Metals X Limited

MLXEF

Other Precious Metals · Basic Materials

Price

$1.31

+0.00 (+0.27%)

Market Cap

$1.16B

Exchange

Other OTC

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

Good

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Track this stock — start free trial

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 most important metals used in electronics, soldering, and packaging. Its main asset is the Renison Bell tin mine in Tasmania, Australia, 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 and Europe.

Metals X earns revenue by mining and selling tin concentrate, with profits closely tied to the global tin price. The company operates almost entirely in Australia, making it a geographically focused producer with relatively low political risk. Its competitive position comes from owning a large, long-life tin deposit at a time when tin demand is growing due to its use in semiconductor manufacturing and electric vehicles. The main risk the business faces is tin price volatility — a sharp drop in prices could quickly erode its strong operating margins, which currently sit above 40%.

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

-39.8% 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

Insiders own a meaningful stake in the company

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

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

23.0%

Exceptional — 23.0% return on capital

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+30.8%

Fast-growing sales (+30.8% YoY)

Profit growth

EPS YoY

+4.7%

Modest earnings growth (+4.7% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

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.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

202.48x

Comfortably covers interest (202.5x)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

11.1x

Attractive valuation — P/E 11.1

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

-1.9

SLOWING

Earnings expected to fall — forward P/E higher than today

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial