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Major Australian iron-ore miner in the Pilbara, also investing heavily in green hydrogen and renewable energy projects.
Major Australian iron-ore miner in the Pilbara, also investing heavily in green hydrogen and renewable energy projects.
Ships iron ore from its Pilbara mines in Western Australia over its own rail and port, sold mostly to China at prices tied to index benchmarks, with a discount because its ore is lower grade than the benchmark. Founder Andrew Forrest is the largest shareholder. It has since cut back several hydrogen projects.
In one line: Australia's Cleveland-Cliffs, with a green-energy pivot.
Moat: narrow (scale, cost advantage, installed base). Low-cost, high-volume Pilbara iron ore operations with owned rail and port infrastructure.
Headquarters: Perth, Australia · Founded: 2003 · Employees: 20,000
Size Fortescue (FMG.AX) is an Australia Materials company (Steel) with a market value of $32.4B, the 13th largest of 316 Australia companies the cockpit tracks. Shares closed at A$15.18 on 6 Nov 2026.
Performance Over six months the shares fell 32.6%, against -1.1% for the median peer and +4.1% for the Australia market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 4.2% over the last twelve months (peer median +10.2%); the operating margin is 31.8% (peer median 8.9%).
Valuation It trades at 12.3× forward earnings against a peer median of 13.7× (9th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is -3%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.8 points above its cost of capital (9.5% WACC).
Credit Fortescue has 4 bonds outstanding ($2.85B), rated BB+ by the agencies and trading like BB+ at a weighted spread of 184 bp.
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$25.0B | A$25.0B | A$24.0B | A$27.8B | A$25.1B |
| Revenue growth | — | +4% | -14% | +11% | — |
| Gross profit | A$9.37B | A$9.32B | A$9.44B | A$14.4B | A$13.2B |
| EBITDA | A$12.2B | A$12.2B | A$11.8B | A$16.2B | A$14.5B |
| Net income | A$4.28B | A$4.24B | A$5.21B | A$8.67B | A$7.13B |
| Free cash flow | A$5.04B | A$5.22B | A$4.90B | A$7.70B | A$6.69B |
| Capital expenditure | A$4.63B | A$4.80B | A$5.04B | A$4.32B | A$4.31B |
| Total debt | n/a | A$8.56B | A$8.30B | A$8.09B | A$7.99B |
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 |
|---|---|---|---|---|---|---|
| Fortescue FMG.AX | $32.4B | -33% | +4% | 32% | 12.3× | -5.7% |
| 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% |
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 | FMG.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.9% | -1.9% | 9th lowest of 20 |
| 6-month return | -32.6% | -1.1% | 2nd lowest of 20 |
| Distance from 52-week high | -35.1% | -18.4% | 4th lowest of 20 |
| Revenue growth (TTM) | +4.2% | +10.2% | 8th lowest of 20 |
| Operating margin | 31.8% | 8.9% | 2nd highest of 20 |
| Forward P/E | 12.3× | 13.7× | 9th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -5.7% | 8.7% | 4th least demanding of 12 |
| Growth delivered (Del g) | -3.5% | +8.2% | lowest of 12 |
| Hurdle (Req g minus delivered) | -2.2 pp | -2.0 pp | 6th least demanding of 12 |
| ROIC minus cost of capital | +8.8 pp | -2.1 pp | highest of 20 |
| EV / EBITDA | 3.9× | 10.2× | cheapest of 15 |
| Net debt / EBITDA | 0.1× | 1.0× | 3rd least indebted of 16 |
| Bond spread | 184 bp | 84 bp | widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| JSW Steel JSWSTEEL.NS | India | $35.1B | +6% | +14% | 13% | 18.5× | 21.1% | +18.4% |
| Tata Steel TATASTEEL.NS | India | $24.6B | -14% | +11% | 9% | 14.0× | 8.7% | +8.2% |
| Vale S.A. Sponsored ADR VALE | United States | $45.4B | -30% | +11% | 25% | 7.7× | -14.0% | -0.9% |
| ArcelorMittal MT.AS | Netherlands | $45.7B | 0% | -3% | 4% | 23.7× | n/a | n/a |
| 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% |
| Nucor NUE | United States | $55.6B | +8% | +22% | 13% | 10.2× | 12.0% | +10.0% |
| 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 |
Fortescue has 4 bonds outstanding with $2.85B face value. The agencies rate it BB+; its bonds trade like BB+. Weighted yield 6.48%, a spread of 184 bp over government bonds.