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Anglo-Australian miner of iron ore, aluminium, copper and lithium, dual-listed in London and Australia.
Anglo-Australian miner of iron ore, aluminium, copper and lithium, dual-listed in London and Australia.
Earns by selling commodities at world-market prices, so profit follows price swings; Pilbara iron ore carries the group, with aluminium and copper behind it, and China the biggest buyer. It entered lithium by buying Arcadium Lithium in 2025, pushing into battery metals.
Moat: narrow (scale, cost advantage). Low-cost, large-scale Pilbara iron-ore assets, but sells into globally-priced commodity markets.
Headquarters: London, UK · Founded: 1873 · Employees: 61,230
Size Rio Tinto (RIO.L) is a United Kingdom Materials company (Other Metals/Minerals) with a market value of $144B, the 4th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £6,281 on 6 Nov 2026.
Performance Over six months the shares fell 20.7%, against -14.4% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 10.9% over the last twelve months (peer median +22.5%); the operating margin is 26.7% (peer median 18.7%).
Valuation It trades at 10.3× forward earnings against a peer median of 14.8× (5th cheapest of 21).
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 +5%, so the hurdle is +1 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 3.0 points above its cost of capital (10.4% WACC).
Credit Rio Tinto has 1 bond outstanding ($667M), rated A by the agencies and trading like AAA at a weighted spread of 42 bp.
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £46.0B | £43.7B | £42.0B | £43.5B | £45.1B |
| Revenue growth | — | +4% | -3% | -4% | — |
| Gross profit | £12.3B | £11.8B | £11.0B | £12.9B | £14.9B |
| EBITDA | £18.3B | £16.0B | £15.5B | £16.3B | £18.9B |
| Net income | £9.01B | £7.56B | £9.04B | £8.09B | £10.1B |
| Free cash flow | £4.27B | £3.65B | £5.05B | £6.87B | £7.96B |
| Capital expenditure | £9.98B | £9.36B | £7.53B | £5.70B | £5.48B |
| Total debt | n/a | £17.5B | £11.1B | £11.3B | £10.2B |
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 |
|---|---|---|---|---|---|---|
| Rio Tinto RIO.L | $144B | -21% | +11% | 27% | 10.3× | 5.6% |
| BHP BHP.AX | $203B | -6% | +9% | 39% | 15.7× | -1.0% |
| Vale S.A. Sponsored ADR VALE | $45.4B | -30% | +11% | 25% | 7.7× | -14.0% |
| Glencore GLEN.L | $78.0B | -14% | +27% | 2% | 10.9× | n/a |
| Fortescue FMG.AX | $32.4B | -33% | +4% | 32% | 12.3× | -5.7% |
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 | RIO.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.6% | -13.2% | 10th highest of 21 |
| 6-month return | -20.7% | -14.4% | 9th lowest of 21 |
| Distance from 52-week high | -31.1% | -30.6% | 10th lowest of 21 |
| Revenue growth (TTM) | +10.9% | +22.5% | 6th lowest of 21 |
| Operating margin | 26.7% | 18.7% | 6th highest of 21 |
| Forward P/E | 10.3× | 14.8× | 5th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 5.6% | 11.9% | 5th least demanding of 15 |
| Growth delivered (Del g) | +4.7% | +10.5% | 5th lowest of 15 |
| Hurdle (Req g minus delivered) | +1.0 pp | +1.3 pp | 7th least demanding of 15 |
| ROIC minus cost of capital | +3.0 pp | +2.0 pp | 11th highest of 21 |
| EV / EBITDA | 6.6× | 9.9× | 5th cheapest of 18 |
| Net debt / EBITDA | 0.6× | 0.7× | 7th least indebted of 19 |
| Bond spread | 42 bp | 113 bp | tightest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Rio Tinto RIO.L | United Kingdom | $144B | -21% | +11% | 27% | 10.3× | 5.6% | +4.7% |
| Southern Copper SCCO | United States | $143B | -9% | +39% | 59% | 21.5× | 6.8% | +10.9% |
| Freeport-McMoRan FCX | United States | $85.3B | -4% | 0% | 24% | 14.3× | 16.3% | +12.6% |
| 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% |
| 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 |
| 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% |
| China Tungsten & Hightech Materials 000657.SZ | China | $13.2B | -34% | +66% | 16% | 21.0× | n/a | n/a |
| Sumitomo Metal Mining 5713.T | Japan | $13.2B | -19% | +22% | 14% | 8.1× | 8.5% | +13.5% |
Rio Tinto has 1 bond outstanding with $667M face value. The agencies rate it A; its bonds trade like AAA. Weighted yield 5.19%, a spread of 42 bp over government bonds.