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Australian technology developer commercialising SILEX laser uranium-enrichment technology through a US joint venture, plus early-stage zero-spin silicon for quantum computing.
Australian technology developer commercialising SILEX laser uranium-enrichment technology through a US joint venture, plus early-stage zero-spin silicon for quantum computing.
Has no product sales: it is paid royalties on laser enrichment technology it licensed to Global Laser Enrichment, a venture it shares with Cameco, so cash from that depends on the venture building and running a plant. It funds itself by selling shares. Zero-spin silicon for quantum computing is an early-stage side project.
In one line: A tiny, single-technology Centrus Energy licensor.
Moat: narrow (IP / patents). Proprietary, patented laser-enrichment technology exclusively licensed into the GLE joint venture.
Headquarters: Sydney, Australia · Founded: 1988
Size Silex Systems (SLX.AX) is an Australia Information Technology company (Semiconductors) with a market value of $574M, the 243rd largest of 316 Australia companies the cockpit tracks. Shares closed at A$2.97 on 6 Nov 2026.
Performance Over six months the shares fell 49.3%, against -40.6% for the median peer and +4.1% for the Australia market (cap-weighted) — 5th lowest of 19 in its peer set.
Growth Revenue grew 88.6% over the last twelve months (peer median +20.1%); the operating margin is -32.8% (peer median 1.1%).
Valuation It trades at 47.3× enterprise value to sales against a peer median of 3.4× (2nd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 43% a year for seven years (Req g). Recent delivered growth is +48%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 27.3 points below its cost of capital (12.4% WACC).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$13.7M | A$13.7M | A$7.27M | A$6.87M | A$6.84M |
| Revenue growth | — | +89% | +6% | 0% | — |
| Gross profit | -A$502,719 | -A$502,719 | -A$5.20M | -A$4.33M | -A$1.98M |
| EBITDA | -A$3.99M | -A$3.99M | -A$11.9M | -A$8.92M | -A$5.52M |
| Net income | -A$38.6M | -A$38.6M | -A$42.6M | -A$22.7M | -A$17.4M |
| Free cash flow | A$8.08M | A$8.08M | A$2.86M | A$5.85M | -A$2.43M |
| Capital expenditure | A$107,663 | A$107,663 | A$161,274 | A$285,395 | A$94,071 |
| Total debt | n/a | A$642,197 | A$910,204 | A$1.18M | A$772,138 |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Silex Systems SLX.AX | $574M | -49% | +89% | -33% | 47.3× | 43.3% |
| Centrus Energy LEU | $2.14B | -50% | +8% | 2% | 2.3× | n/a |
| Cameco CCO.TO | $31.3B | -38% | 0% | 12% | 12.6× | 47.7% |
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 | SLX.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -29.9% | -16.4% | 5th lowest of 21 |
| 6-month return | -49.3% | -40.6% | 5th lowest of 19 |
| Distance from 52-week high | -70.6% | -55.9% | 5th lowest of 21 |
| Revenue growth (TTM) | +88.6% | +20.1% | 2nd highest of 20 |
| Operating margin | -32.8% | 1.1% | 4th lowest of 20 |
| EV / Sales | 47.3× | 3.4× | 2nd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 43.3% | 14.7% | most demanding of 7 |
| Growth delivered (Del g) | +48.1% | +7.5% | highest of 7 |
| Hurdle (Req g minus delivered) | -4.8 pp | +9.6 pp | 2nd least demanding of 7 |
| ROIC minus cost of capital | -27.3 pp | -7.2 pp | 6th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Silex Systems SLX.AX | Australia | $574M | -49% | +89% | -33% | 47.3× | 43.3% | +48.1% |
| Centera Photonics 7917.TWO | Taiwan | $579M | n/a | n/a | n/a | n/a | n/a | n/a |
| Taiwan Microloops 6831.TW | Taiwan | $569M | -46% | +117% | 12% | 4.6× | n/a | n/a |
| Jiangsu Transimage Technology 002866.SZ | China | $567M | -49% | -5% | 3% | 1.9× | 12.9% | +4.2% |
| Kopin KOPN | United States | $564M | -44% | -7% | -35% | 11.8× | n/a | n/a |
| Shenzhen EXC-LED Technology 300889.SZ | China | $562M | -29% | +20% | -7% | 3.2× | n/a | n/a |
| Shenzhen SOSEN Electronics 301002.SZ | China | $587M | -39% | +22% | 2% | 3.4× | n/a | n/a |
| First Sensor SIS.DE | Germany | $591M | -6% | -18% | 7% | 5.7× | 13.5% | -7.4% |
| Black Sesame International 2533.HK | Hong Kong | $555M | -66% | +73% | -148% | 3.4× | n/a | n/a |
| Yingkou Jinchen Machinery 603396.SS | China | $555M | -24% | -5% | 5% | 1.3× | 21.1% | +21.8% |
| JinkoSolar Holding Co., Ltd. Sponsored ADR JKS | United States | $551M | -55% | -15% | -8% | 0.8× | n/a | n/a |
| Jiangsu Rijiu Optoelectronics Jointstock 003015.SZ | China | $548M | -22% | +5% | 12% | 5.3× | 15.8% | +5.3% |
| Vikram Solar VIKRAMSOLR.NS | India | $546M | -37% | +40% | 12% | 1.0× | n/a | n/a |
| QD Laser 6613.T | Japan | $546M | +43% | +7% | -19% | 56.3× | n/a | n/a |
| Jiangxi Lianchuang Optoelectronic Science & Tech 600363.SS | China | $603M | -82% | -10% | 1% | 2.4× | n/a | n/a |
| Shenzhen Kiwi Instruments 688045.SS | China | $604M | -3% | +45% | 8% | 3.4× | 31.6% | +9.7% |
| TFE 425420.KS | South Korea | $544M | -8% | +54% | 17% | 5.2× | 7.4% | +15.5% |
| Suzhou Convert Semiconductor 688693.SS | China | $543M | -48% | +49% | -34% | 10.0× | n/a | n/a |
| Halo Microelectronics 688173.SS | China | $606M | -42% | +11% | -14% | 3.9× | n/a | n/a |
| Brite Semiconductor (Shanghai) 688691.SS | China | $542M | -59% | +27% | -18% | 3.1× | n/a | n/a |
| Viewtrix Technology 3310.HK | Hong Kong | $608M | n/a | +24% | -22% | 2.6× | n/a | n/a |