Mineral Resources Limited (AU:MIN)
ASX:MIN
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Mineral Resources Limited
(Sydney:MIN)
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Rating:48Neutral
Price Target:
AU$51.00
â–²(0.75% Upside)
Action:ReiteratedDate:03/21/26
The score is held back primarily by deteriorating fundamentals (net loss, declining revenue, negative operating/free cash flow) and elevated leverage, with weak technical momentum reinforcing near-term risk. A low P/E offers some valuation support but is not enough to offset the financial and momentum concerns.
Positive Factors
Diversified business model
The dual revenue streams—contracted mining services plus commodity production (iron ore and lithium)—provide structural diversification. Services produce fee-based, more predictable cash flows while commodities capture upside in cycles, reducing single-commodity dependence and supporting resilience over 2–6 months.
Negative Factors
High leverage
A debt-to-equity ratio near 1.8 signals substantial leverage that constrains financial flexibility. High interest and principal service needs increase sensitivity to cash-flow volatility, limiting the firm's ability to pursue discretionary investments or absorb prolonged commodity downturns over the next several months.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified business model
The dual revenue streams—contracted mining services plus commodity production (iron ore and lithium)—provide structural diversification. Services produce fee-based, more predictable cash flows while commodities capture upside in cycles, reducing single-commodity dependence and supporting resilience over 2–6 months.
Read all positive factors
Mineral Resources Limited (MIN) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$9.93B
Dividend YieldN/A
Average Volume (3M)1.60M
Price to Earnings (P/E)5.4
Beta (1Y)2.43
Revenue Growth-15.27%
EPS Growth-817.26%
CountryAU
Employees8,456
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)2.50
Shares Outstanding197,631,820
10 Day Avg. Volume1,527,535
30 Day Avg. Volume1,601,810
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.32
Price to Sales (P/S)0.95
P/FCF Ratio-1.61
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$57.50Price Target Upside13.60% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)3.54
Revenue Forecast (FY)AU$6.04B
Mineral Resources Limited Business Overview & Revenue Model
Company Description
Mineral Resources Limited, together with subsidiaries, operates as a mining services company in Australia, China, Singapore, and internationally. It operates through five segments: Mining Services and Processing, Iron Ore, Lithium, Other Commoditi...
How the Company Makes Money
MIN generates revenue from two main sources: (1) Mining Services and (2) Commodity production and sales (notably iron ore and lithium). In Mining Services, MIN earns fees under contracts to provide services such as crushing and screening, material...
Mineral Resources Limited Earnings Call Summary
Earnings Call Date:Aug 27, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 31, 2026
Earnings Call Sentiment Positive
The earnings call presented a generally positive outlook with strong performance across several segments, particularly in mining services and lithium production. However, challenges such as safety incidents and seasonal impacts were noted. Overall, the highlights outweigh the lowlights.Positive Updates
Solid Performance Across All Segments
The business delivered volume cost guidance for FY '25, with positive changes across several fronts and a continued focus on execution.
Negative Updates
Safety Incident Increase
The TRIFR for the 12 months on a rolling basis was 3.84, indicating a tick up due to higher recordable injury numbers in the first half.
Read all updates
Q4-2025 Updates
Positive
Negative
Solid Performance Across All Segments
The business delivered volume cost guidance for FY '25, with positive changes across several fronts and a continued focus on execution.
Read all positive updates
Company Guidance
During the Mineral Resources Analyst Call on August 27, 2025, CFO Mark Wilson provided extensive guidance on various operational and financial metrics. The company met its FY '25 volume cost guidance across all segments, with Onslow reaching an annualized run rate of 32.4 million tonnes per annum in June. The TRIFR safety metric increased to 3.84, due to higher injury numbers earlier in the year. Financially, the company ended the fiscal year with over $1.1 billion in liquidity and a net debt of $5.3 billion, with CapEx for FY '25 totaling $1.9 billion, below the guidance of $2.1 billion. For FY '26, CapEx is expected to be around $1 billion, with about $150 million in asset financing. The company has started hedging iron ore prices with zero-cost collars, locking in prices between $99 and $100 per tonne for up to 1.5 million tonnes. The mining services segment performed strongly, achieving the bottom end of guidance for volumes but expecting EBITDA per tonne margin at the higher end of $2.10 to $2.20. Additionally, the company is progressing with a significant governance refresh, including a new chair and two nonexecutive directors.Mineral Resources Limited Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
55
Neutral
Cash Flow
40
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.23B | 4.47B | 5.28B | 4.78B | 3.42B | 3.73B |
| Gross Profit | 3.37B | 3.82B | 1.97B | 2.75B | 1.89B | 2.37B |
| EBITDA | 2.02B | 744.00M | 995.00M | 1.05B | 962.90M | 2.15B |
| Net Income | 400.00M | -904.00M | 125.00M | 243.30M | 349.20M | 1.27B |
Balance Sheet | ||||||
| Total Assets | 11.93B | 11.93B | 12.23B | 8.40B | 7.60B | 5.72B |
| Cash, Cash Equivalents and Short-Term Investments | 671.00M | 443.00M | 908.00M | 1.38B | 2.43B | 1.54B |
| Total Debt | 5.62B | 5.76B | 5.34B | 3.28B | 3.13B | 1.26B |
| Total Liabilities | 7.72B | 8.27B | 8.65B | 4.87B | 4.33B | 2.48B |
| Stockholders Equity | 3.73B | 3.23B | 3.54B | 3.48B | 3.23B | 3.20B |
Cash Flow | ||||||
| Free Cash Flow | -246.00M | -2.63B | -2.31B | -467.20M | -720.10M | 549.70M |
| Operating Cash Flow | 1.06B | -475.00M | 1.45B | 1.35B | 279.80M | 1.31B |
| Investing Cash Flow | -1.14B | -1.27B | -3.87B | -1.90B | -654.30M | -816.00M |
| Financing Cash Flow | 8.00M | 1.25B | 1.97B | -516.40M | 1.23B | -435.50M |
Mineral Resources Limited Technical Analysis
Negative
50.62
Price Trends
56.63
Negative
53.44
Negative
43.57
Positive
Market Momentum
-0.95
Positive
37.76
Neutral
15.89
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MIN, the sentiment is Negative. The current price of 50.62 is below the 20-day moving average (MA) of 56.27, below the 50-day MA of 56.63, and above the 200-day MA of 43.57, indicating a neutral trend. The MACD of -0.95 indicates Positive momentum. The RSI at 37.76 is Neutral, neither overbought nor oversold. The STOCH value of 15.89 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:MIN.
Mineral Resources Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | AU$1.98B | 6.18 | 135.85% | 5.18% | 6.54% | 0.48% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | AU$3.69B | -61.30 | -7.26% | 5.03% | -2.30% | -234.27% | |
48 Neutral | AU$9.93B | 5.40 | 11.50% | ― | -15.27% | -817.26% | |
45 Neutral | $13.73B | 103.52 | -2.64% | ― | -38.69% | -174.12% | |
43 Neutral | $2.52B | -8.61 | -12.75% | 1.04% | -4.84% | -30.61% | |
40 Underperform | AU$5.22B | -45.43 | -35.65% | ― | -37.23% | -32433.33% |
* Basic Materials Sector Average
AU:MIN
Mineral Resources Limited
50.62
26.54
110.22%
AU:PLS
Pilbara Minerals
4.54
2.71
147.41%
AU:ILU
Iluka Resources Limited
5.86
1.65
39.32%
AU:IGO
IGO
6.91
2.78
67.31%
AU:NIC
Nickel Mines Ltd.
0.85
0.23
37.10%
AU:DRR
Deterra Royalties Ltd
3.75
0.28
8.10%
Mineral Resources Limited Corporate Events
Mineral Resources Updates Director Shareholding in Governance Filing
Mar 12, 2026
Mineral Resources Limited has lodged an Appendix 3Y notice detailing a change in the relevant interests of Independent Non-Executive Director Colin Moorhead. The filing records an indirect acquisition of 1,690 fully paid ordinary shares through a ...
Mineral Resources Releases FY26 Half-Year Results With Cautionary Disclaimers
Feb 19, 2026
Mineral Resources Limited has released its FY26 half-year results presentation, outlining financial performance prepared under Australian Accounting Standards and supplemented by non‑IFRS metrics such as EBITDA and Underlying EBITDA. The com...
Mineral Resources posts record half-year profit as Onslow Iron drives cash and debt falls
Feb 19, 2026
Mineral Resources Limited reported record first-half 2026 results, with revenue climbing 33% to $3.1 billion and underlying EBITDA surging 286% to $1.2 billion, underpinned by Onslow Iron running at its 35Mtpa nameplate capacity, improved lithium ...
Mineral Resources Swings Back to Profit as Revenue Climbs 33%
Feb 19, 2026
Mineral Resources Limited reported a strong turnaround for the half-year ended 31 December 2025, with revenue rising 33% to $3.05 billion and profit attributable to owners rebounding to $495 million from a prior-year loss of $809 million. Net tang...
Mineral Resources lifts lithium guidance and cuts debt on strong Q2 performance
Jan 28, 2026
Mineral Resources Limited reported a strong second quarter of FY26, underpinned by robust iron ore output from Onslow Iron and higher lithium prices that supported upgraded production guidance. Attributable quarterly spodumene production reached 1...
Mineral Resources Issues Share Allotments to Non-Executive Directors as Part of Fees
Jan 9, 2026
Mineral Resources Limited has issued Appendix 3Y notifications detailing the allotment of company shares to its non-executive directors as part of their quarterly director fees for the period ended 31 December 2025, with director Malcolm Bundey am...
Mineral Resources Discloses Director Xi Xi’s Share Sale in ASX Appendix 3Y Filing
Dec 24, 2025
Mineral Resources Limited has lodged an Appendix 3Y notice with the ASX disclosing a change in the securities held by Independent Non-Executive Director Xi Xi. The filing shows Xi Xi disposed of 10,000 ordinary shares on 22 December 2025 at a weig...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.