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

$22.65

14 Jan
2026

0.080

OPEN

$22.87

0.35%

HIGH

$22.88

5,695,710

LOW

$22.42

TARGET
$20.029 -11.6% 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) 165.2 xxx
DPS (cps) 110.1 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 13.8 xxx
Dividend Yield 4.8% xxx
Div Pay Ratio(%) 66.6% 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: 4.93%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.84

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

0.0

No. Of Recommendations

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

Macquarie

xx/xx/xxxx

5

xxxxxxxxxxxx

$xx.xx

xx.xx%

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xx/xx/xxxx

2

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xx/xx/xxxx

3

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Bell Potter

27/10/2025

3

Upgrade to Hold from Sell

$19.30

-14.79%

Fortescue's September quarter (1Q26) update fell slightly short of Bell Potter's forecasts, but the broker still assesses it as a good start to FY26, given it is not a seasonally strong quarter.

The company shipped 49.7Mt of iron ore in 1Q26 at C1 costs of US$18.17/wmt, slightly below forecasts due to seasonally lower production. Output fell -10% qoq, tracking the lower end of FY26 guidance, while costs rose 12% q/q from reduced volumes.

The broker notes the Blacksmith acquisition underpins a revised hematite life-of-mine (LOM) plan, adding 243Mt @ 59.3% Fe to the resource base. Blending Blacksmith with Solomon Hub deposits will extend mine life and support a blended 55% Fe product from FY27.

The broker lifted FY26 EPS forecast by 7% and FY27 by 8%.

Rating upgraded to Hold from Sell. Target rises to $19.30 from $17.05 on revised LOM plan and higher iron price forecasts.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 98.00 cents and EPS of 142.35 cents.
Bell Potter forecasts a full year FY27 dividend of 71.00 cents and EPS of 99.03 cents.

Morgan Stanley

xx/xx/xxxx

1

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xx.xx%

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Citi

xx/xx/xxxx

3

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xx.xx%

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Morgans

xx/xx/xxxx

4

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$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

14/01/2026

4

Underweight

$17.00

-24.94%

Jarden analysts note what they view as "surprising" the resilience in Chinese demand for seaborne iron ore imports in the face of soft steel demand which continues to underpin iron ore prices above US$100/t.

The analysts mark to market the Dec 2025 quarter 58% Fe price to around US$95/t and a long term assumption of US$64/t (real) by FY29 which is below consensus and is expected to remain above US$70/t through FY28.

Jarden lifts Fortescue's earnings (EBITDA) forecasts by 6% for FY26, 14% for FY27 and 18% for FY28 on a rise in iron ore price forecasts for FY26-FY28.

Underweight rated with a $17 target price (from $16) due to higher iron ore price assumptions.

FORECAST
Jarden forecasts a full year FY26 dividend of 130.00 cents and EPS of 202.69 cents.
Jarden forecasts a full year FY27 dividend of 133.06 cents and EPS of 145.44 cents.
Access Extra Coverage Research History >

FMG STOCK CHART

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1
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