# Deep Yellow (DYL.AU) Canonical: https://gigainvestors.com/s/DYL.AU Analysis as of: 2026-10-16T07:46:31.833Z. Financial observations: FY1997–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 0.82 per share; close as of 2026-10-15. ## Checklist ### understandable: fail - 7 revenue declines in the last 10 years - more than 5 revenue declines in ten years - more than 2 net loss years - negative average operating margin - operating margin variation exceeds 0.35 - Financial history: 10 years - Years with declining revenue: 7 - Years with a net loss: 7 - Operating margin variation: 1.43× Chart: Operating margin; fiscal year observations. - FY2017: -63.39× - FY2018: -18.19× - FY2019: -33.70× - FY2020: -57.25× - FY2021: -89.12× - FY2022: -140.31× - FY2023: -297.67× - FY2024: -797.79× - FY2025: -1.27× ### moat: fail - ROIC median below threshold - ROIC worst years below threshold (more than 1 bad year allowed) - ROIC, median of available years: -7.5% - ROIC, second-lowest year: -10.6% - Years with nonpositive capital: 0 - Capital spending / revenue: 4148.4% - ROIC including acquisitions, ten-year median: -11.3% - Typical minus recent gross margin: 0.0 pp Chart: ROIC excluding acquisitions; fiscal year observations. - FY2017: -7.8% - FY2018: -7.2% - FY2019: -9.6% - FY2020: -12.2% - FY2021: -8.9% - FY2022: -10.6% - FY2023: -2.7% - FY2024: -2.8% - FY2025: -2.8% - FY2026: -3.8% ### economics: fail - owner earnings cash conversion below threshold - incremental invested capital return below threshold - Cash conversion uses consolidated totals: No - Owner earnings, five-year total: AUD -61M - Net income, five-year total: AUD -7.1M - Return on incremental invested capital: -15.0% - Working capital / revenue, annual change: 26856.7 pp Chart: Owner earnings · five years; fiscal year observations. - FY2022: AUD -16M - FY2023: AUD -38M - FY2024: AUD -28M - FY2025: AUD 7.2M - FY2026: AUD 13M ### 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: -7.8% vs -2.8% - Per-share earnings: -0.01 to 0.01 (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: 20.5% - Ordinary dilution, 5-year annual growth: 22.6% - Market cap gain: AUD 1.3B - Cumulative retained earnings: AUD -15M - Diluted shares, 10-year annual growth: 20.5% - Diluted shares, 5-year annual growth: 22.6% - $1 test, starting fiscal year: FY2017 - $1 test, ending fiscal year: FY2026 - Per-share value change: AUD 0.02 - Per-share value, starting three-year median: AUD -0.01 - Per-share value, ending three-year median: AUD 0.01 - Buybacks concentrated in cheaper years (correlation): -0.50 - Average buyback yield: 0.7% - Buyback history: 7 years - Debt-funded buybacks: Yes - Acquisition spending: AUD 14M - Cumulative net income, 10 years: AUD -43M - ROIC, first three-year median: -7.8% - ROIC, last three-year median: -2.8% Chart: Earnings per share; fiscal year observations. - FY2017: AUD -0.15 - FY2018: AUD -0.01 - FY2019: AUD -0.02 - FY2020: AUD 0.01 - FY2021: AUD -0.01 - FY2022: AUD -0.01 - FY2023: AUD -0.01 - FY2024: AUD -0.01 - FY2025: AUD 0.01 - FY2026: AUD 0.01 ### accounting: fail - earnings not backed by cash - Sloan accruals: 2.6% - Earnings backed by cash: No - Operating cash / earnings: -0.30× - Accounting red flags: 0 - Goodwill and intangibles / equity: 0.00× Chart: Sloan accruals; fiscal year observations. - FY2017: -59.5% - FY2018: -1.2% - FY2019: -3.0% - FY2020: 10.5% - FY2021: -2.4% - FY2022: -2.6% - FY2023: -1.2% - FY2024: -1.1% - FY2025: 0.4% - FY2026: 2.6% ## Holders ## Price story Down 71% since Jan 2026 · sales +72572.8% Story as of 2026-10-16T10:00:13.576Z; price observation 2026-10-15. ### Sales · FY2024–2025 sales +72572.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16. - FY2017: AUD 45K - FY2018: AUD 150K - FY2019: AUD 119K - FY2020: AUD 77K - FY2021: AUD 56K - FY2022: AUD 52K - FY2023: AUD 38K - FY2024: AUD 16K - FY2025: AUD 12M ### Gross margin · FY2018 gross margin 48.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16. - FY2017: 14.8% - FY2018: 48.7% ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### Why customers stay It lost 7.5% on its capital. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:31.833Z); 10-year return on capital observations [[2017,-0.07755807392915566],[2018,-0.07168767831458114],[2019,-0.09582432557905785],[2020,-0.12159751514102272],[2021,-0.08921097151501567],[2022,-0.10649317071412183],[2023,-0.02681861438013064],[2024,-0.027867884851836913],[2025,-0.02779214788771749],[2026,-0.03794545916233056]]; median -0.07462287612186841. ROIC follows the displayed moat series; financial companies use return on tangible equity. ### Where the cash goes Paid dividends in 3 of 10 years. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:31.833Z); FY2025: growth capex 49046375; upkeep 746420; owner earnings 7157360. Growth capex / owner earnings = 6.852579023550583. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:31.833Z); FY2026: growth capex 0; upkeep 544900; owner earnings 12956276. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:31.833Z); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,2080204],[2021,44048507],[2022,22684344],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement. ### Are managers owners Insiders own 7.3% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DYL.AU SharesStats.PercentInsiders = 7.3069999999999995 percentage points; cache date 2026-10-16. ### What the price says The price is 1.2 times net assets. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:31.833Z); Closing price 0.815 AUD; reporting-to-trading FX 1; FY2026 net assets per share 0.6741061310502894; price multiple 1.20900843718806. FY2026 cash earnings/share 0.013216277096771707. Closing-price date 2026-10-15. ## Monthly share-price history (AUD per share) - 2016-11: AUD 0.20 per share - 2016-12: AUD 0.36 per share - 2017-01: AUD 0.48 per share - 2017-02: AUD 0.36 per share - 2017-03: AUD 0.29 per share - 2017-04: AUD 0.28 per share - 2017-05: AUD 0.25 per share - 2017-06: AUD 0.28 per share - 2017-07: AUD 0.28 per share - 2017-08: AUD 0.25 per share - 2017-09: AUD 0.22 per share - 2017-10: AUD 0.19 per share - 2017-11: AUD 0.31 per share - 2017-12: AUD 0.31 per share - 2018-01: AUD 0.27 per share - 2018-02: AUD 0.28 per share - 2018-03: AUD 0.25 per share - 2018-04: AUD 0.25 per share - 2018-05: AUD 0.28 per share - 2018-06: AUD 0.34 per share - 2018-07: AUD 0.40 per share - 2018-08: AUD 0.42 per share - 2018-09: AUD 0.52 per share - 2018-10: AUD 0.38 per share - 2018-11: AUD 0.46 per share - 2018-12: AUD 0.38 per share - 2019-01: AUD 0.45 per share - 2019-02: AUD 0.44 per share - 2019-03: AUD 0.40 per share - 2019-04: AUD 0.38 per share - 2019-05: AUD 0.34 per share - 2019-06: AUD 0.32 per share - 2019-07: AUD 0.32 per share - 2019-08: AUD 0.29 per share - 2019-09: AUD 0.30 per share - 2019-10: AUD 0.27 per share - 2019-11: AUD 0.27 per share - 2019-12: AUD 0.29 per share - 2020-01: AUD 0.26 per share - 2020-02: AUD 0.17 per share - 2020-03: AUD 0.21 per share - 2020-04: AUD 0.25 per share - 2020-05: AUD 0.24 per share - 2020-06: AUD 0.20 per share - 2020-07: AUD 0.24 per share - 2020-08: AUD 0.23 per share - 2020-09: AUD 0.31 per share - 2020-10: AUD 0.32 per share - 2020-11: AUD 0.43 per share - 2020-12: AUD 0.47 per share - 2021-01: AUD 0.57 per share - 2021-02: AUD 0.62 per share - 2021-03: AUD 0.63 per share - 2021-04: AUD 0.66 per share - 2021-05: AUD 0.85 per share - 2021-06: AUD 0.71 per share - 2021-07: AUD 0.73 per share - 2021-08: AUD 0.79 per share - 2021-09: AUD 0.93 per share - 2021-10: AUD 1.00 per share - 2021-11: AUD 0.98 per share - 2021-12: AUD 0.86 per share - 2022-01: AUD 0.75 per share - 2022-02: AUD 0.80 per share - 2022-03: AUD 1.02 per share - 2022-04: AUD 0.94 per share - 2022-05: AUD 0.75 per share - 2022-06: AUD 0.60 per share - 2022-07: AUD 0.75 per share - 2022-08: AUD 1.16 per share - 2022-09: AUD 0.81 per share - 2022-10: AUD 0.79 per share - 2022-11: AUD 0.71 per share - 2022-12: AUD 0.70 per share - 2023-01: AUD 0.80 per share - 2023-02: AUD 0.65 per share - 2023-03: AUD 0.57 per share - 2023-04: AUD 0.54 per share - 2023-05: AUD 0.58 per share - 2023-06: AUD 0.75 per share - 2023-07: AUD 0.64 per share - 2023-08: AUD 0.88 per share - 2023-09: AUD 1.32 per share - 2023-10: AUD 1.25 per share - 2023-11: AUD 1.03 per share - 2023-12: AUD 1.09 per share - 2024-01: AUD 1.46 per share - 2024-02: AUD 1.36 per share - 2024-03: AUD 1.34 per share - 2024-04: AUD 1.46 per share - 2024-05: AUD 1.64 per share - 2024-06: AUD 1.34 per share - 2024-07: AUD 1.29 per share - 2024-08: AUD 1.09 per share - 2024-09: AUD 1.38 per share - 2024-10: AUD 1.38 per share - 2024-11: AUD 1.20 per share - 2024-12: AUD 1.13 per share - 2025-01: AUD 1.36 per share - 2025-02: AUD 1.04 per share - 2025-03: AUD 1.06 per share - 2025-04: AUD 1.13 per share - 2025-05: AUD 1.35 per share - 2025-06: AUD 1.67 per share - 2025-07: AUD 1.51 per share - 2025-08: AUD 1.82 per share - 2025-09: AUD 1.96 per share - 2025-10: AUD 1.79 per share - 2025-11: AUD 1.63 per share - 2025-12: AUD 1.84 per share - 2026-01: AUD 2.84 per share - 2026-02: AUD 2.63 per share - 2026-03: AUD 1.75 per share - 2026-04: AUD 1.78 per share - 2026-05: AUD 1.58 per share - 2026-06: AUD 1.39 per share - 2026-07: AUD 1.32 per share - 2026-08: AUD 1.64 per share - 2026-09: AUD 1.17 per share - 2026-10: AUD 0.88 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 2026-10-15T06:52:03.026Z 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.
DYL · AU
S&P/ASX 200
Not a wonderful business
5 quality tests fail. A lower price would not fix the business.
Sales fell in 7 years (limit 5), and 7 loss years were recorded (limit 2), and average operating margin was negative (must be zero or higher), and margins varied 143.2% around their average (limit 35%).
Capital return excluding acquisitions: median -7.5% (minimum 15%), and the second-worst year -10.6% (minimum 10%).
Owners received -61.4 million over five years (must be positive), and new investment earned -15% (minimum 12%).
Share growth was 20.5% over ten years and 22.6% over five (either must be at most 1% a year).
Profits lacked the required cash backing.
Profit record · fail 7 loss years in 10 (at most 2), mean operating margin -16652.2%, three-year average owner earnings per share -0 AUD. 7 loss years in the last 10; at most 2 allowed. Mean operating margin over the last ten years is negative. Three-year average owner earnings per share is not positive.