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South32
(Sydney:S32)
South32 (S32) vs. iShares MSCI Australia ETF (EWA)
South32 Business Overview & Revenue Model
South32 Earnings Call Summary
South32 Financial Statement Overview
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.46B | 5.78B | 5.48B | 5.65B | 9.27B | 5.48B |
| Gross Profit | 2.45B | 2.52B | 1.86B | 1.94B | 5.46B | 2.57B |
| EBITDA | 835.59M | 1.34B | 141.00M | 416.00M | 4.47B | 1.47B |
| Net Income | 304.09M | 213.00M | -203.00M | -173.00M | 2.67B | -195.00M |
Balance Sheet | ||||||
| Total Assets | 13.80B | 13.73B | 14.24B | 14.56B | 16.34B | 13.24B |
| Cash, Cash Equivalents and Short-Term Investments | 1.66B | 1.68B | 842.00M | 1.26B | 2.37B | 1.61B |
| Total Debt | 1.69B | 1.63B | 1.57B | 1.74B | 1.83B | 1.21B |
| Total Liabilities | 4.54B | 4.87B | 5.27B | 5.19B | 5.56B | 4.29B |
| Stockholders Equity | 9.24B | 8.85B | 8.96B | 9.38B | 10.78B | 8.96B |
Cash Flow | ||||||
| Free Cash Flow | 388.87M | 332.00M | -2.00M | 303.00M | 2.48B | 815.00M |
| Operating Cash Flow | 1.44B | 1.33B | 1.12B | 1.19B | 3.07B | 1.41B |
| Investing Cash Flow | -899.69M | -20.00M | -1.11B | -908.00M | -2.10B | -608.00M |
| Financing Cash Flow | -478.90M | -405.00M | -417.00M | -1.39B | -215.00M | -501.00M |
South32 Technical Analysis
South32 Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | AU$19.16B | 226.40 | 2.92% | ― | 20.12% | -90.49% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | AU$20.45B | 46.16 | 3.64% | 2.67% | 6.53% | ― | |
58 Neutral | AU$10.99B | 27.55 | -26.55% | ― | -15.27% | -817.26% | |
56 Neutral | AU$4.28B | -49.50 | -7.26% | 5.03% | -2.30% | -234.27% | |
54 Neutral | AU$15.47B | -160.00 | -5.63% | ― | -38.69% | -174.12% | |
49 Neutral | AU$5.90B | -28.54 | -35.65% | ― | -37.23% | -32433.33% |
South32 Corporate Events
South32 has executed a planned leadership transition at board level, with Stephen Pearce formally taking over as Chair effective 1 March 2026. He succeeds Karen Wood, who has retired from the board after overseeing the company through a period of strategic focus on energy-transition minerals.
The change in chairmanship marks a significant governance shift for South32 as it continues to position itself in global resource markets. Investors and other stakeholders will be watching how Pearce’s leadership influences the group’s capital allocation, project pipeline and broader sustainability and growth strategy.
The most recent analyst rating on (AU:S32) stock is a Buy with a A$5.00 price target. To see the full list of analyst forecasts on South32 stock, see the AU:S32 Stock Forecast page.
South32 reported steady operational performance with FY26 production guidance unchanged across its operated assets and unit costs tracking at or below guidance, underpinned by higher alumina, aluminium and manganese output and strong contributions from its Sierra Gorda copper operation. The company further streamlined its portfolio by completing the divestment of Cerro Matoso and moving to place the power-constrained Mozal Aluminium smelter into care and maintenance in March 2026, while channeling significant growth capital into the Hermosa Taylor zinc‑lead‑silver and Clark battery-grade manganese projects and advancing its Ambler Metals joint venture in Alaska; at the same time it continued shareholder returns through dividends and buy-backs and reported robust cash distributions from equity-accounted investments, reinforcing its strategic pivot toward base metals growth and long-life assets.
The most recent analyst rating on (AU:S32) stock is a Buy with a A$4.70 price target. To see the full list of analyst forecasts on South32 stock, see the AU:S32 Stock Forecast page.
South32 has published its proposed 2026 calendar of key corporate dates, outlining the timetable for its half-year and full-year financial results, associated interim and final dividend events, and its Annual General Meeting. The company plans to release half-year results to 31 December 2025 and determine its interim dividend on 12 February 2026, with ex-dividend dates in early March and a payment targeted for on or around 2 April 2026, while full-year results to 30 June 2026 and the final dividend decision are scheduled for 27 August 2026, followed by ex-dividend dates in mid-September and payment around 15 October 2026; the closing date for director nominations is 13 August and the AGM is set for 15 October 2026. South32 emphasised that all dividend determinations remain subject to Board approval and the dates may change, signalling the usual governance controls and providing shareholders and other market participants with visibility over the company’s planned financial reporting and capital returns schedule for the year.
The most recent analyst rating on (AU:S32) stock is a Buy with a A$2.10 price target. To see the full list of analyst forecasts on South32 stock, see the AU:S32 Stock Forecast page.
South32 Limited has announced the lapse of 715,626 conditional rights (S32AA) to securities after the performance or vesting conditions were not met or became incapable of being satisfied as at 31 December 2025. The cessation of these rights modestly reduces the company’s potential future share issuance and may indicate that specific performance hurdles tied to an incentive or remuneration plan were not achieved, with limited immediate impact on existing shareholders but some relevance for executive or employee equity participation and dilution expectations.
The most recent analyst rating on (AU:S32) stock is a Buy with a A$4.30 price target. To see the full list of analyst forecasts on South32 stock, see the AU:S32 Stock Forecast page.
South32 Limited has notified the market of the issue of 276,656 new ordinary fully paid shares following the conversion of previously unquoted options or other unquoted convertible securities, with the shares dated 31 December 2025. The move modestly expands the company’s equity base and reflects the ongoing crystallisation of incentive or convertible instruments into listed stock, incrementally affecting existing shareholders’ dilution and signalling continued utilisation of equity-based compensation or financing mechanisms.
The most recent analyst rating on (AU:S32) stock is a Buy with a A$4.30 price target. To see the full list of analyst forecasts on South32 stock, see the AU:S32 Stock Forecast page.
South32 Limited has notified the market that it will issue 14,314,934 unquoted rights (security code S32AA) under an employee incentive scheme, effective 31 December 2025. The new rights, which are not intended to be quoted on the ASX, form part of South32’s ongoing remuneration and retention framework, aligning employees’ interests with shareholders by linking compensation to long-term company performance.
The most recent analyst rating on (AU:S32) stock is a Buy with a A$4.30 price target. To see the full list of analyst forecasts on South32 stock, see the AU:S32 Stock Forecast page.
Diversified miner South32 has cancelled 4,562,507 ordinary fully paid shares through an on‑market buy-back completed on 31 December 2025, as disclosed in a regulatory filing to the ASX. The reduction in issued capital signals the company’s ongoing use of buy-backs as a capital management tool, potentially enhancing earnings per share and returning surplus capital to investors while modestly tightening the stock’s supply in the market.
The most recent analyst rating on (AU:S32) stock is a Buy with a A$4.30 price target. To see the full list of analyst forecasts on South32 stock, see the AU:S32 Stock Forecast page.
South32 Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. As of 24 December 2025, the company reported that a total of 42,498,027 shares had been repurchased prior to the previous trading day, with an additional 274,803 shares bought back on the previous day, indicating continued execution of its capital management strategy and a focus on returning value to shareholders through reducing the number of shares on issue.
The most recent analyst rating on (AU:S32) stock is a Buy with a A$4.30 price target. To see the full list of analyst forecasts on South32 stock, see the AU:S32 Stock Forecast page.
South32 Limited has reported an updated daily notification of its on‑market buy-back of ordinary fully paid shares, listed on the ASX under code S32. As of 23 December 2025, the company has repurchased a cumulative 42,153,903 shares, including 344,124 shares bought back on the previous trading day, as part of a buy-back program initially notified on 29 August 2024 and most recently updated on 22 December 2025, signalling ongoing capital management activity that reduces shares on issue and may enhance value for remaining shareholders.
The most recent analyst rating on (AU:S32) stock is a Buy with a A$4.30 price target. To see the full list of analyst forecasts on South32 stock, see the AU:S32 Stock Forecast page.
South32 Limited has provided an updated daily notification to the ASX on its ongoing on‑market share buy‑back of ordinary fully paid shares. As of 22 December 2025, the company reported that it had repurchased a cumulative total of 41,132,160 shares prior to the latest trading day, and a further 1,021,743 shares were bought back on the previous day, reflecting continued execution of its capital management program and ongoing reduction of shares on issue.
The most recent analyst rating on (AU:S32) stock is a Buy with a A$4.30 price target. To see the full list of analyst forecasts on South32 stock, see the AU:S32 Stock Forecast page.
South32 Limited has announced an update regarding its daily on-market share buy-back program. On December 18, 2025, the company repurchased 595,632 shares of its ordinary fully paid securities, bringing the total number bought back since the program’s inception on August 29, 2024, to over 40.5 million. This initiative reflects South32’s strategic plan to enhance shareholder value and optimize its capital structure, signaling confidence in its financial position and a commitment to delivering returns to its investors.
The most recent analyst rating on (AU:S32) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on South32 stock, see the AU:S32 Stock Forecast page.
South32 Limited has announced an update to its ongoing on-market buy-back program, with a total of 39,344,887 securities bought back before the previous day and an additional 471,617 securities acquired on the previous day. This buy-back initiative is part of the company’s strategy to optimize its capital structure and enhance shareholder value, reflecting a proactive approach in managing its financial resources and market positioning.
The most recent analyst rating on (AU:S32) stock is a Buy with a A$3.70 price target. To see the full list of analyst forecasts on South32 stock, see the AU:S32 Stock Forecast page.
South32 Limited has announced a change in the interests of its director, Graham Kerr, in the company’s securities. The change involves the allocation of 1,878,568 rights under the South32 Equity Incentive Plan, which was approved by shareholders at the 2025 Annual General Meeting. This adjustment reflects the company’s ongoing commitment to aligning executive incentives with shareholder interests, potentially impacting the company’s operational focus and stakeholder engagement.
The most recent analyst rating on (AU:S32) stock is a Buy with a A$3.45 price target. To see the full list of analyst forecasts on South32 stock, see the AU:S32 Stock Forecast page.
South32 Limited has announced an update on its ongoing share buy-back program, revealing the purchase of 556,066 ordinary fully paid securities on the previous day, bringing the total number of securities bought back to 38,210,323. This buy-back initiative reflects South32’s strategy to manage its capital efficiently and return value to shareholders, potentially impacting its market positioning and shareholder confidence.
The most recent analyst rating on (AU:S32) stock is a Buy with a A$3.45 price target. To see the full list of analyst forecasts on South32 stock, see the AU:S32 Stock Forecast page.