MINERAL RESOURCES LIMITED (MIN)
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MIN

MIN - MINERAL RESOURCES LIMITED

FNArena Sector : Iron Ore
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 6.72
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Mineral Resources is an Australian diversified mining services company. Its operations include construction, crushing and transport services. It has been a listed company since 2006. Key operations involve iron ore and lithium.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$69.55

08 May
2026

-1.790

OPEN

$70.00

-2.51%

HIGH

$71.62

1,170,211

LOW

$69.02

TARGET
$71.20 2.4% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ARI . CIA . DRR . FEX . FMG . GEN . GRR . MGX .
FNARENA'S MARKET CONSENSUS FORECASTS
MIN: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx - 458.9 384.6 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 18.2 xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 01/03 - ex-div 20c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic 533.0673.2184.9127.464.0-458.9
DPS All 100.0275.0100.0190.020.00.0
Sales/Revenue 2,124.7 M3,733.6 M3,418.0 M4,779.1 M5,278.0 M4,472.0 M
Book Value Per Share 1,206.11,702.21,715.41,800.71,823.21,648.9
Net Operating Cash Flow 594.6 M1,309.4 M279.8 M1,353.7 M1,449.0 M-475.0 M
Net Profit Margin 47.24 %34.01 %10.22 %5.09 %2.37 %-20.21 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed 55.36 %46.44 %10.86 %7.26 %3.56 %-26.70 %
Return on Invested Capital 34.04 %32.71 %6.63 %3.79 %1.64 %-10.45 %
Return on Assets 25.76 %24.22 %5.11 %3.00 %1.21 %-7.48 %
Return on Equity 55.36 %46.44 %10.86 %7.26 %3.56 %-26.70 %
Return on Total Capital 17.86 %40.03 %11.75 %24.74 %5.04 %1.08 %
Free Cash Flow ex dividends 175.8 M292.9 M-773.1 M-760.4 M-2,613.0 M-2,505.0 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt 101 M157 M129 M95 M255 M317 M
Long Term Debt 1,190 M1,105 M2,997 M3,139 M5,081 M5,445 M
Total Debt 1,291 M1,262 M3,126 M3,234 M5,336 M5,762 M
Goodwill - Gross 1 M1 M1 M0 M--
Cash & Equivalents - Generic 1,522 M1,542 M2,428 M1,379 M908 M443 M
Price To Book Value 1.763.162.813.972.961.31

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex 390.9 M759.7 M999.9 M1,820.9 M4,135.0 M2,156.0 M
Capex % of Sales 18.40 %20.35 %29.25 %38.10 %78.34 %48.21 %
Cost of Goods Sold 959 M1,367 M1,528 M2,025 M3,308 M3,065 M
Selling, General & Admin. Exp & Other 621 M746 M1,250 M1,127 M1,575 M1,308 M
Research & Development ------
Investments - Total 42 M388 M161 M302 M249 M153 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.8

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

2

xxxxxxxxx xx xxxxxxxxxx xxxx xxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

01/05/2026

1

Buy

$73.00

4.96%

Mineral Resources reported a robust 3Q26 update, with iron ore and lithium volumes and realised prices ahead of expectations, UBS notes, prompting upgrades to FY26 guidance.

Costs were well controlled, with Onslow FOB costs below consensus, though diesel-related pressures remain a headwind across segments.

Lithium performance was solid, with higher production guidance at Wodgina and Mt Marion supported by strong operating momentum, while mining services guidance was also lifted.

The broker retains a positive view, supported by growth optionality across key assets, improving commodity outlook and a focus on deleveraging, with only minor EPS downgrades.

Buy retained, target $73.

FORECAST
UBS forecasts a full year FY26 dividend of 0.00 cents and EPS of 350.00 cents.
UBS forecasts a full year FY27 dividend of 309.00 cents and EPS of 608.00 cents.

Morgan Stanley

xx/xx/xxxx

-1

xx xxxxxx

xx.xx%

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Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

04/05/2026

5

Sell

$22.50

-67.65%

Jarden maintains a Sell rating for Mineral Resources while lifting the target price to $22.50 from $22.00 following a strong March quarter production report.

The broker increases FY26 earnings per share forecasts to 298.5c from 273.6c as robust price realisations, particularly at Onslow hitting 91% of the Platts IODEX, drove upgraded volume guidance across multiple divisions.

Net debt reduced to a pro-forma $4.0bn during the period, encompassing an additional $460m in debt recognition as unsecured notes were issued to repay an existing iron ore prepayment facility.

Commentary suggests the current share price embeds overly optimistic assumptions of $100/t for iron ore and $2,700/t for spodumene concentrate, sitting well above long-term industry fundamentals.

With free cash flow yields remaining low through FY30, the report points to a lack of valuation support to justify a more constructive stance.

FORECAST
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 298.50 cents.
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 143.40 cents.
Access Extra Coverage Research History >

MIN STOCK CHART

FNArena News on MIN

1
Australian Broker Call *Extra* Edition – May 04, 2026

May 04 2026 - Daily Market Reports
2
Next Week At A Glance – 4-8 May 2026

May 01 2026 - Weekly Reports
3
Weekly Ratings, Targets, Forecast Changes – 17-04-26

Apr 20 2026 - Weekly Reports
4
Breakout Opportunity In Mineral Resources

Apr 14 2026 - Technicals
5
Australian Broker Call *Extra* Edition – Apr 13, 2026

Apr 13 2026 - Daily Market Reports

Latest Iron Ore News

1
Breakout Opportunity In Mineral Resources

Apr 14 2026 - Technicals
2
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Nov 18 2025 - Technicals
3
Risk Has Shifted To More Upside For MinRes

Oct 16 2025 - Technicals
4
Mineral Resources Shares Targeting $45

Sep 10 2025 - Technicals
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Can Champion Iron Deliver On Growth Projects?

Aug 06 2025 - Commodities
6
Execution Remains Key For Mineral Resources

Aug 01 2025 - Commodities
7
Iron Ore Worries Overshadow Fortescue’s FY26

Jul 28 2025 - Australia
8
Bargain Hunters Interest For Champion Iron?

May 08 2025 - Technicals
9
Positive Reversal For Fortescue

May 06 2025 - Technicals
10
Fortescue: Quo Vadis The Dividend?

Feb 24 2025 - Commodities