# Dyno Nobel (DNL.AU)

Canonical: https://gigainvestors.com/s/DNL.AU

Analysis as of: 2026-10-16T07:37:40.282Z. Financial observations: FY2003–FY2025.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 3.92 per share; close as of 2026-10-15.

Estimated value: low AUD 0.96 per share, central AUD 1.09 per share, high AUD 1.26 per share. Buy at or below the central value AUD 1.09 per share. Valuation as of 2026-10-16T07:37:40.282Z; scenarios are not confidence intervals.

Expected annual return: 4.8% at the stated quote. About 4.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.40×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.11×

- FY2018: 0.12×

- FY2019: 0.06×

- FY2020: 0.07×

- FY2021: 0.11×

- FY2022: 0.20×

- FY2023: 0.07×

- FY2024: 0.07×

- FY2025: 0.13×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 25.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 8.6%

- ROIC, second-lowest year: 5.2%

- Typical minus recent gross margin: 25.3 pp

- Typical gross margin (annual median): 52.8%

- Recent gross margin (lower of latest and 3-year median): 27.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.7%

- ROIC including acquisitions, ten-year median: 2.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.9%

- FY2017: 8.4%

- FY2018: 12.2%

- FY2019: 5.1%

- FY2020: 5.4%

- FY2021: 11.0%

- FY2022: 20.7%

- FY2023: 5.2%

- FY2024: 6.9%

- FY2025: 9.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.60×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 936M

- Net income, five-year total: AUD 1.6B

- Return on incremental invested capital: -0.9%

- Working capital / revenue, annual change: 2.3 pp

- Working capital / revenue, change between three-year averages: 16.3 pp

- Working capital / revenue, final three-year average: 11.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.77×

- FY2022: 0.95×

- FY2023: 0.61×

- FY2024: 1.28×

- FY2025: -0.60×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 8.9% vs 6.9%

- Per-share earnings: 0.19 to 0.08 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.7%

- Ordinary dilution, 5-year annual growth: -1.5%

- Market cap gain: AUD -457M

- Cumulative retained earnings: AUD 58M

- Diluted shares, 10-year annual growth: 0.7%

- Diluted shares, 5-year annual growth: -1.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -10.1%

- Per-share value change: AUD -0.11

- Per-share value, starting three-year median: AUD 0.19

- Per-share value, ending three-year median: AUD 0.08

- Buybacks concentrated in cheaper years (correlation): -0.46

- Average buyback yield: 2.5%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 645M

- Cumulative net income, 10 years: AUD 2.5B

- ROIC, first three-year median: 8.9%

- ROIC, last three-year median: 6.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: AUD 0.08

- FY2017: AUD 0.19

- FY2018: AUD 0.13

- FY2019: AUD 0.09

- FY2020: AUD 0.06

- FY2021: AUD 0.08

- FY2022: AUD 0.52

- FY2023: AUD 0.29

- FY2024: AUD -0.16

- FY2025: AUD 0.08

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -5.5%

- Receivables to sales index (DSRI): 1.85×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.95×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.59×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.2%

- FY2017: -3.7%

- FY2018: -5.1%

- FY2019: -2.8%

- FY2020: -4.5%

- FY2021: -5.3%

- FY2022: -0.7%

- FY2023: -1.3%

- FY2024: -7.2%

- FY2025: -5.5%

## Holders

## Price story

Price needs cash profits to grow 17.5% a year for ten years · sales -29.7%

Story as of 2026-10-16T10:00:09.370Z; price observation 2026-10-15.

Price needs cash profits to grow 17.5% a year for ten years

### Sales · FY2024–2025

sales -29.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: AUD 3.4B 

- FY2017: AUD 3.5B 

- FY2018: AUD 3.9B 

- FY2019: AUD 3.9B 

- FY2020: AUD 3.9B 

- FY2021: AUD 4.3B 

- FY2022: AUD 6.3B 

- FY2023: AUD 5.4B 

- FY2024: AUD 5.3B 

- FY2025: AUD 3.7B 

### Gross margin · FY2025

gross margin 27.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 55.8% 

- FY2017: 54.9% 

- FY2018: 55.5% 

- FY2019: 50.0% 

- FY2020: 53.6% 

- FY2021: 52.8% 

- FY2022: 52.8% 

- FY2023: 45.9% 

- FY2024: 49.2% 

- FY2025: 27.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty chemicals; annual sales are AUD 3.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.282Z); FY2025: revenue 3710100000; grossProfit 1021800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DNL.AU: Dyno Nobel Limited, together with its subsidiaries, manufactures and distributes industrial explosives, chemicals, and fertilizers in the United States and Australia. It offers packaged explosives, including Powermite, a cartridge explosive; and Dynosplit for pre-split applications, as well as ammonium nitrates. The company also provides initiation systems, such as BlastWeb II, an underground blasting system; CE4 Commander Blasting System and DigiShot Plus.4G, an electronic blasting systems; and electronic detonators, such as DigiShot, DigiShot Plus, DigiShot Plus.4G, and GeoShot for a range of applications, such as surface and underground mining, quarrying, and construction, as well as bulk technologies under TITAN series and software products, such as ViewShot 3D, DIFFERENTIAL ENERGY2, and Nobel Fire. It exports its products. It also provides Dyno Consult and Drill and Blast Academies services; DYNOBULK FLEX, and Portable Modular Emulsion plants. The company was formerly known as Incitec Pivot Limited and changed its name to Dyno Nobel Limited in March 2025. Dyno Nobel Limited was founded in 1831 and is headquartered in Fortitude Valley, Australia.

### Why customers stay

Margins ranged from 27.5% to 49.2% during 2023–25; it earns 8.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.282Z); FY2023: grossProfit / revenue = 45.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.282Z); FY2024: grossProfit / revenue = 49.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.282Z); FY2025: grossProfit / revenue = 27.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.282Z); 10-year return on capital observations [[2016,0.08867679693561378],[2017,0.08357611901616162],[2018,0.12241396968455551],[2019,0.051052711540431964],[2020,0.053895394286415405],[2021,0.10962030618843174],[2022,0.20701793531447849],[2023,0.05183598077037936],[2024,0.06875838086660663],[2025,0.09581463300682665]]; median 0.0861264579758877. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back AUD 288.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.282Z); FY2017: growth capex 46400000; upkeep 273300000; owner earnings 318700000. Growth capex / owner earnings = 0.14559146532789458.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.282Z); FY2018: growth capex 31000000; upkeep 294300000; owner earnings 207900000. Growth capex / owner earnings = 0.1491101491101491.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.282Z); FY2019: growth capex 46500000; upkeep 301600000; owner earnings 152400000. Growth capex / owner earnings = 0.3051181102362205.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.282Z); FY2020: growth capex 0; upkeep 278400000; owner earnings 201000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.282Z); FY2021: growth capex 0; upkeep 355000000; owner earnings 114100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.282Z); FY2022: growth capex 61500000; upkeep 372500000; owner earnings 964520000. Growth capex / owner earnings = 0.06376228590386929.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.282Z); FY2023: growth capex 0; upkeep 495100000; owner earnings 342660000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.282Z); Dividend observations: [[2016,194000000],[2017,154700000],[2018,159800000],[2019,127600000],[2020,30700000],[2021,19400000],[2022,355400000],[2023,524400000],[2024,378200000],[2025,162300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.282Z); FY2025: cash repurchases 288800000 AUD.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DNL.AU SharesStats.PercentInsiders = 0.083 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 17.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.282Z); Ten-year compound average after fade. Initial solved rate 0.2409380375783735. Price 3.92; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.2357048079345831 → FY2025 -0.048162722385412624. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-10: AUD 2.95 per share

- 2016-11: AUD 3.15 per share

- 2016-12: AUD 3.60 per share

- 2017-01: AUD 3.85 per share

- 2017-02: AUD 3.67 per share

- 2017-03: AUD 3.76 per share

- 2017-04: AUD 3.79 per share

- 2017-05: AUD 3.42 per share

- 2017-06: AUD 3.41 per share

- 2017-07: AUD 3.20 per share

- 2017-08: AUD 3.33 per share

- 2017-09: AUD 3.60 per share

- 2017-10: AUD 3.82 per share

- 2017-11: AUD 3.99 per share

- 2017-12: AUD 3.90 per share

- 2018-01: AUD 3.73 per share

- 2018-02: AUD 3.80 per share

- 2018-03: AUD 3.51 per share

- 2018-04: AUD 3.80 per share

- 2018-05: AUD 3.44 per share

- 2018-06: AUD 3.63 per share

- 2018-07: AUD 3.79 per share

- 2018-08: AUD 3.92 per share

- 2018-09: AUD 3.98 per share

- 2018-10: AUD 3.90 per share

- 2018-11: AUD 3.76 per share

- 2018-12: AUD 3.28 per share

- 2019-01: AUD 3.31 per share

- 2019-02: AUD 3.37 per share

- 2019-03: AUD 3.12 per share

- 2019-04: AUD 3.37 per share

- 2019-05: AUD 3.28 per share

- 2019-06: AUD 3.41 per share

- 2019-07: AUD 3.48 per share

- 2019-08: AUD 3.21 per share

- 2019-09: AUD 3.39 per share

- 2019-10: AUD 3.45 per share

- 2019-11: AUD 3.23 per share

- 2019-12: AUD 3.18 per share

- 2020-01: AUD 3.28 per share

- 2020-02: AUD 2.73 per share

- 2020-03: AUD 2.02 per share

- 2020-04: AUD 2.39 per share

- 2020-05: AUD 2.01 per share

- 2020-06: AUD 1.88 per share

- 2020-07: AUD 1.85 per share

- 2020-08: AUD 2.10 per share

- 2020-09: AUD 2.03 per share

- 2020-10: AUD 1.92 per share

- 2020-11: AUD 2.29 per share

- 2020-12: AUD 2.28 per share

- 2021-01: AUD 2.64 per share

- 2021-02: AUD 2.66 per share

- 2021-03: AUD 2.91 per share

- 2021-04: AUD 2.65 per share

- 2021-05: AUD 2.28 per share

- 2021-06: AUD 2.38 per share

- 2021-07: AUD 2.68 per share

- 2021-08: AUD 2.70 per share

- 2021-09: AUD 2.94 per share

- 2021-10: AUD 2.99 per share

- 2021-11: AUD 3.20 per share

- 2021-12: AUD 3.24 per share

- 2022-01: AUD 3.28 per share

- 2022-02: AUD 3.09 per share

- 2022-03: AUD 3.79 per share

- 2022-04: AUD 3.86 per share

- 2022-05: AUD 3.52 per share

- 2022-06: AUD 3.31 per share

- 2022-07: AUD 3.60 per share

- 2022-08: AUD 3.92 per share

- 2022-09: AUD 3.51 per share

- 2022-10: AUD 3.75 per share

- 2022-11: AUD 4.00 per share

- 2022-12: AUD 3.76 per share

- 2023-01: AUD 3.44 per share

- 2023-02: AUD 3.44 per share

- 2023-03: AUD 3.13 per share

- 2023-04: AUD 3.19 per share

- 2023-05: AUD 2.96 per share

- 2023-06: AUD 2.74 per share

- 2023-07: AUD 3.02 per share

- 2023-08: AUD 2.93 per share

- 2023-09: AUD 3.14 per share

- 2023-10: AUD 2.74 per share

- 2023-11: AUD 2.92 per share

- 2023-12: AUD 2.84 per share

- 2024-01: AUD 2.69 per share

- 2024-02: AUD 2.70 per share

- 2024-03: AUD 2.89 per share

- 2024-04: AUD 2.80 per share

- 2024-05: AUD 2.96 per share

- 2024-06: AUD 2.90 per share

- 2024-07: AUD 2.95 per share

- 2024-08: AUD 3.03 per share

- 2024-09: AUD 3.11 per share

- 2024-10: AUD 3.01 per share

- 2024-11: AUD 3.21 per share

- 2024-12: AUD 2.93 per share

- 2025-01: AUD 3.00 per share

- 2025-02: AUD 2.75 per share

- 2025-03: AUD 2.55 per share

- 2025-04: AUD 2.27 per share

- 2025-05: AUD 2.68 per share

- 2025-06: AUD 2.69 per share

- 2025-07: AUD 2.94 per share

- 2025-08: AUD 3.05 per share

- 2025-09: AUD 3.10 per share

- 2025-10: AUD 3.22 per share

- 2025-11: AUD 3.41 per share

- 2025-12: AUD 3.21 per share

- 2026-01: AUD 3.51 per share

- 2026-02: AUD 3.32 per share

- 2026-03: AUD 3.12 per share

- 2026-04: AUD 3.27 per share

- 2026-05: AUD 3.76 per share

- 2026-06: AUD 3.92 per share

- 2026-07: AUD 3.78 per share

- 2026-08: AUD 3.78 per share

- 2026-09: AUD 4.10 per share

- 2026-10: AUD 4.01 per share

## Annual estimated value (AUD per share)

- FY2016: low AUD 0.46 per share, central AUD 0.49 per share, high AUD 0.54 per share

- FY2017: low AUD 1.02 per share, central AUD 1.13 per share, high AUD 1.26 per share

- FY2018: low AUD 1.72 per share, central AUD 1.92 per share, high AUD 2.17 per share

- FY2019: low AUD 1.74 per share, central AUD 1.94 per share, high AUD 2.20 per share

- FY2020: low AUD 1.37 per share, central AUD 1.53 per share, high AUD 1.74 per share

- FY2021: low AUD 1.54 per share, central AUD 1.71 per share, high AUD 1.94 per share

- FY2022: low AUD 2.31 per share, central AUD 2.81 per share, high AUD 3.22 per share

- FY2023: low AUD 1.71 per share, central AUD 1.92 per share, high AUD 2.20 per share

- FY2024: low AUD 2.06 per share, central AUD 2.28 per share, high AUD 2.56 per share

- FY2025: low AUD 0.91 per share, central AUD 0.99 per share, high AUD 1.10 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.