IperionX Limited (IPX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-40.9%

$8.86

vs $15.00 price

Levered DCF

$9.26

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

13.14

Safe zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-1.49×	-26.25×	-15.18×	-4.86×	-3.63×	-9.37×	-260.74×	-245.63×
P/B	1.13×	10.04×	6.44×	5.96×	10.52×	52.81×	46.91×	37.69×
P/S	0×	0×	0×	0×	0×	0×	0×	0×
EV / EBITDA	-1.05×	-23.7×	-13.61×	-6.62×	-3.37×	-11.36×	-127.65×	-459.83×
Gross margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Net margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Current ratio	3.24×	6.99×	13.62×	7.74×	2.81×	2.74×	18.15×	36.62×
Debt / equity	0.05×	0.04×	0.03×	0.05×	0.07×	0.49×	0.01×	0×
Interest coverage	-20.12×	-128.45×	248.48×	-134.79×	-479.85×	-1,079.57×	-110.26×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-76.0%	-38.2%	-43.3%	-84.8%	-290.1%	-754.5%	-17.9%	-15.3%
Return on invested capital	-75.5%	-40.5%	-41.8%	-82.0%	-274.6%	-363.1%	-17.7%	-11.0%
Return on assets	-63.4%	-33.7%	-40.1%	-76.5%	-217.2%	-475.7%	-17.4%	-15.0%
Free cash flow yield	-63.1%	-4.2%	-8.1%	-15.2%	-18.0%	-3.9%	-0.0%	-0.0%
Earnings yield	-67.2%	-3.8%	-6.7%	-14.2%	-27.6%	-14.3%	-0.4%	-0.4%
Enterprise value	$68.7M	$877M	$299M	$111.5M	$72.9M	$92.1M	$91.8M	$91.2M
Net debt / EBITDA	0.47×	1.38×	1.44×	0.65×	0.24×	0.1×	1.55×	8.72×
Cash conversion cycle (days)	-404	-964	-728	-409	-4,005	-11,157	-61	0