Deterra Royalties - Public Comps and Valuation Multiples

Deterra Royalties Overview

About Deterra Royalties

Deterra Royalties was spun out from Iluka Resources in October 2020, with Iluka retaining a 20% interest. Its only material income generating asset is a royalty covering iron ore produced by BHP from the Mining Area C royalty area in Western Australia. This includes the North Flank mine, producing around 60 million metric tons of iron ore a year, and the South Flank mine, expected to add 85 million metric tons after producing first ore in 2021. It also covers most of the Tandanya and Mudlark deposits, which BHP intends to develop in the longer term as part of its plan to operate the MAC production hub for at least 50 years. Consistent with its strategy to grow into a diversified royalty firm, its Trident Royalties purchase is likely to provide modest diversification from iron ore.

Founded

2020

HQ

Employees

Website

deterraroyalties.com

Sectors

Asset Management

Financials

LTM Revenue $171M

LTM EBITDA $159M

EV

$1.6B

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Deterra Royalties Financials

As of August 2025, Deterra Royalties reported last 12-month revenue of $171M and EBITDA of $159M.

In the same period, Deterra Royalties generated $162M in LTM gross profit and $103M in net income.

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Deterra Royalties P&L

In the most recent fiscal year, Deterra Royalties reported revenue of $173M and EBITDA of $163M.

Deterra Royalties 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	$171M	XXX	$173M	XXX	XXX	XXX
Gross Profit	$162M	XXX	$173M	XXX	XXX	XXX
Gross Margin	95%	XXX	100%	XXX	XXX	XXX
EBITDA	$159M	XXX	$163M	XXX	XXX	XXX
EBITDA Margin	93%	XXX	94%	XXX	XXX	XXX
EBIT	$154M	XXX	$160M	XXX	XXX	XXX
EBIT Margin	90%	XXX	93%	XXX	XXX	XXX
Net Profit	$103M	XXX	$102M	XXX	XXX	XXX
Net Margin	61%	XXX	59%	XXX	XXX	XXX
Net Debt	XXX	XXX	$177M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Deterra Royalties including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $171M. EBITDA for the last twelve months was $159M. In the most recent fiscal year, Deterra Royalties achieved $173M in revenue and $163M 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	$171M	Analyst estimates available to subscribers	$173M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$162M	Analyst estimates available to subscribers	$173M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	95.0% gross margin	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)	$159M	Analyst estimates available to subscribers	$163M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	93.1% EBITDA margin	Analyst estimates available to subscribers	94.2% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$154M	Analyst estimates available to subscribers	$160M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	90.2% EBIT margin	Analyst estimates available to subscribers	92.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$103M	Analyst estimates available to subscribers	$102M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	60.7% net profit margin	Analyst estimates available to subscribers	59.1% 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	$177M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Deterra Royalties

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

Recent Performance Highlights

Deterra Royalties generated $171M in revenue over the last twelve months.
The company achieved $159M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $162M.
Net income over the last twelve months reached $103M.

Fiscal Year Performance

In the most recent fiscal year, Deterra Royalties reported $173M in total revenue.
Fiscal year EBITDA was $163M.
The company maintained a gross profit margin of 100.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 94.2%.
Net profit margin reached 59.1% in the most recent fiscal year.

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

Deterra Royalties Stock Performance

Deterra Royalties has current market cap of AUD 2.2B (or $1.4B), and EV of AUD 2.5B (or $1.6B).

Market Cap Evolution

Deterra Royalties Stock Data

As of September 17, 2025, Deterra Royalties's stock price is AUD 4 (or $3).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.6B	$1.4B	XXX	XXX	XXX	XXX	$0.19

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Deterra Royalties Valuation Multiples

Deterra Royalties's trades at 9.7x EV/Revenue multiple, and 10.3x EV/EBITDA.

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Deterra Royalties Financial Valuation Multiples

As of September 17, 2025, Deterra Royalties has market cap of $1.4B and EV of $1.6B.

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

Deterra Royalties has a P/E ratio of 13.8x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$1.4B	XXX	$1.4B	XXX	XXX	XXX
EV (current)	$1.6B	XXX	$1.6B	XXX	XXX	XXX
EV/Revenue	9.4x	XXX	9.7x	XXX	XXX	XXX
EV/EBITDA	10.1x	XXX	10.3x	XXX	XXX	XXX
EV/EBIT	10.4x	XXX	10.4x	XXX	XXX	XXX
EV/Gross Profit	9.9x	XXX	n/a	XXX	XXX	XXX
P/E	13.8x	XXX	14.0x	XXX	XXX	XXX
EV/FCF	74.3x	XXX	16.2x	XXX	XXX	XXX

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

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Deterra Royalties Margins & Growth Rates

Deterra Royalties's last 12 month revenue growth is -6%

Deterra Royalties's revenue per employee in the last FY averaged $15.7M, while opex per employee averaged $1.2M for the same period.

Deterra Royalties's rule of 40 is 88% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Deterra Royalties's rule of X is 79% (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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Deterra Royalties Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	-6%	XXX	-2%	XXX	XXX	XXX
EBITDA Margin	93%	XXX	94%	XXX	XXX	XXX
EBITDA Growth	-5%	XXX	-2%	XXX	XXX	XXX
Rule of 40	88%	XXX	88%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	79%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$15.7M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$1.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	7%	XXX	XXX	XXX

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

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