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Northern Star Resources (NST) USD

At a glance: strengths & risks
✓Revenue growing (+19%)✓Profit growing (+24%)✓Low leverage (0.1x EBITDA)✓Commodity price +34% vs 1-yr · -5% vs 3-yr

Sector: Gold mining

AU_NST

Price chart

23.97 AUDDay 0.13%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
23.97 AUD · 0.13%
Market cap
24.5 bn USD

Growth

Δ revenue y/y
24.7%
Δ EBITDA y/y
20.4%

Multiples

P/E (LTM)
21.1x
3y avg: 23.4x
P/B (FY)
2.3x
P/E (ann.)
18.7x
EV/EBITDA (LTM)
8.7x
3y avg: 8.3x
EV/EBITDA (ann.)
8.0x

Cash return

Dividend yield
2.3%
FCF yield (LTM)
-1.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+5.6%
↓ details

Liquidity

Daily turnover (listing)
189.7 mln AUD

Shares: yahoo_fundamentals_timeseries/NST.AX

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30H2 2026 (6M)OK3103.0
y/y 41.8%
1066.1
y/y 38.4%
587.7
y/y 33.5%
1653.7
y/y 36.6%
697.5
y/y 34.7%
1550.6-1407.714802.9
y/y 10.9%
10800.2
y/y 10.9%
11.0%377.2—
2025-12-31H1 2026 (6M)OK2205.0
y/y 16.8%
671.8
y/y 36.5%
523.4
y/y 22.5%
1195.1
y/y 30.0%
461.4
y/y 38.4%
666.0-1305.013832.5
y/y 61.9%
10185.2
y/y 83.8%
9.3%17.8Link
2025-06-30H2 2025 (6M)OK2188.1
y/y 24.9%
770.5
y/y 71.6%
440.4
y/y 18.7%
1210.8
y/y 47.7%
518.0
y/y 78.9%
1051.5-1234.713342.3
y/y 53.2%
9740.9
y/y 66.4%
11.1%-323.4—
2024-12-31H1 2025 (6M)OK1887.9
y/y 25.5%
492.2
y/y 140.4%
427.1
y/y 13.0%
919.3
y/y 57.8%
333.2
y/y 150.9%
825.1-1061.88542.9
y/y 1.1%
5541.3
y/y -4.1%
11.7%-96.4Link
2024-06-30H2 2024 (6M)OK1751.3
y/y —
449.1
y/y —
370.9
y/y —
820.0
y/y —
289.5
y/y —
807.2-783.38708.9
y/y 6.7%
5852.8
y/y 4.1%
7.3%64.9—
2023-12-31H1 2024 (6M)OK1503.7
y/y —
204.8
y/y —
377.9
y/y —
582.7
y/y —
132.8
y/y —
562.3-721.28447.4
y/y —
5778.8
y/y —
4.7%-79.4Link
2023-06-30FY 2023 (12M)OK2796.4
y/y —
588.3
y/y —
223.7
y/y —
812.0
y/y —
396.1
y/y —
914.9-1061.28161.3
y/y —
5621.6
y/y —
—42.2—

Revenue & EBITDA

RevenueEBITDA

Quarterly values (AUD mln)

01 0002 0003 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Year-over-year change

0%50%100%2023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Cash flow

FCF (AUD mln)

-20002004006002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Net debt / cash (AUD mln)

-400-20002004002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H12026 FY

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 2.78x of reported net profit; after capex, 0.69x.
year2022202320242025
cash flow / profit3.72x2.31x3.24x2.21x
accruals, % of assets-10.5%-6.2%-10.9%-7.9%
Last twelve months (to 2025-12-31): 1.76x of profit came back as operating cash flow.
net debt / EBITDA -0.1x · capex 1.9x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Key-commodity price — Gold

Current 4 608spot vs LTM +23%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +5.6%

Main driver: Gold +34% vs LTM; revenue ×1.23 vs costs ×1.04; EBITDA 3 818→4 032; at 9.0× EV/EBITDA → +6%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, AUD3y vs LTM
Gold (rev)+100%4 608.193 443.923 255.54+34%+23%-5%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue6 960
LTM EBITDA3 818
LTM cash costs (revenue − EBITDA)3 142
2 · Revenue projection
Revenue multiplier — spot×1.229 (+23%)
= Spot revenue8 556
Revenue multiplier — 3y price×0.868 (-13%)
= 3-year-price revenue6 044
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs3 268
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs3 268
4 · EBITDA projection (revenue − costs)
= Spot EBITDA5 288
= 3-year-price EBITDA2 777
Conservative EBITDA = min(spot, avg)4 032
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)9.0x
Target EV = EV/EBITDA × conservative EBITDA36 219
Net debt18
Target market cap = EV − net debt36 202
Current market cap34 278

Upside = target market cap ÷ current − 1 = +5.6%

Life of mine: 18 yrs

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY4 1313 727+10.8%1 232510+141.7%
2024 FY4 9214 693+4.9%2 1611 678+28.8%
2025 FY6 4156 670-3.8%3 4353 800-9.6%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +30% vs +19% the year before — a +11.2 pp move. 3-year CAGR +20%.
revenue growth by year: 2023 +11% · 2024 +19% · 2025 +30%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 6.3x · target 75th pct (3y) 21.9x · LTM avg 11.3x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-03-030.25 AUDEx-dividend: 0.25 AUD per sharePaidYahoo Finance (ex-div)
2025-09-020.3 AUDEx-dividend: 0.3 AUD per sharePaidYahoo Finance (ex-div)
2025-03-040.25 AUDEx-dividend: 0.25 AUD per sharePaidYahoo Finance (ex-div)
2024-09-030.25 AUDEx-dividend: 0.25 AUD per sharePaidYahoo Finance (ex-div)
2024-03-050.15 AUDEx-dividend: 0.15 AUD per sharePaidYahoo Finance (ex-div)
2023-09-050.155 AUDEx-dividend: 0.155 AUD per sharePaidYahoo Finance (ex-div)
2023-03-060.11 AUDEx-dividend: 0.11 AUD per sharePaidYahoo Finance (ex-div)
2022-09-060.115 AUDEx-dividend: 0.115 AUD per sharePaidYahoo Finance (ex-div)
2022-03-060.1 AUDEx-dividend: 0.1 AUD per sharePaidYahoo Finance (ex-div)
2021-09-060.095 AUDEx-dividend: 0.095 AUD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Northern Star Resources (NST) — from primary filings.

Northern Star Resources is a gold mining company that explores, develops, mines, and processes gold deposits, and sells refined gold. It operates in Western Australia, the Northern Territory, and Alaska.

Frequently asked questions

What is Northern Star Resources (NST)'s P/E ratio?
Northern Star Resources (NST) trades at a P/E of 21.1x (price to trailing 12-month earnings).
What is Northern Star Resources (NST)'s EV/EBITDA?
Northern Star Resources (NST) trades at 8.7x EV/EBITDA.
What is Northern Star Resources (NST)'s P/B ratio?
Northern Star Resources (NST) trades at a P/B of 2.3x.
What is Northern Star Resources (NST)'s dividend yield?
Northern Star Resources (NST)'s trailing 12-month dividend yield is 2.3%.
What is Northern Star Resources (NST)'s return on equity (ROE)?
Northern Star Resources (NST)'s ROE is 12.1%.
What is Northern Star Resources (NST)'s market capitalization?
Northern Star Resources (NST)'s market cap is 24.5 bn USD.

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