# Develop Global (DVP.AU)

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

Analysis as of: 2026-10-16T07:44:26.149Z. Financial observations: FY2012–FY2026.

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 3.91 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 8

- Operating margin variation: 2.72×

Chart: Operating margin; fiscal year observations.

- FY2016: -3.37×

- FY2017: -51.17×

- FY2018: -15.69×

- FY2020: -232.15×

- FY2021: -8,119.96×

- FY2022: -1.97×

- FY2023: -0.20×

- FY2024: -0.06×

- FY2025: -0.01×

- FY2026: 0.04×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: -8.1%

- ROIC, second-lowest year: -12.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 199.3%

- ROIC including acquisitions, ten-year median: -14.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -12.4%

- FY2018: -9.8%

- FY2019: -9.1%

- FY2020: -12.8%

- FY2021: -370.9%

- FY2022: -6.8%

- FY2023: -7.0%

- FY2024: -2.1%

- FY2025: -0.3%

- FY2026: 1.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.61×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 25M

- Net income, five-year total: AUD 41M

- Return on incremental invested capital: 4.9%

- Working capital / revenue, annual change: 92.1 pp

- Working capital / revenue, final three-year average: 39.1%

- Working capital / revenue, change between three-year averages: 404.8 pp

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

- FY2022: 1.08×

- FY2023: 1.31×

- FY2024: 1.39×

- FY2025: 0.93×

- FY2026: 1.00×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -9.8% vs -0.3%

- Per-share earnings: -0.06 to 0.02 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 27.8%

- Ordinary dilution, 5-year annual growth: 20.0%

- Market cap gain: AUD 2.2B

- Cumulative retained earnings: AUD -58M

- Diluted shares, 10-year annual growth: 27.8%

- Diluted shares, 5-year annual growth: 20.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: AUD 0.08

- Per-share value, starting three-year median: AUD -0.06

- Per-share value, ending three-year median: AUD 0.02

- Buybacks concentrated in cheaper years (correlation): -0.77

- Average buyback yield: 0.5%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 5.0M

- Cumulative net income, 10 years: AUD -60M

- ROIC, first three-year median: -9.8%

- ROIC, last three-year median: -0.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD -0.06

- FY2018: AUD -0.05

- FY2019: AUD -0.04

- FY2020: AUD -0.05

- FY2021: AUD -0.65

- FY2022: AUD -0.06

- FY2023: AUD -0.08

- FY2024: AUD -0.06

- FY2025: AUD 0.21

- FY2026: AUD 0.02

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -4.3%

- Receivables to sales index (DSRI): 0.15×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 25.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 6.10×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.7%

- FY2018: -1.6%

- FY2019: -4.5%

- FY2020: -3.2%

- FY2021: -152.6%

- FY2022: -1.3%

- FY2023: -12.3%

- FY2024: -4.9%

- FY2025: 6.7%

- FY2026: -4.3%

## Holders

## Price story

Down 39% since Jun 2026 · sales +67.9%

Story as of 2026-10-16T10:00:13.047Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +67.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 45K 

- FY2018: AUD 142K 

- FY2019: AUD -53K 

- FY2020: AUD 17K 

- FY2021: AUD 11K 

- FY2022: AUD 4.5M 

- FY2023: AUD 68M 

- FY2024: AUD 147M 

- FY2025: AUD 231M 

- FY2026: AUD 389M 

### Gross margin · FY2026

gross margin 6.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2022: 19.4% 

- FY2024: 68.0% 

- FY2025: 9.6% 

- FY2026: 6.1% 

## Owner memo

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

### How it makes money

Operates in other industrial metals & mining; annual sales are AUD 388.5 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:26.149Z); FY2026: revenue 388539000; grossProfit 23800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DVP.AU: Develop Global Limited, together with its subsidiaries, engages in the exploration and development of mineral resource properties in Australia. It primarily explores for copper, zinc, lead, silver, gold, and lithium deposits. The company holds interest in the Yitirrti project that includes Yitirrti and Kangaroo Caves deposits and tenements; the Woodlawn Zinc-Copper Project is located at Lachlan Fold belt in New South Wales; and the Pioneer Dome Lithium Project covering approximately an area of 389 square kilometer located in the south of Kalgoorlie and north of the Esperance port. It also offers underground mining services. The company was formerly known as Venturex Resources Limited and changed its name to Develop Global Limited in October 2021. Develop Global Limited was incorporated in 2006 and is headquartered in West Leederville, Australia.

### Why customers stay

Margins ranged from 6.1% to 68% during 2024–26; it lost 8.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:26.149Z); FY2024: grossProfit / revenue = 68%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:26.149Z); FY2025: grossProfit / revenue = 9.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:26.149Z); FY2026: grossProfit / revenue = 6.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:26.149Z); 10-year return on capital observations [[2017,-0.12438886429593672],[2018,-0.09794852188514028],[2019,-0.09065281793818443],[2020,-0.12767739423294552],[2021,-3.7087731579311356],[2022,-0.0680270822921832],[2023,-0.0704366187334683],[2024,-0.02146947894243574],[2025,-0.0029489497291165386],[2026,0.014773742697919732]]; median -0.08054471833582637. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 4.9% on new investment; paid dividends in 6 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:26.149Z); FY2025: growth capex 31548381; upkeep 28787084; owner earnings 67273327.4. Growth capex / owner earnings = 0.4689582367825617.

- Source: https://wcsecure.weblink.com.au/pdf/DVP/03140972.pdf (filed 2026-10-16T07:44:26.149Z); FY2026: growth capex 89075000; upkeep 23650000; owner earnings 8186000. Growth capex / owner earnings = 10.881382848766187.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:26.149Z); Incremental return on capital 0.049042175786058136, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:26.149Z); Dividend observations: [[2017,0],[2018,0],[2019,2000000],[2020,2000000],[2021,0],[2022,900417],[2023,7100866],[2024,0],[2025,150000],[2026,250000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 21.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DVP.AU SharesStats.PercentInsiders = 21.367 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:26.149Z); Closing price 3.91 AUD; reporting-to-trading FX 1; FY2026 annual sales per share 1.1379985712741756; price multiple 3.4358566862013853. FY2026 cash earnings/share 0.02397611643734709. Closing-price date 2026-10-15.

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

- 2016-11: AUD 0.58 per share

- 2016-12: AUD 0.51 per share

- 2017-01: AUD 0.45 per share

- 2017-02: AUD 0.58 per share

- 2017-03: AUD 0.58 per share

- 2017-04: AUD 0.45 per share

- 2017-05: AUD 0.32 per share

- 2017-06: AUD 0.32 per share

- 2017-07: AUD 0.40 per share

- 2017-08: AUD 0.53 per share

- 2017-09: AUD 1.13 per share

- 2017-10: AUD 1.00 per share

- 2017-11: AUD 1.00 per share

- 2017-12: AUD 1.13 per share

- 2018-01: AUD 1.06 per share

- 2018-02: AUD 1.06 per share

- 2018-03: AUD 0.93 per share

- 2018-04: AUD 0.93 per share

- 2018-05: AUD 0.93 per share

- 2018-06: AUD 0.80 per share

- 2018-07: AUD 0.80 per share

- 2018-08: AUD 0.80 per share

- 2018-09: AUD 0.73 per share

- 2018-10: AUD 0.98 per share

- 2018-11: AUD 0.78 per share

- 2018-12: AUD 0.78 per share

- 2019-01: AUD 0.80 per share

- 2019-02: AUD 1.09 per share

- 2019-03: AUD 1.02 per share

- 2019-04: AUD 0.95 per share

- 2019-05: AUD 0.80 per share

- 2019-06: AUD 0.86 per share

- 2019-07: AUD 0.89 per share

- 2019-08: AUD 0.82 per share

- 2019-09: AUD 0.71 per share

- 2019-10: AUD 0.66 per share

- 2019-11: AUD 0.44 per share

- 2019-12: AUD 0.51 per share

- 2020-01: AUD 0.44 per share

- 2020-02: AUD 0.45 per share

- 2020-03: AUD 0.36 per share

- 2020-04: AUD 0.30 per share

- 2020-05: AUD 0.28 per share

- 2020-06: AUD 0.23 per share

- 2020-07: AUD 0.29 per share

- 2020-08: AUD 0.37 per share

- 2020-09: AUD 0.40 per share

- 2020-10: AUD 0.53 per share

- 2020-11: AUD 0.73 per share

- 2020-12: AUD 0.58 per share

- 2021-01: AUD 0.53 per share

- 2021-02: AUD 1.48 per share

- 2021-03: AUD 1.77 per share

- 2021-04: AUD 3.19 per share

- 2021-05: AUD 3.48 per share

- 2021-06: AUD 3.84 per share

- 2021-07: AUD 3.94 per share

- 2021-08: AUD 3.17 per share

- 2021-09: AUD 2.59 per share

- 2021-10: AUD 3.14 per share

- 2021-11: AUD 2.89 per share

- 2021-12: AUD 3.84 per share

- 2022-01: AUD 2.87 per share

- 2022-02: AUD 3.33 per share

- 2022-03: AUD 3.06 per share

- 2022-04: AUD 3.14 per share

- 2022-05: AUD 2.29 per share

- 2022-06: AUD 1.99 per share

- 2022-07: AUD 2.25 per share

- 2022-08: AUD 2.44 per share

- 2022-09: AUD 2.50 per share

- 2022-10: AUD 2.62 per share

- 2022-11: AUD 2.89 per share

- 2022-12: AUD 3.18 per share

- 2023-01: AUD 3.89 per share

- 2023-02: AUD 3.13 per share

- 2023-03: AUD 3.33 per share

- 2023-04: AUD 3.03 per share

- 2023-05: AUD 3.49 per share

- 2023-06: AUD 3.45 per share

- 2023-07: AUD 3.28 per share

- 2023-08: AUD 2.82 per share

- 2023-09: AUD 3.45 per share

- 2023-10: AUD 3.36 per share

- 2023-11: AUD 3.06 per share

- 2023-12: AUD 2.83 per share

- 2024-01: AUD 2.41 per share

- 2024-02: AUD 2.44 per share

- 2024-03: AUD 2.38 per share

- 2024-04: AUD 2.45 per share

- 2024-05: AUD 2.29 per share

- 2024-06: AUD 2.17 per share

- 2024-07: AUD 2.16 per share

- 2024-08: AUD 2.19 per share

- 2024-09: AUD 2.48 per share

- 2024-10: AUD 2.59 per share

- 2024-11: AUD 1.97 per share

- 2024-12: AUD 2.34 per share

- 2025-01: AUD 2.51 per share

- 2025-02: AUD 2.76 per share

- 2025-03: AUD 2.75 per share

- 2025-04: AUD 3.24 per share

- 2025-05: AUD 4.00 per share

- 2025-06: AUD 4.90 per share

- 2025-07: AUD 4.31 per share

- 2025-08: AUD 3.86 per share

- 2025-09: AUD 4.23 per share

- 2025-10: AUD 3.56 per share

- 2025-11: AUD 3.72 per share

- 2025-12: AUD 4.66 per share

- 2026-01: AUD 5.27 per share

- 2026-02: AUD 5.80 per share

- 2026-03: AUD 4.21 per share

- 2026-04: AUD 5.27 per share

- 2026-05: AUD 6.12 per share

- 2026-06: AUD 6.39 per share

- 2026-07: AUD 4.84 per share

- 2026-08: AUD 5.41 per share

- 2026-09: AUD 4.50 per share

- 2026-10: AUD 4.11 per share

## Annual estimated value (AUD 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

Prior published observations retained from 2026-10-15T06:50:03.651Z where newer inputs omit a numeric field or fiscal period.

## 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.

## Reported holder observations