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

$14.77

19 Jun
2025

-0.260

OPEN

$14.98

-1.73%

HIGH

$15.12

7,651,461

LOW

$14.73

TARGET
$16.878

-0.09 change from previous day

 14.3% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ARI . BCI . CIA . DRR . FEX . GEN . GRR . MGX . MIN .
FNARENA'S MARKET CONSENSUS FORECASTS
FMG: 1
Title FY25
Forecast		 FY26
Forecast
EPS (cps) 182.9 xxx
DPS (cps) 105.5 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 8.0 xxx
Dividend Yield 7.2% xxx
Div Pay Ratio(%) 57.7% 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: 11.20%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 13.41

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
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Sentiment Indicator

0.4

No. Of Recommendations

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

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Macquarie

23/05/2025

3

Neutral

$15.00

1.56%

Fortescue announced updated targets on Iron Bridge and shipment run rates for the next three years, which are below consensus by -23% for FY26 and -9% for 2HFY27, Macquarie highlights.

The company also announced the retirement of Mark Hutchison and Shelley Roberts, with CEO Dino Otranto given a greater remit and Gus Pichot appointed as Growth and Energy CEO.

Macquarie's long-term Iron Bridge forecast stands at 20.4mtpa, which sits below Fortescue's target of 22mtpa by -7%.

The broker lowers EPS estimates by -2% for FY25/FY26 and -1% for FY27 due to lower expected production. No change to Neutral rating and $15 target.

FORECAST
Macquarie forecasts a full year FY25 dividend of 132.37 cents and EPS of 186.67 cents.
Macquarie forecasts a full year FY26 dividend of 87.47 cents and EPS of 145.63 cents.

UBS

xx/xx/xxxx

3

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Morgan Stanley

xx/xx/xxxx

1

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$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxx

$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

05/05/2025

3

Neutral

$16.91

14.49%

Fortescue reported strong 3Q25 cash generation, with Pilbara hematite operations benefiting from lower C1 costs at US$17.52/wmt and forex tailwinds, beating expectations with a US$3.3bn cash position, according to Jarden.

Iron ore volume guidance for FY25 remains unchanged at 190–200Mt, though year-to-date production of 143Mt suggests a result near the lower end. The broker trims FY25 production forecast slightly to 195.9Mt and improves cost assumptions.

Iron Bridge ramp-up was again disappointing, the broker comments, with processed volumes down -24% on the previous quarter and nameplate capacity now pushed out to FY28.

Despite shipping improvements, realisation remains below benchmark. Management raised capex guidance marginally to -US$3.5–US$3.8bn. Working capital benefits helped offset lower capex, keeping net debt stable at US$2.1bn.

Jarden lifts FY25 forecast EPS by 1.3% on lower costs, while FY26 EPS is cut by –3% on weaker Iron Bridge output. Target price slips to $16.49 from $16.91. Neutral rating retained.

(Re-published to correct forecasts in USD).

FORECAST
Jarden forecasts a full year FY25 EPS of 180.81 cents.
Jarden forecasts a full year FY26 EPS of 131.13 cents.
Access Extra Coverage Research History >

FMG STOCK CHART

FNArena News on FMG

Latest Iron Ore News

1
Iron Ore Miners: Buy The Dips

Apr 29 2022 - Technicals
2
Iron Ore Miners: Broker Views

Dec 07 2021 - Australia
3
Fortescue Metals Fields The Green Narrative

Aug 31 2021 - Australia
4
All Over For Iron Ore?

Aug 12 2021 - Commodities
5
Fortescue: Break Out

Jul 13 2021 - Technicals
6
Iron Ore: Remain Bullish

Jun 17 2021 - Technicals
7
Iron Bridge Costs Up But Fortescue Is Forgiven

May 31 2021 - Australia
8
Iron Ore: Remain Bullish

May 12 2021 - Technicals
9
China In Africa: Implications For Australia

Apr 23 2021 - International
10
Fortescue: Recovery Underway?

Mar 30 2021 - Technicals