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Mineral Resources AUD

Mineral Resources Limited provides mining services and produces iron ore and lithium, operating across mining, processing, transport, and energy segments in Australia and internationally.

At a glance: strengths & risks
✓Revenue growing (+44%)✓Margins improving (17%→38%)✓Cheaper than own history (EV/EBITDA 5.5 vs avg 9.3)

Sector: Iron / lithium / services

AU_MIN

Price chart

50.23 AUDDay 0.00%

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
50.23 AUD · 0.00%
Market cap
9.9 bn AUD

Growth

Δ revenue y/y
56.2%
Δ EBITDA y/y
52.6%

Multiples

P/E (LTM)
9.3x
3y avg: 51.3x
P/B (FY)
2.1x
P/E (ann.)
8.7x
EV/EBITDA (LTM)
5.5x
3y avg: 9.3x
EV/EBITDA (ann.)
4.8x

Cash return

Dividend yield
1.7%
FCF yield (LTM)
3.4%

Value creation

fundamental value/yr, % of market cap
Value created / year
+72.4%
↓ details

Liquidity

Daily turnover (listing)
25.7 mln AUD

Shares: connector/market_inputs

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 AUD, 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 AUDOperating profitM AUDD&AM AUDEBITDAM AUDNet profitM AUDOperating CFM AUDCapex + M&AM AUDAssetsM AUDEquityM AUDROE (annualized)Net debtM AUDSource
2026-06-30H2 2026 (6M)OK3409.0
y/y 56.2%
881.0
y/y 1037.2%
541.0
y/y -47.3%
1422.0
y/y 52.6%
566.0
y/y 695.8%
1204.0-609.012885.0
y/y 8.0%
4814.0
y/y 31.6%
23.5%3642.0stockanalysis.com
2025-12-31H1 2026 (6M)OK3052.0
y/y 33.3%
585.0
y/y —
466.0
y/y 15.9%
1051.0
y/y —
495.0
y/y —
880.0-604.011928.0
y/y -4.7%
4212.0
y/y 11.3%
25.2%4170.0stockanalysis.com
2025-06-30H2 2025 (6M)OK2182.0
y/y -20.5%
-94.0
y/y -137.8%
1026.0
y/y 174.3%
932.0
y/y 49.6%
-95.0
y/y 77.6%
181.0-714.011927.0
y/y -2.5%
3659.0
y/y 3.2%
-24.3%4630.0stockanalysis.com
2024-12-31H1 2025 (6M)OK2290.0
y/y -8.9%
-566.0
y/y -255.1%
402.0
y/y 58.3%
-164.0
y/y -126.5%
-809.0
y/y -247.4%
-656.0-1442.012521.0
y/y 14.3%
3785.0
y/y -5.0%
-44.1%4391.0stockanalysis.com
2024-06-30H2 2024 (6M)OK2744.0
y/y —
249.0
y/y —
374.0
y/y —
623.0
y/y —
-424.0
y/y —
825.0-2137.212232.0
y/y 45.7%
3545.0
y/y 2.0%
3.3%3974.0Yahoo Finance
2023-12-31H1 2024 (6M)OK2515.0
y/y —
365.0
y/y —
254.0
y/y —
619.0
y/y —
549.0
y/y —
624.0-1626.810953.7
y/y —
3985.3
y/y —
29.4%3049.5stockanalysis.com
2023-06-30FY 2023 (12M)OK4779.1
y/y —
1102.5
y/y —
450.4
y/y —
1552.9
y/y —
243.3
y/y —
1353.7-1820.98395.2
y/y —
3475.1
y/y —
—1538.3Yahoo Finance

Revenue & EBITDA

RevenueEBITDA

Quarterly values (AUD mln)

-1 00001 0002 0003 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Year-over-year change

-150%-100%-50%0%50%2023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Cash flow

FCF (AUD mln)

-2 000-1 500-1 000-50005002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Net debt / cash (AUD mln)

01 0002 0003 0004 0005 0002023 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 3.76x of reported net profit; after capex, -1.99x. Loss years (2025) are left out of the ratio.
year20222023202420252026
cash flow / profit0.80x5.56x11.59x—1.96x
accruals, % of assets0.9%-13.2%-10.8%-3.6%-7.9%
Last twelve months (to 2026-06-30): 1.96x of profit came back as operating cash flow.
net debt / EBITDA 1.5x · capex 2.6x 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 →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +72.4%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (1 422 − 932) × 1.74
852
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (9 884 + 3 642) ÷ 2 473
5.5x
3. Target multiple
(Current EV/EBITDA + 9) ÷ 2
= (5.5 + 9) ÷ 2
7.2x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 988 + 0 + 0 − 0
988
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (852 × 7.2 + 988) ÷ 9 884
+72.4%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • half-year basis (semi-annual reporter)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +44% vs -15% the year before — a +59.4 pp move. 3-year CAGR +11%.
revenue growth by year: 2024 +10% · 2025 -15% · 2026 +44%
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 — daily history

Current 5.5x · 3-year 75th pct 14.2x

EV/EBITDA3-year 75th pct

Peer comparison

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

CompanyMarketCap, $bnEV/EBITDA
Regis ResourcesAustralia3.83.3x
FortescueAustralia34.64.4x
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 average12.1x
This companyAustralia6.95.5x

Group median 8.4x; this company 5.5x — a 35% discount.

Group average 12.1x; against the average this company is at a 55% discount. The average sits 43% above the median: Lynas Rare Earths (42.3x) skews the group.

At the adjusted group median the market cap would be +74% 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
2026-09-080.83 AUDEx-dividend: 0.83 AUD per sharePaidYahoo Finance (ex-div)
2024-02-290.2 AUDEx-dividend: 0.2 AUD per sharePaidYahoo Finance (ex-div)
2023-09-080.7 AUDEx-dividend: 0.7 AUD per sharePaidYahoo Finance (ex-div)
2023-03-081.2 AUDEx-dividend: 1.2 AUD per sharePaidYahoo Finance (ex-div)
2022-09-021 AUDEx-dividend: 1 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 Mineral Resources — from primary filings.

Frequently asked questions

What is Mineral Resources's P/E ratio?
Mineral Resources trades at a P/E of 9.3x (price to trailing 12-month earnings).
What is Mineral Resources's EV/EBITDA?
Mineral Resources trades at 5.5x EV/EBITDA.
What is Mineral Resources's P/B ratio?
Mineral Resources trades at a P/B of 2.1x.
What is Mineral Resources's dividend yield?
Mineral Resources's trailing 12-month dividend yield is 1.7%.
What is Mineral Resources's return on equity (ROE)?
Mineral Resources's ROE is 23.5%.
What is Mineral Resources's market capitalization?
Mineral Resources's market cap is 9.9 bn AUD.

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