Nickel Industries Limited

NIC.AX

Industrial Materials · Basic Materials

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

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

Track this stock — start free trial

Winston Score History

The full picture

Nickel Industries Limited is an Australian mining and metals company that produces nickel pig iron and nickel matte — two materials used to make stainless steel and electric vehicle batteries. Its main customers are steel mills and battery material producers, mostly in Asia. The company operates large-scale nickel processing facilities in Indonesia, making it one of the larger nickel producers listed on the Australian Securities Exchange.

Nickel Industries earns revenue by selling processed nickel products, with its Indonesian operations running through joint ventures alongside Chinese industrial partners, particularly Tsingshan Group. It generates most of its income from Indonesia, where lower production costs give it a cost advantage over many Western peers. The biggest risk the company faces is the price of nickel itself, which has fallen sharply in recent years due to a global supply glut, putting pressure on margins and returns — as the current low ROIC of 3.5% reflects.

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

-7.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+61.1% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

53.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$1.7B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

Nickel Industries 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

6.2%

Thin — 6.2% gross margin

Profit after running costs

Operating Margin

3.3%

Thin — 3.3% operating margin

Return on the money invested

ROCE

4.0%

Weak — 4.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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

-2.9%

Shrinking sales (-2.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

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

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.

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

0.59

Conservative — low debt load (0.59)

Covers its interest

Interest Cover

0.98x

Dangerous — barely covers interest (1.0x)

Interest coverage below 1. Their profits don't cover the interest bill.

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)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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