FORTESCUE LIMITED (FMG)
Share Price Analysis and Chart

Enter the company code or Name for stock analysis:

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

$15.49

05 Nov
2026

1.300

OPEN

$14.50

9.16%

HIGH

$15.49

17,805,117

LOW

$14.46

TARGET
$15.358 -0.9% 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 FY27
Forecast		 FY28
Forecast
EPS (cps) 80.0 xxx
DPS (cps) 47.9 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 19.0 xxx
Dividend Yield 3.2% xxx
Div Pay Ratio(%) 59.8% 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: 4.62%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 7.11

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: 01/09 - ex-div 46.00c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx137.7
DPS All xxxxxxxxxxxxxxx108.0
Sales/Revenue xxxxxxxxxxxxxxx25,037.5 M
Book Value Per Share xxxxxxxxxxxxxxx952.0
Net Operating Cash Flow xxxxxxxxxxxxxxx10,024.7 M
Net Profit Margin xxxxxxxxxxxxxxx16.92 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx14.17 %
Return on Invested Capital xxxxxxxxxxxxxxx11.19 %
Return on Assets xxxxxxxxxxxxxxx8.93 %
Return on Equity xxxxxxxxxxxxxxx14.17 %
Return on Total Capital xxxxxxxxxxxxxxx20.62 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx1,489.0 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 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx603 M
Long Term Debt xxxxxxxxxxxxxxx7,958 M
Total Debt xxxxxxxxxxxxxxx8,561 M
Goodwill - Gross xxxxxxxxxxxxxxx281 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx7,324 M
Price To Book Value xxxxxxxxxxxxxxx2.01

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx4,803.6 M
Capex % of Sales xxxxxxxxxxxxxxx19.19 %
Cost of Goods Sold xxxxxxxxxxxxxxx15,715 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx1,431 M
Research & Development xxxxxxxxxxxxxxx577 M
Investments - Total xxxxxxxxxxxxxxx283 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

-0.2

No. Of Recommendations

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

Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Bell Potter

xx/xx/xxxx

5

xxxxxxxxx xx xxxx xxxx xxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Macquarie

23/10/2026

1

Outperform

$18.00

16.20%

Fortescue announced 1Q27 mining volumes of 62.7Mt y/y, beating consensus by 7%, while C1 costs of US$21.98/wmt were -2% below consensus despite higher diesel costs, Macquarie notes.

The key concern, the analyst outlines, is the worsening impasse with China Mineral Resources Group (CMRG), with sales trailing shipments by 3.9Mt and a further 4Mt–5Mt inventory build expected in October.

Management warns production may be curtailed if negotiations remain unresolved by year-end, potentially putting 2H27 earnings at risk, with a scenario involving -25Mt of curtailed production reducing EBITDA by around -US$1bn.

The broker expects a negotiated settlement, viewing production cuts as a greater downside risk than commercial concessions.

FY27-FY30 EPS forecasts are downgraded by -6% to -11%, respectively, on higher costs and a reduced Iron Bridge premium.

Outperform retained with a lower target of $18, down -5%.

FORECAST
Macquarie forecasts a full year FY27 dividend of 41.40 cents and EPS of 71.70 cents.
Macquarie forecasts a full year FY28 dividend of 46.90 cents and EPS of 79.60 cents.

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Morgans

xx/xx/xxxx

4

xxxxxxxxx xx xxxx xxxx xxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial
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

28/10/2026

4

Underweight

$14.15

-8.65%

Jarden maintains an Underweight rating for Fortescue with its target price reduced to 14.15 from 15.20 following a weak September operational quarter.

The CMRG standoff stranded iron ore units resulting in sales of 42.9Mt trailing shipments by -3.9Mt alongside an expected inventory build of 4Mt–5Mt in October.

Jarden reduces the FY27 shipments forecast to 198Mt and defers US$0.4bn of revenue into FY28 while lowering the FY27 EBITDA forecast by -13% to US$6.0bn and cutting dividends to 49.0c.

Net debt increased to US$2.8bn while inventory is forecast to peak at 17Mt in December before two-thirds unwinds by the end of FY27.

Jarden highlights primary concerns regarding unpredictable capital investment outside iron ore and 120Mtpa of Simandou supply meeting below-growth steel demand.
Access Extra Coverage Research History >

FMG STOCK CHART

FNArena News on FMG

1
Weekly Ratings, Targets, Forecast Changes – 30-10-26

Nov 02 2026 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Oct 28, 2026

Oct 28 2026 - Daily Market Reports
3
Fortescue Confronts A New Pricing Reality

Oct 14 2026 - Commodities
4
Weekly Ratings, Targets, Forecast Changes – 09-10-26

Oct 12 2026 - Weekly Reports
5
Rudi’s View: Australia Remains Outside The AI Party

Sep 09 2026 - Rudi's View

Latest Iron Ore News

1
Champion Iron’s Premium Promise

Oct 21 2026 - Commodities
2
Selling Pressure Dominates MinRes Shares

Oct 14 2026 - Technicals
3
Rising Costs Hit Fortescue Hard

Aug 05 2026 - Commodities
4
Breakout Opportunity In Mineral Resources

Apr 14 2026 - Technicals
5
Fortescue Shares Finding Technical Support

Nov 18 2025 - Technicals
6
Risk Has Shifted To More Upside For MinRes

Oct 16 2025 - Technicals
7
Mineral Resources Shares Targeting $45

Sep 10 2025 - Technicals
8
Can Champion Iron Deliver On Growth Projects?

Aug 06 2025 - Commodities
9
Execution Remains Key For Mineral Resources

Aug 01 2025 - Commodities
10
Iron Ore Worries Overshadow Fortescue’s FY26

Jul 28 2025 - Australia