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

$20.11

28 Apr
2026

0.340

OPEN

$19.95

1.72%

HIGH

$20.16

4,395,734

LOW

$19.86

TARGET
$20.186 0.4% upside
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) 167.6 xxx
DPS (cps) 116.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 12.1 xxx
Dividend Yield 5.7% xxx
Div Pay Ratio(%) 69.2% 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: 5.25%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.44

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

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

27/04/2026

1

Outperform

$22.00

9.40%

Fortescue's 3QFY26 operational result was broadly in line with Macquarie's expectations, with costs outperforming and net debt lower than forecast.

The broker highlights emerging upside from green energy initiatives, with new renewable capacity potentially supporting a longer-term growth segment.

However, port capacity constraints and ramp-up challenges at Iron Bridge continue to weigh on the production outlook and require additional capital investment, the analyst notes.

Macquarie lowers its target by -4% to $22 and maintains an Outperform rating, citing energy optionality partly offsetting weaker production and higher capex.

FORECAST
Macquarie forecasts a full year FY26 dividend of 125.36 cents and EPS of 188.56 cents.
Macquarie forecasts a full year FY27 dividend of 89.71 cents and EPS of 138.09 cents.

Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Bell Potter

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

29/04/2026

4

Underweight

$16.00

-20.44%

Jarden maintains an Underweight rating for Fortescue and lowers its target price to $16.00 from $16.40 following a mixed quarterly update.

Management announced a -$680m investment to develop 200MW of firmed green energy addressing growing industrial and data centre power demand in the Pilbara.

Hematite shipments marginally beat expectations, underpinning record nine-month delivery volumes, while operating unit costs also improved against consensus estimates.

The analysts note the slight valuation downgrade reflects increased capital expenditure forecasts and a delayed ramp-up at the Iron Bridge magnetite project.

The broker subsequently lifted FY26 earnings estimate to US122.2c from US116.6c due to stronger near-term cost controls, while lowering FY27 forecast to US77.0c from US81.5c to account for elevated outer-year investments.

FORECAST
Jarden forecasts a full year FY26 dividend of 183.62 cents and EPS of 183.02 cents.
Jarden forecasts a full year FY27 dividend of 97.80 cents and EPS of 115.32 cents.
Access Extra Coverage Research History >

FMG STOCK CHART

FNArena News on FMG

1
Australian Broker Call *Extra* Edition – Apr 29, 2026

Apr 29 2026 - Daily Market Reports
2
Rudi’s View: More Downgrades Are Coming

Apr 29 2026 - Rudi's View
3
Australian Broker Call *Extra* Edition – Apr 13, 2026

Apr 13 2026 - Daily Market Reports
4
Weekly Ratings, Targets, Forecast Changes – 02-04-26

Apr 07 2026 - Weekly Reports
5
Material Matters: Oil, Gold, Lithium & Aluminium

Apr 02 2026 - Commodities

Latest Iron Ore News

1
Breakout Opportunity In Mineral Resources

Apr 14 2026 - Technicals
2
Fortescue Shares Finding Technical Support

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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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
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May 08 2025 - Technicals
9
Positive Reversal For Fortescue

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

Feb 24 2025 - Commodities