MeritValue

IPERIONX Ltd

IPXdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'interestExpense'

The thesis, from the filings

IPERIONX Ltd earns about -597% on invested capital, but has diluted owners by 365% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$13.2M1−$21.5M2−$17.4M3−$21.8M3−$35.3M3
Operating cash flow−$3.56M4−$12.1M5−$15.9M6−$18.6M6−$21.8M6
Capital expenditure$66,8187$889,9888$2.08M9$5.02M9$17M9
Free cash flow (derived)−$3.62M4−$13M5−$17.9M6−$23.6M6−$38.8M6
Total debt$475,65210$543,03011$975,31412$1.49M12$3.93M12
Cash & equivalents$1.7M13$5.67M14$11.9M14$33.2M14$54.8M14
Diluted shares68.8M140.3M193.5M257.2M319.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$2.89
your share of equity
Profit it earned you last year
−$1.1
Free cash flow it threw off
−$1.21
Debt you’d be carrying
$0.12

10 shares is a claim on $2.89 of net worth that earned you −$1.1 and generated −$1.21 of cash last year, against $0.12 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-597% avg · 5y
FY21 -1943%FY22 -742%FY23 -144%FY24 -88%FY25 -67%

It earned an average -597% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+365% shares · 5y

Share count is up 365% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 727% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F/A · period ending 2021-06-30 · accession 0001140361-24-008601 (ProfitLossAttributableToOwnersOfParent)
  2. 20-F · period ending 2022-06-30 · accession 0001140361-24-044628 (ProfitLossAttributableToOwnersOfParent)
  3. 20-F · period ending 2023-06-30 · accession 0001898601-25-000013 (ProfitLossAttributableToOwnersOfParent)
  4. 20-F/A · period ending 2021-06-30 · accession 0001140361-24-008601 (CashFlowsFromUsedInOperatingActivities)
  5. 20-F · period ending 2022-06-30 · accession 0001140361-24-044628 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2023-06-30 · accession 0001898601-25-000013 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F/A · period ending 2021-06-30 · accession 0001140361-24-008601 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 20-F · period ending 2022-06-30 · accession 0001140361-24-044628 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F · period ending 2023-06-30 · accession 0001898601-25-000013 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  10. 20-F · period ending 2021-06-30 · accession 0001140361-22-030925 (Borrowings)
  11. 20-F/A · period ending 2022-06-30 · accession 0001140361-24-008601 (Borrowings)
  12. 20-F · period ending 2023-06-30 · accession 0001898601-25-000013 (Borrowings)
  13. 20-F · period ending 2021-06-30 · accession 0001140361-24-044628 (CashAndCashEquivalents)
  14. 20-F · period ending 2022-06-30 · accession 0001898601-25-000013 (CashAndCashEquivalents)