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Fortescue (FMG) USD

Fortescue Ltd is an Australian mining company that primarily extracts and processes iron ore, and also explores for copper, lithium, and rare earth elements. It operates its own rail and port infrastructure and is expanding into green energy, including hydrogen and ammonia production.

At a glance: strengths & risks
✓Revenue growing (+9%)✓Low leverage (0.0x EBITDA)✗Profit falling (-15%)✗Margins compressing (49%→43%)✗Only 10 years of reserves✗Commodity price -12% vs 1-yr · +6% vs 3-yr✗Priced above model value

Sector: Iron ore

AU_FMG

Price chart

16.44 AUDDay 1.54%

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
16.44 AUD · 1.54%
Market cap
35.2 bn USD

Growth

Δ revenue y/y
7.9%
Δ EBITDA y/y
-7.3%

Multiples

P/E (LTM)
12.3x
3y avg: 10.6x
P/B (FY)
1.7x
P/E (ann.)
18.4x
EV/EBITDA (LTM)
4.4x
3y avg: 4.7x
EV/EBITDA (ann.)
4.9x

Cash return

Dividend yield
6.6%
FCF yield (LTM)
-1.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-51.7%
↓ details

Liquidity

Daily turnover (listing)
95.6 mln AUD

Shares: connector/market_inputs

Financial results

Monetary columns are in B 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.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30H2 2026 (6M)OK8.4
y/y 7.9%
2.2
y/y -16.1%
1.4
y/y 10.2%
3.6
y/y -7.3%
1.0
y/y -47.5%
3.6-1.831.6
y/y 3.5%
20.3
y/y 1.5%
14.0%0.2Yahoo Finance
2025-12-31H1 2026 (6M)OK8.4
y/y 10.5%
3.0
y/y 22.4%
1.4
y/y 19.2%
4.4
y/y 21.3%
1.9
y/y 23.2%
3.2-1.531.4
y/y 7.3%
20.7
y/y 7.9%
18.8%0.4stockanalysis.com
2025-06-30H2 2025 (6M)OK7.8
y/y -9.5%
2.6
y/y -23.2%
1.3
y/y 5.6%
3.9
y/y -15.5%
1.8
y/y -22.4%
4.0-1.730.5
y/y 1.5%
20.0
y/y 2.2%
17.2%0.5Yahoo Finance
2024-12-31H1 2025 (6M)OK7.6
y/y -19.7%
2.4
y/y -51.6%
1.2
y/y 31.9%
3.6
y/y -38.6%
1.6
y/y -53.5%
2.4-1.529.2
y/y -2.2%
19.2
y/y -1.1%
16.0%1.4stockanalysis.com
2024-06-30H2 2024 (6M)OK8.6
y/y —
3.4
y/y —
1.2
y/y —
4.6
y/y —
2.3
y/y —
3.7-1.330.1
y/y 6.5%
19.6
y/y 8.7%
29.2%-0.3Yahoo Finance
2023-12-31H1 2024 (6M)OK9.5
y/y —
5.0
y/y —
0.9
y/y —
5.9
y/y —
3.3
y/y —
4.2-1.529.9
y/y —
19.4
y/y —
35.7%-0.2stockanalysis.com
2023-06-30FY 2023 (12M)OK16.8
y/y —
7.9
y/y —
1.7
y/y —
9.7
y/y —
4.8
y/y —
7.4-2.928.2
y/y —
18.0
y/y —
—0.3Yahoo Finance

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0008 00010 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Year-over-year change

-40%-20%0%20%40%2023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Cash flow

FCF ($ mln)

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

Net debt / cash ($ mln)

-50005001 0001 5002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H12026 FY

Profit and cash

Profit is cash-backed
In a typical year of 2022–2026 operating cash flow came to 1.55x of reported net profit; after capex, 0.94x.
year20222023202420252026
cash flow / profit1.07x1.55x1.39x1.92x2.38x
accruals, % of assets-1.6%-9.3%-7.4%-10.2%-12.6%
Last twelve months (to 2026-06-30): 2.38x of profit came back as operating cash flow.
net debt / EBITDA 0.0x · capex 1.4x 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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Iron ore (FY Jun-end; hematite product + Iron Bridge magnetite concentrate)

Proved reserves
2 012 Mt
2025
Reserve life (R/P)
10.1 yrs
reserves ÷ annual output
Annual production
198.40 Mt
2025

Proved reserves

YearReserves, Mt
20252 012

Production

YearProduction, Mtper day, Mt
2025198.400.54

Fortescue AR2025 (Appendix 4E, fmgl.com.au/content.fortescue.com 2935109): Ore Reserves 30-Jun-25 product basis 2,012 Mt (hematite 1,734 Mt dry product + Iron Bridge magnetite concentrate 278 Mt; in-situ magnetite 938 Mt); June 2025 Quarterly Production Report (2919488): FY25 shipments 198.4 Mt incl 7.1 Mt Iron Bridge concentrate.

Key-commodity price — Iron Ore

Current 92spot vs LTM -12%

Commodity-player potential

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

Upside: -51.7%

Main driver: Iron Ore -12% vs LTM; revenue ×0.88 vs costs ×1.06; EBITDA 7 279→4 731; at 5.3× EV/EBITDA → -52%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Iron Ore (rev)+100%91.66103.71109.44-12%+6%

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

1 · Reported baseline (LTM)
LTM revenue16 835
LTM EBITDA7 279
LTM cash costs (revenue − EBITDA)9 556
2 · Revenue projection
Revenue multiplier — spot×0.884 (-12%)
= Spot revenue14 880
Revenue multiplier — 3y price×1.055 (+6%)
= 3-year-price revenue17 766
3 · Costs projection
Cost multiplier — spot×1.062 (+6%)
= Spot cash costs10 148
Cost multiplier — 3y price×1.062 (+6%)
= 3-year-price cash costs10 148
4 · EBITDA projection (revenue − costs)
= Spot EBITDA4 731
= 3-year-price EBITDA7 618
Conservative EBITDA = min(spot, avg)4 731
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)5.3x
Target EV = EV/EBITDA × conservative EBITDA24 934
Net debt228
Target market cap = EV − net debt24 706
Current market cap34 934

Upside = target market cap ÷ current − 1 = -51.7%

Life of mine: 10 yrs — before haircut -29.3%

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 FY16 78013 729+22.2%8 6776 538+32.7%
2024 FY18 10918 039+0.4%10 5179 611+9.4%
2025 FY15 42015 358+0.4%7 5597 462+1.3%
2026 FY16 83515 926+5.7%7 2797 750-6.1%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +9% vs -15% the year before — a +24.0 pp move. 3-year CAGR +0%.
revenue growth by year: 2024 +8% · 2025 -15% · 2026 +9%
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 6.2x · target 75th pct (3y) 5.3x · LTM avg 5.3x

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

Peer comparison

Group: materials (Australia). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Regis ResourcesAustralia3.83.3x
Mineral ResourcesAustralia6.95.5x
Northern Star ResourcesAustralia23.68.1x
Sandfire ResourcesAustralia7.28.1x
Evolution MiningAustralia18.38.4x
Genesis MineralsAustralia5.88.5x
South32Australia15.410.9x
Pilbara MineralsAustralia8.314.8x
Lynas Rare EarthsAustralia8.842.3x
Group median8.4x
Group average12.2x
This companyAustralia34.64.4x

Group median 8.4x; this company 4.4x — a 47% discount.

Group average 12.2x; against the average this company is at a 64% discount. The average sits 45% above the median: Lynas Rare Earths (42.3x) skews the group.

At the adjusted group median the market cap would be +91% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.8x, Russia 3.9x, South Africa 5.1x, Kazakhstan 6.6x, India 18.2x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-05; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-010.46 AUDEx-dividend: 0.46 AUD per sharePaidYahoo Finance (ex-div)
2026-03-010.62 AUDEx-dividend: 0.62 AUD per sharePaidYahoo Finance (ex-div)
2025-09-010.6 AUDEx-dividend: 0.6 AUD per sharePaidYahoo Finance (ex-div)
2025-02-250.5 AUDEx-dividend: 0.5 AUD per sharePaidYahoo Finance (ex-div)
2024-09-040.89 AUDEx-dividend: 0.89 AUD per sharePaidYahoo Finance (ex-div)
2024-02-271.08 AUDEx-dividend: 1.08 AUD per sharePaidYahoo Finance (ex-div)
2023-09-041 AUDEx-dividend: 1 AUD per sharePaidYahoo Finance (ex-div)
2023-02-260.75 AUDEx-dividend: 0.75 AUD per sharePaidYahoo Finance (ex-div)
2022-09-051.21 AUDEx-dividend: 1.21 AUD per sharePaidYahoo Finance (ex-div)
2022-02-270.86 AUDEx-dividend: 0.86 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 Fortescue (FMG) — from primary filings.

Frequently asked questions

What is Fortescue (FMG)'s P/E ratio?
Fortescue (FMG) trades at a P/E of 12.3x (price to trailing 12-month earnings).
What is Fortescue (FMG)'s EV/EBITDA?
Fortescue (FMG) trades at 4.4x EV/EBITDA.
What is Fortescue (FMG)'s P/B ratio?
Fortescue (FMG) trades at a P/B of 1.7x.
What is Fortescue (FMG)'s dividend yield?
Fortescue (FMG)'s trailing 12-month dividend yield is 6.6%.
What is Fortescue (FMG)'s return on equity (ROE)?
Fortescue (FMG)'s ROE is 9.4%.
What is Fortescue (FMG)'s market capitalization?
Fortescue (FMG)'s market cap is 35.2 bn USD.

See also: Australian Stocks (2026): Iron Ore, Lithium, Gold and LNG on the ASX by Valuation · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map