Frontierby eninvs

Language: EN / RU

← Region

Glencore USD

At a glance: strengths & risks
✓Revenue growing (+49% y/y, H1 2026)✗High leverage (3.6x EBITDA)

Sector: Diversified mining & trading

Geography: DR Congo, Australia, South America, Kazakhstan

COMM_GLEN

Price chart

5.651 GBPDay -2.11%

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
5.651 GBP · -2.11%
Market cap
85.1 bn USD

Growth

Δ revenue y/y
48.6%
Δ EBITDA y/y
-8.4%

Multiples

P/E (LTM)
234.5x
P/B (FY)
2.2x
P/E (ann.)
9.7x
EV/EBITDA (LTM)
12.5x

Cash return

Dividend yield
2.2%
FCF yield (LTM)
-55.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+13.8%
↓ details

Liquidity

Daily turnover (listing)
48 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
2026-06-30H1 2026 (6M)PARTIAL174.4
y/y 48.6%
—
y/y —
3.0
y/y -9.3%
—
y/y —
4.4
y/y —
0.9—155.4
y/y —
36.8
y/y —
23.3%41.6Report (PDF)
2025-12-31H2 2025 (6M)OK130.1
y/y —
3.3
y/y -24.9%
3.5
y/y —
10.1
y/y -8.4%
0.4
y/y —
4.6-5.9142.2
y/y 9.0%
38.9
y/y -4.4%
—36.7Yahoo Finance
2025-06-30H1 2025 (6M)PARTIAL117.4
y/y —
—
y/y —
3.3
y/y —
—
y/y —
—
y/y —
1.1——
y/y —
—
y/y —
—≈ 34.1Report (PDF)
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%
10.1-5.6130.5
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 —
11.0-4.5123.9
y/y —
43.6
y/y —
—29.1Yahoo Finance

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

Short-term debt (incl. ST leases)18 072
Long-term debt (incl. LT leases)27 184
− Cash & equivalents3 626
Net debt41 630

Net debt / LTM EBITDA: 4.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

050 000100 000150 000200 000250 0002023 FY2024 FY2025 H12025 H22026 H1

Year-over-year change

-40%-20%0%20%40%2023 FY2024 FY2025 H12025 H22026 H1

Cash flow

FCF ($ mln)

-5 000-2 50002 5005 0007 5002023 FY2024 FY2025 H12025 H22026 H1

Net debt / cash ($ mln)

010 00020 00030 00040 0002023 FY2024 FY2025 H12025 FY2026 H1

Profit and cash

Worth a look
In a typical year of 2022–2025 operating cash flow came to 2.58x of reported net profit; after capex, 0.55x. Loss years (2024) are left out of the ratio.
year2022202320242025
cash flow / profit0.79x2.58x—15.54x
accruals, % of assets2.8%-5.5%-9.0%-3.7%
Last twelve months (to 2025-12-31): 15.54x of profit came back as operating cash flow.
net debt / EBITDA 3.5x · capex 0.8x of depreciation · dividends 70% of free cash flow
● Net debt / EBITDA 3.6x at the last full year.
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 →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodCopper production
kt		Cobalt production
kt		Zinc production
kt		Lead production
kt		Nickel production
kt		Silver production
Moz
Q2 2026-06197.40
+12.2%		4.40
−53.2%		188.70
−25.0%		42.60
+3.9%		18.60
+4.5%		4.44
−8.8%
H1 2026-06397
+15.4%		10.20
−46.0%		365.60
−21.4%		83.80
−7.8%		35.80
−2.2%		9.31
+2.3%
Q1 2026-03199.60
+18.9%		5.80
−38.9%		176.90
−17.2%		41.20
−17.4%		17.20
−8.5%		4.87
+15.1%
FY 2025-12———178.90
−3.8%		71.9020.43
+5.9%
Q2 2025-061769.40251.604117.804.87
H1 2025-06343.9018.90465.2090.9036.609.10
Q1 2025-03167.909.50213.6049.9018.804.23
FY 2024-12——905185.90—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; https://www.investegate.co.uk/announcement/rns/glencore--glen/2026-half-year-report/9704840; https://www.investegate.co.uk/announcement/rns/glencore--glen/asx-secondary-listing-updated-marketing-guidance/9804222; https://www.investegate.co.uk/announcement/rns/glencore--glen/first-quarter-2026-production-report/9545193

Production & Reserves

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

Annual production
851.60 kt
2025

Production, kt

951.602024851.602025

Production

YearProduction, ktper day, kt
2025851.60
−10.5%		2.33
2024951.602.61

Company reports: 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; https://www.investegate.co.uk/announcement/rns/glencore--glen/2026-half-year-report/9704840; https://www.investegate.co.uk/announcement/rns/glencore--glen/asx-secondary-listing-updated-marketing-guidance/9804222; https://www.investegate.co.uk/announcement/rns/glencore--glen/first-quarter-2026-production-report/9545193

Key-commodity price — Copper

Current 14 598spot vs LTM +11%

Commodity-player potential

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

Upside: +13.8% ▼ -1.9 pp 1d

Main driver: Copper +35% vs LTM; revenue ×1.07 vs costs ×1.04; EBITDA 10 339→12 432; at 11.1× EV/EBITDA → +14%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Copper (rev)+8%14 597.7210 804.3411 239.75+35%+4%
Steam coal AU (rev)+8%151.50108.64129.06+39%+19%
Zinc (rev)+3%3 720.802 853.143 078.25+30%+8%
Nickel (rev)+1%15 537.7515 309.6417 113.12+1%+12%
Cobalt (rev)+1%39 200.0033 836.5038 072.83+16%+13%

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×1.071 (+7%)
= Spot revenue264 989
Revenue multiplier — 3y price×1.023 (+2%)
= 3-year-price revenue253 244
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 EBITDA18 305
= 3-year-price EBITDA6 560
Conservative EBITDA = min(spot, avg)12 432
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)11.1x
Target EV = EV/EBITDA × conservative EBITDA137 378
Net debt36 729
Target market cap = EV − net debt100 649
Current market cap88 471

Upside = target market cap ÷ current − 1 = +13.8%

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 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—

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +7% vs +6% the year before — a +1.2 pp move. 3-year CAGR -1%.
revenue growth by year: 2023 -15% · 2024 +6% · 2025 +7%
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 28.9x · target 75th pct (3y) 26.4x · LTM avg 11.1x

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

Peer comparison

Group: materials (global). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Barrick Mining Corporationglobal67.95.2x
Valeglobal57.17.0x
CMOC Groupglobal52.07.4x
Newmont Corporationglobal125.97.6x
Rio Tintoglobal152.47.7x
BHP Groupglobal216.27.8x
Zijin Miningglobal116.48.4x
Agnico Eagle Minesglobal93.28.8x
Freeport-McMoRanglobal103.812.1x
Nucor Corporationglobal58.015.2x
Southern Copperglobal176.717.9x
Wheaton Precious Metalsglobal61.824.0x
Group median8.1x
Group average10.7x
This companyglobal88.012.5x

Group median 8.1x; this company 12.5x — a 55% premium.

Group average 10.7x; against the average this company is at a 17% premium. The average sits 33% above the median: Wheaton Precious Metals (24.0x) skews the group.

At the adjusted group median the market cap would be -51% 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 22.2x, Russia 4.1x, South Africa 5.1x, Kazakhstan 6.3x, India 18.4x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-14; the company's own is live.

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 234.5x (price to trailing 12-month earnings).
What is Glencore's EV/EBITDA?
Glencore trades at 12.5x 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 2.2%.
What is Glencore's return on equity (ROE)?
Glencore's ROE is 23.3%.
What is Glencore's market capitalization?
Glencore's market cap is 85.1 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