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Australian mining services provider (crushing, processing, haulage) that also owns and operates its own iron ore and lithium mines.
Australian mining services provider (crushing, processing, haulage) that also owns and operates its own iron ore and lithium mines.
Began as a contract mining-services business, crushing and processing for other miners, and the iron ore and lithium mines it owns have since grown to rival that arm, so metal prices now drive results. The multi-year Onslow iron ore project, with its own haul road to a port in Western Australia, is the largest build-out. Founder Chris Ellison is a major shareholder.
In one line: A vertically-integrated Australian mining contractor-owner hybrid.
Moat: narrow (scale, installed base, process know-how). Combines contract mining-services expertise with owned mines, giving cost and logistics advantages.
Headquarters: Perth, Australia · Founded: 1993 · Employees: 7,266
Size Mineral Resources (MIN.AX) is an Australia Materials company (Steel) with a market value of $6.36B, the 55th largest of 316 Australia companies the cockpit tracks. Shares closed at A$46.59 on 6 Nov 2026.
Performance Over six months the shares fell 34.0%, against -4.3% for the median peer and +4.1% for the Australia market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 44.5% over the last twelve months (peer median +8.7%); the operating margin is 24.9% (peer median 6.5%).
Valuation It trades at 13.8× forward earnings against a peer median of 10.8× (9th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.2 points above its cost of capital (10.6% WACC).
Credit Mineral Resources has 5 bonds outstanding ($3.38B), rated Ba3 by the agencies and trading like BB at a weighted spread of 248 bp.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$6.46B | A$6.46B | A$4.47B | A$5.28B | A$4.78B |
| Revenue growth | — | +44% | -15% | +10% | — |
| Gross profit | A$3.18B | A$3.18B | A$1.41B | A$1.97B | A$2.75B |
| EBITDA | A$2.54B | A$2.54B | A$857M | A$1.02B | A$2.08B |
| Net income | A$1.06B | A$1.06B | -A$904M | A$125M | A$243M |
| Free cash flow | A$902M | A$902M | -A$2.50B | -A$2.44B | -A$359M |
| Capital expenditure | A$1.22B | A$1.22B | A$2.16B | A$4.13B | A$1.82B |
| Total debt | n/a | A$5.83B | A$5.76B | A$5.34B | A$3.23B |
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 |
|---|---|---|---|---|---|---|
| Mineral Resources MIN.AX | $6.36B | -34% | +44% | 25% | 13.8× | 4.2% |
| BHP BHP.AX | $203B | -6% | +9% | 39% | 15.7× | -1.0% |
| PLS PLS.AX | $6.33B | -56% | +152% | 43% | 10.6× | 2.5% |
| Fortescue FMG.AX | $32.4B | -33% | +4% | 32% | 12.3× | -5.7% |
| Liontown LTR.AX | $1.43B | -75% | +115% | 8% | 18.9× | 38.7% |
| IGO IGO.AX | $2.60B | -45% | -12% | -31% | 8.9× | 17.2% |
| Perenti PRN.AX | $1.31B | -8% | -4% | 9% | 10.3× | -9.8% |
| NRW NWH.AX | $1.95B | -17% | +31% | 6% | 13.6× | 8.5% |
| Rio Tinto RIO.L | $144B | -21% | +11% | 27% | 10.3× | 5.6% |
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 | MIN.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.2% | -4.9% | 9th lowest of 21 |
| 6-month return | -34.0% | -4.3% | lowest of 21 |
| Distance from 52-week high | -37.8% | -24.6% | 2nd lowest of 21 |
| Revenue growth (TTM) | +44.5% | +8.7% | 2nd highest of 21 |
| Operating margin | 24.9% | 6.5% | 2nd highest of 21 |
| Forward P/E | 13.8× | 10.8× | 9th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 4.2% | 6.2% | 7th least demanding of 14 |
| Growth delivered (Del g) | +11.6% | +7.1% | 3rd highest of 14 |
| Hurdle (Req g minus delivered) | -7.4 pp | -5.7 pp | 6th least demanding of 14 |
| ROIC minus cost of capital | +1.2 pp | -2.2 pp | 7th highest of 21 |
| EV / EBITDA | 5.5× | 8.6× | 2nd cheapest of 16 |
| Net debt / EBITDA | 1.7× | 0.9× | 9th most indebted of 18 |
| Bond spread | 248 bp | 139 bp | 2nd widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mineral Resources MIN.AX | Australia | $6.36B | -34% | +44% | 25% | 13.8× | 4.2% | +11.6% |
| APL Apollo Tubes APLAPOLLO.NS | India | $6.42B | +11% | +16% | 7% | 39.8× | 22.1% | +22.1% |
| Cleveland-Cliffs CLF | United States | $6.54B | +4% | +8% | -1% | 6.6× | n/a | n/a |
| Jindal Stainless JSL.NS | India | $6.10B | -9% | +12% | 10% | 16.9× | 21.0% | +28.7% |
| Jfe 5411.T | Japan | $6.66B | +2% | -4% | 2% | 8.4× | 13.2% | +7.1% |
| Commercial Metals CMC | United States | $6.85B | -12% | +20% | 9% | 9.3× | 6.2% | +6.9% |
| Vallourec VK.PA | France | $5.51B | -31% | -7% | 14% | 15.5× | -7.6% | +3.3% |
| Steel Authority of India SAIL.NS | India | $7.49B | -8% | +9% | 8% | 8.9× | 11.0% | +9.9% |
| thyssenkrupp TKA.DE | Germany | $8.33B | +10% | -2% | 1% | n/a | n/a | n/a |
| Kobe Steel 5406.T | Japan | $4.83B | 0% | -3% | 5% | 7.7× | -1.1% | +7.4% |
| Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh GGB | United States | $8.41B | -10% | +10% | 9% | 7.9× | 2.3% | +8.0% |
| China Steel 2002.TW | Taiwan | $8.65B | 0% | -7% | 0% | 41.5× | n/a | n/a |
| Zhejiang Hailiang 002203.SZ | China | $4.53B | -23% | +10% | 2% | 17.6× | n/a | n/a |
| Tube Investments of India TIINDIA.NS | India | $4.47B | -28% | +18% | 7% | 42.7× | n/a | n/a |
| Citic Pacific Special Steel 000708.SZ | China | $9.52B | -18% | 0% | 6% | 10.8× | -7.8% | +7.2% |
| Grupo Simec SAB de CV Sponsored ADR SIM | United States | $4.22B | +4% | +17% | 16% | 14.1× | -9.2% | -1.1% |
| Ternium S.A. Sponsored ADR TX | United States | $9.65B | +5% | -1% | 8% | 6.7× | n/a | n/a |
| Acerinox ACX.MC | Spain | $4.00B | +2% | 0% | 4% | 15.8× | 18.6% | +4.4% |
| Nanjing Iron & Steel 600282.SS | China | $3.99B | -20% | +12% | 5% | 9.5× | -4.2% | +1.8% |
| Yamato Kogyo 5444.T | Japan | $3.88B | -13% | +1% | 2% | 10.3× | 24.2% | +3.4% |
| Lloyds Metals & Energy LLOYDSME.NS | India | $10.6B | +3% | +171% | 33% | 13.4× | n/a | n/a |
Mineral Resources has 5 bonds outstanding with $3.38B face value. The agencies rate it Ba3; its bonds trade like BB. Weighted yield 7.11%, a spread of 248 bp over government bonds.