Metals X Limited

MLX.AX

Industrial Materials · Basic Materials

Price

A$1.88

+0.05 (+2.73%)

Market Cap

A$1.67B

Exchange

Australian Securities Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

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Share count falling — buybacks

−2.3% over 3y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 907.3M (2022) → 886.4M (2025)

Winston Score History

The full picture

Metals X Limited is an Australian mining company that produces tin, one of the metals used in electronics, soldering, and packaging. Its main asset is the Renison Bell tin mine in Tasmania, which is one of the largest operating tin mines in the world. The company sells tin concentrate to smelters and industrial buyers, primarily in Asia.

Metals X earns revenue by mining and selling tin concentrate, with profitability tied closely to the global tin price. The company operates almost entirely within Australia, making it a relatively focused, single-commodity producer. Its competitive position comes from owning a large, long-life tin deposit at a time when tin supply globally is under pressure — but that same concentration in one metal and one mine is also its biggest risk, since a drop in tin prices or an operational disruption at Renison Bell could significantly hurt earnings.

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

+11.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-40.1% 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

9.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$364M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Metals X Limited is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

45.8%

Healthy — 45.8% gross margin

Profit after running costs

Operating Margin

44.1%

Excellent — 44.1% operating margin

Return on the money invested

ROCE

22.9%

Exceptional — 22.9% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+30.2%

Fast-growing sales (+30.2% YoY)

Profit growth

EPS YoY

+2.6%

Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

123%

Turns 123% of profit into real cash

Spare cash per sale

FCF Margin

32.4%

Converts sales into free cash efficiently (32.4%)

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

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

203.17x

Comfortably covers interest (203.2x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

16.1x

Fair value — P/E 16.1

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

+3.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (16.1 → 13.0)

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Dividends

Not applicable for this business.

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