This stock no longer trades (delisted December 21, 2023)

Delisted / no longer publicly traded (per market data provider) Everything below is based on the last available data — treat it as historical, not a live read.

Allkem Limited

AKE.AX

Industrial Materials · Basic Materials

Price

A$9.83

-0.58 (-5.57%)

Market Cap

A$6.30B

Exchange

Australian Securities Exchange

Winston Score

Historical score — this stock no longer trades, so the score is frozen at the last available data.

Data as of Aug 23, 2026 · filings through Jun 30, 2023

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Share count rising — dilution

+144.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 262.7M (2019) → 640.9M (2023)

Winston Score History

The full picture

Allkem is an Australian mining company that produces lithium, a soft metal used to make rechargeable batteries. Its main products are lithium carbonate and lithium hydroxide, which it sells to battery manufacturers and electric vehicle makers around the world. The company operates mines and processing facilities in Argentina, Australia, and Japan, making it one of the larger independent lithium producers globally.

Allkem earns money by selling lithium chemicals directly to industrial customers, so its revenue rises and falls with lithium prices on the open market. With operations across multiple continents and a portfolio of both producing assets and development projects, it has more geographic diversity than many smaller lithium miners. The key growth driver is rising demand for EV batteries, but lithium prices are highly volatile, and a sharp drop in prices — as seen in 2023 — can quickly compress profits even when production volumes stay strong.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+62.4% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+29.8% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

7.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$1.3B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Allkem Limited is growing revenue at 62% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

82.5%

Premium pricing power — 82.5% gross margin

Profit after running costs

Operating Margin

86.8%

Excellent — 86.8% operating margin

Return on the money invested

ROCE

41.4%

Exceptional — 41.4% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+108.5%

Fast-growing sales (+108.5% YoY)

Profit growth

EPS YoY

+96.5%

Earnings growing fast (+96.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

178%

Turns 178% of profit into real cash

Spare cash per sale

FCF Margin

21.3%

Converts sales into free cash efficiently (21.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.10

Conservative — low debt load (0.10)

Covers its interest

Interest Cover

85.65x

Comfortably covers interest (85.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

5.4x

Attractive valuation — P/E 5.4

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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