Imdex Ltd (IMD) AI Stock Analysis

• Market Cap: AU$1.68B
• Dividend Yield: 0.76%
• Average Volume (3M): 1.04M
• Price to Earnings (P/E): 30.4
• Beta (1Y): 1.12
• Revenue Growth: -3.12%
• EPS Growth: 69.50%
• Country: AU
• Employees: 816
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): 0.04
• Shares Outstanding: 511,841,830
• 10 Day Avg. Volume: 1,016,753
• 30 Day Avg. Volume: 1,040,365
• PEG Ratio: 0.35
• Price to Book (P/B): 2.21
• Price to Sales (P/S): 3.23
• P/FCF Ratio: 21.06
• 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: AU$3.66
• Price Target Upside: 10.71% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 0.1
• Revenue Forecast (FY): AU$489.75M

• Rating: 59 Neutral
• Price Target: AU$3.50 ▲(5.74% Upside)

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 Business Overview & Revenue Model

Company Description

Imdex 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 Money

Imdex 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.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	431.39M	431.39M	445.28M	411.40M	341.84M	264.38M
Gross Profit	214.96M	312.44M	139.67M	136.89M	234.54M	180.84M
EBITDA	122.89M	129.19M	113.06M	99.83M	100.40M	76.69M
Net Income	55.19M	55.19M	32.40M	34.99M	44.71M	31.67M
Balance Sheet
Total Assets	830.15M	830.15M	786.14M	806.14M	393.61M	366.11M
Cash, Cash Equivalents and Short-Term Investments	42.51M	42.51M	47.13M	58.13M	36.37M	58.48M
Total Debt	100.31M	100.31M	127.65M	161.35M	46.82M	50.00M
Total Liabilities	200.79M	200.79M	214.87M	249.94M	96.38M	113.06M
Stockholders Equity	629.36M	629.36M	571.28M	556.21M	297.23M	253.05M
Cash Flow
Free Cash Flow	76.47M	66.11M	74.54M	55.35M	18.05M	29.90M
Operating Cash Flow	123.50M	123.50M	108.05M	82.51M	55.72M	57.04M
Investing Cash Flow	-64.00M	-64.00M	-35.90M	-346.13M	-53.04M	-28.14M
Financing Cash Flow	-64.70M	-64.70M	-79.39M	285.86M	-24.72M	-8.40M

Imdex Ltd Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.31
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 3.31 is below the 20-day moving average (MA) of 3.32, below the 50-day MA of 3.45, and above the 200-day MA of 3.07, indicating a neutral trend. The MACD of -0.04 indicates Positive momentum. The RSI at 47.25 is Neutral, neither overbought nor oversold. The STOCH value of 28.71 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LYL	75 Outperform	AU$526.68M	12.57	29.67%	2.59%	-3.08%	-16.35%
GNG	71 Outperform	AU$693.05M	20.14	50.61%	5.33%	12.96%	8.19%
SRG	66 Neutral	AU$1.79B	35.57	13.62%	1.91%	23.76%	21.18%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
IMD	59 Neutral	AU$1.68B	30.43	9.03%	0.76%	-3.12%	69.50%
NWH	56 Neutral	AU$2.36B	84.65	4.71%	3.22%	12.18%	-73.81%

Imdex Ltd Corporate Events

IMDEX Expands with Acquisition of ALT and MSI

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.

Imdex Ltd Expands Through Acquisition of ALT and MSI

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.

IMDEX Expands Earth Science Capabilities with Strategic Acquisition

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.

First Sentier Investors Ceases Substantial Holding in Imdex Ltd

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.

Imdex Limited Announces Change in Director’s Interest

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.

Imdex Limited Issues New Performance Rights to Employees

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.

Imdex Limited Announces Change in Director’s Interest

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.

Imdex Limited Successfully Passes All AGM Resolutions

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.

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

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.

Imdex Limited Announces Cessation of Securities

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.

Mitsubishi UFJ Financial Group Ceases Substantial Holding in Imdex Ltd

Mitsubishi UFJ Financial Group, Inc. has ceased to be a substantial holder in Imdex Ltd, following a series of transactions involving the purchase of securities by an entity controlled by Morgan Stanley. This change in substantial holding could impact Imdex’s shareholder structure and influence its market dynamics, potentially affecting investor sentiment and company operations.

Imdex Limited Releases FY25 Sustainability Report

Imdex Limited has released its Sustainability Report for the fiscal year ending June 30, 2025. This report underscores the company’s commitment to sustainable practices within the mining technology sector, highlighting its efforts to improve operational efficiency and environmental responsibility. The announcement reinforces IMDEX’s position as a key player in the mining industry, with implications for stakeholders regarding its ongoing dedication to sustainability and innovation.

Imdex Ltd Announces Change in Substantial Holding

Imdex Ltd has announced that First Sentier Investors has ceased to be a substantial holder in the company as of September 22, 2025. This change in substantial holding could potentially impact Imdex Ltd’s shareholder structure and influence its market positioning, as substantial holders often play a significant role in corporate governance and strategic decision-making.

Imdex Limited Announces 2025 Annual General Meeting

Imdex Limited has announced its 2025 Annual General Meeting, scheduled for October 16, 2025. The meeting will provide shareholders with updates and decisions pertinent to the company’s operations and strategies. This announcement is part of IMDEX’s ongoing efforts to engage with its stakeholders and maintain transparency regarding its corporate governance and future plans.