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Imdex Limited (IMDXF) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Imdex Limited $2.62, price $2.25, upside +16.4%, quality 50 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Industrials · US · ISIN AU000000IMD5

IL Imdex Limited logo Broad data Sep 24, 2026

Imdex Limited

IMDXF · US

SpeculativeQuality growthUpside exists, but weak quality makes the signal speculative.

✓Fair value $2.62 · Undervalued (+16.4%)
!Quality 50/100
!Mixed Growth (revenue 5y +12.7 %/yr)
✓Solidly profitable · 10.8% net margin (TTM)
✓Low debt · generates free cash flow
✓1.2% dividend yield · Well covered
!Moderate moat 54/100

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$3.09 $0.1163 Fair Value $2.62 Aug 2015 Oct 2026

White line = price, green steps = our fair value per fiscal year. As of Sep 24, 2026.

How to read this chart

60‑month range $0.1163 – $3.09 · fair‑value band $1.72 – $3.42 · the $2.25 price screens below the $2.62 fair value. As of Sep 24, 2026.

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Company profile

Imdex Limited, a mining-tech company, provides drilling products, rock knowledge sensors, and data and analytics for the minerals industry in the Asia-Pacific, the Middle East, Africa, Europe, and the Americas.

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Imdex Limited, a mining-tech company, provides drilling products, rock knowledge sensors, and data and analytics for the minerals industry in the Asia-Pacific, the Middle East, Africa, Europe, and the Americas. The company offers bench characterization products, software suites, drilling fluids, structural geology products, geoscience products, directional drilling solutions, solids removal units, and survey technology products; and rock knowledge sensors. It also provides software products, such as aiSIRIS, a cloud-based mineral-interpretation AI system for portable infrared spectrometer data; and Datarock, a mining technology company that offers both products and services centred around using machine learning for geoscience data. In addition, the company offers HUB-IQ, a cloud-based portal integrated with industry software for validating field data transmitted from the drill rig; ioGAS, an exploratory data-analysis software application for detecting patterns, anomalies, and relationships in geoscience data; Krux, a drilling analytics software; and REFLEX XRF CONNECT, a systematic data capture application. The company was formerly known as Pilbara Gold NL and changed its name to Imdex Limited in July 1985. Imdex Limited was incorporated in 1980 and is headquartered in Balcatta, Australia.

Stock analysis

Imdex Limited (IMDXF) currently trades at $2.25, while our model-based Fair Value estimate is $2.62, implying the stock looks roughly 14.1% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of $1.73 per share, and 1 of the 24 models we run sit above the $2.25 price.

Bear case: the Asset-Based group reads lowest at $0.5700, and 23 of the 24 models stay below the price. Evidence for this calculation is high.

Scenario range: $1.72 (bear) to $3.42 (bull), the price of $2.25 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 50/100 (below-average quality), in the Industrials sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Imdex Limited reported revenue of A$431M in FY2025 versus A$264M in FY2021, a compound +13.0%/yr. Reported net income was A$55.2M in FY2025, compounding +14.9%/yr from FY2021.

Key figures

Market cap $1.5B · P/E ratio 32.1 · P/S ratio 4.11 · EPS (TTM) $0.0700 · Dividend yield 1.2% · Net margin 12.8% · Return on equity 8.0% · Return on assets (EBIT) 11.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).

What moves the price

The share trades about 27% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at 10% fair-value upside, at 16%, IMDXF screens cheaper than that median.

Fair Value models

Bear $1.72 Fair Value $2.62 Bull $3.42
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then ($0.0430 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF $1.05 $1.78 $2.90 78
Growth DCF $1.03 $1.67 $2.58 77
Residual Income $0.6800 $0.7300 $0.8100 76
All 24 models by family
DCF Models
FCF DCF $1.05 $1.78 $2.90 78
Owner Earnings $0.5600 $0.9600 $1.56 75
5Y Revenue Exit $0.8300 $1.39 $2.15 71
5Y EBITDA Exit $1.18 $2.12 $3.30 73
5Y P/E Exit $1.06 $1.86 $2.78 70
10Y Revenue Exit $0.8800 $1.42 $2.21 66
10Y EBITDA Exit $1.12 $1.90 $3.10 67
10Y P/E Exit $1.04 $1.73 $2.70 63
Earnings-Based
Graham-Dodd $0.5100 $2.42 $3.32 64
Lynch FV $0.6400 $0.9200 $1.19 61
PEG = 1.0 $0.6400 $0.9200 $1.19 57
EPV $0.6200 $0.7100 $0.7800 74
Multiples
P/E Multiple $1.18 $1.58 $1.97 63
P/S Multiple $0.8800 $1.17 $1.47 58
P/B Multiple $0.9600 $1.28 $1.59 55
EV/EBIT $1.21 $1.62 $2.03 66
EV/EBITDA $1.38 $1.85 $2.32 67
EV/Revenue $0.7200 $1.04 $1.35 53
Asset-Based
NCAV (Graham) $0.4300 $0.5700 $0.8600 54
Growth DCF
Growth DCF $1.03 $1.67 $2.58 77
Rev-Margin DCF $0.8300 $1.39 $2.11 71
Economic Profit
Residual Income $0.6800 $0.7300 $0.8100 76
ROIC Compounder $0.6200 $0.7100 $0.7800 72
Growth Earnings
Growth-Adj P/E $1.01 $1.44 $1.88 67

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Quality Score breakdown

Overall quality 50/100

Of which business quality 54 · Market factors (momentum, volatility) 50

Profitability 49
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 74
Earnings quality: real cash, not paper profit
Fin. Strength 73
Balance sheet, leverage, solvency risk
Investment 12
Disciplined investing over empire-building
Low Volatility 23
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 84
Distance to the 52-week high (market factor)
Net Issuance 38
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 78/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−3.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.7%
Start year 2020 (pandemic). Over 10 years: +8.6% a year
Revenue growth 36 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.9%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+7.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.6%
Dividend (yield on the price)1.2%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.13% → 17%

Growth Forecast

A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+20.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+15.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in AUD, Australia: IMF forecast 3.0% a year to 2030, 2.9% from 2016 to 2025) that is about +17.0% a year for the price and +12.4% for the forecasts.
Forecast 2026 (sales)+18.2%
Forecast 2027 (sales)+18.2%
Projected 2028 (sales)+16.2%
Projected 2029 (sales)+14.2%
Projected 2030 (sales)+12.2%

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Farm & Heavy Construction Machinery · 144 stocks

Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score 50 · Below median
Fair Value upside −47.0% · Bottom 25%
Profitability
Return on equity (TTM) 8.0% · Below median
Return on assets 5.6% · Top 25%
Net margin (TTM) 10.8% · Top 25%
Operating margin (TTM) 17.9% · Top 25%
Growth and dividend
Revenue growth 16.3% · Above median
Dividend yield (TTM) 1.2% · Below median
Balance sheet
Debt / equity 0.09× · Below median

Valuation Multiplesvs Farm & Heavy Construction Machinery median · lower = cheaper

P/E (TTM) 32.1× · Priciest 25%
P/B 2.35× · Pricier than median
P/S (TTM) 3.17× · Priciest 25%
P/FCF 22.4× · Pricier than median
EV/EBITDA 12.9× · Pricier than median

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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PACCAR Inc PCAR $109.81 $120.79 +10%
Daimler Truck Holding DTG €42.54 €50.36 +18%
Sany Heavy Industry Co 600031 ¥17.20 ¥20.84 +21%
CNH Industrial N.V CNH $13.06 $8.65 −34%
Traton SE 8TRA €34.04 €32.82 −4%
Metso Oyj METSO €17.08 €18.79 +10%
XCMG Construction Machinery Co 000425 ¥7.17 ¥14.52 +103%
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Cite: Fair Value Calculator (2026). "Imdex Limited Fair Value". https://www.fairvalue-calculator.com/stock/IMDXF

Frequently asked questions

Is Imdex Limited (IMDXF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $2.62 versus a price of $2.25, about +16% upside (undervalued).
What is the fair value of IMDXF?
Our model-based fair value for Imdex Limited is $2.62 (as of Sep 24, 2026), built from audited fundamentals. The current price: $2.25.
What is the quality score of IMDXF?
Imdex Limited has a Quality Score of 50/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Imdex Limited (IMDXF)?
Our model-based price target is the fair value of $2.62 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario $1.72, optimistic scenario $3.42. It is a calculation from audited fundamentals, not an analyst target.
What is the Imdex Limited stock forecast for 2026?
Our models put fair value at $2.62, about +16% upside versus a price of $2.25 (undervalued). Cautious scenario $1.72, optimistic scenario $3.42. The calculation is refreshed regularly with new filings.
What is the revenue of Imdex Limited (IMDXF)?
Imdex Limited reported trailing-twelve-month revenue of about A$466M (latest available figure, as of Sep 24, 2026).
Does Imdex Limited pay a dividend?
Imdex Limited currently shows a dividend yield of about 1.20% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Imdex Limited (IMDXF)?
For today's price to be fair in a discounted-cash-flow model, Imdex Limited would have to grow free cash flow by +20.5 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of IMDXF use?
Our models discount Imdex Limited at 11.8 %: a base by market capitalisation (small), damped by beta 1.21, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Imdex Limited that is +20.5 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Imdex Limited (IMDXF) delivered so far?
Over the past 5 years revenue at Imdex Limited grew +12.7 % a year. The price currently implies +20.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Imdex Limited (IMDXF) growing?
The median revenue growth in the sector is +7.0 % a year. That is the yardstick for the growth priced into Imdex Limited (+20.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Imdex Limited (IMDXF)?
The free-cash-flow yield on the price is 3.79 %: that much free cash flow Imdex Limited produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Imdex Limited (IMDXF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Imdex Limited it is $2.62 per share (as of Sep 24, 2026), against a price of $2.25. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Imdex Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, IMDXF trades below its calculated fair value: price $2.25, fair value $2.62, a gap of about +16% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IMDXF?
No. The price is what the market pays today ($2.25); the fair value is what the company's own numbers justify ($2.62). For Imdex Limited the two are $0.3680 per share apart. That gap is exactly why we show both numbers side by side.
How much is Imdex Limited worth?
The market values Imdex Limited at about $1.5B (market capitalisation, as of Sep 24, 2026). Per share that is $2.25; our models calculate a fair value of $2.62 per share.
What do the bullish and bearish scenarios say about IMDXF?
Our models span a range for Imdex Limited: cautious scenario $1.72, base $2.62, optimistic $3.42 per share (as of Sep 24, 2026, price $2.25). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IMDXF?
Imdex Limited trades at a price-to-earnings ratio of 32.1 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $2.62 is built from several models across several years. Other multiples: P/B 2.4, P/S 3.2, EV/EBITDA 12.9.
How solid is the balance sheet of Imdex Limited (IMDXF)?
Balance-sheet figures for Imdex Limited (as of Sep 24, 2026): return on equity 8.0%, debt of 0.09 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is IMDXF from its 52-week high?
Imdex Limited trades at $2.25, about 27% below its 52-week high of $3.09 and 11% above the low of $2.02 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $2.62 is for.
Which stocks are comparable to Imdex Limited?
From the same area (Industrials) we also value Caterpillar Inc, Deere & Company, PACCAR Inc, Daimler Truck Holding, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Imdex Limited stock attractive at the current price?
The data as of Sep 24, 2026: price $2.25, calculated fair value $2.62 (+16%), Quality Score 50/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IMDXF calculated?
We run Imdex Limited through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $2.62, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Imdex Limited currently trades 14 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Imdex Limited (IMDXF)?
The closing price on Oct 2, 2026 was $2.25. Our model-based fair value is $2.62, about +16% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Imdex Limited right now?
A fairly wide model range ($1.72 to $3.42) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.

Key figures of Imdex Limited

How large is the market capitalisation of Imdex Limited (IMDXF)?
The market capitalisation of Imdex Limited is $1.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Imdex Limited (IMDXF)?
The price-to-sales ratio of Imdex Limited is 4.11 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Imdex Limited (IMDXF)?
Earnings per share at Imdex Limited are $0.0700 (price ÷ EPS = P/E 32.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Imdex Limited (IMDXF)?
The dividend yield of Imdex Limited is 1.2% (payout 38.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Imdex Limited (IMDXF)?
The net margin of Imdex Limited is 12.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Imdex Limited (IMDXF)?
The return on equity (ROE) of Imdex Limited is 8.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Imdex Limited (IMDXF)?
On an EBIT basis the return on assets of Imdex Limited is 11.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Imdex Limited (IMDXF)?
The operating margin of Imdex Limited is 17.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Imdex Limited (IMDXF)?
Revenue at Imdex Limited is growing +16.3% versus a year earlier (3y avg +8.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Imdex Limited (IMDXF)?
Earnings per share at Imdex Limited are growing −15.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Imdex Limited (IMDXF) carry?
The net debt of Imdex Limited is A$57.8M (fiscal year 2025, ≈ 0.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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