# Firefly Metals (FFM.AU)

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

Analysis as of: 2026-10-16T07:44:39.403Z. Financial observations: FY2016–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 1.36 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- more than 2 net loss years

- Financial history: 10 years

- Years with a net loss: 10

Chart: Net income; fiscal year observations.

- FY2017: AUD -1.6M

- FY2018: AUD -1.4M

- FY2019: AUD -933K

- FY2020: AUD -7.7M

- FY2021: AUD -3.4M

- FY2022: AUD -3.2M

- FY2023: AUD -3.5M

- FY2024: AUD -22M

- FY2025: AUD -11M

- FY2026: AUD -24M

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- ROIC, median of available years: -12.8%

- ROIC, second-lowest year: -522.0%

- Years with nonpositive capital: 1

- Capital spending / revenue: 5829.2%

- ROIC including acquisitions, ten-year median: -53.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -315.8%

- FY2018: -115.0%

- FY2019: -3202.9%

- FY2020: -522.0%

- FY2021: -14.8%

- FY2022: -6.4%

- FY2023: -5.2%

- FY2024: -10.7%

- FY2025: -5.7%

- FY2026: -9.0%

### 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 -177M

- Net income, five-year total: AUD -64M

- Return on incremental invested capital: -12.4%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: AUD -23M

- FY2023: AUD -17M

- FY2024: AUD -39M

- FY2025: AUD -74M

- FY2026: AUD -24M

### management: fail

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

- potential debt-funded buybacks (informational)

- ROIC first 3 years vs last 3 years: -315.8% vs -9.0%

- Per-share earnings: -0.02 to -0.03 (three-year endpoint medians)

- per-share value declined or ends nonpositive

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

- material buybacks concentrated at lower earnings yields (Spearman rho below threshold)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 39.6%

- Ordinary dilution, 5-year annual growth: 45.1%

- Market cap gain: AUD 1.3B

- Cumulative retained earnings: AUD -88M

- Diluted shares, 10-year annual growth: 39.6%

- Diluted shares, 5-year annual growth: 45.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: AUD -0.01

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

- Per-share value, ending three-year median: AUD -0.03

- Buybacks concentrated in cheaper years (correlation): -0.52

- Average buyback yield: 1.5%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 1.6M

- Cumulative net income, 10 years: AUD -79M

- ROIC, first three-year median: -315.8%

- ROIC, last three-year median: -9.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD -0.04

- FY2018: AUD -0.02

- FY2019: AUD -0.01

- FY2020: AUD -0.07

- FY2021: AUD -0.03

- FY2022: AUD -0.02

- FY2023: AUD -0.02

- FY2024: AUD -0.07

- FY2025: AUD -0.02

- FY2026: AUD -0.03

### accounting: pass

- Sloan accruals: -3.4%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -111.1%

- FY2018: -175.7%

- FY2019: -62.1%

- FY2020: -102.9%

- FY2021: -1.4%

- FY2022: 3.8%

- FY2023: -5.5%

- FY2024: -3.5%

- FY2025: -1.2%

- FY2026: -3.4%

## Holders

## Price story

Down 37% since Feb 2026 · sales +197.4%

Story as of 2026-10-16T10:00:13.122Z; price observation 2026-10-15.

### Sales · FY2023–2024

sales +197.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2020: AUD 7K 

- FY2021: AUD 0 

- FY2022: AUD 45K 

- FY2023: AUD 407K 

- FY2024: AUD 1.2M 

## Owner memo

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

### Why customers stay

It lost 12.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:39.403Z); 10-year return on capital observations [[2017,-3.1582605891445286],[2018,-1.1497779743965493],[2019,-32.02910150828167],[2020,-5.220024420891221],[2021,-0.14765384365267128],[2022,-0.06367710671377712],[2023,-0.05167833463184578],[2024,-0.10736350194284928],[2025,-0.05653512222664458],[2026,-0.09001011134917146]]; median -0.1275086727977603. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years; bought back AUD 11 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:39.403Z); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/FFM.AU.json#2026-06-30 (filed 2026-10-16T07:44:39.403Z); FY2026: cash repurchases 11023000 AUD.

### Are managers owners

Insiders own 3.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FFM.AU SharesStats.PercentInsiders = 3.082 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.3 times net assets; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:39.403Z); Closing price 1.355 AUD; reporting-to-trading FX 1; FY2026 net assets per share 0.5875619391826946; price multiple 2.3061398460983034. FY2026 cash earnings/share -0.033124378860027934. Closing-price date 2026-10-15.

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

- 2016-11: AUD 0.16 per share

- 2016-12: AUD 0.13 per share

- 2017-01: AUD 0.15 per share

- 2017-02: AUD 0.15 per share

- 2017-03: AUD 0.15 per share

- 2017-04: AUD 0.15 per share

- 2017-05: AUD 0.12 per share

- 2017-06: AUD 0.07 per share

- 2017-07: AUD 0.09 per share

- 2017-08: AUD 0.07 per share

- 2017-09: AUD 0.09 per share

- 2017-10: AUD 0.09 per share

- 2017-11: AUD 0.12 per share

- 2017-12: AUD 0.10 per share

- 2018-01: AUD 0.10 per share

- 2018-02: AUD 0.07 per share

- 2018-03: AUD 0.09 per share

- 2018-04: AUD 0.07 per share

- 2018-05: AUD 0.04 per share

- 2018-06: AUD 0.04 per share

- 2018-07: AUD 0.05 per share

- 2018-08: AUD 0.04 per share

- 2018-09: AUD 0.03 per share

- 2018-10: AUD 0.03 per share

- 2018-11: AUD 0.04 per share

- 2018-12: AUD 0.07 per share

- 2019-01: AUD 0.07 per share

- 2019-02: AUD 0.09 per share

- 2019-03: AUD 0.09 per share

- 2019-04: AUD 0.09 per share

- 2019-05: AUD 0.07 per share

- 2019-06: AUD 0.07 per share

- 2019-07: AUD 0.10 per share

- 2019-08: AUD 0.07 per share

- 2019-09: AUD 0.10 per share

- 2019-10: AUD 0.13 per share

- 2019-11: AUD 0.12 per share

- 2019-12: AUD 0.13 per share

- 2020-01: AUD 0.36 per share

- 2020-02: AUD 0.48 per share

- 2020-03: AUD 0.25 per share

- 2020-04: AUD 0.81 per share

- 2020-05: AUD 0.81 per share

- 2020-06: AUD 2.40 per share

- 2020-07: AUD 2.62 per share

- 2020-08: AUD 2.77 per share

- 2020-09: AUD 2.17 per share

- 2020-10: AUD 1.65 per share

- 2020-11: AUD 1.36 per share

- 2020-12: AUD 1.48 per share

- 2021-01: AUD 1.87 per share

- 2021-02: AUD 1.57 per share

- 2021-03: AUD 1.32 per share

- 2021-04: AUD 1.33 per share

- 2021-05: AUD 1.39 per share

- 2021-06: AUD 1.20 per share

- 2021-07: AUD 1.65 per share

- 2021-08: AUD 1.33 per share

- 2021-09: AUD 1.12 per share

- 2021-10: AUD 1.12 per share

- 2021-11: AUD 1.06 per share

- 2021-12: AUD 1.09 per share

- 2022-01: AUD 1.15 per share

- 2022-02: AUD 1.23 per share

- 2022-03: AUD 1.17 per share

- 2022-04: AUD 1.12 per share

- 2022-05: AUD 0.78 per share

- 2022-06: AUD 0.64 per share

- 2022-07: AUD 0.73 per share

- 2022-08: AUD 0.70 per share

- 2022-09: AUD 0.63 per share

- 2022-10: AUD 0.67 per share

- 2022-11: AUD 0.84 per share

- 2022-12: AUD 0.76 per share

- 2023-01: AUD 0.85 per share

- 2023-02: AUD 0.60 per share

- 2023-03: AUD 0.72 per share

- 2023-04: AUD 0.60 per share

- 2023-05: AUD 0.45 per share

- 2023-06: AUD 0.36 per share

- 2023-07: AUD 0.49 per share

- 2023-08: AUD 0.45 per share

- 2023-09: AUD 0.48 per share

- 2023-10: AUD 0.46 per share

- 2023-11: AUD 0.51 per share

- 2023-12: AUD 0.63 per share

- 2024-01: AUD 0.52 per share

- 2024-02: AUD 0.49 per share

- 2024-03: AUD 0.73 per share

- 2024-04: AUD 0.84 per share

- 2024-05: AUD 0.74 per share

- 2024-06: AUD 0.75 per share

- 2024-07: AUD 0.80 per share

- 2024-08: AUD 0.95 per share

- 2024-09: AUD 1.07 per share

- 2024-10: AUD 1.27 per share

- 2024-11: AUD 1.09 per share

- 2024-12: AUD 0.93 per share

- 2025-01: AUD 0.93 per share

- 2025-02: AUD 0.98 per share

- 2025-03: AUD 0.96 per share

- 2025-04: AUD 0.80 per share

- 2025-05: AUD 1.09 per share

- 2025-06: AUD 1.04 per share

- 2025-07: AUD 1.04 per share

- 2025-08: AUD 1.24 per share

- 2025-09: AUD 1.34 per share

- 2025-10: AUD 1.90 per share

- 2025-11: AUD 1.87 per share

- 2025-12: AUD 2.09 per share

- 2026-01: AUD 2.10 per share

- 2026-02: AUD 2.15 per share

- 2026-03: AUD 1.74 per share

- 2026-04: AUD 1.93 per share

- 2026-05: AUD 2.04 per share

- 2026-06: AUD 1.76 per share

- 2026-07: AUD 1.75 per share

- 2026-08: AUD 1.80 per share

- 2026-09: AUD 1.67 per share

- 2026-10: AUD 1.50 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

## 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.