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Kumba Iron Ore (KIO) ZAR

Kumba Iron Ore Limited explores, extracts, processes, and sells iron ore for the steel industry, operating mines in South Africa's Northern Cape province and managing logistics including rail and port services for export.

At a glance: strengths & risks
✓Net cash balance sheet✗Revenue declining (-11% y/y, H1 2026)✗Profit falling (-42% y/y, H1 2026)✗Margins compressing (44%→36%, H1 2026)✗Commodity price -12% vs 1-yr · +6% vs 3-yr✗Priced above model value

Sector: Iron ore

ZA_KIO

Price chart

224.81 ZARDay 2.19%

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
224.81 ZAR · 2.19%
Market cap
72.0 bn ZAR

Growth

Δ revenue y/y
-10.6%
Δ EBITDA y/y
-26.8%

Multiples

P/E (LTM)
6.2x
P/B (FY)
1.3x
P/E (ann.)
8.7x
EV/EBITDA (LTM)
2.2x
EV/EBITDA (ann.)
2.7x

Cash return

Dividend yield
10.4%
FCF yield (LTM)
16.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-19.2%
↓ details

Liquidity

Daily turnover (listing)
2.9 mln ZAR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B ZAR, 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 ZAROperating profitB ZARD&AB ZAREBITDAB ZARNet profitB ZAROperating CFB ZARCapex + M&AB ZARAssetsB ZAREquityB ZARROE (annualized)Net debtB ZARSource
2026-06-30H1 2026 (6M)OK30.9
y/y -10.6%
7.8
y/y -36.1%
3.4
y/y 9.8%
11.1
y/y -26.8%
4.1
y/y -41.7%
9.9-5.9103.0
y/y 4.9%
70.8
y/y 1.3%
13.2%-12.1Link
2025-12-31H2 2025 (6M)OK35.5
y/y 8.6%
13.5
y/y 44.5%
3.1
y/y 1.0%
16.6
y/y 33.7%
7.5
y/y -0.7%
12.2-5.5103.7
y/y 5.0%
54.9
y/y 4.0%
23.4%-13.1Link
2025-06-30H1 2025 (6M)OK34.5
y/y -3.5%
12.1
y/y -5.8%
3.1
y/y 15.9%
15.2
y/y -2.1%
7.1
y/y -0.5%
14.9-4.698.1
y/y 5.3%
69.9
y/y 4.2%
23.2%-14.0Link
2024-12-31H2 2024 (6M)OK32.7
y/y -31.8%
9.3
y/y -59.6%
3.1
y/y 12.8%
12.4
y/y -52.0%
7.6
y/y -42.3%
12.4-4.798.7
y/y 0.0%
52.8
y/y 1.5%
24.5%-12.7Link
2024-06-30H1 2024 (6M)OK35.8
y/y -6.5%
12.9
y/y -23.7%
2.6
y/y 15.7%
15.5
y/y -19.0%
7.1
y/y -25.9%
16.9-5.093.2
y/y 7.4%
67.1
y/y 10.4%
24.0%-14.6Link
2023-12-31H2 2023 (6M)OK48.0
y/y —
23.1
y/y —
2.7
y/y —
25.8
y/y —
13.1
y/y —
14.5-4.998.7
y/y —
52.0
y/y —
40.3%-10.8Link
2023-06-30H1 2023 (6M)OK38.3
y/y —
16.9
y/y —
2.3
y/y —
19.2
y/y —
9.6
y/y —
14.8-5.086.8
y/y —
60.8
y/y —
—-13.8Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

010 00020 00030 00040 00050 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-75%-50%-25%0%25%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF (ZAR mln)

02 5005 0007 50010 00012 5002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (ZAR mln)

-15 000-10 000-5 00002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.86x of reported net profit; after capex, 1.14x.
year2022202320242025
cash flow / profit1.86x1.29x1.99x1.85x
accruals, % of assets-15.5%-6.7%-14.7%-12.0%
Last twelve months (to 2026-06-30): 1.89x of profit came back as operating cash flow.
net debt / EBITDA -0.4x · capex 1.9x 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 (Sishen 25.3 Mt + Kolomela 10.8 Mt in 2025, saleable wet Mt)

Proved reserves
528.50 Mt
2025
Reserve life (R/P)
14.6 yrs
reserves ÷ annual output
Annual production
36.08 Mt
2025
Production guidance
32 Mt

Production, Mt

40.90202137.70202235.70202335.70202436.082025

Proved reserves

YearReserves, Mt
2025528.50

Production

YearProduction, Mtper day, Mt
202536.08
+1.1%		0.10
202435.70
+0.0%		0.10
202335.70
−5.3%		0.10
202237.70
−7.8%		0.10
202140.900.11

Kumba ORMR 2025 (angloamericankumba.com): Ore Reserves Saleable Product basis 528.5 Mt at 31-Dec-25 (RoM 801.7 Mt @55.1% Fe; company-stated reserve life 16y, 100% basis); Q4-2025 production report: CY2025 production 36.084 Mt (Sishen 25.3 + Kolomela 10.8). Earlier reserves point (640 Mt, other basis) replaced. Kumba Q4-2025 production and sales report (angloamericankumba.com PDF): FY2025 production 36.1 Mt (+1% YoY; Sishen 25.3 + Kolomela 10.8); 2026 guidance unchanged at 31-33 Mt (midpoint 32, Transnet logistics constraint); prior years per FY2024 results; reserves ~640 Mt (ORMR 2024/2025).

Key-commodity price — Iron Ore

Current 92spot vs LTM -13%

Commodity-player potential

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

Upside: -19.2%

Main driver: Iron Ore -12% vs LTM; revenue ×0.87 vs costs ×1.04; EBITDA 27 728→17 732; at 3.3× EV/EBITDA → -19%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, ZAR3y vs LTM
Iron Ore (rev)+100%91.66103.71109.44-12%-13%+6%

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

1 · Reported baseline (LTM)
LTM revenue66 419
LTM EBITDA27 728
LTM cash costs (revenue − EBITDA)38 691
2 · Revenue projection
Revenue multiplier — spot×0.873 (-13%)
= Spot revenue57 971
Revenue multiplier — 3y price×1.042 (+4%)
= 3-year-price revenue69 217
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs40 239
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs40 239
4 · EBITDA projection (revenue − costs)
= Spot EBITDA17 732
= 3-year-price EBITDA28 978
Conservative EBITDA = min(spot, avg)17 732
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)3.3x
Target EV = EV/EBITDA × conservative EBITDA58 693
Net debt-12 098
Target market cap = EV − net debt70 791
Current market cap70 963

Upside = target market cap ÷ current − 1 = -19.2%

Life of mine: 15 yrs — before haircut -0.2%

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 H138 27937 984+0.8%19 08819 082+0.0%
2023 H247 95537 671+27.3%27 28119 187+42.2%
2024 H135 80242 089-14.9%15 52921 558-28.0%
2024 H232 72735 831-8.7%12 41514 741-15.8%
2025 H134 53531 170+10.8%15 19910 270+48.0%
2025 H235 54234 671+2.5%16 60314 252+16.5%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +2% vs -21% the year before — a +22.8 pp move. 3-year CAGR -2%.
revenue growth by year: 2023 +16% · 2024 -21% · 2025 +2%
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 3.1x · target 75th pct (3y) 3.3x · LTM avg 3.3x

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

Peer comparison

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

CompanyMarketCap, $bnEV/EBITDA
African Rainbow MineralsSouth Africa1.82.6x
Sibanye-StillwaterSouth Africa7.03.3x
Impala PlatinumSouth Africa10.43.5x
Harmony GoldSouth Africa10.83.8x
Gold FieldsSouth Africa31.64.4x
SappiSouth Africa0.55.1x
Valterra PlatinumSouth Africa20.65.2x
AngloGold AshantiSouth Africa47.96.3x
Northam PlatinumSouth Africa6.06.3x
Anglo AmericanSouth Africa58.510.6x
Group median4.7x
Group average5.1x
This companySouth Africa4.32.2x

Group median 4.7x; this company 2.2x — a 54% discount.

Group average 5.1x; against the average this company is at a 58% discount.

At the adjusted group median the market cap would be +98% 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.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-19790 ZAREx-dividend: 790 ZAR per sharePaidYahoo Finance (ex-div)
2026-03-111 543 ZAREx-dividend: 1 543 ZAR per sharePaidYahoo Finance (ex-div)
2025-08-201 660 ZAREx-dividend: 1 660 ZAR per sharePaidYahoo Finance (ex-div)
2025-03-121 990 ZAREx-dividend: 1 990 ZAR per sharePaidYahoo Finance (ex-div)
2024-08-141 877 ZAREx-dividend: 1 877 ZAR per sharePaidYahoo Finance (ex-div)
2024-03-132 420 ZAREx-dividend: 2 420 ZAR per sharePaidYahoo Finance (ex-div)
2023-08-162 260 ZAREx-dividend: 2 260 ZAR per sharePaidYahoo Finance (ex-div)
2023-03-151 629.9999 ZAREx-dividend: 1 629.9999 ZAR per sharePaidYahoo Finance (ex-div)
2022-08-172 870 ZAREx-dividend: 2 870 ZAR per sharePaidYahoo Finance (ex-div)
2022-03-163 050 ZAREx-dividend: 3 050 ZAR 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).

Investor reporting (IR): https://www.angloamericankumba.com/investors

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 Kumba Iron Ore (KIO) — from primary filings.

Frequently asked questions

What is Kumba Iron Ore (KIO)'s P/E ratio?
Kumba Iron Ore (KIO) trades at a P/E of 6.2x (price to trailing 12-month earnings).
What is Kumba Iron Ore (KIO)'s EV/EBITDA?
Kumba Iron Ore (KIO) trades at 2.2x EV/EBITDA.
What is Kumba Iron Ore (KIO)'s P/B ratio?
Kumba Iron Ore (KIO) trades at a P/B of 1.3x.
What is Kumba Iron Ore (KIO)'s dividend yield?
Kumba Iron Ore (KIO)'s trailing 12-month dividend yield is 10.4%.
What is Kumba Iron Ore (KIO)'s return on equity (ROE)?
Kumba Iron Ore (KIO)'s ROE is 13.2%.
What is Kumba Iron Ore (KIO)'s market capitalization?
Kumba Iron Ore (KIO)'s market cap is 72.0 bn ZAR.

See also: South African Stocks (2026): Gold, Cheap Banks and the JSE Discount · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map