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

$21.78

28 May
2026

-0.260

OPEN

$22.00

-1.18%

HIGH

$22.04

4,946,460

LOW

$21.55

TARGET
$20.033 -8.0% 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) 187.3 xxx
DPS (cps) 113.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 11.9 xxx
Dividend Yield 5.1% xxx
Div Pay Ratio(%) 60.3% 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: 5.55%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.93

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

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

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

30/04/2026

5

Downgrade to Sell from Hold

$18.15

-16.67%

Bell Potter downgrades Fortescue to Sell from Hold with a lower target price of $18.15 from $20.30.

March quarter iron ore shipments slipped -4% q/q but boosted the result to record shipments for the nine months to March end of 148.7mt which aligns with guidance and expectations.

Management's FY26 guidance was lowered to 9mt-10mt from 10mt-12mt for Iron Bridge due to wet weather. Total shipment guidance remains unchanged. Realised prices remained high at 89% of the Platts 61% CFR index and Iron Bridge price received was stable.

Fortescue also approved a US$60m investment to develop Pilbara Green energy project for 200MW with demand from industrial users and data centres mentioned. The broker thinks the project is high risk with possible "asymmetrical outcome".

EPS forecasts are tweaked lower noting the core iron ore business continues to perform well.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 113.00 cents and EPS of 182.47 cents.
Bell Potter forecasts a full year FY27 dividend of 62.00 cents and EPS of 87.52 cents.

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/xxxx)

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

18/05/2026

4

Underweight

$16.00

-26.54%

Jarden maintains an Underweight rating for Fortescue with a $16.00 target price following a Federal Court order to pay -$250m in native title compensation.

The award consists of -$150m for cultural loss and -$100k for economic loss at the Solomon Hub, marking the largest court-determined native title payment in Australian history.

The broker notes the ruling establishes a contemporary benchmark for heritage destruction and confirms native title liability rests with the tenement holder instead of the state.

Reported incident metrics are unlikely to act as a reliable proxy for actual outcomes, the broker suggests, as zero incidents were recorded during the period of widespread and intergenerational harm identified by the court.

The report states the precedent exposes miners with legacy operations to increased valuation risk and a pressing need for agreement modernisation.
Access Extra Coverage Research History >

FMG STOCK CHART

FNArena News on FMG

1
Material Matters: Fertiliser, Nickel & Met Coal

May 26 2026 - Commodities
2
Next Week At A Glance – 25-29 May 2026

May 22 2026 - Weekly Reports
3
Australian Broker Call *Extra* Edition – May 18, 2026

May 18 2026 - Daily Market Reports
4
Next Week At A Glance – 18-22 May 2026

May 15 2026 - Weekly Reports
5
Weekly Ratings, Targets, Forecast Changes – 01-05-26

May 04 2026 - Weekly Reports

Latest Iron Ore News

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Breakout Opportunity In Mineral Resources

Apr 14 2026 - Technicals
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Nov 18 2025 - Technicals
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