# Sunrise Energy Metals (SRL.AU)

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

Analysis as of: 2026-10-16T07:41:47.094Z. Financial observations: FY2008–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 13.95 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 5 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: 5

- Years with a net loss: 9

- Operating margin variation: 1.69×

Chart: Operating margin; fiscal year observations.

- FY2017: -28.37×

- FY2018: -4.92×

- FY2019: -5.74×

- FY2020: -257.77×

- FY2021: -20.64×

- FY2022: -19.27×

- FY2023: -12.60×

- FY2024: -23.79×

- FY2025: -30.42×

### 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: -46.7%

- ROIC, second-lowest year: -159.0%

- Years with nonpositive capital: 5

- Capital spending / revenue: 17.5%

- ROIC including acquisitions, ten-year median: -70.1%

- Typical minus recent gross margin: -1471.2 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -38.0%

- FY2018: -14.4%

- FY2019: -10.9%

- FY2020: -159.0%

- FY2021: -62.4%

- FY2022: -51.5%

- FY2023: -50.9%

- FY2024: -2577.0%

- FY2025: -42.6%

- FY2026: -12.5%

### 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 -38M

- Net income, five-year total: AUD -38M

- Return on incremental invested capital: -4.4%

- Working capital / revenue, annual change: -14.4 pp

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

- FY2022: AUD 264K

- FY2023: AUD -8.9M

- FY2024: AUD -7.8M

- FY2025: AUD -6.1M

- FY2026: AUD -16M

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -14.4% vs -42.6%

- Per-share earnings: -0.11 to -0.09 (three-year endpoint medians)

- per-share value declined or ends nonpositive

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

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 4.0%

- Ordinary dilution, 5-year annual growth: 8.3%

- Market cap gain: AUD 1.7B

- Cumulative retained earnings: AUD -296M

- Diluted shares, 10-year annual growth: 4.0%

- Diluted shares, 5-year annual growth: 8.3%

- $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 -0.11

- Per-share value, ending three-year median: AUD -0.09

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 0

- Cumulative net income, 10 years: AUD -303M

- ROIC, first three-year median: -14.4%

- ROIC, last three-year median: -42.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD -0.11

- FY2018: AUD -0.21

- FY2019: AUD -0.24

- FY2020: AUD -2.62

- FY2021: AUD -0.23

- FY2022: AUD 0.00

- FY2023: AUD -0.10

- FY2024: AUD -0.09

- FY2025: AUD -0.07

- FY2026: AUD -0.11

### accounting: pass

- Sloan accruals: -4.6%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -8.9%

- FY2018: -3.4%

- FY2019: -1.1%

- FY2020: -408.1%

- FY2021: -4.2%

- FY2022: 53.3%

- FY2023: -6.6%

- FY2024: 0.3%

- FY2025: -5.4%

- FY2026: -4.6%

## Holders

## Price story

Down 38% since Sep 2026 · sales -43.4%

Story as of 2026-10-16T10:00:12.117Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -43.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 464K 

- FY2018: AUD 3.7M 

- FY2019: AUD 3.8M 

- FY2020: AUD 44K 

- FY2021: AUD 877K 

- FY2022: AUD 835K 

- FY2023: AUD 830K 

- FY2024: AUD 325K 

- FY2025: AUD 184K 

### Gross margin · FY2023

gross margin 61.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 68.1% 

- FY2018: 31.5% 

- FY2019: 21.9% 

- FY2022: 52.9% 

- FY2023: 61.7% 

## Owner memo

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

### Why customers stay

It lost 46.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:47.094Z); 10-year return on capital observations [[2017,-0.37991925760841766],[2018,-0.14398275706146565],[2019,-0.10901456866917662],[2020,-1.5895298917864111],[2021,-0.6243375965777642],[2022,-0.5149349965574501],[2023,-0.5090635204238803],[2024,-25.77],[2025,-0.42560100086613417],[2026,-0.12505174226959004]]; median -0.4673322606450072. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:47.094Z); FY2022: growth capex 0; upkeep 142000; owner earnings 264200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:47.094Z); 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.

### Are managers owners

Insiders own 43.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SRL.AU SharesStats.PercentInsiders = 43.864 percentage points; cache date 2026-10-16.

### What the price says

The price is 16.5 times net assets; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:47.094Z); Closing price 13.95 AUD; reporting-to-trading FX 1; FY2026 net assets per share 0.8432549686508327; price multiple 16.543039197645438. FY2026 cash earnings/share -0.11648399272634269. Closing-price date 2026-10-15.

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

- 2016-11: AUD 3.71 per share

- 2016-12: AUD 4.11 per share

- 2017-01: AUD 4.83 per share

- 2017-02: AUD 7.09 per share

- 2017-03: AUD 7.98 per share

- 2017-04: AUD 6.08 per share

- 2017-05: AUD 5.24 per share

- 2017-06: AUD 5.36 per share

- 2017-07: AUD 6.41 per share

- 2017-08: AUD 7.70 per share

- 2017-09: AUD 8.38 per share

- 2017-10: AUD 12.81 per share

- 2017-11: AUD 12.89 per share

- 2017-12: AUD 11.97 per share

- 2018-01: AUD 11.20 per share

- 2018-02: AUD 9.39 per share

- 2018-03: AUD 9.39 per share

- 2018-04: AUD 7.41 per share

- 2018-05: AUD 8.26 per share

- 2018-06: AUD 6.49 per share

- 2018-07: AUD 5.36 per share

- 2018-08: AUD 4.15 per share

- 2018-09: AUD 4.39 per share

- 2018-10: AUD 3.38 per share

- 2018-11: AUD 3.34 per share

- 2018-12: AUD 3.02 per share

- 2019-01: AUD 3.30 per share

- 2019-02: AUD 2.70 per share

- 2019-03: AUD 2.50 per share

- 2019-04: AUD 2.50 per share

- 2019-05: AUD 2.22 per share

- 2019-06: AUD 3.06 per share

- 2019-07: AUD 3.38 per share

- 2019-08: AUD 2.78 per share

- 2019-09: AUD 2.46 per share

- 2019-10: AUD 1.93 per share

- 2019-11: AUD 1.85 per share

- 2019-12: AUD 1.65 per share

- 2020-01: AUD 1.97 per share

- 2020-02: AUD 1.69 per share

- 2020-03: AUD 1.01 per share

- 2020-04: AUD 1.69 per share

- 2020-05: AUD 1.57 per share

- 2020-06: AUD 1.13 per share

- 2020-07: AUD 1.29 per share

- 2020-08: AUD 1.49 per share

- 2020-09: AUD 2.30 per share

- 2020-10: AUD 2.18 per share

- 2020-11: AUD 2.18 per share

- 2020-12: AUD 2.01 per share

- 2021-01: AUD 2.14 per share

- 2021-02: AUD 2.34 per share

- 2021-03: AUD 2.10 per share

- 2021-04: AUD 1.79 per share

- 2021-05: AUD 1.87 per share

- 2021-06: AUD 1.79 per share

- 2021-07: AUD 1.97 per share

- 2021-08: AUD 1.81 per share

- 2021-09: AUD 1.59 per share

- 2021-10: AUD 1.90 per share

- 2021-11: AUD 1.71 per share

- 2021-12: AUD 1.78 per share

- 2022-01: AUD 1.74 per share

- 2022-02: AUD 1.82 per share

- 2022-03: AUD 2.47 per share

- 2022-04: AUD 3.32 per share

- 2022-05: AUD 3.15 per share

- 2022-06: AUD 2.25 per share

- 2022-07: AUD 2.73 per share

- 2022-08: AUD 2.99 per share

- 2022-09: AUD 2.40 per share

- 2022-10: AUD 2.01 per share

- 2022-11: AUD 2.05 per share

- 2022-12: AUD 1.92 per share

- 2023-01: AUD 1.75 per share

- 2023-02: AUD 1.61 per share

- 2023-03: AUD 1.89 per share

- 2023-04: AUD 1.32 per share

- 2023-05: AUD 1.10 per share

- 2023-06: AUD 1.06 per share

- 2023-07: AUD 1.26 per share

- 2023-08: AUD 0.95 per share

- 2023-09: AUD 0.77 per share

- 2023-10: AUD 0.73 per share

- 2023-11: AUD 0.62 per share

- 2023-12: AUD 0.46 per share

- 2024-01: AUD 0.38 per share

- 2024-02: AUD 0.37 per share

- 2024-03: AUD 0.64 per share

- 2024-04: AUD 0.68 per share

- 2024-05: AUD 0.50 per share

- 2024-06: AUD 0.33 per share

- 2024-07: AUD 0.38 per share

- 2024-08: AUD 0.46 per share

- 2024-09: AUD 0.41 per share

- 2024-10: AUD 0.34 per share

- 2024-11: AUD 0.24 per share

- 2024-12: AUD 0.23 per share

- 2025-01: AUD 0.27 per share

- 2025-02: AUD 0.27 per share

- 2025-03: AUD 0.28 per share

- 2025-04: AUD 0.52 per share

- 2025-05: AUD 0.44 per share

- 2025-06: AUD 0.81 per share

- 2025-07: AUD 1.31 per share

- 2025-08: AUD 1.75 per share

- 2025-09: AUD 5.35 per share

- 2025-10: AUD 4.50 per share

- 2025-11: AUD 6.62 per share

- 2025-12: AUD 7.89 per share

- 2026-01: AUD 10.23 per share

- 2026-02: AUD 7.98 per share

- 2026-03: AUD 8.79 per share

- 2026-04: AUD 12.44 per share

- 2026-05: AUD 15.90 per share

- 2026-06: AUD 17.23 per share

- 2026-07: AUD 14.28 per share

- 2026-08: AUD 16.90 per share

- 2026-09: AUD 22.64 per share

- 2026-10: AUD 15.94 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 2026-10-15T06:46:57.774Z 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