FORTESCUE LIMITED (FMG)
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FMG

FMG - FORTESCUE LIMITED

FNArena Sector : Iron Ore
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 0.5
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

$19.42

11 Aug
2025

0.570

OPEN

$19.00

3.02%

HIGH

$19.42

7,293,212

LOW

$18.94

TARGET
$18.014 -7.2% 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 FY25
Forecast		 FY26
Forecast
EPS (cps) 173.1 xxx
DPS (cps) 108.6 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 11.2 xxx
Dividend Yield 5.6% xxx
Div Pay Ratio(%) 62.7% 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: 10.40%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 10.45

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 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx282.0
DPS All xxxxxxxxxxxxxxx197.0
Sales/Revenue xxxxxxxxxxxxxxx27,804.6 M
Book Value Per Share xxxxxxxxxxxxxxx951.8
Net Operating Cash Flow xxxxxxxxxxxxxxx12,026.8 M
Net Profit Margin xxxxxxxxxxxxxxx31.19 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx30.81 %
Return on Invested Capital xxxxxxxxxxxxxxx24.14 %
Return on Assets xxxxxxxxxxxxxxx19.31 %
Return on Equity xxxxxxxxxxxxxxx30.81 %
Return on Total Capital xxxxxxxxxxxxxxx35.83 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx1,384.1 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx287 M
Long Term Debt xxxxxxxxxxxxxxx7,798 M
Total Debt xxxxxxxxxxxxxxx8,086 M
Goodwill - Gross xxxxxxxxxxxxxxx292 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx7,341 M
Price To Book Value xxxxxxxxxxxxxxx2.25

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx4,324.8 M
Capex % of Sales xxxxxxxxxxxxxxx15.55 %
Cost of Goods Sold xxxxxxxxxxxxxxx13,452 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx1,390 M
Research & Development xxxxxxxxxxxxxxx755 M
Investments - Total xxxxxxxxxxxxxxx545 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

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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xx/xx/xxxx

3

xxxx

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xx.xx%

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xx/xx/xxxx

5

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Macquarie

25/07/2025

5

Downgrade to Underperform from Neutral

$17.00

-12.46%

Macquarie downgrades Fortescue to Underperform from Neutral on expectations of lower iron ore prices in 2H2025, with a lift in target price to $17 due to lower cost expectations.

The miner reported better-than-expected 4Q25 production and shipments, up 5%, with hematite costs coming in -6% lower than anticipated and net debt reduced by approximately -US$0.8bn.

Although described as a "perverse" outcome, the analyst believes the -US$150m write-down of the electrolyser factory and once-subsidised hydrogen hub is a "step forward" for Fortescue, signalling a commitment to a more conservative technology and innovation strategy.

Accounting for the June quarter update and FY26 guidance, Macquarie tweaks EPS estimates by 1% to 4% for FY25–FY26.

FORECAST
Macquarie forecasts a full year FY25 dividend of 127.13 cents and EPS of 180.02 cents.
Macquarie forecasts a full year FY26 dividend of 84.44 cents and EPS of 140.74 cents.

Citi

xx/xx/xxxx

3

xxxxxxx

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xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

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

30/07/2025

3

Neutral

$16.25

-16.32%

The highlight of Fortescue's June quarterly, Jarden observes, was record FY25 shipments at the upper end of guidance and first cost decline in five years. Another impressive element was FY26 guidance for flat y/y cost, reflecting focus on operational efficiencies.

Cash balance at the end of June was well higher than expectations, and the broker expects elevated iron ore price to support continued cash generation. The company announced Arizona Hydrogen and Gladstone project won't proceed, helping savings on capex.

Neutral. Target price $16.25.

FORECAST
Jarden forecasts a full year FY25 dividend of 114.00 cents and EPS of 175.69 cents.
Jarden forecasts a full year FY26 dividend of 85.00 cents and EPS of 144.45 cents.
Access Extra Coverage Research History >

FMG STOCK CHART

FNArena News on FMG

1
July In Review: Rotation Into A New All-Time High

Aug 06 2025 - Australia
2
Weekly Ratings, Targets, Forecast Changes – 01-08-25

Aug 04 2025 - Weekly Reports
3
Australian Broker Call *Extra* Edition – Jul 30, 2025

Jul 30 2025 - Daily Market Reports
4
Rudi’s View: Taking Stock Ahead Of August

Jul 30 2025 - Rudi's View
5
Iron Ore Worries Overshadow Fortescue’s FY26

Jul 28 2025 - Australia

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