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South32 (S32) USD

South32 is a diversified mining and metals company that produces bauxite, alumina, aluminum, copper, silver, lead, zinc, and manganese. It operates mines and smelters across multiple countries including Australia, Brazil, South Africa, and Mozambique.

At a glance: strengths & risks
✓Profit growing (+410%)✓Net cash balance sheet✗Pricier than own history (EV/EBITDA 11.1 vs avg 7.9)

Sector: Diversified mining

AU_S32

Price chart

5.03 AUDDay 1.21%

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
5.03 AUD · 1.21%
Market cap
15.7 bn USD

Growth

Δ revenue y/y
3.9%
Δ EBITDA y/y
-11.9%

Multiples

P/E (LTM)
14.4x
3y avg: 28.1x
P/B (FY)
1.6x
P/E (ann.)
12.6x
EV/EBITDA (LTM)
11.1x
3y avg: 7.9x
EV/EBITDA (ann.)
9.9x

Cash return

Dividend yield
2.6%
FCF yield (LTM)
6.9%

Liquidity

Daily turnover (listing)
54.4 mln AUD

Shares: connector/market_inputs

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)OK2948.0
y/y 3.9%
518.0
y/y -11.0%
220.0
y/y -14.1%
738.0
y/y -11.9%
623.0
y/y 523.8%
1093.0-601.014491.0
y/y 5.6%
9700.0
y/y 9.7%
11.5%-1026.0Yahoo Finance
2025-12-31H1 2026 (6M)OK2868.0
y/y -2.6%
369.0
y/y 2.2%
214.0
y/y -16.1%
583.0
y/y -5.4%
464.0
y/y 28.9%
541.0-533.013797.0
y/y -0.4%
9256.0
y/y 0.8%
10.3%-708.0stockanalysis.com
2025-06-30H2 2025 (6M)OK2836.0
y/y 20.1%
582.0
y/y 153.0%
256.0
y/y -16.9%
838.0
y/y 55.8%
-147.0
y/y 42.6%
885.0-507.013727.0
y/y -3.6%
8845.0
y/y -1.3%
2.4%-755.0Yahoo Finance
2024-12-31H1 2025 (6M)OK2944.0
y/y 15.0%
361.0
y/y —
255.0
y/y -23.9%
616.0
y/y 166.7%
360.0
y/y 579.2%
450.0-496.013855.0
y/y -3.8%
9178.0
y/y -0.5%
7.9%-613.0stockanalysis.com
2024-06-30H2 2024 (6M)OK2362.0
y/y —
230.0
y/y —
308.0
y/y —
538.0
y/y —
-256.0
y/y —
916.0-511.014245.0
y/y -2.2%
8960.0
y/y -4.4%
-2.2%54.0Yahoo Finance
2023-12-31H1 2024 (6M)OK2561.0
y/y —
-104.0
y/y —
335.0
y/y —
231.0
y/y —
53.0
y/y —
203.0-610.014398.0
y/y —
9226.0
y/y —
1.1%52.0stockanalysis.com
2023-06-30FY 2023 (12M)OK5646.0
y/y —
597.0
y/y —
653.0
y/y —
1250.0
y/y —
-173.0
y/y —
1191.0-953.014564.0
y/y —
9376.0
y/y —
—-185.0Yahoo Finance

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0004 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Year-over-year change

-100%0%100%200%2023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Cash flow

FCF ($ mln)

-50005001 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Net debt / cash ($ mln)

-1 250-1 000-750-500-25002023 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 1.50x of reported net profit; after capex, 0.93x. Loss years (2023, 2024) are left out of the ratio.
year20222023202420252026
cash flow / profit1.15x——6.27x1.50x
accruals, % of assets-2.5%-9.4%-9.3%-8.2%-3.8%
Last twelve months (to 2026-06-30): 1.50x of profit came back as operating cash flow.
net debt / EBITDA -0.8x · capex 1.7x 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 →

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +1% vs +17% the year before — a -16.8 pp move. 3-year CAGR +1%.
revenue growth by year: 2024 -13% · 2025 +17% · 2026 +1%
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 10.3x · 3-year 75th pct 11.2x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Diversified mining. Each peer is shown as it trades and re-priced onto this company's market (Australia) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
African Rainbow MineralsSouth Africa1.82.6x4.2x
Valeglobal58.77.1x7.4x
Rio Tintoglobal154.37.8x8.0x
BHP Groupglobal219.07.9x8.2x
Anglo AmericanSouth Africa58.510.6x17.2x
Group median7.8x8.0x
Group average7.2x9.0x
This companyAustralia15.411.1x11.1x

Group median 7.8x as traded, 8.0x adjusted; this company 11.1x — a 38% premium.

Group average 7.2x as traded, 9.0x adjusted; against the average this company is at a 23% premium.

At the adjusted group median the market cap would be -26% 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
2026-09-170.0755 AUDEx-dividend: 0.0755 AUD per sharePaidYahoo Finance (ex-div)
2026-03-040.0552 AUDEx-dividend: 0.0552 AUD per sharePaidYahoo Finance (ex-div)
2025-09-180.0393 AUDEx-dividend: 0.0393 AUD per sharePaidYahoo Finance (ex-div)
2025-03-050.054 AUDEx-dividend: 0.054 AUD per sharePaidYahoo Finance (ex-div)
2024-09-190.046 AUDEx-dividend: 0.046 AUD per sharePaidYahoo Finance (ex-div)
2024-03-060.0061 AUDEx-dividend: 0.0061 AUD per sharePaidYahoo Finance (ex-div)
2023-09-140.0498 AUDEx-dividend: 0.0498 AUD per sharePaidYahoo Finance (ex-div)
2023-03-080.0733 AUDEx-dividend: 0.0733 AUD per sharePaidYahoo Finance (ex-div)
2022-09-150.2513 AUDEx-dividend: 0.2513 AUD per sharePaidYahoo Finance (ex-div)
2022-03-090.1195 AUDEx-dividend: 0.1195 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 South32 (S32) — from primary filings.

Frequently asked questions

What is South32 (S32)'s P/E ratio?
South32 (S32) trades at a P/E of 14.4x (price to trailing 12-month earnings).
What is South32 (S32)'s EV/EBITDA?
South32 (S32) trades at 11.1x EV/EBITDA.
What is South32 (S32)'s P/B ratio?
South32 (S32) trades at a P/B of 1.6x.
What is South32 (S32)'s dividend yield?
South32 (S32)'s trailing 12-month dividend yield is 2.6%.
What is South32 (S32)'s return on equity (ROE)?
South32 (S32)'s ROE is 12.8%.
What is South32 (S32)'s market capitalization?
South32 (S32)'s market cap is 15.7 bn USD.

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