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2026-11-06
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Fortescue Ltd

Producer · Iron Ore · AU · PE · GA · GB · ES Rating locked: sign in to view v8 · fmg-20261024t160238-full
Last 2026-11-06
A$15.18
1D
—
1M
—
YTD
—
1Y
—
Fair value
Locked: sign in to view
Upside
Locked: sign in to view
Mkt cap
A$46.7B
EV
A$49.8B
Cash
US$3.2B
Debt
US$5.4B
4 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash US$3.2B2026-06-30: 5,074,000,000 US$2026-09-30: 3,200,000,000 US$ Self Funding
Debt US$5.4B Net cash US$-2.2B
Basic shares 3.1B 2026-06-30
Runway Self Funding Positive historical operating cash flow; September shortfall is working capital, dividend and investment pressure, not a disclosed burn rate.

Liquidity

Financial position

September30cashUS3.2bn and issuer netdebtUS2.8bn imply totaldebt including leasesUS6.0bn. BorrowingsUS5.371bn estimated using last disclosed leasesUS629m. Valuation uses cashUS3.25bn atOctober13 (US50m interim estimate, separately varied±US150m); rental-cash treatment means lease liability is not also deducted. FacilityUS1.025bn expiresJuly2027, no perpetual availability assumed.

Inventory composition1

June inventory US$1,852m current plus US$348m non-current; September inventory increased but amount undisclosed, included in working capital rather than a separate value.

Operating ore and stores, current and non-current
US$2.2B carrying

Capital structure

Ownership and dilution

Ordinary shares
3.1B
Fully diluted
3.1B

Issued3,078,964,918; treasury3,581,754 retained conservatively within gross denominator. Outstanding8,926,831 rights remain disclosed. Forecast C1/admin retains recurring SBC economic expense and assumes on-market cash settlement, consistent with FY26trust purchasesUS157m; adding rights again would count compensation twice. Alternative issue-only8.927m dilution reduces per-share value0.29%; no ordinary buyback execution.

Security classes2
ClassTypeQuantityStrikeExpiry
Issued fully paid ordinary shares; treasury purchases do not cancel sharesOrdinary Share3.1B——
Outstanding employee share rights; conservative no treasury offsetPerformance Right8.9MA$0—

KPI history

Operating metrics · Integrated Pilbara Hematite Operations

hematite wet ore shipments shown
014,000,00028,000,00042,000,00056,000,000Q4-FY26: 50,000,000 tQ4-FY26Q1-FY27: 44,300,000 tQ1-FY27
MetricUnitTrendQ4-FY26Q1-FY27
hematite wet ore shipmentstQ4-FY26: 50,000,000 tQ1-FY27: 44,300,000 t50,000,00044,300,000

KPI history

Operating metrics · Iron Bridge

iron-bridge wet concentrate shipments shown
0756,0001,512,0002,268,0003,024,000Q4-FY26: 2,700,000 tQ4-FY26Q1-FY27: 2,500,000 tQ1-FY27
MetricUnitTrendQ4-FY26Q1-FY27
iron-bridge wet concentrate shipmentstQ4-FY26: 2,700,000 tQ1-FY27: 2,500,000 t2,700,0002,500,000
Operating metric source table10
MetricProjectPeriodPeriod typeValueStatus
hematite wet ore shipmentsHematiteFY2025Year191,300,000 tReported
iron-bridge wet concentrate shipmentsIron BridgeFY2025Year7,100,000 tReported
hematite wet ore shipmentsHematiteFY2026Year192,300,000 tReported
iron-bridge wet concentrate shipmentsIron BridgeFY2026Year9,000,000 tReported
hematite wet ore shipmentsHematiteQ4-FY26Quarter50,000,000 tReported
iron-bridge wet concentrate shipmentsIron BridgeQ4-FY26Quarter2,700,000 tReported
hematite wet ore shipmentsHematiteQ1-FY27Quarter44,300,000 tSource Derived
iron-bridge wet concentrate shipmentsIron BridgeQ1-FY27Quarter2,500,000 tReported
Corporate cash balanceCompany2026-06-30Point In Time5,074,000,000 USDReported
Corporate cash balanceCompany2026-09-30Point In Time3,200,000,000 USDReported
Company guidance3
MetricProjectPeriodLowHighStatus
Iron Ore ShipmentsCompanyFY27197,000,000207,000,000 t wet productCurrent
Concentrate Shipmentsiron-bridgeFY2711,000,00014,000,000 t wet productCurrent
C1 Unit CosthematiteFY2720.521.75 USD/t wet productCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-30Ann. 2026-08-20DividendUS$1B——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

Annual subsidiaries, JV, royalties, sales and FX policy reconciled with June and September deltas. Contract-level customer, charter, native-title and hedge terms not fully disclosed; all identified live items treated once.

State royalties paid on iron ore product revenues; embedded in project cash flows or disclosed recoverable value.

Royalty · Active
Counterparties
Western Australian Government
Applies to
Integrated Pilbara Hematite Operations · Iron Bridge · Iron Ore
Economic direction
Burden
Period
Dates not stated
Key terms
Hematite royalty: 7.5 %
Magnetite royalty: 5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Fortescue holds 69% and Formosa 31%; consolidated book and impairment CGU values already reflect Fortescue participating share.

Joint Venture · Active
Counterparties
Formosa Steel IB Pty Ltd
Applies to
Iron Bridge · Iron Ore
Economic direction
Mixed
Period
Dates not stated
Key terms
Fortescue participating interest: 69 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Belinga operating entity is Ivindo Iron SA with 72% Fortescue interest; study, infrastructure and permitting remain unresolved.

Joint Venture · Active
Counterparties
Ivindo Iron SA · Government of Gabon
Applies to
Belinga Iron Ore · Iron Ore
Economic direction
Mixed
Period
Dates not stated
Key terms
Fortescue interest: 72 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Customer purchasing arrangements determine realizations and working capital; CMRG negotiations affect sales as of September.

Offtake · Active
Counterparties
Iron ore customers including China Mineral Resources Group
Applies to
Integrated Pilbara Hematite Operations · Iron Bridge · Iron Ore
Economic direction
Benefit
Period
Dates not stated
Key terms
Sales channel: Long term, portside and spot
How it affects our valuation

No valuation treatment is available for this arrangement.

Native Title and Co-Management Agreement includes fleet hire; undisclosed quantified terms remain a risk rather than a fabricated deduction.

Strategic Partnership · Active
Counterparties
PKKP people
Applies to
Integrated Pilbara Hematite Operations · Iron Ore
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Shipping charter agreement supports decarbonisation; shipping costs included in hematite model, undisclosed incremental terms not separately capitalized.

Strategic Partnership · Active
Counterparties
CMB.TECH
Applies to
Integrated Pilbara Hematite Operations · Iron Ore
Economic direction
Mixed
Period
Dates not stated
Key terms
Charter vessels: 12 vessels
How it affects our valuation

No valuation treatment is available for this arrangement.

Policy allows short-term forwards or collars; no live notional, bounds or expiry established. No assumed hedge cash flow or indefinite protection.

FX Hedge · Unknown
Counterparties
Financial institutions not named
Applies to
Integrated Pilbara Hematite Operations · Iron Bridge · Iron Ore
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.