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Develop Global Limited
(Sydney:DVP)
Develop Global Limited (DVP) vs. iShares MSCI Australia ETF (EWA)
Develop Global Limited Business Overview & Revenue Model
Develop Global Limited Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 231.91M | 231.47M | 147.23M | 67.78M | 4.51M | 0.00 |
| Gross Profit | 89.79M | 22.13M | 100.07M | -11.13M | 873.35K | -415.39K |
| EBITDA | 19.90M | 26.96M | 14.13M | -1.33M | -8.63M | -89.37M |
| Net Income | 72.39M | 72.39M | -12.13M | -17.89M | -9.22M | -89.88M |
Balance Sheet | ||||||
| Total Assets | 898.08M | 898.08M | 471.23M | 245.80M | 204.88M | 57.32M |
| Cash, Cash Equivalents and Short-Term Investments | 58.63M | 58.63M | 41.50M | 21.77M | 43.21M | 16.83M |
| Total Debt | 158.29M | 158.29M | 40.81M | 28.74M | 4.23M | 103.78K |
| Total Liabilities | 267.67M | 267.67M | 121.79M | 96.14M | 60.33M | 21.72M |
| Stockholders Equity | 629.96M | 629.96M | 349.27M | 149.66M | 144.55M | 35.60M |
Cash Flow | ||||||
| Free Cash Flow | -48.10M | -47.71M | -22.75M | -27.76M | -15.61M | -5.01M |
| Operating Cash Flow | 12.62M | 12.62M | 11.00M | 12.24M | -6.62M | -2.43M |
| Investing Cash Flow | -84.40M | -84.40M | -32.15M | -38.62M | -25.47M | -2.43M |
| Financing Cash Flow | 88.90M | 88.90M | 40.88M | 4.92M | 58.49M | 19.43M |
Develop Global Limited Technical Analysis
Develop Global Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $2.82B | 23.22 | 6.57% | 2.46% | 4.41% | 14.44% | |
68 Neutral | AU$1.81B | 20.74 | 14.22% | ― | 57.22% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
46 Neutral | AU$1.32B | -21.71 | ― | ― | ― | ― | |
46 Neutral | AU$2.70B | -41.48 | -50.19% | ― | ― | -20.85% | |
45 Neutral | AU$964.38M | -29.55 | -13.97% | ― | 620.73% | -21.19% | |
43 Neutral | AU$1.91B | -11.29 | -17.30% | ― | 16.06% | -50.94% |
Develop Global Limited Corporate Events
Develop Global Limited reported positive operating cash flow of A$18.8 million for the December 2025 quarter and A$26.8 million for the half year, driven by A$94.6 million in customer receipts for the quarter and A$178.6 million year to date, alongside modest dividend and interest income. However, the company recorded negative overall cash movement from investing activities of A$29.5 million in the quarter and A$52.5 million for the half year, largely due to significant spending on mine properties and capital equipment, while financing cash flows were also negative in the quarter following earlier equity raising, loan repayments and additional bank guarantees, underscoring a capital-intensive growth phase that, despite solid operating inflows, is consuming cash as Develop advances its mining projects and strengthens its asset base.
The most recent analyst rating on (AU:DVP) stock is a Buy with a A$6.00 price target. To see the full list of analyst forecasts on Develop Global Limited stock, see the AU:DVP Stock Forecast page.
Develop Global Limited has scheduled the release of its quarterly report for the period ended 31 December 2025 on 28 January 2026, providing investors and stakeholders with an update on its recent performance and activities. Managing Director Bill Beament will host a live conference call that morning to discuss the results, with a replay available shortly after, underscoring the company’s focus on transparent communication and ongoing engagement with the market ahead of its latest quarterly disclosure.
The most recent analyst rating on (AU:DVP) stock is a Buy with a A$6.00 price target. To see the full list of analyst forecasts on Develop Global Limited stock, see the AU:DVP Stock Forecast page.
Develop Global Limited has notified the market that 63,992 options (DVPAAG), expiring on various dates and at various prices, have ceased as of 12 January 2026. The cessation, disclosed via an Appendix 3H filing, reflects a routine adjustment to the company’s issued capital structure, with potential implications for dilution and the composition of existing shareholders’ equity, but no additional operational or strategic context was provided in the notice.
The most recent analyst rating on (AU:DVP) stock is a Hold with a A$5.05 price target. To see the full list of analyst forecasts on Develop Global Limited stock, see the AU:DVP Stock Forecast page.
Develop Global Limited has notified the market of the issue of 28,508 new fully paid ordinary shares following the exercise or conversion of previously unquoted equity securities. The additional shares, issued on 12 January 2026, marginally expand the company’s share base and reflect the realisation of value from unquoted options or other convertible instruments, slightly increasing equity on issue and incrementally diluting existing holders while signalling ongoing use of equity-based incentives or financing within the company’s capital management strategy.
The most recent analyst rating on (AU:DVP) stock is a Hold with a A$5.05 price target. To see the full list of analyst forecasts on Develop Global Limited stock, see the AU:DVP Stock Forecast page.
Develop Global has disclosed that director Duncan Bradford acquired a total of 135,000 shares in the company on market, including 81,000 shares bought on 5 December 2025 at $4.35 per share, 50,000 shares acquired on 28 November 2025 at $3.60 per share, and 4,000 shares previously held indirectly that were omitted from his initial director interest notice due to an accounting oversight. The company admitted that the corresponding Appendix 3Y director interest notice was lodged late as a result of an administrative oversight, and in response it has reviewed and updated its internal procedures, enhanced monitoring of directors’ securities holdings via its share registry, reaffirmed directors’ obligations under its trading policy and ASX Listing Rules, and characterised the delay as a one-off event while committing to full and timely future compliance.
The most recent analyst rating on (AU:DVP) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on Develop Global Limited stock, see the AU:DVP Stock Forecast page.
Develop Global Limited has reported a change in the indirect shareholding of non-executive director Michael Gerrard Blakiston, in accordance with ASX disclosure requirements. Blakiston executed an on-market sale of 160,000 ordinary shares at $4.646 per share, reducing his total indirect interest from 1,473,072 to 1,291,348 shares held via custodial and private entities in which he is a beneficiary, shareholder, and director. The transaction represents a modest adjustment rather than a complete exit, and while it slightly reduces his economic exposure to the company, it does not alter his formal role or signal any disclosed change to the company’s strategy or operations; instead, it underscores ongoing compliance with corporate governance and transparency obligations for directors’ dealings in company securities.
The most recent analyst rating on (AU:DVP) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on Develop Global Limited stock, see the AU:DVP Stock Forecast page.
Develop Global has secured a A$200 million underground mine development contract from OceanaGold to establish access tunnels at the 1.2-million-ounce Waihi North gold project on New Zealand’s North Island. The five-year agreement, commencing in the first half of 2026, will see Develop mobilise and build a local workforce supported by its specialist underground mining team, reinforcing the company’s Mining Services division and deepening its relationship with a major multinational producer, thereby strengthening its position in the global contract mining market.
The most recent analyst rating on (AU:DVP) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on Develop Global Limited stock, see the AU:DVP Stock Forecast page.
Develop Global Limited has announced a change in the director’s interest, specifically regarding William James Beament, who has been granted 171,608 Performance Rights as part of his FY26 Short-Term Incentive opportunity. This grant, approved by shareholders, is subject to performance hurdles outlined in the company’s 2025 Notice of AGM, potentially impacting the company’s executive compensation strategy and aligning management incentives with shareholder interests.
The most recent analyst rating on (AU:DVP) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on Develop Global Limited stock, see the AU:DVP Stock Forecast page.
Develop Global Limited announced the issuance of 171,608 performance rights under an employee incentive scheme. These securities are unquoted and subject to transfer restrictions, reflecting the company’s ongoing efforts to incentivize and retain its workforce, which could strengthen its operational capabilities and market positioning.
The most recent analyst rating on (AU:DVP) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on Develop Global Limited stock, see the AU:DVP Stock Forecast page.
Develop Global Limited held its Annual General Meeting, where the Chairman introduced board members and highlighted the recent appointment of Duncan Bradford, who brings significant experience from his previous role at Maaden. The meeting included formalities such as the re-appointment of Bradford and engagement with shareholders, reflecting the company’s commitment to governance and stakeholder relations.
The most recent analyst rating on (AU:DVP) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Develop Global Limited stock, see the AU:DVP Stock Forecast page.
Develop Global Limited has announced the appointment of Duncan Bradford as a director effective from November 10, 2025. The Initial Director’s Interest Notice reveals that Mr. Bradford currently holds no securities or interests in the company, indicating a neutral stance in terms of financial involvement. This appointment may impact the company’s governance and strategic direction, but no immediate implications for stakeholders are evident from the announcement.
The most recent analyst rating on (AU:DVP) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Develop Global Limited stock, see the AU:DVP Stock Forecast page.
Develop Global Limited announced that Duncan Bradford has ceased to be a director of the company as of November 10, 2025. The final director’s interest notice reveals that Bradford held no relevant interests in securities, either as a registered holder or otherwise, and had no interests in any contracts. This change in directorship may impact the company’s governance structure, but no immediate implications for stakeholders were disclosed.
The most recent analyst rating on (AU:DVP) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Develop Global Limited stock, see the AU:DVP Stock Forecast page.
Develop Global Limited addressed a query from ASX Compliance regarding alleged non-compliance with Listing Rule 14.4. The company explained the procedural steps taken during its recent annual general meeting, including the temporary retirement and re-appointment of Duncan Bradford as a Non-Executive Director. This move underscores Develop Global’s commitment to adhering to governance protocols while ensuring continuity in its board leadership.
The most recent analyst rating on (AU:DVP) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Develop Global Limited stock, see the AU:DVP Stock Forecast page.
Develop Global Limited has breached ASX Listing Rule 14.4 by not including the election of newly appointed director Duncan Bradford in its recent Annual General Meeting. The ASX has mandated the company to explain the breach and outline steps to ensure compliance, impacting its governance practices and stakeholder confidence.
The most recent analyst rating on (AU:DVP) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Develop Global Limited stock, see the AU:DVP Stock Forecast page.
Develop Global Limited’s AGM presentation highlights its strategic focus on energy transition metals and underground mining services. The presentation underscores the company’s commitment to advancing its projects, such as the Kangaroo Caves, Sulphur Springs, and Woodlawn, which are pivotal for its growth and market positioning. These developments are expected to enhance the company’s operational capabilities and strengthen its industry standing, potentially benefiting stakeholders through increased resource availability and improved financial outcomes.
The most recent analyst rating on (AU:DVP) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Develop Global Limited stock, see the AU:DVP Stock Forecast page.
Develop Global Limited announced that all resolutions at its 2025 Annual General Meeting were passed by a poll. The successful resolutions included the adoption of the remuneration report, re-election of an independent director, approval of the employee awards plan, and ratification of share placements, which indicate strong shareholder support and potential positive impacts on the company’s governance and strategic initiatives.
The most recent analyst rating on (AU:DVP) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Develop Global Limited stock, see the AU:DVP Stock Forecast page.
Develop Global Limited has announced the quotation of 541,118 ordinary fully paid securities on the Australian Securities Exchange (ASX) under the code DVP. This issuance is part of an employee incentive scheme and is not subject to transfer restrictions, potentially enhancing employee engagement and aligning their interests with the company’s performance.
The most recent analyst rating on (AU:DVP) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Develop Global Limited stock, see the AU:DVP Stock Forecast page.
Develop Global Limited has announced the appointment of Duncan Bradford as a new director, effective from October 29, 2025. The notice indicates that Bradford currently holds no securities or interests in the company, suggesting a fresh start in his role, which could influence the company’s strategic direction and governance.
The most recent analyst rating on (AU:DVP) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Develop Global Limited stock, see the AU:DVP Stock Forecast page.
Develop Global Limited has announced the appointment of three key executives as part of its accelerated growth strategy. Duncan Bradford joins as a Non-executive Director, bringing over 30 years of mining experience, while Nathan Stoitis is appointed as General Manager of Processing and Metallurgy, and Fraser Perry as General Manager of Business Development. These appointments are aimed at supporting Develop’s rapid growth and potential partnership opportunities, enhancing its operational excellence and corporate governance.
The most recent analyst rating on (AU:DVP) stock is a Buy with a A$5.00 price target. To see the full list of analyst forecasts on Develop Global Limited stock, see the AU:DVP Stock Forecast page.