Ioneer - Public Comps and Valuation Multiples

Ioneer Overview

About Ioneer

Ioneer Ltd is a mineral exploration company. The company's focus is on the Rhyolite Ridge Lithium-Boron Project located in Nevada, USA. Geographically, the group has a business presence in Australia and North America. The company's focus is to develop a U.S.-based source of lithium and boron that can be extracted in an environmentally and socially responsible manner, providing two materials that are essential to achieve a sustainable future for the planet.

Founded

2001

HQ

Employees

Website

ioneer.com

Sectors

Metals & Mining

Financials

LTM Revenue $0.5M

LTM EBITDA -$6.7M

EV

$181M

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Ioneer Financials

As of August 2025, Ioneer reported last 12-month revenue of $0.5M and EBITDA of -$6.7M.

In the same period, Ioneer achieved -$8.8M in LTM net income.

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Ioneer P&L

In the most recent fiscal year, Ioneer reported EBITDA of -$5.0M.

Ioneer 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	$0.5M	XXX	n/a	XXX	XXX	XXX
Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
Gross Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA	-$6.7M	XXX	-$5.0M	XXX	XXX	XXX
EBITDA Margin	-1343%	XXX	n/a	XXX	XXX	XXX
EBIT	-$6.7M	XXX	-$6.0M	XXX	XXX	XXX
EBIT Margin	-1351%	XXX	n/a	XXX	XXX	XXX
Net Profit	-$8.8M	XXX	-$5.1M	XXX	XXX	XXX
Net Margin	-1764%	XXX	n/a	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 Ioneer including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $0.5M. EBITDA for the last twelve months was -$6.7M.
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	$0.5M	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	n/a	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	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	-$6.7M	Analyst estimates available to subscribers	-$5.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-1342.7% EBITDA margin	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$6.7M	Analyst estimates available to subscribers	-$6.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-1351.2% EBIT margin	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$8.8M	Analyst estimates available to subscribers	-$5.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-1763.7% net profit margin	Analyst estimates available to subscribers	n/a	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 Ioneer

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

Recent Performance Highlights

Ioneer generated $0.5M in revenue over the last twelve months.
The company achieved -$6.7M in EBITDA over the last twelve months.
Net income over the last twelve months reached -$8.8M.

Fiscal Year Performance

Fiscal year EBITDA was -$5.0M.

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

Ioneer Stock Performance

Ioneer has current market cap of AUD 306M (or $201M), and EV of AUD 276M (or $181M).

Market Cap Evolution

Ioneer Stock Data

As of September 19, 2025, Ioneer's stock price is AUD 0 (or $0).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$181M	$201M	XXX	XXX	XXX	XXX	$-0.00

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Ioneer Valuation Multiples

Ioneer's trades at n/a EV/Revenue multiple, and -39.7x EV/EBITDA.

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Ioneer Financial Valuation Multiples

As of September 19, 2025, Ioneer has market cap of $201M and EV of $181M.

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

Ioneer has a P/E ratio of -22.8x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$201M	XXX	$201M	XXX	XXX	XXX
EV (current)	$181M	XXX	$181M	XXX	XXX	XXX
EV/Revenue	362.1x	XXX	n/a	XXX	XXX	XXX
EV/EBITDA	-27.0x	XXX	-39.7x	XXX	XXX	XXX
EV/EBIT	-26.8x	XXX	-29.3x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	-22.8x	XXX	-43.1x	XXX	XXX	XXX
EV/FCF	-5.4x	XXX	-34.8x	XXX	XXX	XXX

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

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Ioneer Margins & Growth Rates

Ioneer's revenue per employee in the last FY averaged n/a, while opex per employee averaged $0.2M for the same period.

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

Ioneer's rule of X is -1343% (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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Ioneer Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Margin	-1343%	XXX	n/a	XXX	XXX	XXX
EBITDA Growth	25%	XXX	n/a	XXX	XXX	XXX
Rule of 40	n/a	XXX	n/a	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	-1343%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	n/a	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	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	n/a	XXX	XXX	XXX

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

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