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

$21.29

31 Oct
2025

-0.190

OPEN

$21.33

-0.88%

HIGH

$21.50

5,427,717

LOW

$21.24

TARGET
$19.371 -9.0% 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) 160.5 xxx
DPS (cps) 94.8 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 13.3 xxx
Dividend Yield 4.5% xxx
Div Pay Ratio(%) 59.1% 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: 7.20%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.17

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: 04/09 - ex-div 89c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 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

0.0

No. Of Recommendations

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

Bell Potter

xx/xx/xxxx

3

xxxxxxx xx xxxx xxxx xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

5

xxxxxxxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

24/10/2025

2

Accumulate

$21.50

0.99%

The highlight of Fortescue's September quarter update, in Ord Minnett's view, was the revised hematite life-of-mine plan incorporating the Blacksmith project.

This lowers the strip ratio to 1.6x vs the broker's 1.75x estimate, reinforcing Fortescue's industry-leading cost base. The broker reckons it will mean lower-grade ore will increase in the product mix for the next 5-7 years, but expand margins through higher volumes.

Shipments during the quarter were a record, with DSO volumes meeting expectations and Iron Bridge shipments below forecast.  Realised prices beat estimates, averaging US$88.86/t for DSO and US$120.83/t for Iron Bridge, driving stronger-than-expected cash flow and lower net debt.

EPS forecast lifted by 1.0% for FY26 and by 0.2% for FY27.

Target rises to $21.50 from $20.00. Accumulate retained.

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx xx xxxxxxx xxxx xxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

4

xxxxxxxxx xx xxxx xxxx xxxx

$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

29/10/2025

4

Underweight

$16.00

-24.85%

Jarden notes Fortescue delivered a solid start to FY26, with hematite shipments of 47.6Mwmt in line with expectations and C1 costs of US$18.17/wmt, up 1% y/y for 1Q26.

Iron Bridge output improved, with ore mined of 9.3Mwmt and shipments of 2.1Mwmt, though -13% below consensus.

Price realisations increased to 87% of the 62% Platts index, and capital expenditure fell to US$0.9bn.

Management retained FY26 guidance for shipments, costs, and capex with the broker noting early benefits from Fortescue’s revised mine plan and inclusion of the Blacksmith project.

Underweight rated with a $16 target price.

FORECAST
Jarden forecasts a full year FY26 dividend of 82.00 cents and EPS of 141.19 cents.
Jarden forecasts a full year FY27 dividend of 63.82 cents and EPS of 86.71 cents.
Access Extra Coverage Research History >

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