MGX Resources Limited.

MGX.AX

Steel · Basic Materials

Price

A$0.36

+0.01 (+4.29%)

Market Cap

A$430.9M

Exchange

Australian Securities Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count falling — buybacks

−2.6% over 4y

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

Diluted shares outstanding: 1.20B (2022) → 1.17B (2026)

Winston Score History

The full picture

MGX Resources Limited is an Australian mining and steel products company. It produces iron ore and steel products, selling primarily to industrial customers and steel mills, mainly in Australia and Asia. The company operates in the basic materials sector, where it competes with larger iron ore and steel producers across the region.

MGX generates revenue through the sale of mined iron ore and processed steel materials. It operates mainly in Western Australia, and with a market cap of around $400 million, it is a relatively small player in a sector dominated by giants like BHP and Rio Tinto. The company's thin gross margin of under 1% and negative operating margin highlight the key risk it faces: commodity price swings and high production costs can quickly push the business into losses, and sustained low iron ore prices or rising input costs could pressure its financial position further.

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

-27.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+91.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

19.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$445M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

MGX Resources Limited.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

-0.3%

Thin — -0.3% gross margin

Profit after running costs

Operating Margin

-4.0%

Losing money on operations — -4.0%

Return on the money invested

ROCE

-0.4%

Weak — -0.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-20.9%

Shrinking sales (-20.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

5.1%

Thin free cash flow (5.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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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

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

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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