Anglo American is a global mining company that extracts and processes copper, iron ore, and crop nutrients, with additional operations in nickel, diamonds, steelmaking coal, and manganese ore.
Sector: Diversified mining
ZA_AGL
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.
Shares: connector/market_inputs
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.
| Date | Period | Status | RevenueB USD | Operating profitB USD | D&AB USD | EBITDAB USD | Net profitB USD | Operating CFB USD | Capex + M&AB USD | AssetsB USD | EquityB USD | ROE (annualized) | Net debtB USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | H1 2026 (6M) | OK | 9.9 y/y — | — y/y — | — y/y — | 4.0 y/y — | -0.9 y/y — | 3.5 | -1.5 | 57.7 y/y — | 23.4 y/y — | -8.3% | 8.2 | Report (PDF) |
| 2025-12-31 | FY 2025 (12M) | OK | 18.5 y/y 4.5% | 4.0 y/y 2.4% | 2.3 y/y 5.2% | 6.3 y/y 3.4% | -3.7 y/y — | 5.5 | -3.4 | 56.0 y/y -13.7% | 18.0 y/y -13.4% | -19.3% | 8.1 | Yahoo Finance |
| 2024-12-31 | FY 2024 (12M) | OK | 17.7 y/y -42.1% | 3.9 y/y -40.1% | 2.2 y/y -18.5% | 6.1 y/y -33.8% | -3.1 y/y -1184.1% | 8.1 | -4.1 | 64.9 y/y -2.5% | 20.8 y/y -17.1% | -13.4% | 9.5 | Yahoo Finance |
| 2023-12-31 | FY 2023 (12M) | OK | 30.7 y/y — | 6.5 y/y — | 2.7 y/y — | 9.2 y/y — | 0.3 y/y — | 6.5 | -6.0 | 66.5 y/y — | 25.1 y/y — | — | 9.8 | Yahoo Finance |
Quarterly values ($ mln)
Year-over-year change
FCF ($ mln)
Net debt / cash ($ mln)
| year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| cash flow / profit | 2.16x | 22.95x | — | — |
| accruals, % of assets | -7.8% | -9.3% | -17.2% | -16.5% |
Our earnings breakdowns and investment notes on this issuer.
Physical operating metrics — supplementary, not part of the financial statements
DIVERSIFIED — go-forward Anglo = copper + premium iron ore + crop nutrients. 2024: Cu 773 kt, Fe-ore 64 Mt, PGM 3.8 Moz, diamonds 24.7 Mct. Demerging PGMs (Amplats, done 2025), selling steelmaking-coal + nickel, separating De Beers
| Year | Reserves, Mt Cu |
|---|---|
| 2025 | 29.21 |
| 2024 | 30 |
| Year | Production, Mt Cu | per day, Mt Cu |
|---|---|---|
| 2025 | 0.69 −10.1% | 0.00 |
| 2024 | 0.77 −6.4% | 0.00 |
| 2023 | 0.83 | 0.00 |
Anglo American Ore Reserves and Mineral Resources Report 2025 (angloamerican.com): P&P contained Cu at 31-Dec-25 on production consolidation basis (Collahuasi 44% + Los Bronces/El Soldado/Quellaveco 100%) = 29.2 Mt (100%-basis 47.2 Mt, strict-attributable 22.4 Mt); Q4-2025 production report: CY2025 copper 695 kt. Earlier points: Anglo American FY2024 results + Q4-2024 production report, year ended 31 Dec 2024 (angloamerican.com). Copper 773 kt (2023: 826 kt; Los Bronces plant shutdown); iron ore 64 Mt (Minas-Rio record 25 Mt + Kumba 35.7 Mt); refined PGM 3.7-3.9 Moz; group EBITDA $8.5bn. Copper reserve ~30 Mt Cu (approx). Single-metric spot model uses copper (restructuring focus); see commodities_2024 for the full granular mix.
Current 92spot vs LTM -3%
Target market cap from conservative EBITDA and the historical EV/EBITDA
Upside: -43.9%
Main driver: Iron Ore -12% vs LTM; revenue ×0.97 vs costs ×1.05; EBITDA 8 004→6 512; at 6.3× EV/EBITDA → -44%.
Product prices — moves vs the LTM average
| Commodity | Share | Spot | LTM | 3-yr | vs LTM, $ | 3y vs LTM |
|---|---|---|---|---|---|---|
| Iron Ore (rev) | +30% | 91.66 | 103.97 | 109.44 | -12% | +5% |
| Copper (rev) | +25% | 14 575.47 | 13 299.16 | 11 181.93 | +10% | -16% |
| Coking coal AU (rev) | +10% | 261.25 | 234.64 | 237.88 | +11% | +1% |
| Platinum (rev) | +8% | 1 747.50 | 2 049.09 | 1 356.29 | -15% | -34% |
| Palladium (rev) | +7% | 1 183.00 | 1 556.03 | 1 212.77 | -24% | -22% |
How it is calculated — revenue → costs → EBITDA → target market cap
| 1 · Reported baseline (LTM) | |
| LTM revenue | 19 852 |
| LTM EBITDA | 8 004 |
| LTM cash costs (revenue − EBITDA) | 11 848 |
| 2 · Revenue projection | |
| Revenue multiplier — spot | ×0.971 (-3%) |
| = Spot revenue | 19 281 |
| Revenue multiplier — 3y price | ×0.935 (-7%) |
| = 3-year-price revenue | 18 559 |
| 3 · Costs projection | |
| Cost multiplier — spot | ×1.047 (+5%) |
| = Spot cash costs | 12 408 |
| Cost multiplier — 3y price | ×1.047 (+5%) |
| = 3-year-price cash costs | 12 408 |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | 6 873 |
| = 3-year-price EBITDA | 6 151 |
| Conservative EBITDA = min(spot, avg) | 6 512 |
| 5 · Valuation → target market cap | |
| Historical EV/projected-EBITDA (75th pct) | 6.3x |
| Target EV = EV/EBITDA × conservative EBITDA | 41 026 |
| Net debt | 8 200 |
| Target market cap = EV − net debt | 32 826 |
| Current market cap | 58 467 |
Upside = target market cap ÷ current − 1 = -43.9%
Life of mine: 42 yrs
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.
| Period | Act. rev | Model rev | Δ rev | Act. EBITDA | Model EBITDA | Δ EBITDA |
|---|---|---|---|---|---|---|
| 2023 FY | 30 652 | 33 596 | -8.8% | 9 192 | 10 974 | -16.2% |
| 2024 FY | 17 745 | 29 484 | -39.8% | 6 083 | 7 163 | -15.1% |
| 2025 FY | 18 546 | 18 394 | +0.8% | 6 291 | 6 265 | +0.4% |
Projected EV/EBITDA 8.3x · target 75th pct (3y) 6.2x · LTM avg 7.6x
Group: Diversified mining. Each peer is shown as it trades and re-priced onto this company's market (South Africa) by the ratio of our coverage medians.
| Company | Market | Cap, $bn | EV/EBITDA | EV/EBITDA, adjusted |
|---|---|---|---|---|
| African Rainbow Minerals | South Africa | 1.8 | 2.6x | 2.6x |
| Vale | global | 58.7 | 7.1x | 4.5x |
| Rio Tinto | global | 154.3 | 7.8x | 4.9x |
| BHP Group | global | 219.0 | 7.9x | 5.0x |
| South32 | Australia | 15.4 | 10.9x | 6.7x |
| Group median | 7.8x | 4.9x | ||
| Group average | 7.2x | 4.8x | ||
| This company | South Africa | 58.5 | 10.8x | 10.8x |
Group median 7.8x as traded, 4.9x adjusted; this company 10.8x — a 118% premium.
Group average 7.2x as traded, 4.8x adjusted; against the average this company is at a 127% premium.
At the adjusted group median the market cap would be -61% 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.
| Date | Per share | Details | Status | Source |
|---|---|---|---|---|
| 2026-08-19 | 381.0778 ZAR | Ex-dividend: 381.0778 ZAR per share | Paid | Yahoo Finance (ex-div) |
| 2026-03-11 | 257.4368 ZAR | Ex-dividend: 257.4368 ZAR per share | Paid | Yahoo Finance (ex-div) |
| 2025-08-20 | 125.0172 ZAR | Ex-dividend: 125.0172 ZAR per share | Paid | Yahoo Finance (ex-div) |
| 2025-03-12 | 458.5875 ZAR | Ex-dividend: 458.5875 ZAR per share | Paid | Yahoo Finance (ex-div) |
| 2024-08-14 | 875.1896 ZAR | Ex-dividend: 875.1896 ZAR per share | Paid | Yahoo Finance (ex-div) |
| 2024-03-13 | 880.0811 ZAR | Ex-dividend: 880.0811 ZAR per share | Paid | Yahoo Finance (ex-div) |
| 2023-08-16 | 1 100.9005 ZAR | Ex-dividend: 1 100.9005 ZAR per share | Paid | Yahoo Finance (ex-div) |
| 2023-03-15 | 1 542.0596 ZAR | Ex-dividend: 1 542.0596 ZAR per share | Paid | Yahoo Finance (ex-div) |
| 2022-08-17 | 2 373.5083 ZAR | Ex-dividend: 2 373.5083 ZAR per share | Paid | Yahoo Finance (ex-div) |
| 2022-03-16 | 3 160.4604 ZAR | Ex-dividend: 3 160.4604 ZAR per share | Paid | Yahoo 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 (AGL) — from primary filings.
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