Northern Star Resources - Public Comps and Valuation Multiples

Northern Star Resources Overview

About Northern Star Resources

Northern Star is an Australia-based midtier global gold miner that sold around 1.6 million ounces of gold in fiscal 2025 from its three wholly owned mining operations in Australia and Alaska. Its operations are the result of significant merger and acquisition activity including 14 acquisitions and four asset sales since 2010. Northern Star had roughly a decade of reserves at the end of fiscal 2025.

Founded

2000

HQ

Employees

614

Website

nsrltd.com

Sectors

Metals & Mining

Financials

LTM Revenue $4.5B

LTM EBITDA $2.4B

EV

$23.2B

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Northern Star Resources Financials

As of September 2025, Northern Star Resources reported last 12-month revenue of $4.5B and EBITDA of $2.4B.

In the same period, Northern Star Resources generated $2.5B in LTM gross profit and $955M in net income.

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Northern Star Resources P&L

In the most recent fiscal year, Northern Star Resources reported revenue of $4.2B and EBITDA of $2.2B.

Northern Star Resources 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	$4.5B	XXX	$4.2B	XXX	XXX	XXX
Gross Profit	$2.5B	XXX	$2.4B	XXX	XXX	XXX
Gross Margin	55%	XXX	57%	XXX	XXX	XXX
EBITDA	$2.4B	XXX	$2.2B	XXX	XXX	XXX
EBITDA Margin	54%	XXX	54%	XXX	XXX	XXX
EBIT	$1.5B	XXX	$1.3B	XXX	XXX	XXX
EBIT Margin	32%	XXX	31%	XXX	XXX	XXX
Net Profit	$955M	XXX	$876M	XXX	XXX	XXX
Net Margin	21%	XXX	21%	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 Northern Star Resources including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $4.5B. EBITDA for the last twelve months was $2.4B. In the most recent fiscal year, Northern Star Resources achieved $4.2B in revenue and $2.2B 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	$4.5B	Analyst estimates available to subscribers	$4.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$2.5B	Analyst estimates available to subscribers	$2.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	55.1% gross margin	Analyst estimates available to subscribers	56.6% 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)	$2.4B	Analyst estimates available to subscribers	$2.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	53.5% EBITDA margin	Analyst estimates available to subscribers	53.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$1.5B	Analyst estimates available to subscribers	$1.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	32.2% EBIT margin	Analyst estimates available to subscribers	31.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$955M	Analyst estimates available to subscribers	$876M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	21.2% net profit margin	Analyst estimates available to subscribers	20.9% 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 Northern Star Resources

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

Recent Performance Highlights

Northern Star Resources generated $4.5B in revenue over the last twelve months.
The company achieved $2.4B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $2.5B.
Net income over the last twelve months reached $955M.

Fiscal Year Performance

In the most recent fiscal year, Northern Star Resources reported $4.2B in total revenue.
Fiscal year EBITDA was $2.2B.
The company maintained a gross profit margin of 56.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was 53.5%.
Net profit margin reached 20.9% in the most recent fiscal year.

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

Northern Star Resources Stock Performance

Northern Star Resources has current market cap of AUD 35.5B (or $23.2B), and EV of AUD 35.5B (or $23.2B).

Market Cap Evolution

Northern Star Resources Stock Data

As of October 3, 2025, Northern Star Resources's stock price is AUD 25 (or $16).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$23.2B	$23.2B	XXX	XXX	XXX	XXX	$0.76

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Northern Star Resources Valuation Multiples

Northern Star Resources's trades at 6.3x EV/Revenue multiple, and 12.7x EV/EBITDA.

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Northern Star Resources Financial Valuation Multiples

As of October 3, 2025, Northern Star Resources has market cap of $23.2B and EV of $23.2B.

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

Northern Star Resources has a P/E ratio of 24.3x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$23.2B	XXX	$23.2B	XXX	XXX	XXX
EV (current)	$23.2B	XXX	$23.2B	XXX	XXX	XXX
EV/Revenue	5.2x	XXX	6.3x	XXX	XXX	XXX
EV/EBITDA	9.6x	XXX	12.7x	XXX	XXX	XXX
EV/EBIT	16.0x	XXX	23.9x	XXX	XXX	XXX
EV/Gross Profit	9.4x	XXX	n/a	XXX	XXX	XXX
P/E	24.3x	XXX	35.9x	XXX	XXX	XXX
EV/FCF	46.1x	XXX	58.1x	XXX	XXX	XXX

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

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Northern Star Resources Margins & Growth Rates

Northern Star Resources's last 12 month revenue growth is 24%

Northern Star Resources's revenue per employee in the last FY averaged $6.8M, while opex per employee averaged $1.7M for the same period.

Northern Star Resources's rule of 40 is 73% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Northern Star Resources's rule of X is 113% (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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Northern Star Resources Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	24%	XXX	24%	XXX	XXX	XXX
EBITDA Margin	54%	XXX	49%	XXX	XXX	XXX
EBITDA Growth	24%	XXX	31%	XXX	XXX	XXX
Rule of 40	73%	XXX	73%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	113%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$6.8M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$1.7M	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	26%	XXX	XXX	XXX

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

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