Latest Ratios: P/E Ratio -21.5x · EV/EBITDA N/A · ROE -49.2%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $869M | $928M | $303M | $122M | $78M | — | — | — | — | — |
| Enterprise Value | $819M | $877M | $272M | $112M | $73M | — | — | — | — | — |
| P/E Ratio → | -21.54 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 8.24 | 10.04 | 5.91 | 5.96 | 10.52 | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -49.2% | -49.2% | -61.8% | -124.7% | -468.9% | -709.9% | -16.0% | -13.8% | -48.3% | — |
| ROA | -44.1% | -44.1% | -56.8% | -106.7% | -338.9% | -549.0% | -15.6% | -13.2% | -44.2% | -532.8% |
| ROIC | -96.2% | -96.2% | -115.1% | -222.8% | -1159.1% | -868.8% | -33.1% | -56.6% | -356.8% | — |
| ROCE | -52.7% | -52.7% | -61.1% | -121.9% | -437.8% | -392.5% | -15.9% | -14.6% | -48.4% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.03 | 0.05 | 0.07 | 0.27 | 0.01 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.55 | -0.62 | -0.53 | -0.69 | -0.69 | -0.56 | -0.70 | -0.89 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -128.45 | -128.45 | — | -134.79 | -479.85 | -1079.57 | -110.26 | — | — | — |
Net cash position: cash ($55M) exceeds total debt ($4M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.99 | 6.99 | 13.62 | 7.74 | 2.81 | 2.74 | 18.15 | 36.62 | 14.70 | 0.03 |
| Quick Ratio | 6.99 | 6.99 | 13.61 | 7.74 | 2.81 | 2.74 | 18.15 | 36.62 | 14.70 | 0.03 |
| Cash Ratio | 6.50 | 6.50 | 10.87 | 7.25 | 2.73 | 2.67 | 17.44 | 36.10 | 14.26 | — |
| Asset Turnover | — | — | — | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | 38.31 | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $29M | $22M | $17M | $13M | $13M | $13M | $13M | $13M | $24M |
Commercialization and liquidity risk
According to recent market data, IperionX trades at a price-to-book ratio of 8.44, a valuation multiple that suggests investors are pricing in the successful commercialization of the HAMR process rather than the company's current lack of revenue or tangible earnings power.
The elevated P/B ratio relative to traditional industrial peers indicates that the market is assigning significant intangible value to the company's proprietary metallurgical IP. Investors should monitor whether this premium can be sustained as the company transitions from a development-stage entity to an operational manufacturer, as any delay in qualification could lead to a sharp valuation compression.
Based on reported figures, IperionX's ROIC has remained deeply negative, reaching -62.2% in 2026Q2, which is a direct consequence of the heavy capital investment required to build out the Virginia demonstration facility before achieving any commercial production or revenue generation.
The persistent decay in returns on invested capital is characteristic of pre-revenue industrial firms and does not yet reflect the long-term earning potential of the HAMR technology. Analysts should interpret these figures as a measure of capital intensity rather than operational inefficiency, as the company is currently in a phase of pure asset accumulation.
As reported in recent financial statements, the company maintains a current ratio of 4.03, which appears superficially strong but warrants caution given the high cash burn rate associated with scaling the Virginia facility and the absence of recurring revenue streams to support ongoing operations.
While the current ratio suggests a comfortable short-term liquidity position, the lack of inventory turnover or receivables indicates that the company is entirely reliant on its cash reserves to fund its development roadmap. Investors should monitor the cash runway closely, as the current liquidity position may be insufficient if commercialization timelines are extended by aerospace certification requirements.
As indicated by the company's pre-revenue status, the use of P/E or EV/EBITDA multiples is fundamentally misapplied to IperionX, as these metrics obscure the firm's true value driver, which is the potential for disruptive cost-curve advantages in titanium powder production.
Applying standard earnings-based valuation to a company that has yet to generate revenue leads to misleading conclusions about its financial health. Instead, analysts should focus on the 'Time to Qualification' and 'Scrap-to-Powder Yield' as more meaningful indicators of the company's progress toward achieving a sustainable competitive advantage in the industrial materials sector.
Includes 30+ ratios · 9 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying IPX stock.
IperionX Limited's current P/E ratio is -21.5x. This places it at the 50th percentile of its historical range.
IperionX Limited's return on equity (ROE) is -49.2%. The historical average is -111.8%.
Based on historical data, IperionX Limited is trading at a P/E of -21.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.