $2.62B | -11% | +7% | 4% | 10.5× | 14.6% |
| Commercial Metals CMC | $6.85B | -12% | +20% | 9% | 9.3× | 6.2% |
| Nucor NUE | $55.6B | +8% | +22% | 13% | 10.2× | 12.0% |
| Steel Dynamics STLD | $31.7B | -5% | +26% | 12% | 9.7× | 11.7% |
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 | SGM.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.2% | -5.8% | 4th lowest of 21 |
| 6-month return | -10.7% | -24.4% | 4th highest of 20 |
| Distance from 52-week high | -38.2% | -40.4% | 9th highest of 21 |
| Revenue growth (TTM) | +6.6% | -3.3% | 8th highest of 21 |
| Operating margin | 3.8% | 2.4% | 10th highest of 20 |
| Forward P/E | 10.5× | 17.1× | 2nd cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 14.6% | 8.1% | 5th most demanding of 17 |
| Growth delivered (Del g) | +6.2% | +6.5% | 9th highest of 17 |
| Hurdle (Req g minus delivered) | +8.3 pp | +1.6 pp | 5th most demanding of 17 |
| ROIC minus cost of capital | -5.1 pp | -2.9 pp | 7th lowest of 20 |
| EV / EBITDA | 7.9× | 8.6× | 3rd cheapest of 6 |
| Net debt / EBITDA | 1.1× | 1.6× | 3rd least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sims SGM.AX | Australia | $2.62B | -11% | +7% | 4% | 10.5× | 14.6% | +6.2% |
| Aperam APAM.AS | Netherlands | $2.63B | -32% | -4% | 2% | 13.6× | 12.9% | +10.9% |
| Hyundai Steel 004020.KS | South Korea | $2.73B | -34% | +2% | 1% | 74.3× | -1.2% | +4.8% |
| Hangzhou Iron & Steel 600126.SS | China | $2.73B | -38% | -58% | -1% | n/a | 19.3% | +9.8% |
| Zhejiang Jiuli Hi-Tech Metals 002318.SZ | China | $2.75B | -37% | -38% | 4% | 25.9× | 15.4% | +19.5% |
| Angang Steel 000898.SZ | China | $2.50B | -15% | -6% | -7% | n/a | n/a | n/a |
| Fujian Makeng Mining 601123.SS | China | $2.76B | n/a | -3% | 41% | n/a | 29.1% | -1.0% |
| Shanxi Taigang Stainless Steel 000825.SZ | China | $2.78B | -24% | +1% | -1% | 65.0× | 7.4% | +6.1% |
| Hainan Mining 601969.SS | China | $2.44B | -33% | +29% | 17% | 13.9× | 0.8% | +9.9% |
| Yongxing Special Materials Technology 002756.SZ | China | $2.88B | -59% | +30% | 16% | 11.2× | -2.3% | +8.4% |
| HBIS 000709.SZ | China | $2.96B | -16% | -6% | 5% | 12.2× | n/a | n/a |
| Alleima ALLEI.ST | Sweden | $2.32B | +9% | -5% | 7% | 21.5× | 12.9% | +0.4% |
| Maanshan Iron & Steel 600808.SS | China | $2.32B | -41% | -4% | 0% | 38.0× | 0.3% | -1.0% |
| Daido Steel 5471.T | Japan | $2.29B | -4% | +8% | 7% | 10.8× | 8.8% | +7.0% |
| Advanced Technology & Materials 000969.SZ | China | $2.28B | -32% | +37% | 5% | 40.2× | 16.2% | +9.8% |
| KIOCL KIOCL.NS | India | $2.15B | -18% | +27% | -6% | n/a | n/a | n/a |
| Salzgitter SZG.DE | Germany | $3.29B | -14% | -6% | -1% | 10.5× | n/a | n/a |
| Xinxing Ductile Iron Pipes 000778.SZ | China | $2.05B | -24% | +15% | 2% | 20.5× | -6.9% | -2.8% |
| Outokumpu OUT1V.HE | Finland | $1.99B | -31% | -7% | -1% | 20.3× | 14.0% | -0.7% |
| TA Chen Stainless Pipe 2027.TW | Taiwan | $3.46B | +21% | +24% | 18% | 8.0× | -10.1% | +11.4% |
| Shandong Iron and Steel 600022.SS | China | $1.98B | -12% | -10% | n/a | 12.6× | 1.3% | -5.1% |