Sandfire Resources Limited

SFR.AX

Copper · Basic Materials

Price

A$21.65

+0.18 (+0.84%)

Market Cap

A$10.11B

Exchange

Australian Securities Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Mixed

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Share count rising — dilution

+16.0% over 4y

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

Diluted shares outstanding: 393.1M (2021) → 455.9M (2025)

Winston Score History

The full picture

Sandfire Resources is an Australian mining company that digs copper and zinc out of the ground and sells those metals to industrial buyers around the world. Copper is used in wiring, electric vehicles, and construction, making it a critical material for modern infrastructure. Sandfire owns and operates two main mines: the MATSA copper-zinc complex in Spain and the Motheo copper mine in Botswana, Africa.

The company makes money by selling copper concentrate and zinc concentrate to smelters and commodity traders, so its revenue moves up and down with global metal prices. Sandfire operates across three continents and has grown significantly since acquiring MATSA in 2022, which roughly doubled its production scale. The key growth driver is rising global copper demand tied to the energy transition and electric vehicle adoption, but the main risk is that Sandfire has limited control over copper prices, and a sharp price drop would directly squeeze its margins and cash flow.

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

+178.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+90.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

1.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$141M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Sandfire Resources Limited grew revenue 179% 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

23.8%

Thin — 23.8% gross margin

Profit after running costs

Operating Margin

22.1%

Excellent — 22.1% operating margin

Return on the money invested

ROCE

21.6%

Exceptional — 21.6% 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

+72.4%

Fast-growing sales (+72.4% YoY)

Profit growth

EPS YoY

+31.2%

Earnings growing fast (+31.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

387%

Turns 387% of profit into real cash

Spare cash per sale

FCF Margin

25.3%

Converts sales into free cash efficiently (25.3%)

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

0.08

Conservative — low debt load (0.08)

Covers its interest

Interest Cover

9.41x

Comfortably covers interest (9.4x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

51.5x

Expensive — P/E 51.5

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+37.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (51.5 → 14.1)

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Dividends

Dividend

Dividend Yield

0.27%

Small dividend — 0.27% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+9.5%

Dividend growing modestly (9.5% YoY)

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