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Anglo American PLC (AAL) USD

Anglo American plc is a mining company that produces copper, iron ore, and crop nutrients, and also explores for nickel, diamonds, steelmaking coal, and manganese ore.

At a glance: strengths & risks
✓Revenue growing (+16% y/y, Q2 2026)✗Profit falling (-88% y/y, Q2 2026)✗Margins compressing (11%→6%, Q2 2026)✗High leverage (9.5x EBITDA)

Sector: Diversified mining

Geography: Chile, Peru, South Africa, Brazil

COMM_AAL

Price chart

41.75 GBPDay -3.04%

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
4 175 GBP · -3.04%
Market cap
64.1 bn USD

Growth

Δ revenue y/y
16.3%
Δ EBITDA y/y
-42.6%

Multiples

P/E (LTM)
—
P/B (FY)
—
P/E (ann.)
225.5x
EV/EBITDA (LTM)
30.7x
EV/EBITDA (ann.)
26.7x

Cash return

Dividend yield
0.7%
FCF yield (LTM)
2.4%

Liquidity

Daily turnover (listing)
39.6 mln GBP

Shares: yahoo_fundamentals_timeseries/AAL.L

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
2026-06-30Q2 2026 (3M)OK16.7
y/y 16.3%
0.4
y/y -60.7%
0.5
y/y 0.4%
0.9
y/y -42.6%
0.1
y/y -88.1%
0.5-0.864.2
y/y 0.9%
4.0
y/y —
-541.0%34.6Yahoo Finance
2026-03-31Q1 2026 (3M)OK13.9
y/y 10.8%
0.0
y/y —
0.5
y/y 1.5%
0.4
y/y 119.2%
-0.4
y/y —
4.2-0.863.7
y/y 1.8%
-4.1
y/y —
39.2%33.4Link
2025-12-31Q4 2025 (3M)OK14.0
y/y 2.5%
0.5
y/y -60.2%
0.8
y/y 0.6%
1.2
y/y -35.5%
0.1
y/y -83.2%
-0.3-1.661.8
y/y -0.0%
-3.7
y/y —
-2.9%34.8Link
2025-09-30Q3 2025 (3M)OK13.7
y/y 0.3%
0.2
y/y 69.7%
0.5
y/y -1.0%
0.6
y/y 10.0%
-0.1
y/y —
0.0-0.862.1
y/y -2.2%
-4.0
y/y —
3.9%35.0Link
2025-06-30Q2 2025 (3M)OK14.4
y/y 0.4%
1.1
y/y -18.0%
0.5
y/y 0.4%
1.6
y/y -13.3%
0.6
y/y -16.5%
1.0-0.563.7
y/y -0.7%
-3.9
y/y —
-57.2%36.2Link
2025-03-31Q1 2025 (3M)OK12.6
y/y -0.2%
-0.3
y/y -3957.1%
0.5
y/y -0.4%
0.2
y/y -58.5%
-0.5
y/y —
2.5-0.862.6
y/y -2.8%
-4.5
y/y —
44.6%35.6Link
2024-12-31Q4 2024 (3M)OK13.7
y/y 4.6%
1.1
y/y 72.9%
0.8
y/y -7.9%
1.9
y/y 27.4%
0.6
y/y 3005.3%
0.4-0.761.8
y/y -2.0%
-4.0
y/y —
-19.2%36.5Link
2024-09-30Q3 2024 (3M)OK13.6
y/y 1.2%
0.1
y/y —
0.5
y/y -1.6%
0.6
y/y 115.2%
-0.1
y/y —
0.3-0.563.5
y/y -3.3%
-4.9
y/y —
4.1%38.1Link
2024-06-30Q2 2024 (3M)OK14.3
y/y 2.0%
1.4
y/y -36.0%
0.5
y/y -1.9%
1.9
y/y -29.8%
0.7
y/y -46.4%
1.1-0.764.1
y/y -4.7%
-4.7
y/y —
-56.0%38.6Link
2024-03-31Q1 2024 (3M)OK12.6
y/y 3.1%
0.0
y/y -98.4%
0.5
y/y -3.3%
0.5
y/y -48.4%
-0.3
y/y -3220.0%
2.2-0.864.4
y/y -3.6%
-5.5
y/y —
23.3%39.2Link
2023-12-31Q4 2023 (3M)OK13.1
y/y —
0.7
y/y —
0.8
y/y —
1.5
y/y —
0.0
y/y —
-1.4-0.863.1
y/y —
-5.2
y/y —
-15.9%39.9Link
2023-09-30Q3 2023 (3M)OK13.5
y/y —
-0.2
y/y —
0.5
y/y —
0.3
y/y —
-0.5
y/y —
0.1-0.565.7
y/y —
-5.1
y/y —
15.3%40.4Link
2023-06-30Q2 2023 (3M)OK14.1
y/y —
2.2
y/y —
0.5
y/y —
2.6
y/y —
1.3
y/y —
1.8-0.767.3
y/y —
-4.4
y/y —
-105.4%41.6Link
2023-03-31Q1 2023 (3M)OK12.2
y/y —
0.4
y/y —
0.5
y/y —
0.9
y/y —
0.0
y/y —
3.3-0.566.8
y/y —
-5.8
y/y —
—42.1Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)4 031
Long-term debt (incl. LT leases)31 583
− Cash & equivalents1 002
Net debt34 612

Net debt / LTM EBITDA: 11.9x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05 00010 00015 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%-50%0%50%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-2 000-1 00001 0002 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

010 00020 00030 00040 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 10.91x of reported net profit; after capex, -0.73x. Loss years (2021) are left out of the ratio.
year20212022202320242025
cash flow / profit—17.11x4.63x4.71x27.92x
accruals, % of assets-4.1%-3.2%-4.7%-5.1%-4.8%
net debt / EBITDA 9.5x · EBIT covers interest 0.9x · capex 1.1x of depreciation · dividends 0% of free cash flow · share count +0.7% a year
● Net debt / EBITDA 9.5x at the last full year.
● EBIT covers interest 0.9x.
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

Proved reserves
0.00 mln boe
2024

Proved reserves

YearReserves, mln boe
20240.00
20230.00

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Copper

Current 15 043spot vs LTM +23%

Commodity-player potential

Target equity value is NEGATIVE: net debt exceeds target EV — over-levered at conservative EBITDA, so the upside is negative.

Upside: -283.8%

Main driver: Copper +23% vs LTM; revenue ×1.10 vs costs ×1.29; EBITDA 2 906→-7 147; at 7.3× EV/EBITDA → -284%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, ZAR3y vs LTM
US Gulf Coast Kerosene-Type Jet Fuel (cost)-20%4.192.612.60+60%+44%-1%
Copper (rev)+19%15 042.7712 225.5911 023.81+23%+10%-10%
Diamond Index (rev)+19%82.4886.6197.87-5%-15%+13%
Iron Ore (rev)+15%99.40103.71110.05-4%-14%+6%
Palladium (rev)+12%1 366.001 455.071 212.08-6%-16%-17%
Steam coal (Australia) (rev)+10%151.25119.38129.39+27%+14%+8%
Platinum (rev)+10%1 901.801 798.501 335.03+6%-5%-26%
Coking coal (China) (rev)+9%1 637.251 110.981 323.84+47%+32%+19%
Manganese Ore (rev)+2%29.0531.3532.37-7%-17%+3%
Nickel (rev)+2%16 870.0016 464.9717 220.72+2%-8%+5%

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

1 · Reported baseline (LTM)
LTM revenue58 337
LTM EBITDA2 906
LTM cash costs (revenue − EBITDA)55 431
2 · Revenue projection
Revenue multiplier — spot×1.099 (+10%)
= Spot revenue64 127
Revenue multiplier — 3y price×0.996 (-0%)
= 3-year-price revenue58 121
3 · Costs projection
Cost multiplier — spot×1.286 (+29%)
= Spot cash costs71 274
Cost multiplier — 3y price×1.164 (+16%)
= 3-year-price cash costs64 530
4 · EBITDA projection (revenue − costs)
= Spot EBITDA-7 147
= 3-year-price EBITDA-6 410
Conservative EBITDA = min(spot, avg)-7 147
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)7.3x
Target EV = EV/EBITDA × conservative EBITDA-52 171
Net debt34 612
Target market cap = EV − net debt-86 783
Current market cap47 219

Upside = target market cap ÷ current − 1 = -283.8%

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 Q313 48211 483+17.4%264-442—
2023 Q413 06212 022+8.7%1 136-333—
2024 Q112 57012 120+3.7%477-496—
2024 Q214 33413 138+9.1%1 85878—
2024 Q313 64712 592+8.4%568-657—
2024 Q413 66012 788+6.8%1 636-261—
2025 Q112 55112 786-1.8%198-271—
2025 Q214 39212 873+11.8%1 611-334—
2025 Q313 69114 414-5.0%625507+23.2%
2025 Q413 99915 247-8.2%9231 131-18.4%
2026 Q113 91216 067-13.4%434839-48.3%
2026 Q216 73515 481+8.1%924475+94.4%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +1% vs +3% the year before — a -1.9 pp move. 3-year CAGR +4%.
revenue growth by year: 2023 +8% · 2024 +3% · 2025 +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 — LTM vs projected

Projected EV/EBITDA 11.0x · target 75th pct (3y) 7.3x · LTM avg 15.5x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-2016.9671 GBPEx-dividend: 16.9671 GBP per sharePaidYahoo Finance (ex-div)
2026-03-1211.822 GBPEx-dividend: 11.822 GBP per sharePaidYahoo Finance (ex-div)
2025-08-215.165 GBPEx-dividend: 5.165 GBP per sharePaidYahoo Finance (ex-div)
2025-03-1318.8513 GBPEx-dividend: 18.8513 GBP per sharePaidYahoo Finance (ex-div)
2024-08-1536.3049 GBPEx-dividend: 36.3049 GBP per sharePaidYahoo Finance (ex-div)
2024-03-1437.3484 GBPEx-dividend: 37.3484 GBP per sharePaidYahoo Finance (ex-div)
2023-08-1749.7653 GBPEx-dividend: 49.7653 GBP per sharePaidYahoo Finance (ex-div)
2023-03-1667.2212 GBPEx-dividend: 67.2212 GBP per sharePaidYahoo Finance (ex-div)
2022-08-18122.5421 GBPEx-dividend: 122.5421 GBP per sharePaidYahoo Finance (ex-div)
2022-03-17145.7137 GBPEx-dividend: 145.7137 GBP 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 Anglo American PLC (AAL) — from primary filings.

Frequently asked questions

What is Anglo American PLC (AAL)'s EV/EBITDA?
Anglo American PLC (AAL) trades at 30.7x EV/EBITDA.
What is Anglo American PLC (AAL)'s dividend yield?
Anglo American PLC (AAL)'s trailing 12-month dividend yield is 0.7%.
What is Anglo American PLC (AAL)'s return on equity (ROE)?
Anglo American PLC (AAL)'s ROE is 39.2%.
What is Anglo American PLC (AAL)'s market capitalization?
Anglo American PLC (AAL)'s market cap is 64.1 bn USD.

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