Fenix Resources Limited

FEX.AX

Industrial Materials · Basic Materials

Price

A$0.26

+0.00 (+0.00%)

Market Cap

A$200.4M

Exchange

Australian Securities Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Strong

Dividends

Mixed

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Share count rising — dilution

+49.2% over 4y

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

Diluted shares outstanding: 506.3M (2021) → 755.3M (2025)

Winston Score History

The full picture

Fenix Resources is a small Australian mining company that digs up iron ore and sells it to steel mills, mostly in China. Its main asset is the Iron Ridge mine in Western Australia, which produces a high-grade iron ore product. The company handles its own trucking and export logistics through the port of Geraldton.

Fenix makes money by selling iron ore at market prices, so its revenue rises and falls with the global iron ore price. It operates entirely in Western Australia and, with a market cap of around $200 million, is a small player in a market dominated by giants like BHP and Rio Tinto. The biggest risk the company faces is its dependence on a single mine and single commodity, meaning any drop in iron ore prices or unexpected disruption at Iron Ridge could have an outsized impact on its finances.

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

+40.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-71.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

42.2%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

A$61M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Fenix Resources Limited grew revenue 40% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

10.0%

Thin — 10.0% gross margin

Profit after running costs

Operating Margin

6.6%

Modest — 6.6% operating margin

Return on the money invested

ROCE

9.5%

Below par — 9.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+82.1%

Fast-growing sales (+82.1% YoY)

Profit growth

EPS YoY

-6.8%

Earnings shrinking (-6.8% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

868%

Turns 868% of profit into real cash

Spare cash per sale

FCF Margin

11.4%

Modest free cash flow (11.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.52

Conservative — low debt load (0.52)

Covers its interest

Interest Cover

3.55x

Tight — interest eats into profit (3.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

14.6x

Attractive valuation — P/E 14.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+2.5

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

3.85%

Moderate income — 3.85% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

N/A

Data not available

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