FORTESCUE LIMITED (FMG)
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FMG

FMG - FORTESCUE LIMITED

FNArena Sector : Iron Ore
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 0.7
Index: ASX20 | ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Fortescue Metals is an Australian iron ore company with operations in the Pilbara, Western Australia. It is the fourth largest iron ore producer in the world and became a listed company, through a backdoor-listing, in 2003.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$21.04

08 Apr
2026

0.360

OPEN

$21.40

1.74%

HIGH

$21.40

6,448,797

LOW

$21.02

TARGET
$20.464 -2.7% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ARI . CIA . DRR . FEX . GEN . GRR . MGX . MIN .
FNARENA'S MARKET CONSENSUS FORECASTS
FMG: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 166.9 xxx
DPS (cps) 116.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 12.3 xxx
Dividend Yield 5.7% xxx
Div Pay Ratio(%) 69.5% xxx
This company reports in USD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 5.10%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.36

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: 26/02 - ex-div 50c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx169.4
DPS All xxxxxxxxxxxxxxx110.0
Sales/Revenue xxxxxxxxxxxxxxx23,996.7 M
Book Value Per Share xxxxxxxxxxxxxxx991.8
Net Operating Cash Flow xxxxxxxxxxxxxxx9,942.4 M
Net Profit Margin xxxxxxxxxxxxxxx21.70 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx17.43 %
Return on Invested Capital xxxxxxxxxxxxxxx13.79 %
Return on Assets xxxxxxxxxxxxxxx11.07 %
Return on Equity xxxxxxxxxxxxxxx17.43 %
Return on Total Capital xxxxxxxxxxxxxxx20.83 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx501.8 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 xxxxxxxxxxxxxxx336 M
Long Term Debt xxxxxxxxxxxxxxx7,964 M
Total Debt xxxxxxxxxxxxxxx8,299 M
Goodwill - Gross xxxxxxxxxxxxxxx298 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx6,604 M
Price To Book Value xxxxxxxxxxxxxxx1.54

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx5,038.4 M
Capex % of Sales xxxxxxxxxxxxxxx21.00 %
Cost of Goods Sold xxxxxxxxxxxxxxx14,553 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx1,519 M
Research & Development xxxxxxxxxxxxxxx851 M
Investments - Total xxxxxxxxxxxxxxx435 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

0.1

No. Of Recommendations

7
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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xx/xx/xxxx

1

xxxxxxx xx xxxxxxxxxx xxxx xxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

27/02/2026

5

Underweight

$18.35

-12.79%

On further inspection the target slips to $18.35 fom $19 with an Underweight rating retained.

EPS forecasts are lowered by -4.7% for FY27.

****

Fortescue has reported 1H FY26 earnings (EBITDA) of US$4.49bn, up 4% versus the consensus estimate on stronger revenue and lower Fortescue Future Industries (FFI) costs, explains Morgan Stanley. Revenue was broadly in line with expectation.

Higher earnings had limited flow-through to profit due to a rise in  depreciation & amortisation, explain the analysts.

Operating cash flow (OCF) of US$3.2bn beat the broker's expectation on a smaller working capital build, and lower capex lifted free cash flow to US$1.54bn, up 5% versus consensus.

A dividend of US$0.62 was declared, above consensus, with a 65% payout ratio. Underweight rating. Target $19. Industry View In-Line.

FORECAST
Morgan Stanley forecasts a full year FY26 EPS of 168.55 cents.
Morgan Stanley forecasts a full year FY27 EPS of 149.71 cents.

Morgans

xx/xx/xxxx

3

xxxxxxx xx xxxx xxxx xxxx

$xx.xx

xx.xx%

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xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$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

05/03/2026

4

Underweight

$17.15

-18.49%

The strong first half result from Fortescue reflected a consistently strong operating performance with a focus on maintaining leadership in industry operating costs, Jarden asserts. Underlying EBITDA was ahead of the estimates.

Some frustration from investors is perceived regarding a lack of discipline on capital expenditure, particularly on energy and decarbonisation, with potential financial returns difficult to identify and impossible to measure, the broker adds.

The company has recently pivoted away from hydrogen manufacturing and continues to defer large-scale capital expenditure that will eventually be required for the development of a new operating hub.

With a relative lack of valuation support, Jarden retains an Underweight rating. Target is steady at $17.15.

FORECAST
Jarden forecasts a full year FY26 dividend of 185.44 cents and EPS of 185.74 cents.
Jarden forecasts a full year FY27 dividend of 134.18 cents and EPS of 133.88 cents.
Access Extra Coverage Research History >

FMG STOCK CHART

FNArena News on FMG

1
Weekly Ratings, Targets, Forecast Changes – 02-04-26

Apr 07 2026 - Weekly Reports
2
Material Matters: Oil, Gold, Lithium & Aluminium

Apr 02 2026 - Commodities
3
Australian Broker Call *Extra* Edition – Mar 05, 2026

Mar 05 2026 - Daily Market Reports
4
Weekly Ratings, Targets, Forecast Changes – 27-02-26

Mar 02 2026 - Weekly Reports
5
Next Week At A Glance – 27 Feb – 6 March 2026

Feb 27 2026 - Weekly Reports

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