Sandfire Resources Limited

SFRRF

Copper · Basic Materials

Price

$14.51

+0.00 (+0.00%)

Market Cap

$6.77B

Exchange

Other OTC

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Jul 25, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+16.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 393.1M (2021) → 455.9M (2025)

Sandfire Resources is an Australian mining company that digs copper and zinc out of the ground. Its main operations include the MATSA copper-zinc mine in Spain and the Motheo copper mine in Botswana, Africa. Copper is used in electric wiring, motors, and construction, so Sandfire's main customers are industrial buyers and commodity traders worldwide.

Sandfire makes money by selling copper and zinc concentrate — a processed form of the raw ore — at prices set by global commodity markets. The company operates across two continents and has a market cap of roughly $6.8 billion, making it a mid-sized miner by global standards. Its competitive position depends heavily on the quality and lifespan of its ore deposits rather than any pricing power. The key growth driver is rising copper demand tied to electric vehicles and clean energy infrastructure, but the main risk is that copper prices are volatile and outside the company's control.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+23.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-21.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

1.5%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$113M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Sandfire Resources Limited is a rare growth stock that's already generating positive cash flow while growing at 23%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

23.8%

Thin — 23.8% gross margin

Operating Margin

22.1%

Excellent — 22.1% operating margin

ROCE

7.3%

Weak — 7.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+79.1%

Fast-growing sales (79.1% YoY)

EPS YoY

+32.3%

Earnings growing fast (32.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

388%

Turns 388% of profit into real cash

FCF Margin

25.2%

Converts sales into free cash efficiently (25.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.08

Conservative — low debt load (0.08)

Interest Cover

5.75x

Adequate interest coverage (5.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

47.7x

Expensive — P/E 47.7

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+34.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (47.7 → 12.8)

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Dividends

Not applicable for this business.

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