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BHP Group USD

BHP Group Limited is a global resources company that extracts and processes minerals including copper, iron ore, coal, nickel, and potash, and also provides related services such as marketing and freight.

At a glance: strengths & risks
✓Revenue growing (+18% y/y, Q2 2026)✓Margins improving (51%→54%, Q2 2026)✓Low leverage (0.5x EBITDA)

Sector: Diversified mining

Geography: Australia, Chile, Canada

COMM_BHP

Price chart

82.56 USDDay 4.33%

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
82.56 USD · 4.33%
Market cap
210.1 bn USD

Growth

Δ revenue y/y
18.3%
Δ EBITDA y/y
25.9%

Multiples

P/E (LTM)
21.4x
3y avg: 13.9x
P/B (FY)
4.4x
P/E (ann.)
12.5x
EV/EBITDA (LTM)
6.7x
3y avg: 6.7x
EV/EBITDA (ann.)
3.2x

Cash return

Dividend yield
4.2%
FCF yield (LTM)
5.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-58.8%
↓ details

Liquidity

Daily turnover (listing)
153.8 mln USD

Shares: yahoo_fundamentals_timeseries/BHP

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)OK30.9
y/y 18.3%
13.4
y/y 29.4%
3.3
y/y 13.5%
16.7
y/y 25.9%
4.2
y/y -8.9%
12.4-5.0121.4
y/y 11.6%
56.3
y/y 7.9%
32.3%4.6stockanalysis.com
2025-12-31Q4 2025 (3M)PARTIAL27.9
y/y 10.8%
12.3
y/y 34.3%
2.9
y/y 10.3%
15.2
y/y 28.9%
5.6
y/y 27.7%
9.4-5.1108.8
y/y 6.3%
47.7
y/y 6.4%
22.3%12.6Yahoo Finance
2025-06-30Q2 2025 (3M)PARTIAL26.1
y/y -8.2%
10.3
y/y -18.8%
2.9
y/y 8.5%
13.2
y/y -14.1%
4.6
y/y -34.0%
10.4-4.4108.8
y/y 6.3%
52.2
y/y 6.3%
38.0%8.8stockanalysis.com
2024-12-31Q4 2024 (3M)PARTIAL25.2
y/y -7.5%
9.1
y/y 90.0%
2.6
y/y 0.7%
11.8
y/y 58.4%
4.4
y/y 376.4%
8.3-5.0102.4
y/y 1.1%
44.8
y/y 0.7%
20.4%8.2Yahoo Finance
2024-06-30Q2 2024 (3M)PARTIAL28.4
y/y —
12.7
y/y —
2.7
y/y —
15.4
y/y —
7.0
y/y —
11.8-4.3102.4
y/y —
49.1
y/y —
59.6%9.8stockanalysis.com
2023-12-31Q4 2023 (3M)PARTIAL27.2
y/y —
4.8
y/y —
2.6
y/y —
7.4
y/y —
0.9
y/y —
8.9-4.6101.3
y/y —
44.5
y/y —
—9.9Yahoo Finance
2023-03-31Q1 2023 (3M)OK28.1
y/y —
—
y/y —
—
y/y —
15.0
y/y —
—
y/y —
———
y/y —
—
y/y —
—14.0Yahoo Finance

Net debt structure (leases included, IFRS 16) 2025-12-31

Short-term debt (incl. ST leases)641
Long-term debt (incl. LT leases)23 855
− Cash & equivalents13 466
Net debt11 030

Net debt / LTM EBITDA: 0.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

010 00020 00030 00040 0002023 q12023 q42024 q22024 q42025 q22025 q42026 q2

Year-over-year change

-20%0%20%40%60%2023 q12023 q42024 q22024 q42025 q22025 q42026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

02 0004 0006 0008 00010 0002023 q12023 q42024 H12024 H22025 H12025 H22026 q2

Net debt / cash ($ mln)

05 00010 00015 0002023 q12023 q42024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.68x of reported net profit; after capex, 0.84x.
year20212022202320242025
cash flow / profit2.02x0.97x1.31x2.15x1.68x
accruals, % of assets-12.7%1.0%-4.3%-10.8%-6.9%
Last twelve months (to 2026-06-30): 2.21x of profit came back as operating cash flow.
net debt / EBITDA 0.5x · capex 0.9x 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

Iron ore

Annual production
260.50 million tonnes
2024

Production, million tonnes

253.502021253.2020222572023260.502024

Production

YearProduction, million tonnes
2024260.50
+1.4%
2023257
+1.5%
2022253.20
−0.1%
2021253.50

BHP WAIO iron ore production (BHP share, FY end-June) (curated from company production reports).

Key-commodity price — Iron Ore

Current 90spot vs LTM -12%

Commodity-player potential

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

Upside: -58.8% ▲ +0.3 pp 1d

Main driver: Iron Ore -11% vs LTM; revenue ×1.22 vs costs ×1.33; EBITDA 25 004→27 459; at 3.4× EV/EBITDA → -59%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, AUD3y vs LTM
Iron Ore (rev)+40%90.17101.49108.86-11%-18%+7%
Copper (rev)+25%14 642.2310 804.3411 320.79+36%+24%+5%
Coking coal (Australia) (rev)+21%261.88191.62236.17+37%+25%+23%
Brent (rev)+14%115.6168.1781.27+70%+56%+19%
US Diesel Index (EIA) (cost)-10%6.283.644.23+72%+58%+16%
Electricity Spot (cost)-5%265.4060.6764.17+337%+301%+6%

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

1 · Reported baseline (LTM)
LTM revenue51 262
LTM EBITDA25 004
LTM cash costs (revenue − EBITDA)26 258
2 · Revenue projection
Revenue multiplier — spot×1.218 (+22%)
= Spot revenue62 426
Revenue multiplier — 3y price×1.117 (+12%)
= 3-year-price revenue57 242
3 · Costs projection
Cost multiplier — spot×1.332 (+33%)
= Spot cash costs34 968
Cost multiplier — 3y price×1.110 (+11%)
= 3-year-price cash costs29 142
4 · EBITDA projection (revenue − costs)
= Spot EBITDA27 459
= 3-year-price EBITDA28 099
Conservative EBITDA = min(spot, avg)27 459
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)3.4x
Target EV = EV/EBITDA × conservative EBITDA92 261
Net debt4 649
Target market cap = EV − net debt82 595
Current market cap200 515

Upside = target market cap ÷ current − 1 = -58.8%

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
2021 H130 52728 087+8.7%18 05016 009+12.7%
2021 H226 39430 578-13.7%12 54918 858-33.5%
2022 H125 71335 864-28.3%13 00921 727-40.1%
2022 H239 38520 777+89.6%26 7807 516+256.3%
2025 H126 08625 740+1.3%13 2309 076+45.8%
2025 H225 17627 482-8.4%11 77410 223+15.2%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -8% vs +3% the year before — a -11.3 pp move. 3-year CAGR -8%.
revenue growth by year: 2023 -17% · 2024 +3% · 2025 -8%
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 7.7x · target 75th pct (3y) 8.0x · LTM avg 3.4x

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

Peer comparison

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

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
African Rainbow MineralsSouth Africa1.72.4x3.6x
Valeglobal51.26.5x6.5x
Rio Tintoglobal137.17.0x7.0x
South32Australia13.89.7x9.7x
Anglo AmericanSouth Africa53.99.9x14.9x
Group median7.0x7.0x
Group average7.1x8.3x
This companyglobal201.36.7x6.7x

Group median 7.0x as traded, 7.0x adjusted; this company 6.7x — a 3% discount.

Group average 7.1x as traded, 8.3x adjusted; against the average this company is at a 19% discount.

At the adjusted group median the market cap would be +3% 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 21.1x, Russia 3.7x, South Africa 5.1x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.3x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-27; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-041.98 USDEx-dividend: 1.98 USD per sharePaidYahoo Finance (ex-div)
2026-03-061.46 USDEx-dividend: 1.46 USD per sharePaidYahoo Finance (ex-div)
2025-03-071 USDEx-dividend: 1 USD per sharePaidYahoo Finance (ex-div)
2024-09-131.48 USDEx-dividend: 1.48 USD per sharePaidYahoo Finance (ex-div)
2024-03-071.44 USDEx-dividend: 1.44 USD per sharePaidYahoo Finance (ex-div)
2023-09-071.6 USDEx-dividend: 1.6 USD per sharePaidYahoo Finance (ex-div)
2023-03-091.8 USDEx-dividend: 1.8 USD per sharePaidYahoo Finance (ex-div)
2022-09-013.5 USDEx-dividend: 3.5 USD per sharePaidYahoo Finance (ex-div)
2022-02-242.6762 USDEx-dividend: 2.6762 USD 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 BHP Group — from primary filings.

Frequently asked questions

What is BHP Group's P/E ratio?
BHP Group trades at a P/E of 21.4x (price to trailing 12-month earnings).
What is BHP Group's EV/EBITDA?
BHP Group trades at 6.7x EV/EBITDA.
What is BHP Group's P/B ratio?
BHP Group trades at a P/B of 4.4x.
What is BHP Group's dividend yield?
BHP Group's trailing 12-month dividend yield is 4.2%.
What is BHP Group's return on equity (ROE)?
BHP Group's ROE is 30.0%.
What is BHP Group's market capitalization?
BHP Group's market cap is 210.1 bn USD.

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