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One of the world's largest diversified miners, producing iron ore, copper, metallurgical coal and potash (via Jansen) globally.
One of the world's largest diversified miners, producing iron ore, copper, metallurgical coal and potash (via Jansen) globally.
Earns by selling commodities at world-market prices, so profit follows price swings; iron ore carries the group, with copper the growth line and China the biggest buyer. In 2022 it dropped its dual London-Australia structure and merged its oil and gas arm into Woodside to focus on metals and fertiliser.
In one line: No single US peer — closest is a diversified Freeport-McMoRan plus Nucor's ore supplier.
Moat: narrow (scale, cost advantage, installed base). Tier-1, low-cost iron-ore and copper assets give a structural cost advantage over most peers.
Headquarters: Melbourne, Australia · Founded: 1885 · Employees: 84,309
Size BHP (BHP.AX) is an Australia Materials company (Steel) with a market value of $203B, the largest of 316 Australia companies the cockpit tracks. Shares closed at A$57.62 on 6 Nov 2026.
Performance Over six months the shares fell 6.3%, against -2.1% for the median peer and +4.1% for the Australia market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 9.2% over the last twelve months (peer median +8.2%); the operating margin is 39.3% (peer median 8.9%).
Valuation It trades at 15.7× forward earnings against a peer median of 13.4× (7th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.6 points above its cost of capital (8.8% WACC).
Credit BHP has 13 bonds outstanding ($13.7B), rated NR by the agencies and trading like AA- at a weighted spread of 62 bp.
Next results Next results expected around 15 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$86.5B | A$86.7B | A$79.2B | A$84.9B | A$80.0B |
| Revenue growth | — | +10% | -7% | +6% | — |
| Gross profit | A$34.0B | A$45.4B | A$36.9B | A$43.9B | A$41.1B |
| EBITDA | A$43.1B | A$47.1B | A$38.2B | A$43.2B | A$40.3B |
| Net income | A$14.6B | A$14.5B | A$13.9B | A$12.0B | A$19.2B |
| Free cash flow | A$17.0B | A$17.6B | A$14.4B | A$18.1B | A$17.8B |
| Capital expenditure | A$14.6B | A$15.1B | A$15.1B | A$14.1B | A$10.5B |
| Total debt | n/a | A$39.1B | A$37.4B | A$31.0B | A$33.6B |
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 |
|---|---|---|---|---|---|---|
| BHP BHP.AX | $203B | -6% | +9% | 39% | 15.7× | -1.0% |
| Rio Tinto RIO.L | $144B | -21% | +11% | 27% | 10.3× | 5.6% |
| Vale S.A. Sponsored ADR VALE | $45.4B | -30% | +11% | 25% | 7.7× | -14.0% |
| Fortescue FMG.AX | $32.4B | -33% | +4% | 32% | 12.3× | -5.7% |
| 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 | BHP.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.8% | -2.5% | 6th lowest of 21 |
| 6-month return | -6.3% | -2.1% | 9th lowest of 21 |
| Distance from 52-week high | -16.2% | -19.2% | 9th highest of 21 |
| Revenue growth (TTM) | +9.2% | +8.2% | 11th highest of 21 |
| Operating margin | 39.3% | 8.9% | highest of 21 |
| Forward P/E | 15.7× | 13.4× | 7th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -1.0% | 7.4% | 5th least demanding of 13 |
| Growth delivered (Del g) | +2.6% | +8.1% | 5th lowest of 13 |
| Hurdle (Req g minus delivered) | -3.6 pp | -2.1 pp | 6th least demanding of 13 |
| ROIC minus cost of capital | +14.6 pp | -0.5 pp | highest of 21 |
| EV / EBITDA | 7.3× | 10.1× | 6th cheapest of 16 |
| Net debt / EBITDA | 0.3× | 1.0× | 5th least indebted of 17 |
| Bond spread | 62 bp | 91 bp | tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| BHP BHP.AX | Australia | $203B | -6% | +9% | 39% | 15.7× | -1.0% | +2.6% |
| Nucor NUE | United States | $55.6B | +8% | +22% | 13% | 10.2× | 12.0% | +10.0% |
| ArcelorMittal MT.AS | Netherlands | $45.7B | 0% | -3% | 4% | 23.7× | n/a | n/a |
| Vale S.A. Sponsored ADR VALE | United States | $45.4B | -30% | +11% | 25% | 7.7× | -14.0% | -0.9% |
| JSW Steel JSWSTEEL.NS | India | $35.1B | +6% | +14% | 13% | 18.5× | 21.1% | +18.4% |
| Fortescue FMG.AX | Australia | $32.4B | -33% | +4% | 32% | 12.3× | -5.7% | -3.5% |
| Steel Dynamics STLD | United States | $31.7B | -5% | +26% | 12% | 9.7× | 11.7% | +13.6% |
| Tenaris TEN.MI | Italy | $30.2B | -1% | -5% | 19% | 15.9× | 6.1% | +18.6% |
| Tata Steel TATASTEEL.NS | India | $24.6B | -14% | +11% | 9% | 14.0× | 8.7% | +8.2% |
| Nippon Steel 5401.T | Japan | $22.3B | +15% | +28% | 4% | 11.2× | n/a | n/a |
| Reliance RS | United States | $21.2B | +13% | +25% | 9% | 14.9× | 9.1% | +10.2% |
| Baoshan Iron & Steel 600019.SS | China | $19.9B | -3% | +6% | 3% | 14.4× | -9.6% | +2.4% |
| POSCO 005490.KS | South Korea | $14.4B | -42% | +4% | 3% | 11.2× | n/a | n/a |
| Inner Mongolia Baotou Steel Union 600010.SS | China | $13.5B | -26% | -6% | 3% | 66.3× | 14.7% | +2.5% |
| Jindal Steel JINDALSTEL.NS | India | $12.6B | -7% | +26% | 10% | 21.2× | n/a | n/a |
| Lloyds Metals & Energy LLOYDSME.NS | India | $10.6B | +3% | +171% | 33% | 13.4× | n/a | n/a |
| Ternium S.A. Sponsored ADR TX | United States | $9.65B | +5% | -1% | 8% | 6.7× | n/a | n/a |
| Citic Pacific Special Steel 000708.SZ | China | $9.52B | -18% | 0% | 6% | 10.8× | -7.8% | +7.2% |
| China Steel 2002.TW | Taiwan | $8.65B | 0% | -7% | 0% | 41.5× | n/a | n/a |
| Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh GGB | United States | $8.41B | -10% | +10% | 9% | 7.9× | 2.3% | +8.0% |
| thyssenkrupp TKA.DE | Germany | $8.33B | +10% | -2% | 1% | n/a | n/a | n/a |
BHP has 13 bonds outstanding with $13.7B face value. The agencies rate it NR; its bonds trade like AA-. Weighted yield 5.48%, a spread of 62 bp over government bonds.