Mineral Resources Ltd (MIN) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Mineral Resources Ltd stock A$52.67, price A$46.59, upside +13.1%, quality 60 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range A$14.40 – A$93.75 · fair‑value band A$25.52 – A$68.88 · the A$46.59 price screens below the A$52.67 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Mineral Resources Limited, together with subsidiaries, provides mining services in Australia, Asia, and internationally. It operates through Mining Services, Iron Ore, Lithium, and Energy and Other segments.
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The company offers pit-to-ship solutions comprising open pit mining, crushing and material handling, processing, haulage, port handling, and marine services; design and construction of mineral processing facilities; transport and logistics services comprising supply chain, road haulage, autonomous road train, and transshipping services; manufacturing of equipment and parts for the mining industry; site and rehabilitation services; and engineering and construction services.
It also develops, mines, and exports iron ore from its flagship Onslow iron project located in Western Australia. In addition, the company develops and mines lithium from its mines located in Western Australia; and sells spodumene concentrate and lithium battery chemicals.
Further, it engages in exploration and drilling services for the energy sector; manganese and garnet; gas production; and generation of power through natural gas and LNG, solar, wind, and geothermal. Mineral Resources Limited was founded in 1992 and is headquartered in Osborne Park, Australia.
Stock analysis
Mineral Resources Ltd (MIN) currently trades at A$46.59, while our model-based Fair Value estimate is A$52.67, implying the stock looks roughly 12% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of A$132.23 per share, and 21 of the 26 models we run sit above the A$46.59 price.
Bear case: the Dividend Discount group reads lowest at A$9.15, and 5 of the 26 models stay below the price. Data coverage for this calculation is medium.
Scenario range: A$25.52 (bear) to A$68.88 (bull), the price of A$46.59 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Basic Materials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Mineral Resources Ltd reported revenue of A$6.5B in FY2026 versus A$3.4B in FY2022, a compound +17.3%/yr. Reported net income was A$1.1B in FY2026, compounding +32.0%/yr from FY2022.
Key figures
Market cap A$9.3B (≈ $6.4B) Mid · P/E ratio 8.8 · P/S ratio 1.44 · EPS (TTM) A$5.32 · Dividend yield 1.8% · Net margin 16.4% · Return on equity 28.7% · Return on assets (EBIT) 9.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 70 out of 100 (low confidence).
What moves the price
The share trades about 37% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −9% fair-value upside, at 13%, MIN screens cheaper than that median.
Fair Value models
BearA$25.52Fair Value A$52.67BullA$68.88
Price A$46.59 · Upside +13.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 4 months old). Earnings retained since then (A$1.59 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCFA$75.64A$136.95A$302.6074
EPVA$35.52A$43.92A$51.1274
Growth DCFA$71.24A$150.93A$293.5574
All 26 models by family
DCF Models
FCF DCFA$75.64A$136.95A$302.6074
Owner EarningsA$79.96A$195.30A$422.3770
5Y Revenue ExitA$34.22A$70.04A$135.1468
5Y EBITDA ExitA$74.31A$157.45A$302.7671
5Y P/E ExitA$55.53A$126.14A$215.1168
10Y Revenue ExitA$45.57A$93.04A$147.6065
10Y EBITDA ExitA$74.04A$165.26A$328.2964
10Y P/E ExitA$61.31A$131.44A$247.3960
Earnings-Based
Graham-DoddA$36.33A$249.15A$349.4063
Lynch FVA$73.29A$104.70A$136.1161
PEG = 1.0A$73.29A$104.70A$136.1157
EPVA$35.52A$43.92A$51.1274
Dividend Discount
Gordon GGMA$5.36A$10.46A$15.5167
DDM Multi-StageA$5.36A$9.15A$11.0767
Multiples
P/E MultipleA$68.11A$90.81A$113.5263
P/S MultipleA$36.60A$48.80A$60.9958
P/B MultipleA$42.28A$56.37A$70.4655
EV/EBITA$63.68A$92.07A$120.4665
EV/EBITDAA$74.39A$106.35A$138.3167
EV/RevenueA$12.67A$27.31A$41.9551
Asset-Based
NCAV (Graham)A$10.90A$14.61A$21.8054
Growth DCF
Growth DCFA$71.24A$150.93A$293.5574
Rev-Margin DCFA$34.22A$74.75A$134.3969
Economic Profit
Residual IncomeA$32.74A$49.70A$108.8170
ROIC CompounderA$44.57A$73.10A$94.9671
Growth Earnings
Growth-Adj P/EA$92.56A$132.23A$171.9067
The fair value above starts from this blend and is adjusted for a cyclical peak year.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+44.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.6%
Start year 2021 (pandemic). Over 10 years: +18.6% a year
Revenue growth 19 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.3%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
−35.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−36.8%
Dividend (yield on the price)1.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.0.0% vs 25.0%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.44% → 25%
2026 sits 461% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+4.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−1.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (Australia: IMF forecast 3.0% a year to 2030, 2.9% from 2016 to 2025) that is about +1.2% a year for the price and −4.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (87 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: The integrated model supplies strength via steady cash flows from the mining services division that complement commodity output, yet the absence of a clear moat and cyclical margins in iron ore and lithium remain core weaknesses.
Main risk: Commodity price swings would directly hit margins and cash generation in the iron ore and lithium segments.
Mineral Resources runs an integrated model where its mining services division delivers steady high volumes that complement iron ore and lithium production. In-house engineering teams recently completed construction at the Lamb Creek iron ore project, allowing quick ramp-up and extending the Pilbara hub's output profile. Will the reliable cash flows from services outweigh the volatility still present in the commodity segments?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Other Industrial Metals & Mining · 373 stocks
Beats the industry median on 12/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Top 25%
Fair Value upside+13.1% · Top 25%
Profitability
Return on equity (12 months)28.7% · Top 25%
Return on assets8.2% · Top 25%
Net margin (12 months)16.4% · Above median
Operating margin (12 months)25.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)56.2% · Above median
Dividend yield (12 months)1.8% · Above median
Balance sheet
Debt / equity1.24× · Highest 25%
Valuation Multiplesvs Other Industrial Metals & Mining median · lower = cheaper
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Is Mineral Resources Ltd (MIN) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of A$52.67 versus a price of A$46.59, about +13% upside (undervalued).
What is the fair value of MIN?
Our model-based fair value for Mineral Resources Ltd is A$52.67 (as of Nov 6, 2026), built from audited fundamentals. The current price: A$46.59.
What is the quality score of MIN?
Mineral Resources Ltd has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Mineral Resources Ltd (MIN)?
Our model-based price target is the fair value of A$52.67 (as of Nov 6, 2026) from 26 valuation models. Cautious scenario A$25.52, optimistic scenario A$68.88. It is a calculation from audited fundamentals, not an analyst target.
What is the Mineral Resources Ltd stock forecast for 2026?
Our models put fair value at A$52.67, about +13% upside versus a price of A$46.59 (undervalued). Cautious scenario A$25.52, optimistic scenario A$68.88. The calculation is refreshed regularly with new filings.
What is the revenue of Mineral Resources Ltd (MIN)?
Mineral Resources Ltd reported trailing-twelve-month revenue of about A$6.5B (latest available figure, as of Nov 6, 2026).
Does Mineral Resources Ltd pay a dividend?
Mineral Resources Ltd currently shows a dividend yield of 1.78% relative to its recent price (as of Nov 6, 2026).
What growth is priced into Mineral Resources Ltd (MIN)?
For today's price to be fair in a discounted-cash-flow model, Mineral Resources Ltd would have to grow free cash flow by +4.2 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.6 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of MIN use?
Our models discount Mineral Resources Ltd at 9.8 %: a base by market capitalisation (mid), damped by beta 1.11, country premium for Australia. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Mineral Resources Ltd that is +4.2 % per year a year over ten years, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has Mineral Resources Ltd (MIN) delivered so far?
Over the past 5 years revenue at Mineral Resources Ltd grew +11.6 % a year. The price currently implies +4.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Mineral Resources Ltd (MIN) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into Mineral Resources Ltd (+4.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Mineral Resources Ltd (MIN)?
The free-cash-flow yield on the price is 9.70 %: that much free cash flow Mineral Resources Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Mineral Resources Ltd (MIN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mineral Resources Ltd it is A$52.67 per share (as of Nov 6, 2026), against a price of A$46.59. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Mineral Resources Ltd stock overvalued or undervalued in 2026?
As of Nov 6, 2026, MIN trades below its calculated fair value: price A$46.59, fair value A$52.67, a gap of about +13% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MIN?
No. The price is what the market pays today (A$46.59); the fair value is what the company's own numbers justify (A$52.67). For Mineral Resources Ltd the two are A$6.08 per share apart. That gap is exactly why we show both numbers side by side.
How much is Mineral Resources Ltd worth?
The market values Mineral Resources Ltd at about A$9.3B (market capitalisation, as of Nov 6, 2026). Per share that is A$46.59; our models calculate a fair value of A$52.67 per share.
What do the bullish and bearish scenarios say about MIN?
Our models span a range for Mineral Resources Ltd: cautious scenario A$25.52, base A$52.67, optimistic A$68.88 per share (as of Nov 6, 2026, price A$46.59). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MIN?
Mineral Resources Ltd trades at a price-to-earnings ratio of 8.8 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of A$52.67 is built from several models across several years. Excluding one-off items of fiscal year 2026 it is 11.3 (reported 8.8). Median P/E at fiscal year-end, 9 fiscal years (2017 to 2026), reported earnings, FY2026 ex one-offs: 15.0. Other multiples: PEG 3.3, P/B 2.1, P/S 1.4, EV/EBITDA 5.4.
What is the PEG ratio of MIN?
The PEG ratio of Mineral Resources Ltd is 3.25 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Mineral Resources Ltd (MIN)?
Balance-sheet figures for Mineral Resources Ltd (as of Nov 6, 2026): return on equity 28.7%, debt of 1.24 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is MIN from its 52-week high?
Mineral Resources Ltd trades at A$46.59, about 37% below its 52-week high of A$74.33 and 10% above the low of A$42.36 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of A$52.67 is for.
Which stocks are comparable to Mineral Resources Ltd?
From the same area (Basic Materials) we also value BHP Group, Saudi Arabian Mining Company, CMOC Group, Hindustan Zinc Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Mineral Resources Ltd stock attractive at the current price?
The data as of Nov 6, 2026: price A$46.59, calculated fair value A$52.67 (+13%), Quality Score 60/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MIN calculated?
We run Mineral Resources Ltd through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of A$52.67, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Mineral Resources Ltd currently trades 12% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Mineral Resources Ltd (MIN)?
The closing price on Nov 6, 2026 was A$46.59. Our model-based fair value is A$52.67, about +13% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mineral Resources Ltd right now?
The model range is unusually wide (A$25.52 to A$68.88). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Mineral Resources Ltd (MIN) come from?
Earnings per share at Mineral Resources Ltd grew +20.1 % a year from 2015 to 2026. Broken into its drivers: revenue per share +16.7 %, EBIT margin +0.4 %, tax rate +4.2 %, residual (interest, one-offs) −1.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Mineral Resources Ltd
How large is the market capitalisation of Mineral Resources Ltd (MIN)?
The market capitalisation of Mineral Resources Ltd is A$9.3B (≈ $6.4B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Mineral Resources Ltd (MIN)?
The price-to-sales ratio of Mineral Resources Ltd is 1.44 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Mineral Resources Ltd (MIN)?
Earnings per share at Mineral Resources Ltd are A$5.32 (price ÷ EPS = P/E 8.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Mineral Resources Ltd (MIN)?
The dividend yield of Mineral Resources Ltd is 1.8% (payout 20.0%, on adjusted earnings, reported 15.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Mineral Resources Ltd (MIN)?
The net margin of Mineral Resources Ltd is 16.4% (last twelve months), excl. one-off gain FY2026 12.8%. How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Mineral Resources Ltd (MIN)?
The return on equity (ROE) of Mineral Resources Ltd is 28.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Mineral Resources Ltd (MIN)?
On an EBIT basis the return on assets of Mineral Resources Ltd is 9.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Mineral Resources Ltd (MIN)?
The operating margin of Mineral Resources Ltd is 25.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mineral Resources Ltd (MIN)?
Revenue at Mineral Resources Ltd is growing +56.2% versus a year earlier (3y avg +10.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Mineral Resources Ltd (MIN)?
Earnings per share at Mineral Resources Ltd are growing +34.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Mineral Resources Ltd (MIN) carry?
The net debt of Mineral Resources Ltd is A$4.3B (fiscal year 2026, ≈ 4.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 6, 2026