# Iperionx (IPX.AU) Canonical: https://gigainvestors.com/s/IPX.AU Analysis as of: 2026-10-16T07:47:03.887Z. Financial observations: FY2017–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 1.94 per share; close as of 2026-10-15. ## Checklist ### understandable: fail - 2 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: 2 - Years with a net loss: 10 - Operating margin variation: 1.90× Chart: Operating margin; fiscal year observations. - FY2018: -477.47× - FY2019: -19.03× - FY2020: -37.40× - FY2021: -2,603.02× - FY2022: -54.49× - FY2023: -35.72× - FY2024: -42.15× ### 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: -83.1% - ROIC, second-lowest year: -753.8% - Years with nonpositive capital: 3 - Capital spending / revenue: 480.4% - ROIC including acquisitions, ten-year median: -186.4% Chart: ROIC excluding acquisitions; fiscal year observations. - FY2017: 0.0% - FY2018: -34.9% - FY2019: -26.2% - FY2020: -73.9% - FY2021: -1942.2% - FY2022: -753.8% - FY2023: -145.3% - FY2024: -92.4% - FY2025: -72.8% - FY2026: -94.8% ### 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 -196M - Net income, five-year total: AUD -163M - Return on incremental invested capital: -141.3% - Working capital / revenue, annual change: 480.0 pp Chart: Owner earnings · five years; fiscal year observations. - FY2022: AUD -22M - FY2023: AUD -18M - FY2024: AUD -27M - FY2025: AUD -51M - FY2026: AUD -79M ### management: fail - Historical market-dollar context (not the management verdict): 2018 to 2026 (8 years) - potential debt-funded buybacks (informational) - buybacks unrelated to price (informational) - ROIC first 3 years vs last 3 years: -26.2% vs -92.4% - Per-share earnings: -0.02 to -0.11 (three-year endpoint medians) - per-share value declined or ends nonpositive - Management verdict uses per-share economic progress: Yes - Ordinary dilution, 5-year annual growth: 20.8% - Market cap gain: AUD 1.4B - Cumulative retained earnings: AUD -175M - Diluted shares, 5-year annual growth: 20.8% - $1 test, starting fiscal year: FY2018 - $1 test, ending fiscal year: FY2026 - Per-share value change: AUD -0.09 - Per-share value, starting three-year median: AUD -0.02 - Per-share value, ending three-year median: AUD -0.11 - Buybacks concentrated in cheaper years (correlation): -1.00 - Average buyback yield: 0.2% - Buyback history: 2 years - Debt-funded buybacks: Yes - Cumulative net income, 10 years: AUD -178M - ROIC, first three-year median: -26.2% - ROIC, last three-year median: -92.4% Chart: Earnings per share; fiscal year observations. - FY2017: AUD -0.00 - FY2018: AUD -0.03 - FY2019: AUD -0.02 - FY2020: AUD -0.01 - FY2021: AUD -0.10 - FY2022: AUD -0.11 - FY2023: AUD -0.08 - FY2024: AUD -0.08 - FY2025: AUD -0.11 - FY2026: AUD -0.19 ### accounting: pass - Sloan accruals: -20.3% - Earnings backed by cash: Yes - Accounting red flags: 0 - Goodwill and intangibles / equity: 0.14× Chart: Sloan accruals; fiscal year observations. - FY2018: -43.2% - FY2019: -2.0% - FY2020: -37.1% - FY2021: -260.1% - FY2022: -94.7% - FY2023: -8.1% - FY2024: -6.5% - FY2025: -12.9% - FY2026: -20.3% ## Holders ## Price story Down 74% since Sep 2025 · sales +10.4% Story as of 2026-10-16T10:00:13.640Z; price observation 2026-10-15. ### Sales · FY2023–2024 sales +10.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16. - FY2017: AUD 0 - FY2018: AUD 2K - FY2019: AUD 30K - FY2020: AUD 15K - FY2021: AUD 5K - FY2022: AUD 401K - FY2023: AUD 494K - FY2024: AUD 546K ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### Why customers stay It lost 83.1% on its capital. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:03.887Z); 10-year return on capital observations [[2017,0],[2018,-0.3493257456429598],[2019,-0.26169404149896647],[2020,-0.7386629682655285],[2021,-19.42187247847993],[2022,-7.538052260110262],[2023,-1.45330781375041],[2024,-0.9241361588970662],[2025,-0.7275215195887563],[2026,-0.9482580644676205]]; median -0.8313995635812974. ROIC follows the displayed moat series; financial companies use return on tangible equity. ### Where the cash goes Paid dividends in 1 of 9 years. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:03.887Z); Dividend observations: [[2018,0],[2019,0],[2020,0],[2021,6473],[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement. ### Are managers owners Insiders own 20.5% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IPX.AU SharesStats.PercentInsiders = 20.535999999999998 percentage points; cache date 2026-10-16. ### What the price says The price is 7.4 times net assets; cash earnings are negative. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:03.887Z); Closing price 1.935 AUD; reporting-to-trading FX 1; FY2026 net assets per share 0.26006360345107504; price multiple 7.44048753582708. FY2026 cash earnings/share -0.23270813217236752. Closing-price date 2026-10-15. ## Monthly share-price history (AUD per share) - 2018-04: AUD 0.24 per share - 2018-05: AUD 0.20 per share - 2018-06: AUD 0.22 per share - 2018-07: AUD 0.22 per share - 2018-08: AUD 0.16 per share - 2018-09: AUD 0.16 per share - 2018-10: AUD 0.11 per share - 2018-11: AUD 0.12 per share - 2018-12: AUD 0.08 per share - 2019-01: AUD 0.08 per share - 2019-02: AUD 0.09 per share - 2019-03: AUD 0.09 per share - 2019-04: AUD 0.07 per share - 2019-05: AUD 0.06 per share - 2019-06: AUD 0.07 per share - 2019-07: AUD 0.08 per share - 2019-08: AUD 0.10 per share - 2019-09: AUD 0.14 per share - 2019-10: AUD 0.14 per share - 2019-11: AUD 0.11 per share - 2019-12: AUD 0.10 per share - 2020-01: AUD 0.11 per share - 2020-02: AUD 0.07 per share - 2020-03: AUD 0.05 per share - 2020-04: AUD 0.07 per share - 2020-05: AUD 0.08 per share - 2020-06: AUD 0.08 per share - 2020-07: AUD 0.08 per share - 2020-08: AUD 0.14 per share - 2020-09: AUD 0.21 per share - 2020-10: AUD 0.29 per share - 2020-11: AUD 0.26 per share - 2020-12: AUD 0.26 per share - 2021-01: AUD 0.43 per share - 2021-02: AUD 0.65 per share - 2021-03: AUD 0.92 per share - 2021-04: AUD 1.20 per share - 2021-05: AUD 1.12 per share - 2021-06: AUD 0.95 per share - 2021-07: AUD 1.07 per share - 2021-08: AUD 1.43 per share - 2021-09: AUD 1.17 per share - 2021-10: AUD 1.00 per share - 2021-11: AUD 0.91 per share - 2021-12: AUD 0.91 per share - 2022-01: AUD 0.90 per share - 2022-02: AUD 0.87 per share - 2022-03: AUD 1.33 per share - 2022-04: AUD 1.16 per share - 2022-05: AUD 0.89 per share - 2022-06: AUD 0.82 per share - 2022-07: AUD 0.70 per share - 2022-08: AUD 0.96 per share - 2022-09: AUD 0.89 per share - 2022-10: AUD 0.71 per share - 2022-11: AUD 0.83 per share - 2022-12: AUD 0.69 per share - 2023-01: AUD 0.90 per share - 2023-02: AUD 0.88 per share - 2023-03: AUD 0.75 per share - 2023-04: AUD 1.10 per share - 2023-05: AUD 0.93 per share - 2023-06: AUD 1.12 per share - 2023-07: AUD 1.05 per share - 2023-08: AUD 1.15 per share - 2023-09: AUD 1.50 per share - 2023-10: AUD 1.25 per share - 2023-11: AUD 1.36 per share - 2023-12: AUD 1.39 per share - 2024-01: AUD 1.82 per share - 2024-02: AUD 2.30 per share - 2024-03: AUD 2.25 per share - 2024-04: AUD 2.11 per share - 2024-05: AUD 2.42 per share - 2024-06: AUD 2.04 per share - 2024-07: AUD 2.22 per share - 2024-08: AUD 2.72 per share - 2024-09: AUD 3.18 per share - 2024-10: AUD 3.30 per share - 2024-11: AUD 4.42 per share - 2024-12: AUD 5.50 per share - 2025-01: AUD 4.23 per share - 2025-02: AUD 3.74 per share - 2025-03: AUD 2.98 per share - 2025-04: AUD 3.57 per share - 2025-05: AUD 3.69 per share - 2025-06: AUD 4.75 per share - 2025-07: AUD 5.94 per share - 2025-08: AUD 6.63 per share - 2025-09: AUD 7.54 per share - 2025-10: AUD 6.80 per share - 2025-11: AUD 5.11 per share - 2025-12: AUD 5.60 per share - 2026-01: AUD 7.35 per share - 2026-02: AUD 6.72 per share - 2026-03: AUD 3.51 per share - 2026-04: AUD 4.10 per share - 2026-05: AUD 5.83 per share - 2026-06: AUD 4.08 per share - 2026-07: AUD 3.05 per share - 2026-08: AUD 2.98 per share - 2026-09: AUD 2.51 per share - 2026-10: AUD 2.13 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 2026-10-15T06:52:30.692Z 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