Latest Ratios: P/E Ratio -1042.5x · EV/EBITDA N/A · ROE -0.0%. (2008–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10M | $6M | $215M | $477M | $888M | — | — | — | — | — | — |
| Enterprise Value | $-14854912 | $-18532729 | $181M | $425M | $794M | — | — | — | — | — | — |
| P/E Ratio → | -1042.50 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 0.04 | 0.03 | 0.99 | 2.42 | 4.36 | — | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.0% | -0.0% | -3.8% | -3.2% | -5.3% | -6.6% | -4.7% | -1.0% | -4.9% | -252.4% | -255.4% |
| ROA | -0.0% | -0.0% | -3.6% | -3.0% | -5.0% | -6.4% | -4.5% | -1.0% | -4.8% | -241.1% | -230.3% |
| ROIC | -0.0% | -0.0% | -4.2% | -3.5% | -9.4% | -6.9% | -8.7% | -12.9% | -28.7% | -304.9% | -219.5% |
| ROCE | -0.0% | -0.0% | -4.4% | -3.0% | -6.9% | -5.7% | -7.1% | -5.4% | -6.7% | -153.6% | -260.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.11 | -0.16 | -0.27 | -0.46 | -0.43 | -0.29 | -0.51 | -0.86 | -0.60 | -1.67 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -0.58 | -0.58 | -835.87 | -596.70 | -2398.20 | -278.35 | -296.91 | -756.22 | — | -957.11 | — |
Net cash position: cash ($25M) exceeds total debt ($373000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 8.49 | 8.49 | 5.80 | 6.00 | 9.97 | 11.50 | 11.38 | 16.95 | 56.58 | 32.96 | 1.01 |
| Quick Ratio | 8.49 | 8.49 | 5.80 | 6.00 | 9.97 | 11.50 | 11.38 | 16.95 | 56.58 | 32.96 | 1.01 |
| Cash Ratio | 8.42 | 8.42 | 5.75 | 5.96 | 9.96 | 11.45 | 11.36 | 16.84 | 56.50 | 32.79 | 0.97 |
| Asset Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | 1462.56 | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — |
| Shares Outstanding | — | $2M | $54M | $52M | $50M | $44M | $40M | $37M | $30M | $27M | $15M |
Regulatory and Permitting Delays
Based on reported financial data, IONR trades at a P/B ratio of 0.04, which appears to reflect the market's deep skepticism regarding the company's ability to successfully transition from a pre-revenue development entity to a commercial-scale lithium and boron producer in the current regulatory environment.
The extremely low P/B multiple suggests that investors are heavily discounting the carrying value of the company's assets, likely due to the high probability of further permitting delays or the potential for significant equity dilution. This valuation level implies that the market is currently pricing in a high risk of project impairment rather than the potential upside of the Rhyolite Ridge deposit.
As indicated by historical financial statements, the company's ROIC has remained consistently negative, reaching -1.6% in 2026Q2, which underscores the ongoing destruction of shareholder capital as the firm continues to fund development activities without any offsetting revenue generation from its core lithium and boron assets.
The persistent negative returns on invested capital are a direct consequence of the company's high-cost development phase, where capital is deployed into long-term infrastructure without immediate operational returns. Investors should monitor whether the eventual commencement of production can reverse this trend, as the current trajectory suggests that capital efficiency remains a significant hurdle for the business model.
According to recent quarterly filings, the company's current ratio has compressed from a peak of 41.14 in 2022Q2 to 8.58 in 2026Q2, signaling that the liquidity cushion is tightening as the firm burns through cash to sustain its ongoing environmental and permitting compliance efforts.
While a current ratio of 8.58 remains technically robust, the rapid decline suggests that the company's cash runway is shortening significantly as it approaches the final stages of project development. This trend warrants close observation, as any further delays in securing the DOE loan or federal permits could force the company to seek additional, potentially dilutive, financing to maintain its liquidity.
Financial analysts frequently misapply standard EV/EBITDA multiples to IONR, which obscures the company's unique pre-revenue status and the specific risks associated with its dual-commodity exposure to lithium and boron, as reported in recent institutional research notes.
Using EBITDA-based valuation for a company that has yet to produce a single ton of product is fundamentally flawed, as it ignores the massive capital intensity and regulatory binary outcomes that define the business. Instead, investors should focus on project-specific metrics like the Net Present Value (NPV) of the Rhyolite Ridge asset and the probability-weighted success of the federal permitting process.
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying IONR stock.
ioneer Ltd's current P/E ratio is -1042.5x. This places it at the 50th percentile of its historical range.
ioneer Ltd's return on equity (ROE) is -0.0%. The historical average is -42.0%.
Based on historical data, ioneer Ltd is trading at a P/E of -1042.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.