Fortescue - Public Comps and Valuation Multiples

Fortescue Overview

About Fortescue

Fortescue is an Australia-based iron ore miner. It has grown from obscurity start of 2008 to become the world's fourth-largest producer. Growth was fueled by debt, now repaid. Expansion from 55 million metric tons in fiscal 2012 to about 190 million metric tons in 2024 means Fortescue supplies around 10% of global seaborne iron ore. Further expansion above 200 million metric tons is likely once its 22 million metric ton Iron Bridge magnetite mine ramps up, likely in 2026 or 2027. However, with longer-term demand likely to decline as China's economy matures, Fortescue's future margins are likely to be below historical averages. More recently, Fortescue diversified into green energy, with ambitions to become a major supplier of green hydrogen and green ammonia. Its efforts are early stage.

Founded

1983

HQ

Employees

21.0K+

Website

fortescue.com

Sectors

Metals & Mining

Financials

LTM Revenue $24.6B

LTM EBITDA $12.6B

EV

$31.2B

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Fortescue Financials

Fortescue has a last 12-month revenue of $24.6B and a last 12-month EBITDA of $12.6B.

In the most recent fiscal year, Fortescue achieved revenue of $11.4B and an EBITDA of $6.6B.

Fortescue expects next 12-month revenue of XXX and NTM EBITDA of XXX

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Fortescue P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$10.5B	$11.4B	XXX	XXX	XXX
Gross Profit	$7.0B	$6.7B	XXX	XXX	XXX
Gross Margin	66%	59%	XXX	XXX	XXX
EBITDA	$5.5B	$6.6B	XXX	XXX	XXX
EBITDA Margin	52%	58%	XXX	XXX	XXX
Net Profit	$3.9B	$3.0B	XXX	XXX	XXX
Net Margin	37%	26%	XXX	XXX	XXX
Net Debt	$77.9M	$189M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

Fortescue Stock Performance

As of April 21, 2025, Fortescue's stock price is AUD 15 (or $9).

Fortescue has current market cap of AUD 46.5B (or $29.2B), and EV of AUD 49.6B (or $31.2B).

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Fortescue Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$31.2B	$29.2B	XXX	XXX	XXX	XXX	$1.20

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Fortescue Valuation Multiples

As of April 21, 2025, Fortescue has market cap of $29.2B and EV of $31.2B.

Fortescue's trades at 2.0x LTM EV/Revenue multiple, and 3.9x LTM EBITDA.

Analysts estimate Fortescue's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Fortescue Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$31.2B	XXX	XXX	XXX
EV/Revenue	2.4x	XXX	XXX	XXX
EV/EBITDA	4.4x	XXX	XXX	XXX
P/E	8.5x	XXX	XXX	XXX
P/E/Growth	-0.7x	XXX	XXX	XXX
EV/FCF	12.3x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Fortescue Valuation Multiples

Fortescue's NTM/LTM revenue growth is -5%

Fortescue's revenue per employee for the last fiscal year averaged $0.5M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, Fortescue's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate Fortescue's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Fortescue Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	8%	XXX	XXX	XXX	XXX
EBITDA Margin	53%	XXX	XXX	XXX	XXX
EBITDA Growth	21%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	48%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.5M	XXX	XXX	XXX	XXX
Opex per Employee	$0.1M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	2%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	17%	XXX	XXX	XXX	XXX

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