Fitzroy River Corp. Ltd. (FZR) AI Stock Analysis

• Market Cap: AU$16.73M
• Dividend Yield: 16.82%
• Average Volume (3M): 34.44K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.39
• Revenue Growth: N/A
• EPS Growth: -257.14%
• Country: AU
• Employees: 7
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): >-0.01
• Shares Outstanding: 107,954,254
• 10 Day Avg. Volume: 29,679
• 30 Day Avg. Volume: 34,439
• PEG Ratio: -0.25
• Price to Book (P/B): 6.27
• Price to Sales (P/S): 29.33
• P/FCF Ratio: 46.15
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: AU$0.18 ▲(11.87% Upside)

The score is held back primarily by deteriorating fundamentals (multi-year revenue decline and recent net losses with shrinking equity). Technical indicators also point to weak momentum (oversold RSI and negative MACD). Support comes from a cleaner balance sheet with zero debt, positive recent cash generation, and a high dividend yield, though the negative P/E reflects ongoing earnings weakness.

Positive Factors

Zero net debt

Having eliminated debt materially reduces financial risk and interest burden, giving management flexibility to fund exploration or weather commodity cycles without near-term refinancing pressure. This durability supports operational continuity amid revenue volatility over the coming months.

Positive operating & free cash flow

Consistent positive operating and free cash flow provides a durable funding source for working capital, modest investment and shareholder returns despite accounting losses. Stronger cash than earnings eases liquidity stress and reduces reliance on external capital over the medium term.

Very high gross margins

Near-100% gross margins imply low direct production costs or asset-light revenue streams, which structurally bolster cash generation per unit sold. If volumes stabilize, this margin profile supports recovery in profitability and resilience to moderate cost inflation over the next several quarters.

Negative Factors

Multi-year revenue decline

A sustained top-line contraction over multiple years signals weakening market position or declining production, reducing scale benefits and making fixed-cost absorption harder. Continued revenue erosion would impair long-term cash flow and limit capacity to restore profitability without structural change.

Return to net losses

Reverting to sizable net losses and a deeply negative margin erodes retained earnings and investor confidence, constraining reinvestment and dividend sustainability. Persistent losses increase the need for external capital or asset sales, raising execution risk over the medium term.

Shrinking equity base

A halving of shareholders' equity materially reduces the balance-sheet buffer against shocks, limiting borrowing headroom and strategic optionality. With a thinner capital base, future adverse results or funding needs will be harder to absorb without dilutive financing or asset disposals.

Fitzroy River Corp. Ltd. Business Overview & Revenue Model

Company Description

Fitzroy River Corporation Limited operates as an oil and gas, and mineral investment holding company. The company focuses on non-operational assets, such as royalties and equity investments. It holds royalty interests in various permits in Australia, the Gulf of Mexico, and New Zealand. The company was incorporated in 1996 and is based in Gwelup, Australia.

How the Company Makes Money

Fitzroy River Corp. Ltd. makes money through its investment portfolio in the oil and gas sector. The company's revenue is primarily derived from dividends, interest, and capital gains earned from its equity investments in exploration and production companies. FZR strategically selects investment opportunities that have the potential for significant returns, benefiting from the growth and profitability of its investee companies. Additionally, the company may engage in joint ventures or partnerships that enhance its revenue streams and provide further opportunities for financial growth.

Fitzroy River Corp. Ltd. Financial Statement Overview

Summary

Financials are mixed: revenue has fallen sharply for multiple years and the company returned to sizable net losses in 2024–2025, pressuring equity. Offsetting this, debt has been eliminated and operating/free cash flow has been positive in 2023–2025, providing some financial resilience.

Income Statement

Revenue has been declining for several years (2025: -11.5%; 2024: -30.0%; 2023: -19.7%), indicating weakening top-line momentum. Profitability is also volatile: the company posted net losses in 2024 and 2025 (2025 net margin ~-44.8%), after profits in 2022–2023. A key strength is consistently high gross margin (near 100% in 2024–2025), but the swing back to sizeable losses and the downtrend in revenue keep the income statement quality below average.

Balance Sheet

Leverage has improved materially: total debt is now zero (2023–2025), which reduces financial risk versus 2020–2021 when debt was meaningful. The main weakness is shrinking equity (from ~5.66m in 2024 to ~2.84m in 2025) and negative returns on equity in 2024–2025, reflecting recent losses and reduced balance-sheet cushion. Overall, the balance sheet is cleaner on debt, but the declining equity base is a notable concern.

Cash Flow

Cash generation has been a bright spot recently: operating cash flow is positive in 2023–2025, with 2025 operating and free cash flow at ~386k and strong year-over-year free-cash-flow growth (~27x) off a low base. Cash flow has also been stronger than accounting earnings in the last two years, helping offset reported net losses. The weakness is historical volatility (negative operating cash flow in 2020–2021) and a step-down from the higher 2023–2024 operating cash flow levels.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	607.54K	607.54K	725.47K	1.04M	1.29M	691.16K
Gross Profit	607.54K	607.54K	725.47K	1.04M	995.74K	395.80K
EBITDA	225.95K	225.95K	361.97K	660.67K	898.85K	692.22K
Net Income	-272.80K	-272.32K	-71.87K	138.82K	851.01K	83.58K
Balance Sheet
Total Assets	3.03M	3.03M	5.73M	5.99M	7.72M	6.30M
Cash, Cash Equivalents and Short-Term Investments	749.85K	749.85K	2.39M	1.76M	1.27M	474.37K
Total Debt	0.00	0.00	0.00	0.00	0.00	3.50M
Total Liabilities	189.71K	189.71K	63.29K	112.12K	35.90K	69.28K
Stockholders Equity	2.84M	2.84M	5.66M	5.88M	7.68M	6.23M
Cash Flow
Free Cash Flow	386.04K	386.04K	433.54K	990.97K	709.55K	-114.58K
Operating Cash Flow	386.04K	386.04K	433.54K	990.97K	709.55K	-114.58K
Investing Cash Flow	18.84K	18.84K	194.51K	89.45K	89.45K	1.06M
Financing Cash Flow	-2.04M	-2.04M	-638.00	-506.69K	-1.09M	-1.09M

Fitzroy River Corp. Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.16
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:FZR, the sentiment is Negative. The current price of 0.16 is above the 20-day moving average (MA) of 0.16, below the 50-day MA of 0.17, and above the 200-day MA of 0.16, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 43.14 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:FZR.

Fitzroy River Corp. Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
EMP	51 Neutral	AU$83.04M	-55.56	-13.64%	―	―	30.77%
ADX	50 Neutral	AU$23.21M	-2.03	-59.58%	―	4.41%	-49.06%
FZR	49 Neutral	AU$16.73M	-62.00	-6.43%	16.82%	―	-257.14%
FDR	48 Neutral	AU$198.34M	20.94	168.99%	―	―	―
HHR	44 Neutral	AU$33.70M	-15.00	-6.62%	―	―	20.00%
PGY	44 Neutral	AU$10.85M	-2.56	-45.97%	―	0.69%	-30.00%

Fitzroy River Corp. Ltd. Corporate Events

Fitzroy River Flags Steady Royalty Income as Key Energy and Gold Projects Advance

Fitzroy River Corporation reported quarterly royalty income of $148,042 from its Weeks Royalty for the September 2025 period, taking total receipts for the year to 31 December 2025 to $593,107, slightly lower than the prior year, while noting that its overall risk profile remains largely unchanged amid continued volatility in oil, gas and foreign exchange markets. The company highlighted progress across its near‑term royalty portfolio, including Buru Energy’s move to secure about A$40 million in funding and target a 3Q 2026 final investment decision for the Rafael Gas Project, continued permitting steps at the Bowdens Silver Project, substantial new equity funding for the Snowy River Gold Mine, and an updated resource and upcoming scoping study at the Sam’s Creek Gold Project, developments that collectively underpin potential future royalty growth but remain exposed to commodity price movements, operational interruptions and macro‑geopolitical uncertainty.

The most recent analyst rating on (AU:FZR) stock is a Hold with a A$0.18 price target. To see the full list of analyst forecasts on Fitzroy River Corp. Ltd. stock, see the AU:FZR Stock Forecast page.

Fitzroy River Corp. AGM Resolutions Passed with Strong Support

Fitzroy River Corporation Ltd. held its Annual General Meeting on November 27, 2025, where all proposed resolutions were carried. The resolutions included the adoption of the Remuneration Report and the election of directors Susan Thomas and Brendon Morton. The results indicate strong shareholder support for the company’s leadership and compensation strategies, suggesting stability in its governance and potential positive implications for its stakeholders.

Fitzroy River Corp. Reports Steady Royalty Income Amid Project Developments

Fitzroy River Corporation Ltd. reported receiving $171,609 in royalty income for the quarter ending September 2025, with total receipts for the year amounting to $619,145. The company received government and environmental approvals for the Rafael Gas and Condensate Field, indicating potential future developments. The Bowdens Silver Project is progressing with regulatory submissions, and the Snowy River Gold Project secured significant funding for its development. Despite these advancements, the company faces risks from fluctuating global oil and gas prices, geopolitical tensions, and potential production interruptions.

Fitzroy River Corporation Ltd Announces 2025 AGM Details

Fitzroy River Corporation Ltd has announced its Annual General Meeting (AGM) for shareholders, scheduled for 27 November 2025 in South Perth, Australia. The company encourages shareholders to submit proxy forms ahead of the meeting, emphasizing the importance of reviewing the Notice of Meeting available online. The company is prepared to make alternative arrangements for the meeting if necessary, with updates to be provided via the ASX and the company’s website.