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Imdex Ltd (AU:IMD)
ASX:IMD

Imdex Ltd (IMD) AI Stock Analysis

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AU:IMD

Imdex Ltd

(Sydney:IMD)

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Neutral 59 (OpenAI - 4o)
Rating:59Neutral
Price Target:
AU$3.50
▼(-4.89% Downside)
Imdex Ltd's strong financial performance is offset by bearish technical indicators and a high valuation. The company's profitability and balance sheet strength are positives, but the stock's current technical weakness and high P/E ratio suggest caution.
Positive Factors
Profitability
High profitability margins indicate efficient operations and strong pricing power, which can support sustainable earnings growth over time.
Balance Sheet Strength
A strong balance sheet with low leverage enhances financial stability and provides flexibility for strategic investments and growth.
Cash Flow Management
Strong operating cash flow indicates effective cash management, supporting ongoing operations and potential future investments.
Negative Factors
Revenue Growth Slowdown
Slowing revenue growth may signal challenges in market expansion or product demand, potentially impacting future profitability.
Negative Free Cash Flow Growth
Negative free cash flow growth can limit the company's ability to invest in new opportunities and may strain financial resources.
Declining Revenue Growth
A persistent decline in revenue growth could indicate underlying market or operational challenges, affecting long-term growth prospects.

Imdex Ltd (IMD) vs. iShares MSCI Australia ETF (EWA)

Imdex Ltd Business Overview & Revenue Model

Company DescriptionImdex Limited, together with its subsidiaries, provides drilling optimization products and sensors for the minerals industry in the Asia-Pacific, Africa, Europe, and the Americas. The company sells and rents drilling optimization products, including drilling fluids, solids removal units, remote fluid testing technologies, rig alignment technologies, and drilling productivity technologies; and rents rock knowledge sensors, which include downhole survey, core orientation, gamma logging, and structural orientation sensors. It also provides real-time data and analytics solutions, such as a cloud-based data collection and validation platform; an advanced reporting software; a geoscience analytics software; an interpretive mineralogy software; and a 3D visualisation software. In addition, the company offers software, mining technology, drilling optimization, downhole navigation, structural geology, in-field geoanalysis, and driller operable geophysics solutions. It provides its products and services under the AMC and REFLEX brands to drilling contractors and resource companies. The company was formerly known as Pilbara Gold NL and changed its name to Imdex Limited in July 1985. Imdex Limited was incorporated in 1980 and is headquartered in Balcatta, Australia.
How the Company Makes MoneyImdex generates revenue through multiple key streams, including the sale of drilling fluids and related products, equipment rentals, and software solutions. The company's primary revenue model is based on the direct sale of its proprietary products and services to mining companies and exploration firms. Additionally, Imdex earns significant income through ongoing contracts and partnerships with major players in the mining sector, providing tailored solutions and support. The recurring nature of these contracts, along with the demand for innovative and efficient exploration technologies, contributes substantially to its earnings. Imdex also benefits from strategic collaborations and joint ventures that expand its market reach and enhance its product offerings.

Imdex Ltd Financial Statement Overview

Summary
Imdex Ltd demonstrates strong profitability with improved net profit margins and a solid balance sheet characterized by low leverage and efficient equity utilization. However, the slowdown in revenue growth and negative free cash flow growth require attention.
Income Statement
Imdex Ltd has shown consistent revenue growth over the years, with a notable increase in gross profit margins, reaching 72.4% in 2025. The net profit margin improved to 12.8% in 2025, indicating enhanced profitability. However, the revenue growth rate has slowed down to 2.2% in 2025 from previous years, which could be a concern if the trend continues. Overall, the company demonstrates strong profitability and stable growth.
Balance Sheet
The company's debt-to-equity ratio has improved to 0.16 in 2025, reflecting a solid capital structure with low leverage. Return on equity has increased to 8.8%, showing efficient use of equity to generate profits. The equity ratio remains strong, indicating a stable financial position. Overall, Imdex Ltd maintains a healthy balance sheet with low financial risk.
Cash Flow
Operating cash flow has increased, with a strong coverage ratio of 1.46 in 2025, indicating good cash generation relative to net income. However, free cash flow growth has been negative at -21.05% in 2025, which could impact future investments. The free cash flow to net income ratio remains healthy at 0.54, suggesting adequate cash flow generation. Overall, cash flow management is stable but requires attention to reverse the decline in free cash flow growth.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue431.39M431.39M445.28M411.40M341.84M264.38M
Gross Profit214.96M312.44M139.67M136.89M234.54M180.84M
EBITDA122.89M129.19M113.06M99.83M100.40M76.69M
Net Income55.19M55.19M32.40M34.99M44.71M31.67M
Balance Sheet
Total Assets830.15M830.15M786.14M806.14M393.61M366.11M
Cash, Cash Equivalents and Short-Term Investments42.51M42.51M47.13M58.13M36.37M58.48M
Total Debt100.31M100.31M127.65M161.35M46.82M50.00M
Total Liabilities200.79M200.79M214.87M249.94M96.38M113.06M
Stockholders Equity629.36M629.36M571.28M556.21M297.23M253.05M
Cash Flow
Free Cash Flow76.47M66.11M74.54M55.35M18.05M29.90M
Operating Cash Flow123.50M123.50M108.05M82.51M55.72M57.04M
Investing Cash Flow-64.00M-64.00M-35.90M-346.13M-53.04M-28.14M
Financing Cash Flow-64.70M-64.70M-79.39M285.86M-24.72M-8.40M

Imdex Ltd Technical Analysis

Technical Analysis Sentiment
Positive
Last Price3.68
Price Trends
50DMA
3.41
Positive
100DMA
3.39
Positive
200DMA
3.11
Positive
Market Momentum
MACD
0.07
Negative
RSI
63.34
Neutral
STOCH
76.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:IMD, the sentiment is Positive. The current price of 3.68 is above the 20-day moving average (MA) of 3.43, above the 50-day MA of 3.41, and above the 200-day MA of 3.11, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 63.34 is Neutral, neither overbought nor oversold. The STOCH value of 76.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:IMD.

Imdex Ltd Peers Comparison

Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
75
Outperform
AU$580.73M13.8629.67%2.51%-3.08%-16.35%
71
Outperform
AU$725.00M20.8750.61%5.24%12.96%8.19%
66
Neutral
AU$1.88B37.3113.62%1.85%23.76%21.18%
63
Neutral
$10.79B15.437.44%2.01%2.89%-14.66%
59
Neutral
AU$1.88B34.149.03%0.70%-3.12%69.50%
56
Neutral
AU$2.42B86.804.71%3.20%12.18%-73.81%
* Industrials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:IMD
Imdex Ltd
3.68
1.26
52.07%
AU:LYL
Lycopodium Limited
14.72
4.36
42.07%
AU:NWH
NRW Holdings Limited
5.26
1.62
44.51%
AU:SRG
SRG Global Limited
3.00
1.73
136.22%
AU:SST
Steamships Trading Co. Ltd.
10.00
-3.38
-25.26%
AU:GNG
GR Engineering Services Ltd
4.27
1.90
80.17%

Imdex Ltd Corporate Events

Imdex Discloses Change in Director Anthony Wooles’ Shareholding
Dec 24, 2025

Imdex Limited has notified the ASX of a change in director Anthony Wooles’ indirect interest in the company’s ordinary shares, lodged via an Appendix 3Y. Wooles, through entities AEW Holdings Pty Ltd and the A & A Super Fund, has adjusted his holdings via an on-market trade at $3.51 per share, resulting in a revised total indirect holding of 1,267,310 shares under AEW Holdings and 132,690 shares under the super fund. The disclosure reflects routine compliance with ASX corporate governance requirements on director shareholdings, providing transparency to investors regarding insider equity positions and any shifts in board members’ financial exposure to the company.

The most recent analyst rating on (AU:IMD) stock is a Buy with a A$4.20 price target. To see the full list of analyst forecasts on Imdex Ltd stock, see the AU:IMD Stock Forecast page.

Imdex Ltd Announces Change in Director’s Shareholding
Dec 9, 2025

Imdex Ltd has announced a change in the director’s interest, specifically regarding Mr. Anthony Wooles. The notice details a reduction in the number of shares held indirectly by Mr. Wooles, with a total of 150,000 shares disposed of through an on-market trade. This change may have implications for the company’s governance and shareholder dynamics.

The most recent analyst rating on (AU:IMD) stock is a Buy with a A$4.20 price target. To see the full list of analyst forecasts on Imdex Ltd stock, see the AU:IMD Stock Forecast page.

IMDEX Expands with Acquisition of ALT and MSI
Dec 1, 2025

IMDEX Limited announced the acquisition of ALT and MSI, signaling a strategic expansion in its service offerings. The acquisition is expected to strengthen IMDEX’s market position by enhancing its capabilities in exploration and production, potentially benefiting stakeholders through improved operational efficiencies.

The most recent analyst rating on (AU:IMD) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Imdex Ltd stock, see the AU:IMD Stock Forecast page.

Imdex Ltd Expands Through Acquisition of ALT and MSI
Nov 30, 2025

Imdex Ltd has announced the acquisition of Advanced Logic Technology (ALT) and Mount Sopris Instruments (MSI), which is expected to bolster its position in the mining technical services industry. This strategic move is anticipated to enhance Imdex’s capabilities and expand its market reach, potentially benefiting stakeholders by improving service offerings and operational efficiencies.

The most recent analyst rating on (AU:IMD) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Imdex Ltd stock, see the AU:IMD Stock Forecast page.

IMDEX Expands Earth Science Capabilities with Strategic Acquisition
Nov 30, 2025

IMDEX Ltd has announced the acquisition of Advanced Logic Technology S.A. and its subsidiary, Mount Sopris Instruments Inc, for €55.8 million. This acquisition significantly expands IMDEX’s capabilities in earth science sensors and software, integrating industry-leading technologies like WellCAD software and borehole geophysical equipment. The transaction is expected to enhance IMDEX’s market position and customer offerings, driving growth in mining and adjacent markets. Financially, the acquisition is projected to be earnings per share accretive in the first full fiscal year and contribute significantly to revenue and EBITDA.

The most recent analyst rating on (AU:IMD) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Imdex Ltd stock, see the AU:IMD Stock Forecast page.

First Sentier Investors Ceases Substantial Holding in Imdex Ltd
Nov 14, 2025

Imdex Ltd has announced that First Sentier Investors, a substantial holder, has ceased to hold a significant interest in the company as of November 12, 2025. This change in substantial holding may impact the company’s shareholder structure and could have implications for its market positioning and stakeholder relations.

The most recent analyst rating on (AU:IMD) stock is a Buy with a A$4.20 price target. To see the full list of analyst forecasts on Imdex Ltd stock, see the AU:IMD Stock Forecast page.

Imdex Limited Announces Change in Director’s Interest
Oct 22, 2025

Imdex Limited announced a change in the director’s interest notice concerning CEO and Managing Director Paul House. The change involves the granting of performance rights, approved by shareholders, as part of the company’s Employee Rights Plan. This move reflects Imdex’s commitment to aligning executive incentives with company performance, potentially impacting its operational strategies and stakeholder interests.

The most recent analyst rating on (AU:IMD) stock is a Buy with a A$4.20 price target. To see the full list of analyst forecasts on Imdex Ltd stock, see the AU:IMD Stock Forecast page.

Imdex Limited Issues New Performance Rights to Employees
Oct 22, 2025

Imdex Limited has announced the issuance of 520,795 performance rights under an employee incentive scheme, which are not intended to be quoted on the ASX. This move is part of the company’s strategy to incentivize its workforce, potentially impacting its operational efficiency and aligning employee interests with corporate goals.

The most recent analyst rating on (AU:IMD) stock is a Buy with a A$4.20 price target. To see the full list of analyst forecasts on Imdex Ltd stock, see the AU:IMD Stock Forecast page.

Imdex Limited Announces Change in Director’s Interest
Oct 21, 2025

Imdex Limited has announced a change in the director’s interest, specifically regarding performance rights granted to CEO and Managing Director Paul House. The performance rights, valued at $2.705 per share, were approved by shareholders and are part of the company’s Employee Rights Plan. This change reflects the company’s commitment to aligning executive incentives with performance targets, potentially impacting stakeholder confidence and the company’s strategic direction.

The most recent analyst rating on (AU:IMD) stock is a Buy with a A$4.20 price target. To see the full list of analyst forecasts on Imdex Ltd stock, see the AU:IMD Stock Forecast page.

Imdex Limited Successfully Passes All AGM Resolutions
Oct 16, 2025

Imdex Limited announced that all resolutions presented at its 2025 Annual General Meeting were successfully passed by a poll. The resolutions included the re-election of board members and the approval of remuneration and performance rights plans, which are expected to support the company’s strategic objectives and enhance its operational capabilities. This outcome reflects strong shareholder support and positions Imdex to continue its focus on innovation and growth within the mining technology sector.

The most recent analyst rating on (AU:IMD) stock is a Buy with a A$3.80 price target. To see the full list of analyst forecasts on Imdex Ltd stock, see the AU:IMD Stock Forecast page.

IMDEX Limited’s 2025 AGM Highlights Strategic Focus and Technological Advancements
Oct 16, 2025

IMDEX Limited held its 2025 Annual General Meeting, presenting updates on its operations and strategic direction. The company continues to focus on enhancing its technological offerings in the mining sector, which could strengthen its market position and provide significant benefits to stakeholders by improving operational efficiency and resource extraction processes.

The most recent analyst rating on (AU:IMD) stock is a Buy with a A$3.80 price target. To see the full list of analyst forecasts on Imdex Ltd stock, see the AU:IMD Stock Forecast page.

Imdex Limited Announces Cessation of Securities
Oct 15, 2025

Imdex Limited has announced the cessation of 177,129 performance rights due to the lapse of conditional rights that were not met or became incapable of being satisfied. This development may impact the company’s issued capital and could have implications for stakeholders regarding the company’s operational and financial strategies.

The most recent analyst rating on (AU:IMD) stock is a Buy with a A$3.80 price target. To see the full list of analyst forecasts on Imdex Ltd stock, see the AU:IMD Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Nov 21, 2025