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Glencore USD

At a glance: strengths & risks
✓Revenue growing (+7%)✗High leverage (3.6x EBITDA)

Sector: Diversified mining & trading

COMM_GLEN

Price chart

5.552 GBPDay 0.62%

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
5.552 GBP · 0.62%
Market cap
86.5 bn USD

Growth

Δ revenue y/y
7.2%
Δ EBITDA y/y
-8.4%

Multiples

P/E (LTM)
238.4x
P/B (FY)
2.2x
EV/EBITDA (LTM)
12.2x

Cash return

Dividend yield
2.3%
FCF yield (LTM)
-3.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+11.1%
↓ details

Liquidity

Daily turnover (listing)
0.1 mln GBP

Shares: connector/market_inputs

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
2025-12-31FY 2025 (12M)OK247.5
y/y 7.2%
3.3
y/y -24.9%
6.8
y/y 2.6%
10.1
y/y -8.4%
0.4
y/y —
5.6-4.2142.2
y/y 9.0%
38.9
y/y -4.4%
0.9%36.7Yahoo Finance
2024-12-31FY 2024 (12M)OK230.9
y/y 6.0%
4.4
y/y -48.9%
6.6
y/y 10.3%
11.0
y/y -24.8%
-1.6
y/y -138.2%
10.1-11.7130.5
y/y 5.3%
40.7
y/y -6.7%
-3.9%34.1Yahoo Finance
2023-12-31FY 2023 (12M)OK217.8
y/y —
8.7
y/y —
6.0
y/y —
14.7
y/y —
4.3
y/y —
11.0-3.6123.9
y/y —
43.6
y/y —
—29.1Yahoo Finance

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

Short-term debt (incl. ST leases)13 846
Long-term debt (incl. LT leases)25 737
− Cash & equivalents2 854
Net debt36 729

Net debt / LTM EBITDA: 3.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

050 000100 000150 000200 000250 0002023 FY2024 FY2025 FY

Year-over-year change

-30%-20%-10%0%10%2023 FY2024 FY2025 FY

Cash flow

FCF ($ mln)

-2 00002 0004 0006 0008 0002023 FY2024 FY2025 FY

Net debt / cash ($ mln)

010 00020 00030 00040 0002023 FY2024 FY2025 FY

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodGold production
Moz		Silver production
Moz		C1 cash cost (copper)
c/lb		C1 cash cost (zinc)
c/lb
Q2 2026-060.10
−35.9%		4.44
−8.8%		——
H1 2026-060.17
−44.2%		9.31
+2.3%		208.40
−13.4%		—
FY 2025-120.6020.43
+5.9%		——
Q2 2025-060.164.87——
H1 2025-060.309.10240.602.30
FY 2024-12—19.29——

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://www.glencore.com/.rest/api/v1/documents/static/98cf0f2a-ede7-4ced-9539-061198c3b6be/GLEN-2026-Half-Year-Report.pdf; https://www.glencore.com/.rest/api/v1/documents/static/9b103e11-72e7-40bf-ae7c-eabe57361522/GLEN-2025-Annual-Report.pdf; https://www.glencore.com/.rest/api/v1/documents/static/e44bf57f-8768-4b27-8a33-39087d02d00a/GLEN_2026-H1ProductionReport.pdf

Key-commodity price — Copper

Current 14 620spot vs LTM +19%

Commodity-player potential

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

Upside: +11.1% ▼ -0.8 pp 1d

Main driver: Copper +35% vs LTM; revenue ×1.07 vs costs ×1.04; EBITDA 10 339→12 088; at 11.2× EV/EBITDA → +11%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Copper (rev)+8%14 619.9710 804.3411 151.16+35%+3%
Steam coal AU (rev)+8%146.72108.64129.03+35%+19%
Zinc (rev)+3%3 826.502 853.143 061.99+34%+7%
Nickel (rev)+1%16 142.2515 373.2817 156.58+5%+12%
Cobalt (rev)+1%39 200.0033 836.5038 001.77+16%+12%

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

1 · Reported baseline (LTM)
LTM revenue247 535
LTM EBITDA10 339
LTM cash costs (revenue − EBITDA)237 196
2 · Revenue projection
Revenue multiplier — spot×1.069 (+7%)
= Spot revenue264 521
Revenue multiplier — 3y price×1.022 (+2%)
= 3-year-price revenue253 023
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs246 684
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs246 684
4 · EBITDA projection (revenue − costs)
= Spot EBITDA17 837
= 3-year-price EBITDA6 339
Conservative EBITDA = min(spot, avg)12 088
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)11.2x
Target EV = EV/EBITDA × conservative EBITDA135 992
Net debt36 729
Target market cap = EV − net debt99 263
Current market cap89 379

Upside = target market cap ÷ current − 1 = +11.1%

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 FY217 829241 736-9.9%13 9138 415+65.3%
2024 FY230 944215 180+7.3%8 5213 085—
2025 FY247 535230 376+7.4%10 339-944—

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 29.2x · target 75th pct (3y) 26.9x · LTM avg 11.2x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-276.2752 GBPEx-dividend: 6.2752 GBP per sharePaidYahoo Finance (ex-div)
2026-05-076.2895 GBPEx-dividend: 6.2895 GBP per sharePaidYahoo Finance (ex-div)
2025-08-283.7241 GBPEx-dividend: 3.7241 GBP per sharePaidYahoo Finance (ex-div)
2025-05-013.7566 GBPEx-dividend: 3.7566 GBP per sharePaidYahoo Finance (ex-div)
2024-08-294.94 GBPEx-dividend: 4.94 GBP per sharePaidYahoo Finance (ex-div)
2024-05-025.1946 GBPEx-dividend: 5.1946 GBP per sharePaidYahoo Finance (ex-div)
2023-08-3124.044 GBPEx-dividend: 24.044 GBP per sharePaidYahoo Finance (ex-div)
2023-05-0417.6409 GBPEx-dividend: 17.6409 GBP per sharePaidYahoo Finance (ex-div)
2022-09-0120.8895 GBPEx-dividend: 20.8895 GBP per sharePaidYahoo Finance (ex-div)
2022-04-2110.4502 GBPEx-dividend: 10.4502 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 Glencore — from primary filings.

Frequently asked questions

What is Glencore's P/E ratio?
Glencore trades at a P/E of 238.4x (price to trailing 12-month earnings).
What is Glencore's EV/EBITDA?
Glencore trades at 12.2x EV/EBITDA.
What is Glencore's P/B ratio?
Glencore trades at a P/B of 2.2x.
What is Glencore's dividend yield?
Glencore's trailing 12-month dividend yield is 2.3%.
What is Glencore's return on equity (ROE)?
Glencore's ROE is 0.9%.
What is Glencore's market capitalization?
Glencore's market cap is 86.5 bn USD.

See also: 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