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Global copper producer operating mines in Spain (MATSA) and Botswana (Motheo), with further copper/zinc growth projects.
Global copper producer operating mines in Spain (MATSA) and Botswana (Motheo), with further copper/zinc growth projects.
Sells copper concentrate, plus zinc and silver from Spain, to smelters at market prices, so metal prices set profit. Reshaped itself by buying the Spanish MATSA mine in 2021 and building Motheo in Botswana, after its original Western Australian DeGrussa mine reached the end of its life.
In one line: A mid-cap Freeport-McMoRan, copper-focused.
Moat: none (scale). Commodity copper/zinc producer; competitiveness depends on ore grade and costs, not pricing power.
Headquarters: Perth, Australia · Founded: 1988 · Employees: 4,788
Size Sandfire Resources (SFR.AX) is an Australia Materials company (Other Metals/Minerals) with a market value of $6.20B, the 58th largest of 316 Australia companies the cockpit tracks. Shares closed at A$19.11 on 6 Nov 2026.
Performance Over six months the shares fell 4.3%, against -21.0% for the median peer and +4.1% for the Australia market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 31.6% over the last twelve months (peer median +30.5%); the operating margin is 32.0% (peer median 17.3%).
Valuation It trades at 13.3× forward earnings against a peer median of 13.1× (9th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +26%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.9 points above its cost of capital (12.9% WACC).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$2.41B | A$2.43B | A$1.83B | A$1.41B | A$1.16B |
| Revenue growth | — | +33% | +30% | +21% | — |
| Gross profit | A$809M | A$822M | A$361M | A$65.0M | -A$41.0M |
| EBITDA | A$1.25B | A$1.26B | A$830M | A$518M | A$350M |
| Net income | A$516M | A$525M | A$144M | -A$26.5M | -A$76.7M |
| Free cash flow | A$748M | A$776M | A$435M | A$101M | -A$370M |
| Capital expenditure | A$341M | A$354M | A$312M | A$339M | A$486M |
| Total debt | n/a | A$52.6M | A$386M | A$872M | A$896M |
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 |
|---|---|---|---|---|---|---|
| Sandfire Resources SFR.AX | $6.20B | -4% | +32% | 32% | 13.3× | 9.2% |
| Freeport-McMoRan FCX | $85.3B | -4% | 0% | 24% | 14.3× | 16.3% |
| BHP BHP.AX | $203B | -6% | +9% | 39% | 15.7× | -1.0% |
| South32 S32.AX | $13.7B | -1% | -4% | 15% | 12.7× | 6.3% |
| First Quantum Minerals FM.TO | $19.5B | -1% | +28% | 23% | 15.2× | n/a |
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 | SFR.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.6% | -12.4% | 10th lowest of 21 |
| 6-month return | -4.3% | -21.0% | 4th highest of 21 |
| Distance from 52-week high | -23.6% | -44.5% | 2nd highest of 21 |
| Revenue growth (TTM) | +31.6% | +30.5% | 10th highest of 20 |
| Operating margin | 32.0% | 17.3% | 8th highest of 20 |
| Forward P/E | 13.3× | 13.1× | 9th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 9.2% | 3.5% | 4th most demanding of 13 |
| Growth delivered (Del g) | +25.8% | +17.0% | 5th highest of 12 |
| Hurdle (Req g minus delivered) | -16.6 pp | -20.4 pp | 6th most demanding of 12 |
| ROIC minus cost of capital | +6.9 pp | +5.0 pp | 9th highest of 21 |
| EV / EBITDA | 6.8× | 7.0× | 5th cheapest of 9 |
| Net debt / EBITDA | -0.4× | -0.5× | 4th most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sandfire Resources SFR.AX | Australia | $6.20B | -4% | +32% | 32% | 13.3× | 9.2% | +25.8% |
| Inner Mongolia Xingye Silver and Tin Mining 000426.SZ | China | $6.23B | -42% | +38% | 49% | 13.1× | 7.8% | +42.6% |
| MP Materials MP | United States | $6.31B | -47% | +72% | -17% | 248.7× | n/a | n/a |
| PLS PLS.AX | Australia | $6.33B | -56% | +152% | 43% | 10.6× | 2.5% | +61.6% |
| Capstone Copper CS.TO | Canada | $6.01B | -8% | +30% | 32% | 9.4× | 9.8% | +40.2% |
| Discovery Mining DSV.TO | Canada | $6.44B | +19% | +684% | 38% | 17.6× | 19.9% | n/a |
| Nanya New Material Technology 688519.SS | China | $5.90B | -5% | +104% | 17% | 55.2× | n/a | n/a |
| Aura Minerals AUGO | United States | $6.52B | -5% | +89% | 53% | 10.6× | -6.0% | +25.2% |
| NMDC NMDC.NS | India | $6.55B | -22% | +27% | 27% | 7.4× | 5.2% | +15.8% |
| Yunnan Chihong Zinc & Germanium 600497.SS | China | $5.76B | -15% | +29% | 10% | 13.8× | 4.4% | +4.6% |
| China Nonferrous Mining 1258.HK | Hong Kong | $5.73B | -19% | +11% | 28% | 7.4× | -14.6% | +5.8% |
| Aurubis NDA.DE | Germany | $6.73B | -35% | +23% | 6% | 15.1× | n/a | n/a |
| Xinjiang Daqo New Energy 688303.SS | China | $5.69B | -20% | -23% | -62% | n/a | n/a | n/a |
| Yunnan Tin 000960.SZ | China | $5.66B | -34% | +19% | 8% | 10.8× | 1.9% | -0.5% |
| NexGen Energy NXE.TO | Canada | $5.57B | -31% | n/a | n/a | n/a | n/a | n/a |
| Baiyin Nonferrous 601212.SS | China | $5.49B | -35% | 0% | 5% | n/a | n/a | n/a |
| Yunnan Lincang Xinyuan Germanium Industry 002428.SZ | China | $7.09B | +3% | +54% | 13% | 230.8× | n/a | n/a |
| Wanguo Gold 3939.HK | Hong Kong | $7.31B | +6% | +79% | 67% | 20.2× | 1.7% | +17.0% |
| Asia-Potash International Investment (Guangzhou) 000893.SZ | China | $5.08B | -32% | +40% | 36% | 11.6× | -3.3% | +72.1% |
| China Rare Earth Resources And Technology 000831.SZ | China | $7.57B | -7% | -2% | 15% | 103.1× | 53.1% | +14.0% |
| Yunnan Copper 000878.SZ | China | $5.01B | -28% | +10% | 2% | 11.9× | n/a | n/a |