Ann: 2022 Annual Report and Appendix 4E, page-63

Considering the Broken Hill mine is still going 170 years after it started, Id say BHP were probably profitable from the get go if they were on the right side of the commodities cycle. But your question is irrelevant, XRO is a tech (software) product, not a laborious mining operation.

Not sure what the cut of your jib is? Mine is that we have an already overpriced stock, pushed up further by Covid traders. Compare to HUB if you want something more similar....their SP was relatively flat for 6-7 years until they started getting market traction in 2017. By contrast, XRO was on an upward march pretty well from the start.

In both charts, notice how both stocks, and pretty well anything in the ASX 300, got pushed up to silly overpriced valuations in 2020. And of course, XRO was one of the magic stocks that just keeps going up and up, so it got a cult like status and all the smart and dumb money piled in for the ride.

Smart money knows when to get out though. Now the dumb money is left holding the bag, whilst a full head and shoulders pattern plays out (orange outline). Thats why I said $55. IT will pause there before going down much further. Just like NXL, ABY, SQ2, etc,,, plenty of overpriced stocks all getting reamed out right now.

Lets see who was right in six months time.