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Sandfire Resources (SFR) USD

At a glance: strengths & risks
✓Revenue growing (+29%)✓Margins improving (39%→46%)✓Low leverage (0.2x EBITDA)✓Commodity price +36% vs 1-yr · +1% vs 3-yr✗Only 9 years of reserves✗Priced above model value

Sector: Copper mining

AU_SFR

Price chart

21.65 AUDDay 0.84%

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
21.65 AUD · 0.84%
Market cap
7.1 bn USD

Growth

Δ revenue y/y
17.3%
Δ EBITDA y/y
17.2%

Multiples

P/E (LTM)
51.3x
P/B (FY)
4.0x
P/E (ann.)
36.7x
EV/EBITDA (LTM)
11.9x
EV/EBITDA (ann.)
12.0x

Cash return

Dividend yield
—
FCF yield (LTM)
4.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-18.4%
↓ details

Liquidity

Daily turnover (listing)
31.5 mln AUD

Shares: yahoo_fundamentals_timeseries/SFR.AX

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
2025-12-31H1 2026 (6M)OK671.5
y/y 17.3%
152.3
y/y 52.9%
144.1
y/y -6.0%
296.4
y/y 17.2%
97.1
y/y 88.5%
266.7-110.62894.4
y/y -2.8%
1893.0
y/y 8.6%
10.6%-17.9Link
2025-06-30H2 2025 (6M)OK613.2
y/y 22.5%
137.2
y/y 111.0%
161.8
y/y 4.8%
299.1
y/y 36.3%
41.7
y/y 16.6%
284.5-86.82868.5
y/y -4.3%
1787.0
y/y 6.9%
5.3%117.8—
2024-12-31H1 2025 (6M)OK572.2
y/y 35.9%
99.6
y/y —
153.2
y/y 2.8%
252.8
y/y 91.3%
51.5
y/y —
239.2-99.82976.2
y/y 1.3%
1742.9
y/y 4.5%
6.0%273.6Link
2024-06-30H2 2024 (6M)OK500.5
y/y —
65.0
y/y —
154.4
y/y —
219.5
y/y —
35.8
y/y —
234.9-118.32996.8
y/y -2.5%
1671.4
y/y -3.7%
-1.0%377.0—
2023-12-31H1 2024 (6M)OK421.1
y/y —
-17.0
y/y —
149.1
y/y —
132.2
y/y —
-53.1
y/y —
110.0-103.62937.3
y/y —
1668.1
y/y —
-6.2%452.7Link
2023-06-30FY 2023 (12M)OK782.4
y/y —
-26.6
y/y —
270.0
y/y —
243.4
y/y —
-51.6
y/y —
116.6-327.03074.4
y/y —
1736.3
y/y —
—428.3—

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

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

Cash flow

FCF ($ mln)

-200-10001002002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash ($ mln)

-10001002003004005002023 H12023 FY2024 H12024 FY2025 H12025 FY

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 4.56x of reported net profit; after capex, 2.64x. Loss years (2023, 2024) are left out of the ratio.
year2022202320242025
cash flow / profit3.51x——5.62x
accruals, % of assets-8.4%-5.5%-12.1%-15.0%
Last twelve months (to 2025-12-31): 3.97x of profit came back as operating cash flow.
net debt / EBITDA 0.2x · capex 0.8x 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.

Production & Reserves

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

Copper (FY Jun-end; MATSA Spain + Motheo Botswana)

Proved reserves
948 kt
2024
Reserve life (R/P)
9.0 yrs
reserves ÷ annual output
Annual production
105.70 kt
2026

Proved reserves

YearReserves, kt
2024948

Production

YearProduction, ktper day, kt
2026105.700.29

Sandfire AR2025 (sandfire.com.au): Ore Reserves contained Cu, operating mines, declared 31-Dec-24 (no material change to 30-Jun-25): MATSA 567 kt + Motheo 381 kt = 948 kt (undeveloped Black Butte 226 kt excluded; incl. = 1,174 kt). June 2026 Quarterly Report (ASX 22-Jul-26, cdn-api.markitdigital.com 6A1335020): FY26 production 105.7 kt contained Cu (MATSA 53.9 + Motheo 51.8); FY26 group CuEq 154.2 kt.

Key-commodity price — Copper

Current 14 642spot vs LTM +32%

Commodity-player potential

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

Upside: -18.4%

Main driver: Copper +36% vs LTM; revenue ×1.32 vs costs ×1.04; EBITDA 583→766; at 11.7× EV/EBITDA → -18%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Copper (rev)+90%14 642.2310 804.3410 910.22+36%+1%

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

1 · Reported baseline (LTM)
LTM revenue1 285
LTM EBITDA583
LTM cash costs (revenue − EBITDA)701
2 · Revenue projection
Revenue multiplier — spot×1.320 (+32%)
= Spot revenue1 695
Revenue multiplier — 3y price×1.009 (+1%)
= 3-year-price revenue1 296
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs729
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs729
4 · EBITDA projection (revenue − costs)
= Spot EBITDA966
= 3-year-price EBITDA567
Conservative EBITDA = min(spot, avg)766
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)11.7x
Target EV = EV/EBITDA × conservative EBITDA8 945
Net debt-18
Target market cap = EV − net debt8 963
Current market cap7 013

Upside = target market cap ÷ current − 1 = -18.4%

Life of mine: 9 yrs — before haircut +27.8%

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 FY782898-12.9%267454-41.2%
2024 FY922823+12.0%358286+25.1%
2025 FY1 1851 028+15.3%540442+22.0%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +29% vs +18% the year before — a +10.8 pp move. 3-year CAGR +5%.
revenue growth by year: 2023 -24% · 2024 +18% · 2025 +29%
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 6.7x · target 75th pct (3y) 13.9x · LTM avg 9.8x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2022-03-140.0297 AUDEx-dividend: 0.0297 AUD per sharePaidYahoo Finance (ex-div)
2021-09-060.2403 AUDEx-dividend: 0.2403 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 Sandfire Resources (SFR) — from primary filings.

Sandfire Resources is a mining company focused on the exploration, evaluation, and development of mineral tenements, primarily targeting copper, gold, silver, lead, and zinc deposits.

Frequently asked questions

What is Sandfire Resources (SFR)'s P/E ratio?
Sandfire Resources (SFR) trades at a P/E of 51.3x (price to trailing 12-month earnings).
What is Sandfire Resources (SFR)'s EV/EBITDA?
Sandfire Resources (SFR) trades at 11.9x EV/EBITDA.
What is Sandfire Resources (SFR)'s P/B ratio?
Sandfire Resources (SFR) trades at a P/B of 4.0x.
What is Sandfire Resources (SFR)'s return on equity (ROE)?
Sandfire Resources (SFR)'s ROE is 10.6%.
What is Sandfire Resources (SFR)'s market capitalization?
Sandfire Resources (SFR)'s market cap is 7.1 bn USD.

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