Glencore - Public Comps and Valuation Multiples

Glencore Overview

About Glencore

Glencore is one of the world’s largest commodities traders, active in markets for metals and minerals, and energy products. Its marketing business provides sourcing, logistics, transportation, storage, and financing services to commodity producers and consumers around the globe. Its mining or industrials business produces thermal coal, coking coal, copper, zinc, nickel, cobalt, and ferroalloys. Unlike other major miners who are generally reducing their exposure to coal, Glencore plans to produce thermal coal until its mines exhaust, arguing that it is better for listed, western companies to own these assets and then rehabilitate them consistent with western standards. It also expanded its coking coal exposure via the purchase of 77% of Teck's metallurgical coal business in July 2024.

Founded

2011

HQ

Employees

150K+

Website

glencore.com

Sectors

Metals & Mining

Financials

LTM Revenue $177B

LTM EBITDA $9.8B

EV

$98.5B

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Glencore Financials

As of November 2025, Glencore reported last 12-month revenue of $177B and EBITDA of $9.8B.

In the same period, Glencore generated $190M in LTM gross profit and $1.4B in net income.

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Glencore P&L

In the most recent fiscal year, Glencore reported revenue of $305B and EBITDA of $11.3B.

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

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$177B	XXX	$305B	XXX	XXX	XXX
Gross Profit	$190M	XXX	$8.8B	XXX	XXX	XXX
Gross Margin	0%	XXX	3%	XXX	XXX	XXX
EBITDA	$9.8B	XXX	$11.3B	XXX	XXX	XXX
EBITDA Margin	6%	XXX	4%	XXX	XXX	XXX
EBIT	$4.2B	XXX	$5.9B	XXX	XXX	XXX
EBIT Margin	2%	XXX	2%	XXX	XXX	XXX
Net Profit	$1.4B	XXX	-$2.2B	XXX	XXX	XXX
Net Margin	1%	XXX	-1%	XXX	XXX	XXX
Net Debt	XXX	XXX	$45.1B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Glencore including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $177B. EBITDA for the last twelve months was $9.8B. In the most recent fiscal year, Glencore achieved $305B in revenue and $11.3B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$177B	Analyst estimates available to subscribers	$305B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$190M	Analyst estimates available to subscribers	$8.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	0.1% gross margin	Analyst estimates available to subscribers	2.9% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$9.8B	Analyst estimates available to subscribers	$11.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	5.5% EBITDA margin	Analyst estimates available to subscribers	3.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$4.2B	Analyst estimates available to subscribers	$5.9B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	2.4% EBIT margin	Analyst estimates available to subscribers	1.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$1.4B	Analyst estimates available to subscribers	-$2.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	0.8% net profit margin	Analyst estimates available to subscribers	-0.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$45.1B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Glencore

This financial data table provides comprehensive performance metrics for Glencore, a company based in United Kingdom of Great Britain and Northern Ireland. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Glencore generated $177B in revenue over the last twelve months.
The company achieved $9.8B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $190M.
Net income over the last twelve months reached $1.4B.

Fiscal Year Performance

In the most recent fiscal year, Glencore reported $305B in total revenue.
Fiscal year EBITDA was $11.3B.
The company maintained a gross profit margin of 2.9% in the most recent fiscal year.
EBITDA margin for the fiscal year was 3.7%.
Net profit margin reached -0.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Glencore. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Glencore Stock Performance

Glencore has current market cap of GBP 45.0B (or $59.4B), and EV of GBP 74.5B (or $98.5B).

Market Cap Evolution

Glencore Stock Data

As of December 5, 2025, Glencore's stock price is GBP 4 (or $5).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$98.5B	$59.4B	XXX	XXX	XXX	XXX	$0.17

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Glencore Valuation Multiples

Glencore's trades at 0.3x EV/Revenue multiple, and 8.7x EV/EBITDA.

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Glencore Financial Valuation Multiples

As of December 5, 2025, Glencore has market cap of $59.4B and EV of $98.5B.

Equity research analysts estimate Glencore's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Glencore has a P/E ratio of 31.5x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$59.4B	XXX	$59.4B	XXX	XXX	XXX
EV (current)	$98.5B	XXX	$98.5B	XXX	XXX	XXX
EV/Revenue	0.4x	XXX	0.3x	XXX	XXX	XXX
EV/EBITDA	7.6x	XXX	8.7x	XXX	XXX	XXX
EV/EBIT	17.9x	XXX	16.8x	XXX	XXX	XXX
EV/Gross Profit	391.1x	XXX	n/a	XXX	XXX	XXX
P/E	31.5x	XXX	-27.5x	XXX	XXX	XXX
EV/FCF	45.0x	XXX	16.8x	XXX	XXX	XXX

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

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Glencore Margins & Growth Rates

Glencore's last 12 month revenue growth is 0%

Glencore's revenue per employee in the last FY averaged $2.0M, while opex per employee averaged $19K for the same period.

Glencore's rule of 40 is 6% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Glencore's rule of X is 5% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Glencore Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	0%	XXX	-13%	XXX	XXX	XXX
EBITDA Margin	6%	XXX	4%	XXX	XXX	XXX
EBITDA Growth	20%	XXX	-16%	XXX	XXX	XXX
Rule of 40	6%	XXX	3%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	5%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$2.0M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$19K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	1%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	1%	XXX	XXX	XXX

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

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