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Sandfire Resources (SFR) USD

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.

At a glance: strengths & risks
✓Revenue growing (+39%)✓Profit growing (+282%)✓Margins improving (46%→52%)✓Net cash balance sheet✓Commodity price +19% vs 1-yr · -9% vs 3-yr✗Only 9 years of reserves✗Priced above model value

Sector: Copper mining

AU_SFR

Price chart

22.25 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
22.25 AUD · 0.00%
Market cap
7.2 bn USD

Growth

Δ revenue y/y
59.1%
Δ EBITDA y/y
85.2%

Multiples

P/E (LTM)
20.4x
3y avg: 27.2x
P/B (FY)
3.3x
P/E (ann.)
14.0x
EV/EBITDA (LTM)
8.1x
3y avg: 6.7x
EV/EBITDA (ann.)
6.3x

Cash return

Dividend yield
1.6%
FCF yield (LTM)
9.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-17.7%
↓ details

Liquidity

Daily turnover (listing)
36.7 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)OK975.4
y/y 59.1%
379.6
y/y 176.6%
174.4
y/y 7.8%
554.0
y/y 85.2%
258.7
y/y 519.8%
480.1-129.33198.3
y/y 11.5%
2211.6
y/y 23.8%
17.3%-316.2stockanalysis.com
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%-17.9stockanalysis.com
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%117.8Yahoo Finance
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%273.6stockanalysis.com
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%377.0Yahoo Finance
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%452.7stockanalysis.com
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 —
—428.3Yahoo Finance

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006008001 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Year-over-year change

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

Cash flow

FCF ($ mln)

-200-10001002003004002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Net debt / cash ($ mln)

-400-20002004002023 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 3.51x of reported net profit; after capex, 1.66x. Loss years (2023, 2024) are left out of the ratio.
year20222023202420252026
cash flow / profit3.51x——5.62x2.10x
accruals, % of assets-8.4%-5.5%-12.1%-15.0%-12.2%
Last twelve months (to 2026-06-30): 2.10x of profit came back as operating cash flow.
net debt / EBITDA -0.4x · 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.

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

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 575spot vs LTM +17%

Commodity-player potential

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

Upside: -17.7%

Main driver: Copper +19% vs LTM; revenue ×1.17 vs costs ×1.02; EBITDA 850→915; at 9.7× EV/EBITDA → -18%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Copper (rev)+90%14 575.4712 225.5911 181.52+19%-9%

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

1 · Reported baseline (LTM)
LTM revenue1 647
LTM EBITDA850
LTM cash costs (revenue − EBITDA)796
2 · Revenue projection
Revenue multiplier — spot×1.173 (+17%)
= Spot revenue1 932
Revenue multiplier — 3y price×0.923 (-8%)
= 3-year-price revenue1 520
3 · Costs projection
Cost multiplier — spot×1.018 (+2%)
= Spot cash costs811
Cost multiplier — 3y price×1.018 (+2%)
= 3-year-price cash costs811
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 121
= 3-year-price EBITDA710
Conservative EBITDA = min(spot, avg)915
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)9.7x
Target EV = EV/EBITDA × conservative EBITDA8 880
Net debt-316
Target market cap = EV − net debt9 196
Current market cap7 131

Upside = target market cap ÷ current − 1 = -17.7%

Life of mine: 9 yrs — before haircut +29.0%

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%243454-46.4%
2024 FY922823+12.0%358262+36.6%
2025 FY1 1851 028+15.3%540442+22.0%
2026 FY1 6471 431+15.1%850759+12.0%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +39% vs +29% the year before — a +10.3 pp move. 3-year CAGR +28%.
revenue growth by year: 2024 +18% · 2025 +29% · 2026 +39%
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 5.8x · target 75th pct (3y) 16.7x · LTM avg 9.7x

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

Peer comparison

Group: Copper 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
KGHM Polska Miedzglobal17.56.6x6.8x
Antofagastaglobal49.78.7x9.0x
Atalaya Miningglobal2.28.8x9.1x
Hudbay Mineralsglobal10.89.3x9.6x
Lundin Miningglobal20.99.4x9.7x
Amerigo Resourcesglobal1.09.6x10.0x
Ero Copperglobal3.910.6x11.0x
Freeport-McMoRanglobal103.212.1x12.5x
Taseko Minesglobal3.212.2x12.7x
First Quantum Mineralsglobal23.116.0x16.6x
Southern Copperglobal175.117.7x18.4x
Group median9.6x10.0x
Group average11.0x11.4x
This companyAustralia7.28.1x8.1x

Group median 9.6x as traded, 10.0x adjusted; this company 8.1x — a 18% discount.

Group average 11.0x as traded, 11.4x adjusted; against the average this company is at a 29% discount.

At the adjusted group median the market cap would be +21% 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
2026-09-100.35 AUDEx-dividend: 0.35 AUD per sharePaidYahoo Finance (ex-div)
2022-03-140.0297 AUDEx-dividend: 0.0297 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.

Frequently asked questions

What is Sandfire Resources (SFR)'s P/E ratio?
Sandfire Resources (SFR) trades at a P/E of 20.4x (price to trailing 12-month earnings).
What is Sandfire Resources (SFR)'s EV/EBITDA?
Sandfire Resources (SFR) trades at 8.1x EV/EBITDA.
What is Sandfire Resources (SFR)'s P/B ratio?
Sandfire Resources (SFR) trades at a P/B of 3.3x.
What is Sandfire Resources (SFR)'s dividend yield?
Sandfire Resources (SFR)'s trailing 12-month dividend yield is 1.6%.
What is Sandfire Resources (SFR)'s return on equity (ROE)?
Sandfire Resources (SFR)'s ROE is 23.4%.
What is Sandfire Resources (SFR)'s market capitalization?
Sandfire Resources (SFR)'s market cap is 7.2 bn USD.

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