Glencore PLC (GLEN) fair value: what the stock is really worth
As of Sep 28, 2026: fair value of Glencore PLC £1.94, price £5.52, upside -64.8%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Structural break:
The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Stretched ValuationStrong overvaluation with only moderate quality.
!Fair value £1.94 · Strongly overvalued (−64.8%)
!Quality 54/100
!Mixed Growth(revenue 5y +12.2 %/yr)
!Thin margins · 1.8% net margin (TTM)
✓Moderate debt · generates free cash flow
!2.3% dividend yield · Watch coverage
✓Ranks above peers(9/15)
!Narrow moat29/100
!Evidence only low, so the estimate is less certain
Watch Glencore PLC for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range £2.30 – £6.29 · fair‑value band £0.6800 – £2.88 · the £5.52 price screens above the £1.94 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
Follow Glencore in your weekly email
Every Wednesday you see whether Glencore is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Glencore plc engages in the production, refinement, processing, storage, transport, and marketing of metals and minerals, and energy products in the Americas, Europe, Asia, Africa, and Oceania. The company operates in two segments, Marketing Activities and Industrial Activities.
Show more
Glencore plc engages in the production, refinement, processing, storage, transport, and marketing of metals and minerals, and energy products in the Americas, Europe, Asia, Africa, and Oceania. The company operates in two segments, Marketing Activities and Industrial Activities. It engages in the production and marketing of copper, cobalt, lead, nickel, zinc, chrome ore, ferrochrome, vanadium, aluminum, alumina, and iron ore; and coal, crude oil, refined products, and natural gas, as well as oil exploration and production and refining and distribution. The company is also involved in marketing and distributing physical commodities sourced from third party producers to industrial consumers, including the battery, electronic, construction, automotive, steel, energy, and oil industries. In addition, the company provides financing, logistics, and other services to producers and consumers of commodities. Glencore plc was founded in 1974 and is headquartered in Baar, Switzerland.
Stock analysis
Glencore PLC (GLEN) currently trades at £5.52, while our model-based Fair Value estimate is £1.94, implying the stock looks roughly 184.3% overvalued today.
Show more
Valuation
Bull case: the Asset-Based group reads highest at a median of £2.22 per share, and 0 of the 24 models we run sit above the £5.52 price.
Bear case: the Economic Profit group reads lowest at £0.3100, and 24 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: £0.6800 (bear) to £2.88 (bull), the price of £5.52 sits above 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 54/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Glencore PLC reported revenue of $253B in FY2025 versus $204B in FY2021, a compound +5.5%/yr. Reported net income was $371M in FY2025, compounding −47.8%/yr from FY2021.
Key figures
Market cap 66.0B GBX · P/E ratio 16.2 · P/S ratio 0.02 · EPS (TTM) £0.3400 · Dividend yield 2.3% · Net margin 0.1% · Return on equity 16.0% · Return on assets (EBIT) 6.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).
What moves the price
The share trades about 12% below its 52-week high and 65% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −11% fair-value upside, at −65%, GLEN screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (£0.1600 to £4.25). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear £0.6800Fair Value £1.94Bull £2.88
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (£0.1603 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.Evidence ⓘEvidence = 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.
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.86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+9.4%
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.
−0.4%
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.
+12.2%
Start year 2020 (pandemic). Over 10 years: +4.0% a year
Revenue growth 17 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.
+3.0%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘ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.
−37.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−39.3%
Dividend (yield on the price)2.3%
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.−39.3% vs −13.8%, slowing
Profit margin 2020 to 2025 ⓘ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.−1% → 1%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+61.8%
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.
−2.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +58.1% a year for the price and −5.0% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (97 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.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
Price, fair value, quality and upside side by side.
Free, no sign-up
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 · 439 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score54 · Top 25%
Fair Value upside−64.8% · Bottom 25%
Profitability
Return on equity (TTM)16.0% · Top 25%
Return on assets5.3% · Top 25%
Net margin (TTM)3.0% · Below median
Operating margin (TTM)2.8% · Above median
Growth and dividend
Revenue growth48.6% · Top 25%
Dividend yield (TTM)2.3% · Above median
Balance sheet
Debt / equity0.66× · Highest 25%
Valuation Multiplesvs Other Industrial Metals & Mining median · lower = cheaper
P/E (TTM)16.2× · Cheaper than median
P/B2.25× · Pricier than median
P/S (TTM)0.48× · Cheapest 25%
P/FCF366.5× · Priciest 25%
EV/EBITDA14.4× · Priciest 25%
PEG0.21× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 35
PAST (return on equity)64· sector 0
HEALTH (low debt)67· sector 96
DIVIDEND (yield)45· sector 31
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Glencore PLC Fair Value". https://www.fairvalue-calculator.com/stock/GLEN
Frequently asked questions
Is Glencore PLC (GLEN) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of £1.94 versus a price of £5.52, about −65% upside (overvalued).
What is the fair value of GLEN?
Our model-based fair value for Glencore PLC is £1.94 (as of Sep 27, 2026), built from audited fundamentals. The current price: £5.52.
What is the quality score of GLEN?
Glencore PLC has a Quality Score of 54/100. 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 Glencore PLC (GLEN)?
Our model-based price target is the fair value of £1.94 (as of Sep 27, 2026) from 25 valuation models. Cautious scenario £0.6800, optimistic scenario £2.88. It is a calculation from audited fundamentals, not an analyst target.
What is the Glencore PLC stock forecast for 2026?
Our models put fair value at £1.94, about −65% upside versus a price of £5.52 (overvalued). Cautious scenario £0.6800, optimistic scenario £2.88. The calculation is refreshed regularly with new filings.
What is the revenue of Glencore PLC (GLEN)?
Glencore PLC reported trailing-twelve-month revenue of about $305B (latest available figure, as of Sep 27, 2026).
Does Glencore PLC pay a dividend?
Glencore PLC currently shows a dividend yield of about 2.27% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Glencore PLC (GLEN)?
For today's price to be fair in a discounted-cash-flow model, Glencore PLC would have to grow free cash flow by +61.8 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.2 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of GLEN use?
Our models discount Glencore PLC at 8.6 %: a base by market capitalisation (large), damped by beta 0.52, country premium for United Kingdom. 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 Glencore PLC that is +61.8 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Glencore PLC (GLEN) delivered so far?
Over the past 5 years revenue at Glencore PLC grew +12.2 % a year. The price currently implies +61.8 % 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 Glencore PLC (GLEN) growing?
The median revenue growth in the sector is +4.0 % a year. That is the yardstick for the growth priced into Glencore PLC (+61.8 % 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 Glencore PLC (GLEN)?
The free-cash-flow yield on the price is 0.45 %: that much free cash flow Glencore PLC produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Glencore PLC (GLEN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Glencore PLC it is £1.94 per share (as of Sep 27, 2026), against a price of £5.52. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Glencore PLC stock overvalued or undervalued in 2026?
As of Sep 27, 2026, GLEN trades above its calculated fair value: price £5.52, fair value £1.94, a gap of about −65% (overvalued). 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 GLEN?
No. The price is what the market pays today (£5.52); the fair value is what the company's own numbers justify (£1.94). For Glencore PLC the two are £3.58 per share apart. That gap is exactly why we show both numbers side by side.
How much is Glencore PLC worth?
The market values Glencore PLC at about 66.0B GBX (market capitalisation, as of Sep 27, 2026). Per share that is £5.52; our models calculate a fair value of £1.94 per share.
What do the bullish and bearish scenarios say about GLEN?
Our models span a range for Glencore PLC: cautious scenario £0.6800, base £1.94, optimistic £2.88 per share (as of Sep 27, 2026, price £5.52). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GLEN?
Glencore PLC trades at a price-to-earnings ratio of 16.2 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £1.94 is built from several models across several years. Other multiples: PEG 0.2, P/B 2.3, P/S 0.5, EV/EBITDA 14.4.
What is the PEG ratio of GLEN?
The PEG ratio of Glencore PLC is 0.21 (P/E divided by earnings growth, as of Sep 27, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Glencore PLC (GLEN)?
Balance-sheet figures for Glencore PLC (as of Sep 27, 2026): return on equity 16.0%, debt of 0.66 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is GLEN from its 52-week high?
Glencore PLC trades at £5.52, about 12% below its 52-week high of £6.29 and 65% above the low of £3.35 (as of Sep 28, 2026). Distance from the high says nothing about value: that is what the fair value of £1.94 is for.
Which stocks are comparable to Glencore PLC?
From the same area (Basic Materials) we also value Saudi Arabian Mining Company, Vale S.A, 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 Glencore PLC stock attractive at the current price?
The data as of Sep 27, 2026: price £5.52, calculated fair value £1.94 (−65%), Quality Score 54/100, from 25 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 GLEN calculated?
We run Glencore PLC through 25 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 £1.94, 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 15.8 % above its aggregate fair value. Glencore PLC itself currently trades above fair value. 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 Glencore PLC (GLEN)?
The closing price on Sep 28, 2026 was £5.52. Our model-based fair value is £1.94, about −65% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Glencore PLC right now?
The price sits above even our optimistic bull case (£2.88). The favourable scenario is already priced in. The model range is unusually wide (£0.6800 to £2.88). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Glencore PLC (GLEN) come from?
Earnings per share at Glencore PLC grew +3.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.9 %, EBIT margin +8.5 %, tax rate +1.0 %, residual (interest, one-offs) −8.7 %. 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 Glencore PLC
How large is the market capitalisation of Glencore PLC (GLEN)?
The market capitalisation of Glencore PLC is 66.0B GBX. 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 Glencore PLC (GLEN)?
The price-to-sales ratio of Glencore PLC is 0.02 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Glencore PLC (GLEN)?
Earnings per share at Glencore PLC are £0.3400 (price ÷ EPS = P/E 16.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Glencore PLC (GLEN)?
The dividend yield of Glencore PLC is 2.3% (payout 36.7%). 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 Glencore PLC (GLEN)?
The net margin of Glencore PLC is 0.1% (fiscal year 2025). 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 Glencore PLC (GLEN)?
The return on equity (ROE) of Glencore PLC is 16.0% (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 Glencore PLC (GLEN)?
On an EBIT basis the return on assets of Glencore PLC is 6.5% (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 Glencore PLC (GLEN)?
The operating margin of Glencore PLC is 2.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Glencore PLC (GLEN)?
Revenue at Glencore PLC is growing +48.6% versus a year earlier (3y avg −0.4%). 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 Glencore PLC (GLEN)?
Earnings per share at Glencore PLC are growing −60.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Glencore PLC (GLEN) carry?
The net debt of Glencore PLC is $39.8B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Glencore PLC in the live analysis
One click puts Glencore PLC on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Thin data
Sep 27, 2026