NIC.AX

Nickel Industries Limited

ASXAUDEQUITY DELAYED

0.84

▼ 0.01 (0.59%)

MARKET · —

Price

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Open

0.85

Prev close

0.85

Day high

0.85

Day low

0.84

Volume

2.66M

Market cap

—

P/E (TTM)

—

52W range

0.66 – 1.13

Trailing performance

Price return · vs SPY

Returnvs SPY

+1.82% +3.2%

-5.08% -8.8%

-17.65% -20.7%

-12.04% -23.1%

YTD

+0.60% -11.7%

+12.00% -8.0%

+11.26% -62.9%

-16.00% —

Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.

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Fundamentals

TTM · reported

Market cap—

Enterprise value—

Revenue (TTM)—

Gross profit—

EBITDA—

Net income—

EPS (TTM)—

Free cash flow—

Total cash—

Total debt—

Book value / share—

Shares outstanding—

Float—

Short % of float—

Dividend yield—

Beta (5Y)—

Valuation & profitability ratios

Account required

Trailing P/E—

Forward P/E—

PEG ratio—

Price / sales—

Price / book—

EV / revenue—

EV / EBITDA—

Gross margin—

Operating margin—

Profit margin—

Return on equity—

Return on assets—

Debt / equity—

Current ratio—

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Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.

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Financial statements

As reported · 4 years · 2 quarters

Blank means not reported, not zero

Line item	2025	2024	2023	2022	YoY
Total revenue	$1.65B	$1.74B	$1.88B	$1.22B	-5.5%
Operating revenue	$1.65B	$1.74B	$1.88B	$1.22B	-5.5%
Cost of revenue	$1.37B	$1.43B	$1.43B	$856.62M	-4.3%
Gross profit	$280.96M	$314.65M	$449.68M	$360.42M	-10.7%
Selling, general & admin	$4.35M	$15.35M	$12.44M	$9.29M	-71.7%
Total operating expense	$164.73M	$163.77M	$166.46M	$101.95M	+0.6%
Operating income	$116.23M	$150.88M	$283.23M	$258.48M	-23.0%
Net interest income	-$133.14M	-$95.00M	-$77.38M	-$32.76M	-40.2%
Pre-tax income	-$6.66M	-$173.46M	$203.29M	$217.05M	+96.2%
Tax provision	$34.51M	$16.34M	$27.09M	$7.68M	+111.2%
Net income	-$57.06M	-$168.59M	$121.60M	$158.98M	+66.2%
Net income to common	-$57.06M	-$168.59M	$121.60M	$158.98M	+66.2%
Basic EPS	-0.01	-0.04	0.04	0.06	+66.4%
Diluted EPS	-0.01	-0.04	0.04	0.06	+66.4%
EBIT	$133.87M	-$65.26M	$294.19M	$250.81M	+305.1%
EBITDA	$249.13M	$62.72M	$405.85M	$317.41M	+297.2%
Basic shares	4.33B	4.29B	3.41B	2.68B	+1.0%
Diluted shares	4.33B	4.29B	3.41B	2.68B	+1.0%

Line item

2025

2024

2023

2022

YoY

Total revenue

$1.65B

$1.74B

$1.88B

$1.22B

-5.5%

Operating revenue

$1.65B

$1.74B

$1.88B

$1.22B

-5.5%

Cost of revenue

$1.37B

$1.43B

$856.62M

-4.3%

Gross profit

$280.96M

$314.65M

$449.68M

$360.42M

-10.7%

Selling, general & admin

$4.35M

$15.35M

$12.44M

$9.29M

-71.7%

Total operating expense

$164.73M

$163.77M

$166.46M

$101.95M

+0.6%

Operating income

$116.23M

$150.88M

$283.23M

$258.48M

-23.0%

Net interest income

-$133.14M

-$95.00M

-$77.38M

-$32.76M

-40.2%

Pre-tax income

-$6.66M

-$173.46M

$203.29M

$217.05M

+96.2%

Tax provision

$34.51M

$16.34M

$27.09M

$7.68M

+111.2%

Net income

-$57.06M

-$168.59M

$121.60M

$158.98M

+66.2%

Net income to common

-$57.06M

-$168.59M

$121.60M

$158.98M

+66.2%

Basic EPS

-0.01

-0.04

0.04

0.06

+66.4%

Diluted EPS

-0.01

-0.04

0.04

0.06

+66.4%

EBIT

$133.87M

-$65.26M

$294.19M

$250.81M

+305.1%

EBITDA

$249.13M

$62.72M

$405.85M

$317.41M

+297.2%

Basic shares

4.33B

4.29B

3.41B

2.68B

+1.0%

Diluted shares

4.33B

4.29B

3.41B

2.68B

+1.0%

Line item	2025	2024	2023	2022	YoY
Cash & equivalents	$323.33M	$210.95M	$284.05M	$144.24M	+53.3%
Cash & short-term investments	$323.33M	$210.95M	$774.97M	$144.24M	+53.3%
Accounts receivable	$182.49M	$226.11M	$287.33M	$170.34M	-19.3%
Inventory	$224.22M	$139.82M	$199.45M	$204.85M	+60.4%
Total current assets	$1.16B	$743.92M	$1.34B	$632.50M	+55.3%
Property, plant & equipment	$1.56B	$1.63B	$1.86B	$1.92B	-4.1%
Goodwill & intangibles	$117.73M	$122.41M	$182.49M	$102.75M	-3.8%
Total assets	$4.26B	$3.90B	$4.07B	$2.67B	+9.4%
Total current liabilities	$625.18M	$354.98M	$477.88M	$207.38M	+76.1%
Current debt	$123.85M	$136.38M	$257.27M	$7.77M	-9.2%
Long-term debt	$1.10B	$918.18M	$587.75M	$551.52M	+20.0%
Total debt	$1.23B	$1.05B	$845.02M	$559.29M	+16.3%
Total liabilities	$1.81B	$1.35B	$1.16B	$857.98M	+34.0%
Retained earnings	-$36.06M	$61.74M	$373.06M	$337.03M	-158.4%
Shareholder equity	$2.04B	$2.12B	$2.43B	$1.30B	-3.4%
Working capital	$530.38M	$388.94M	$866.79M	$425.12M	+36.4%
Net tangible assets	$1.93B	$1.99B	$2.24B	$1.20B	-3.4%
Shares issued	4.34B	4.29B	4.29B	2.68B	+1.2%

Line item

2025

2024

2023

2022

YoY

Cash & equivalents

$323.33M

$210.95M

$284.05M

$144.24M

+53.3%

Cash & short-term investments

$323.33M

$210.95M

$774.97M

$144.24M

+53.3%

Accounts receivable

$182.49M

$226.11M

$287.33M

$170.34M

-19.3%

Inventory

$224.22M

$139.82M

$199.45M

$204.85M

+60.4%

Total current assets

$1.16B

$743.92M

$1.34B

$632.50M

+55.3%

Property, plant & equipment

$1.56B

$1.63B

$1.86B

$1.92B

-4.1%

Goodwill & intangibles

$117.73M

$122.41M

$182.49M

$102.75M

-3.8%

Total assets

$4.26B

$3.90B

$4.07B

$2.67B

+9.4%

Total current liabilities

$625.18M

$354.98M

$477.88M

$207.38M

+76.1%

Current debt

$123.85M

$136.38M

$257.27M

$7.77M

-9.2%

Long-term debt

$1.10B

$918.18M

$587.75M

$551.52M

+20.0%

Total debt

$1.23B

$1.05B

$845.02M

$559.29M

+16.3%

Total liabilities

$1.81B

$1.35B

$1.16B

$857.98M

+34.0%

Retained earnings

-$36.06M

$61.74M

$373.06M

$337.03M

-158.4%

Shareholder equity

$2.04B

$2.12B

$2.43B

$1.30B

-3.4%

Working capital

$530.38M

$388.94M

$866.79M

$425.12M

+36.4%

Net tangible assets

$1.93B

$1.99B

$2.24B

$1.20B

-3.4%

Shares issued

4.34B

4.29B

2.68B

+1.2%

Line item	2025	2024	2023	2022	YoY
Capital expenditure	-$35.94M	-$72.60M	-$58.99M	-$9.39M	+50.5%
Investing cash flow	-$40.16M	-$288.91M	-$1.15B	-$430.01M	+86.1%
Share buybacks	—	—	-$8.45M	-$2.49M	—
Dividends paid	-$49.68M	-$174.13M	-$85.57M	-$100.86M	+71.5%
Financing cash flow	-$30.72M	-$64.01M	$1.06B	$373.15M	+52.0%
Free cash flow	$151.97M	$208.79M	$170.76M	$53.65M	-27.2%
End cash position	$323.33M	$210.95M	$284.05M	$144.24M	+53.3%

Line item

2025

2024

2023

2022

YoY

Capital expenditure

-$35.94M

-$72.60M

-$58.99M

-$9.39M

+50.5%

Investing cash flow

-$40.16M

-$288.91M

-$1.15B

-$430.01M

+86.1%

Share buybacks

—

-$8.45M

-$2.49M

—

Dividends paid

-$49.68M

-$174.13M

-$85.57M

-$100.86M

+71.5%

Financing cash flow

-$30.72M

-$64.01M

$1.06B

$373.15M

+52.0%

Free cash flow

$151.97M

$208.79M

$170.76M

$53.65M

-27.2%

End cash position

$323.33M

$210.95M

$284.05M

$144.24M

+53.3%

Line item	2025-12-31	2024-12-31	YoY
Cash & equivalents	$323.33M	$210.95M	+53.3%
Cash & short-term investments	$323.33M	$210.95M	+53.3%
Accounts receivable	$182.49M	$226.11M	-19.3%
Inventory	$224.22M	$139.82M	+60.4%
Total current assets	$1.16B	$743.92M	+55.3%
Property, plant & equipment	$1.56B	$1.63B	-4.1%
Goodwill & intangibles	$117.73M	$122.41M	-3.8%
Total assets	$4.26B	$3.90B	+9.4%
Total current liabilities	$625.18M	$354.98M	+76.1%
Current debt	$123.85M	$136.38M	-9.2%
Long-term debt	$1.10B	$918.18M	+20.0%
Total debt	$1.23B	$1.05B	+16.3%
Total liabilities	$1.81B	$1.35B	+34.0%
Retained earnings	-$36.06M	$61.74M	-158.4%
Shareholder equity	$2.04B	$2.12B	-3.4%
Working capital	$530.38M	$388.94M	+36.4%
Net tangible assets	$1.93B	$1.99B	-3.4%
Shares issued	4.34B	4.29B	+1.2%

Line item

2025-12-31

2024-12-31

YoY

Cash & equivalents

$323.33M

$210.95M

+53.3%

Cash & short-term investments

$323.33M

$210.95M

+53.3%

Accounts receivable

$182.49M

$226.11M

-19.3%

Inventory

$224.22M

$139.82M

+60.4%

Total current assets

$1.16B

$743.92M

+55.3%

Property, plant & equipment

$1.56B

$1.63B

-4.1%

Goodwill & intangibles

$117.73M

$122.41M

-3.8%

Total assets

$4.26B

$3.90B

+9.4%

Total current liabilities

$625.18M

$354.98M

+76.1%

Current debt

$123.85M

$136.38M

-9.2%

Long-term debt

$1.10B

$918.18M

+20.0%

Total debt

$1.23B

$1.05B

+16.3%

Total liabilities

$1.81B

$1.35B

+34.0%

Retained earnings

-$36.06M

$61.74M

-158.4%

Shareholder equity

$2.04B

$2.12B

-3.4%

Working capital

$530.38M

$388.94M

+36.4%

Net tangible assets

$1.93B

$1.99B

-3.4%

Shares issued

4.34B

4.29B

+1.2%

Analyst targets & ownership

Account required

Mean target—

High target—

Low target—

Implied upside—

Analyst count—

Consensus—

Strong buy / Buy— / —

Hold—

Sell / Strong sell— / —

Held by insiders—

Held by institutions—

Institutions holding—

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Price targets, consensus spread, insider and institutional ownership.

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Moving averages & technicals

Computed from 2Y daily closes

SMA 10

0.83

+0.60% from price

SMA 20

0.82

+2.28% from price

SMA 50

0.88

-4.02% from price

SMA 100

0.95

-11.16% from price

SMA 200

0.90

-7.11% from price

EMA 12

0.83

+0.74% from price

EMA 26

0.84

-0.39% from price

EMA 50

0.87

-3.71% from price

RSI (14)

48.6

Neutral

MACD (12,26,9)

-0.01

Hist 0.01

ATR (14)

0.03

3.06% of price

Realised vol 30D

34.3%

Annualised

Bollinger upper

0.86

20, 2σ

Bollinger lower

0.78

20, 2σ

50 / 200 cross

Death

0.88 vs 0.90

Trend bias

Below 200

-7.11%

Options chain

Account required

ExpirySpot 0.84

Calls

Strike	Last	Bid	Ask	Vol	OI	IV
000.00	0.00	0.00	0.00	0	0	0.0%
000.00	0.00	0.00	0.00	0	0	0.0%
000.00	0.00	0.00	0.00	0	0	0.0%
000.00	0.00	0.00	0.00	0	0	0.0%
000.00	0.00	0.00	0.00	0	0	0.0%
000.00	0.00	0.00	0.00	0	0	0.0%
000.00	0.00	0.00	0.00	0	0	0.0%

Puts

Strike	Last	Bid	Ask	Vol	OI	IV
000.00	0.00	0.00	0.00	0	0	0.0%
000.00	0.00	0.00	0.00	0	0	0.0%
000.00	0.00	0.00	0.00	0	0	0.0%
000.00	0.00	0.00	0.00	0	0	0.0%
000.00	0.00	0.00	0.00	0	0	0.0%
000.00	0.00	0.00	0.00	0	0	0.0%
000.00	0.00	0.00	0.00	0	0	0.0%

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Every listed expiry, both sides of the book, with volume, open interest and implied volatility.

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Risk profile

Daily returns · 1Y window

Beta vs SPY

0.40

Less volatile than market

Correlation to SPY

0.12

Largely independent

Realised vol 30D

34.3%

Annualised

Market vol 1Y

12.9%

SPY, annualised

Max drawdown 1Y

-29.5%

Peak to trough

Max drawdown 5Y

-74.2%

Peak to trough

ATR 14

0.03

3.06% of price

Beta (reported)

—

5Y monthly, from filing

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