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British diversified miner of copper, iron ore and other metals, in the process of merging with Canada's Teck Resources.
British diversified miner of copper, iron ore and other metals, in the process of merging with Canada's Teck Resources.
Sells copper and iron ore at world benchmark prices, so earnings follow metal prices and output from a small number of large mines. It has been shedding other businesses: platinum was spun off as Valterra Platinum in 2025, and it is selling steelmaking coal and has said it will exit De Beers diamonds.
Moat: narrow (scale). Large-scale copper and iron-ore assets, but a globally-priced commodity business.
Headquarters: London, UK · Founded: 1917
Size Anglo American (AAL.L) is a United Kingdom Materials company (Other Metals/Minerals) with a market value of $53.7B, the 20th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £3,701 on 6 Nov 2026.
Performance Over six months the shares fell 5.0%, against -14.4% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 7th highest of 19 in its peer set.
Growth Revenue fell 13.9% over the last twelve months (peer median +22.5%); the operating margin is 23.2% (peer median 21.6%).
Valuation It trades at 29.6× forward earnings against a peer median of 14.2× (2nd most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is -7%, so the hurdle is +24 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.7 points below its cost of capital (12.5% WACC).
Credit Anglo American has 18 bonds outstanding ($10.9B), rated BBB by the agencies and trading like A- at a weighted spread of 97 bp.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £14.5B | £14.1B | £13.9B | £24.7B | £28.5B |
| Revenue growth | — | +1% | -43% | -14% | — |
| Gross profit | £6.24B | £5.45B | £5.76B | £9.48B | £13.6B |
| EBITDA | £5.16B | £4.58B | £909M | £7.25B | £10.6B |
| Net income | -£2.03B | -£3.14B | -£2.54B | £228M | £3.66B |
| Free cash flow | £1.55B | £1.29B | £2.88B | £238M | £2.71B |
| Capital expenditure | £2.43B | £2.57B | £3.17B | £4.83B | £5.13B |
| Total debt | n/a | £11.5B | £14.5B | £13.3B | £11.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Anglo American AAL.L | $53.7B | -5% | -14% | 23% | 29.6× | 17.0% |
| Rio Tinto RIO.L | $144B | -21% | +11% | 27% | 10.3× | 5.6% |
| BHP BHP.AX | $203B | -6% | +9% | 39% | 15.7× | -1.0% |
| Glencore GLEN.L | $78.0B | -14% | +27% | 2% | 10.9× | n/a |
| Teck Resources TECK-B.TO | $29.9B | +3% | +44% | 34% | 16.2× | 4.6% |
| Freeport-McMoRan FCX | $85.3B | -4% | 0% | 24% | 14.3× | 16.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AAL.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.4% | -11.7% | 6th highest of 19 |
| 6-month return | -5.0% | -14.4% | 7th highest of 19 |
| Distance from 52-week high | -14.9% | -30.6% | 2nd highest of 19 |
| Revenue growth (TTM) | -13.9% | +22.5% | lowest of 19 |
| Operating margin | 23.2% | 21.6% | 10th highest of 19 |
| Forward P/E | 29.6× | 14.2× | 2nd most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 17.0% | 6.8% | 5th most demanding of 14 |
| Growth delivered (Del g) | -6.7% | +10.3% | 2nd lowest of 14 |
| Hurdle (Req g minus delivered) | +23.7 pp | +1.2 pp | 2nd most demanding of 14 |
| ROIC minus cost of capital | -3.7 pp | +3.4 pp | 3rd lowest of 19 |
| EV / EBITDA | 9.9× | 9.8× | 9th cheapest of 17 |
| Net debt / EBITDA | 1.2× | 0.6× | 6th most indebted of 18 |
| Bond spread | 97 bp | 113 bp | 2nd tightest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Anglo American AAL.L | United Kingdom | $53.7B | -5% | -14% | 23% | 29.6× | 17.0% | -6.7% |
| Antofagasta ANTO.L | United Kingdom | $41.3B | -21% | +20% | 44% | 20.8× | 17.7% | +10.3% |
| Freeport-McMoRan FCX | United States | $85.3B | -4% | 0% | 24% | 14.3× | 16.3% | +12.6% |
| Teck Resources TECK-B.TO | Canada | $29.9B | +3% | +44% | 34% | 16.2× | 4.6% | +3.7% |
| Hindustan Zinc HINDZINC.NS | India | $25.4B | -11% | +57% | 51% | 11.8× | 1.4% | +11.7% |
| ATI ATI | United States | $23.9B | +11% | +9% | 18% | 28.0× | 20.6% | +9.0% |
| Hindalco Industries HINDALCO.NS | India | $22.7B | -9% | +20% | 11% | 8.6× | n/a | n/a |
| Southern Copper SCCO | United States | $143B | -9% | +39% | 59% | 21.5× | 6.8% | +10.9% |
| Rio Tinto RIO.L | United Kingdom | $144B | -21% | +11% | 27% | 10.3× | 5.6% | +4.7% |
| First Quantum Minerals FM.TO | Canada | $19.5B | -1% | +28% | 23% | 15.2× | n/a | n/a |
| Lundin Mining LUN.TO | Canada | $18.1B | -18% | +29% | 36% | 14.1× | 15.2% | +13.9% |
| China National Uranium 001280.SZ | China | $17.9B | -29% | +15% | 14% | 47.7× | n/a | n/a |
| JX Advanced Metals 5016.T | Japan | $14.6B | -49% | +30% | 11% | 12.7× | 22.2% | -18.6% |
| Boliden BOL.ST | Sweden | $14.6B | -4% | +23% | 16% | 11.3× | 0.6% | +10.7% |
| Korea Zinc 010130.KS | South Korea | $14.4B | -39% | +53% | 8% | 16.2× | n/a | n/a |
| Jiangxi Copper 0358.HK | Hong Kong | $14.3B | -36% | +22% | 4% | 4.7× | n/a | n/a |
| KGHM Polska Miedz KGH.WA | Poland | $14.1B | -27% | +27% | 20% | 6.4× | 1.6% | +9.2% |
| Carpenter Technology CRS | United States | $13.8B | -35% | +10% | 23% | 20.0× | 17.4% | +16.2% |
| South32 S32.AX | Australia | $13.7B | -1% | -4% | 15% | 12.7× | 6.3% | +3.2% |
Anglo American has 18 bonds outstanding with $10.9B face value. The agencies rate it BBB; its bonds trade like A-. Weighted yield 5.28%, a spread of 97 bp over government bonds.