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Metals X Limited
(Sydney:MLX)
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Rating:81Outperform
Price Target:
AU$2.00
▲(36.99% Upside)
Action:Reiterated
Date:05/14/26
The score is driven primarily by strong financial performance—especially a very strong, low-debt balance sheet and improving scale/profitability—tempered by historical volatility in earnings and free cash flow. Technicals are supportive (price above major moving averages) but overbought signals reduce the near-term outlook, while valuation looks attractive due to the low P/E.
Positive Factors
Conservative balance sheet
Near-zero leverage and growing equity give Metals X durable financial flexibility. Low debt reduces refinancing risk and interest burden, enabling the company to fund JV commitments, absorb commodity cycles, pursue opportunistic investments or return capital without stressing liquidity over the next 2–6 months.
Negative Factors
Earnings and cashflow volatility
Material year-to-year swings in earnings and cash flow reduce predictability for capital allocation and investor returns. Volatility increases the chance of forced asset sales or deferment of investments in down-cycles, limiting ability to execute a stable long-term plan.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Near-zero leverage and growing equity give Metals X durable financial flexibility. Low debt reduces refinancing risk and interest burden, enabling the company to fund JV commitments, absorb commodity cycles, pursue opportunistic investments or return capital without stressing liquidity over the next 2–6 months.
Read all positive factors
Metals X Limited (MLX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.40B
Dividend YieldN/A
Average Volume (3M)2.44M
Price to Earnings (P/E)13.5
Beta (1Y)1.35
Revenue Growth30.24%
EPS Growth4.06%
CountryAU
Employees175
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)0.12
Shares Outstanding886,391,540
10 Day Avg. Volume2,915,295
30 Day Avg. Volume2,435,374
Financial Highlights & Ratios
PEG Ratio1.03
Price to Book (P/B)1.86
Price to Sales (P/S)3.48
P/FCF Ratio10.75
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$1.93Price Target Upside31.85% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.19
Revenue Forecast (FY)AU$393.25M
Metals X Limited Business Overview & Revenue Model
Company Description
Metals X Limited is an Australian company primarily involved in tin production. It possesses a 50% ownership stake in the Renison tin mining operation, situated in northwestern Tasmania. Furthermore, the firm strategically invests in other entitie...
How the Company Makes Money
Metals X makes money primarily through returns generated from its ownership interests in mining operations and resource investments. Key revenue and earnings drivers include: (1) Share of operating returns from mining assets/investments: where Met...
Metals X Limited Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
76
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 285.00M | 218.82M | 153.78M | 187.91M | 228.88M |
| Gross Profit | 125.76M | 95.26M | 48.63M | 87.33M | 135.18M |
| EBITDA | 147.96M | 115.32M | 58.68M | 95.40M | 138.83M |
| Net Income | 104.61M | 102.35M | 14.59M | 144.50M | 183.89M |
Balance Sheet | |||||
| Total Assets | 618.51M | 505.03M | 392.94M | 355.20M | 351.68M |
| Cash, Cash Equivalents and Short-Term Investments | 293.61M | 220.64M | 143.04M | 113.93M | 122.25M |
| Total Debt | 3.29M | 6.15M | 8.36M | 3.34M | 3.56M |
| Total Liabilities | 85.98M | 77.26M | 58.70M | 35.55M | 42.00M |
| Stockholders Equity | 532.53M | 427.77M | 334.23M | 319.65M | 309.68M |
Cash Flow | |||||
| Free Cash Flow | 92.36M | 102.63M | 29.93M | -7.28M | 113.22M |
| Operating Cash Flow | 128.32M | 143.57M | 64.86M | 11.56M | 150.00M |
| Investing Cash Flow | -52.49M | -55.45M | -32.65M | -18.84M | -23.83M |
| Financing Cash Flow | -2.87M | -10.51M | -3.10M | -1.04M | -17.39M |
Metals X Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | AU$1.40B | 13.51 | 16.50% | ― | 30.24% | 4.06% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
46 Neutral | AU$255.41M | -0.86 | -30.65% | ― | 6.78% | 32.51% | |
44 Neutral | AU$172.55M | -6.37 | -72.82% | ― | ― | 48.94% | |
43 Neutral | AU$171.97M | 45.16 | 0.63% | 1.54% | -0.53% | -77.84% | |
43 Neutral | AU$1.13B | -5.17 | -8.07% | ― | -3.54% | -49.86% | |
42 Neutral | AU$776.83M | -22.86 | -10.17% | ― | -100.00% | 59.85% |
* Basic Materials Sector Average
AU:MLX
Metals X Limited
1.85
1.26
213.56%
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Metals X Limited Corporate Events
Metals X Boosts Cash and Tin Resources as Renison Output Dips Slightly
Jul 26, 2026
Metals X reported slightly lower quarterly tin production at the Renison operation, but higher imputed revenue and EBITDA driven by a stronger tin price and improved processing throughput. Imputed net cash flow eased marginally due to increased ca...
Metals X Backs Tanami Gold’s A$70.5m Entitlement Offer to Maintain Stake
May 8, 2026
Metals X Limited has confirmed it will fully participate in Tanami Gold NL’s latest capital raising, a fully underwritten 1-for-1 renounceable entitlement offer aimed at securing about A$70.5 million through the issue of new shares at A$0.06...
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.