Loading…
Anglo-Swiss commodity trader and miner of copper, zinc, nickel and coal, combining mine ownership with global metals/energy trading.
Anglo-Swiss commodity trader and miner of copper, zinc, nickel and coal, combining mine ownership with global metals/energy trading.
Earns two ways: selling metals and coal from its own mines, and marketing other producers' output for a trading margin, which tends to do well when prices swing. It listed in 2011 and merged with miner Xstrata in 2013. It bought Teck's steelmaking-coal business in 2024 and has kept coal despite investor pressure.
In one line: A hybrid of Freeport-McMoRan and a trading house like Trafigura.
Moat: narrow (scale, distribution). Unique combined mine-plus-trading model gives a logistics/market-information edge, but margins are thin and commodity-driven.
Headquarters: Baar, Switzerland · Founded: 1974 · Employees: 140,000
Size Glencore (GLEN.L) is a United Kingdom Industrials company (Wholesale Distributors) with a market value of $78.0B, the 11th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £495.15 on 6 Nov 2026.
Performance Over six months the shares fell 13.7%, against +1.5% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 3rd lowest of 10 in its peer set.
Growth Revenue grew 26.7% over the last twelve months (peer median +9.1%); the operating margin is 2.3% (peer median 9.6%).
Valuation It trades at 10.9× forward earnings against a peer median of 14.8× (3rd cheapest of 10).
Capital Return on invested capital runs 3.0 points below its cost of capital (10.1% WACC).
Credit Glencore has 23 bonds outstanding ($16.4B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 87 bp.
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £227B | £188B | £181B | £175B | £208B |
| Revenue growth | — | +4% | +3% | -16% | — |
| Gross profit | £7.38B | £3.81B | £3.84B | £9.30B | £19.7B |
| EBITDA | £10.4B | £7.55B | £8.15B | £12.9B | £23.7B |
| Net income | £4.03B | £275M | -£1.28B | £3.44B | £14.1B |
| Free cash flow | -£83.8M | £294M | £4.11B | £6.34B | £9.07B |
| Capital expenditure | £4.97B | £4.50B | £4.39B | £3.61B | £3.39B |
| Total debt | n/a | £30.8B | £30.4B | £25.3B | £23.9B |
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 |
|---|---|---|---|---|---|---|
| Glencore GLEN.L | $78.0B | -14% | +27% | 2% | 10.9× | n/a |
| Rio Tinto RIO.L | $144B | -21% | +11% | 27% | 10.3× | 5.6% |
| BHP BHP.AX | $203B | -6% | +9% | 39% | 15.7× | -1.0% |
| Anglo American AAL.L | $53.7B | -5% | -14% | 23% | 29.6× | 17.0% |
| 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 | GLEN.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.9% | -4.8% | 4th lowest of 10 |
| 6-month return | -13.7% | +1.5% | 3rd lowest of 10 |
| Distance from 52-week high | -21.9% | -17.8% | 4th lowest of 10 |
| Revenue growth (TTM) | +26.7% | +9.1% | 2nd highest of 10 |
| Operating margin | 2.3% | 9.6% | lowest of 10 |
| Forward P/E | 10.9× | 14.8× | 3rd cheapest of 10 |
| ROIC minus cost of capital | -3.0 pp | +9.7 pp | 4th lowest of 10 |
| Net debt / EBITDA | 3.0× | 1.2× | 3rd most indebted of 9 |
| Bond spread | 87 bp | 80 bp | 2nd widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Glencore GLEN.L | United Kingdom | $78.0B | -14% | +27% | 2% | 10.9× | n/a | n/a |
| W. W. Grainger GWW | United States | $67.9B | +17% | +9% | 17% | 28.2× | 11.9% | +8.7% |
| Fastenal FAST | United States | $60.8B | +20% | +14% | 21% | 38.3× | 14.2% | +7.7% |
| Mitsubishi 8058.T | Japan | $105B | -1% | +16% | 3% | 14.8× | 18.8% | +8.0% |
| Sumitomo 8053.T | Japan | $47.7B | +9% | +6% | 5% | 11.3× | 15.2% | +9.5% |
| Ferguson Enterprises FERG | United States | $45.2B | -3% | +8% | 10% | 19.4× | 9.9% | +9.1% |
| CMOC 603993.SS | China | $41.0B | -29% | +32% | 20% | 8.7× | -5.4% | +12.8% |
| Toyota Tsusho 8015.T | Japan | $36.8B | +2% | +25% | 5% | 13.0× | 9.8% | +12.9% |
| Kyocera 6971.T | Japan | $23.4B | +3% | +7% | 6% | 22.5× | 21.3% | +6.3% |
| Aluminum Corporation of China 601600.SS | China | $20.7B | -26% | +5% | 18% | 6.7× | -16.2% | +5.3% |
Glencore has 23 bonds outstanding with $16.4B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.56%, a spread of 87 bp over government bonds.