Alpha HPA - Public Comps and Valuation Multiples

Alpha HPA Overview

About Alpha HPA

Alpha HPA Ltd is an Australian metals and technology company. It is engaged in producing ultra-high purity alumina (HPA) and related aluminium materials through its proprietary solvent extraction (SX) and refining technology. The group's product offerings include a range of ultra-high purity aluminium oxides, hydroxides, and nitrates suitable for various high technology industries, including technical ceramics, LED lighting, synthetic sapphire, semiconductors, specialty catalysts, Direct Lithium Extraction (DLE) technology, and lithium-ion battery markets, among others. It has two reportable segments being the development of the HPA First Project, which generates maximum revenue, and the Alpha Sapphire Project.

Founded

2003

HQ

Employees

n/a

Website

alphahpa.com.au

Sectors

Advanced Materials

Financials

LTM Revenue $1.2M

LTM EBITDA -$21.2M

EV

$603M

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Alpha HPA Financials

As of August 2025, Alpha HPA reported last 12-month revenue of $1.2M and EBITDA of -$21.2M.

In the same period, Alpha HPA achieved $11.3M in LTM net income.

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Alpha HPA P&L

In the most recent fiscal year, Alpha HPA reported revenue of $0.2M and EBITDA of -$18.9M.

Alpha HPA expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.2M	XXX	$0.2M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$0.2M	XXX	XXX	XXX
Gross Margin	n/a	XXX	100%	XXX	XXX	XXX
EBITDA	-$21.2M	XXX	-$18.9M	XXX	XXX	XXX
EBITDA Margin	-1822%	XXX	-9106%	XXX	XXX	XXX
EBIT	-$24.9M	XXX	-$28.5M	XXX	XXX	XXX
EBIT Margin	-2140%	XXX	-13716%	XXX	XXX	XXX
Net Profit	$11.3M	XXX	-$21.3M	XXX	XXX	XXX
Net Margin	969%	XXX	-10253%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Alpha HPA including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.2M. EBITDA for the last twelve months was -$21.2M. In the most recent fiscal year, Alpha HPA achieved $0.2M in revenue and -$18.9M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.2M	Analyst estimates available to subscribers	$0.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$0.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	100.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	-$21.2M	Analyst estimates available to subscribers	-$18.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-1821.6% EBITDA margin	Analyst estimates available to subscribers	-9106.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$24.9M	Analyst estimates available to subscribers	-$28.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-2140.3% EBIT margin	Analyst estimates available to subscribers	-13716.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$11.3M	Analyst estimates available to subscribers	-$21.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	969.1% net profit margin	Analyst estimates available to subscribers	-10253.1% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Alpha HPA

This financial data table provides comprehensive performance metrics for Alpha HPA, a company based in Australia. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Alpha HPA generated $1.2M in revenue over the last twelve months.
The company achieved -$21.2M in EBITDA over the last twelve months.
Net income over the last twelve months reached $11.3M.

Fiscal Year Performance

In the most recent fiscal year, Alpha HPA reported $0.2M in total revenue.
Fiscal year EBITDA was -$18.9M.
The company maintained a gross profit margin of 100.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was -9106.4%.
Net profit margin reached -10253.1% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Alpha HPA. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Alpha HPA Stock Performance

Alpha HPA has current market cap of AUD 1.0B (or $667M), and EV of AUD 920M (or $603M).

Market Cap Evolution

Alpha HPA Stock Data

As of September 19, 2025, Alpha HPA's stock price is AUD 1 (or $1).

See Alpha HPA trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$603M	$667M	XXX	XXX	XXX	XXX	$-0.02

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Alpha HPA Valuation Multiples

Alpha HPA's trades at 5090.2x EV/Revenue multiple, and -35.6x EV/EBITDA.

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Alpha HPA Financial Valuation Multiples

As of September 19, 2025, Alpha HPA has market cap of $667M and EV of $603M.

Equity research analysts estimate Alpha HPA's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Alpha HPA has a P/E ratio of 59.1x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$667M	XXX	$667M	XXX	XXX	XXX
EV (current)	$603M	XXX	$603M	XXX	XXX	XXX
EV/Revenue	518.1x	XXX	5090.2x	XXX	XXX	XXX
EV/EBITDA	-28.4x	XXX	-35.6x	XXX	XXX	XXX
EV/EBIT	-24.2x	XXX	-25.1x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	59.1x	XXX	-35.4x	XXX	XXX	XXX
EV/FCF	-5.3x	XXX	-12.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Alpha HPA Margins & Growth Rates

Alpha HPA's last 12 month revenue growth is 1582%

Alpha HPA's revenue per employee in the last FY averaged n/a, while opex per employee averaged n/a for the same period.

Alpha HPA's rule of 40 is -12722% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Alpha HPA's rule of X is 2132% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Alpha HPA Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	1582%	XXX	1701%	XXX	XXX	XXX
EBITDA Margin	-1822%	XXX	-14303%	XXX	XXX	XXX
EBITDA Growth	-82%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-12722%	XXX	-12722%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	2132%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	n/a	XXX	XXX	XXX
Opex per Employee	XXX	XXX	n/a	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	524%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	849%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	13816%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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