# Mineral Resources (MIN.AU)

Canonical: https://gigainvestors.com/s/MIN.AU

Analysis as of: 2026-10-16T07:37:00.747Z. Financial observations: FY2007–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 44.38 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.50×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.21×

- FY2018: 0.21×

- FY2019: 0.21×

- FY2020: 0.26×

- FY2021: 0.44×

- FY2022: 0.22×

- FY2023: 0.34×

- FY2024: 0.07×

- FY2025: 0.02×

- FY2026: 0.25×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 11.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 16.4%

- ROIC, second-lowest year: 5.0%

- Typical minus recent gross margin: 11.3 pp

- Typical gross margin (annual median): 60.5%

- Recent gross margin (lower of latest and 3-year median): 49.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 24.8%

- ROIC including acquisitions, ten-year median: 5.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 21.1%

- FY2018: 18.6%

- FY2019: 9.9%

- FY2020: 18.7%

- FY2021: 39.7%

- FY2022: 13.8%

- FY2023: 20.5%

- FY2024: 5.0%

- FY2025: 0.9%

- FY2026: 14.2%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -4.16×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD -3.6B

- Net income, five-year total: AUD 875M

- Return on incremental invested capital: 14.9%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: -2.4 pp

- Working capital / revenue, final three-year average: 2.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: -1.03×

- FY2023: -0.21×

- FY2024: -21.04×

- FY2025: 1.81×

- FY2026: 0.97×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 18.6% vs 5.0%

- Per-share earnings: 1.07 to 0.63 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.7%

- Ordinary dilution, 5-year annual growth: 1.2%

- Market cap gain: AUD 10B

- Cumulative retained earnings: AUD 2.0B

- Diluted shares, 10-year annual growth: 0.7%

- Diluted shares, 5-year annual growth: 1.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -6.4%

- Per-share value change: AUD -0.44

- Per-share value, starting three-year median: AUD 1.07

- Per-share value, ending three-year median: AUD 0.63

- Buybacks concentrated in cheaper years (correlation): 0.43

- Average buyback yield: 0.3%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 32M

- Cumulative net income, 10 years: AUD 3.8B

- ROIC, first three-year median: 18.6%

- ROIC, last three-year median: 5.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 1.07

- FY2018: AUD 1.45

- FY2019: AUD 0.87

- FY2020: AUD 5.33

- FY2021: AUD 6.75

- FY2022: AUD 1.82

- FY2023: AUD 1.23

- FY2024: AUD 0.63

- FY2025: AUD -4.57

- FY2026: AUD 5.32

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -8.0%

- Receivables to sales index (DSRI): 1.82×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.97×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -5.1%

- FY2018: -6.7%

- FY2019: -0.7%

- FY2020: 8.8%

- FY2021: -0.7%

- FY2022: 0.9%

- FY2023: -13.2%

- FY2024: -10.8%

- FY2025: -3.6%

- FY2026: -8.0%

## Holders

## Price story

Down 50% since Jan 2023 · sales +44.5%

Story as of 2026-10-16T10:00:08.475Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +44.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 1.5B 

- FY2018: AUD 1.6B 

- FY2019: AUD 1.5B 

- FY2020: AUD 2.1B 

- FY2021: AUD 3.7B 

- FY2022: AUD 3.4B 

- FY2023: AUD 4.8B 

- FY2024: AUD 5.3B 

- FY2025: AUD 4.5B 

- FY2026: AUD 6.5B 

### Gross margin · FY2026

gross margin 49.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 87.0% 

- FY2018: 86.2% 

- FY2019: 86.0% 

- FY2020: 54.9% 

- FY2021: 63.4% 

- FY2022: 55.3% 

- FY2023: 57.6% 

- FY2024: 37.3% 

- FY2025: 85.4% 

- FY2026: 49.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in other industrial metals & mining; annual sales are AUD 6.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:00.747Z); FY2026: revenue 6461000000; grossProfit 3176000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MIN.AU: Mineral Resources Limited, together with subsidiaries, provides mining services in Australia, China, and internationally. It operates through Mining Services, Iron Ore, Lithium, Energy, and Other segments. The company offers mining services contractors, and trades in mining services; pit-to-ship solutions to the resources sectors; 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; rehabilitation services; and engineering and construction services. It also provides iron ore with the transformational Onslow Iron project in the West Pilbara region; produces and supplies battery-grade lithium products; develops and mines lithium from its mines that sells spodumene concentrate; and develops, mines, and exports iron ore. In addition, the company engages in exploration and drilling services for the energy sector; manganese projects and the Lucky Bay garnet mines; gas production; and energy solutions for natural gas to power operations; explores renewable energy sources, such as solar, wind, and geothermal; conventional gas and geothermal energy solutions; and power. Further, it provides crushing, processing, haulage, port materials handling, transhipping, mobile mining asset maintenance, camp and accommodation, and domestic air transportation services. Mineral Resources Limited was founded in 1992 and is headquartered in Osborne Park, Australia.

### Why customers stay

Margins ranged from 37.3% to 85.4% during 2024–26; it earns 16.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:00.747Z); FY2024: grossProfit / revenue = 37.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:00.747Z); FY2025: grossProfit / revenue = 85.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:00.747Z); FY2026: grossProfit / revenue = 49.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:00.747Z); 10-year return on capital observations [[2017,0.2106597706001911],[2018,0.18588981366724774],[2019,0.0994944587600489],[2020,0.18713204392152655],[2021,0.39671211995735556],[2022,0.13836384256992248],[2023,0.20531856484057534],[2024,0.049542204941678165],[2025,0.009152720889409011],[2026,0.14248697874013166]]; median 0.1641883962036897. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 24.8% of cash earnings on expansion; earns 14.9% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:00.747Z); FY2017: growth capex 46745000; upkeep 160229000; owner earnings 201408000. Growth capex / owner earnings = 0.23209107880521132.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:00.747Z); FY2018: growth capex 128655097.30791646; upkeep 201768902.69208354; owner earnings 183605097.30791646. Growth capex / owner earnings = 0.7007163700480187.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:00.747Z); FY2020: growth capex 197300000; upkeep 193600000; owner earnings 947140000. Growth capex / owner earnings = 0.20831133728910192.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:00.747Z); FY2021: growth capex 501700000; upkeep 258000000; owner earnings 1206640000. Growth capex / owner earnings = 0.41578266923025925.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:00.747Z); FY2026: growth capex 256000000; upkeep 928000000; owner earnings 1032800000. Growth capex / owner earnings = 0.24786986831913246.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:00.747Z); Incremental return on capital 0.14917011745513584, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:00.747Z); Dividend observations: [[2017,72946000],[2018,102009000],[2019,93518000],[2020,96100000],[2021,324600000],[2022,324300000],[2023,401500000],[2024,170000000],[2025,46000000],[2026,124000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 13.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MIN.AU SharesStats.PercentInsiders = 13.089 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:00.747Z); Closing price 44.38 AUD; reporting-to-trading FX 1; FY2026 annual sales per share 32.375854557699526; price multiple 1.370774628385699. FY2026 cash earnings/share 5.175326201391746. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-10: AUD 11.57 per share

- 2016-11: AUD 12.57 per share

- 2016-12: AUD 12.12 per share

- 2017-01: AUD 12.29 per share

- 2017-02: AUD 11.18 per share

- 2017-03: AUD 10.75 per share

- 2017-04: AUD 10.69 per share

- 2017-05: AUD 10.10 per share

- 2017-06: AUD 10.85 per share

- 2017-07: AUD 12.27 per share

- 2017-08: AUD 14.83 per share

- 2017-09: AUD 16.26 per share

- 2017-10: AUD 17.40 per share

- 2017-11: AUD 19.54 per share

- 2017-12: AUD 21.14 per share

- 2018-01: AUD 18.82 per share

- 2018-02: AUD 19.01 per share

- 2018-03: AUD 16.99 per share

- 2018-04: AUD 18.00 per share

- 2018-05: AUD 18.48 per share

- 2018-06: AUD 16.01 per share

- 2018-07: AUD 16.55 per share

- 2018-08: AUD 15.18 per share

- 2018-09: AUD 15.90 per share

- 2018-10: AUD 14.25 per share

- 2018-11: AUD 15.25 per share

- 2018-12: AUD 15.47 per share

- 2019-01: AUD 15.82 per share

- 2019-02: AUD 15.05 per share

- 2019-03: AUD 15.80 per share

- 2019-04: AUD 15.59 per share

- 2019-05: AUD 15.02 per share

- 2019-06: AUD 14.98 per share

- 2019-07: AUD 16.07 per share

- 2019-08: AUD 13.22 per share

- 2019-09: AUD 13.38 per share

- 2019-10: AUD 14.30 per share

- 2019-11: AUD 15.53 per share

- 2019-12: AUD 16.50 per share

- 2020-01: AUD 17.06 per share

- 2020-02: AUD 16.55 per share

- 2020-03: AUD 13.97 per share

- 2020-04: AUD 16.78 per share

- 2020-05: AUD 18.81 per share

- 2020-06: AUD 21.17 per share

- 2020-07: AUD 25.74 per share

- 2020-08: AUD 29.18 per share

- 2020-09: AUD 24.91 per share

- 2020-10: AUD 24.96 per share

- 2020-11: AUD 32.33 per share

- 2020-12: AUD 37.45 per share

- 2021-01: AUD 34.35 per share

- 2021-02: AUD 37.92 per share

- 2021-03: AUD 38.02 per share

- 2021-04: AUD 47.75 per share

- 2021-05: AUD 45.38 per share

- 2021-06: AUD 53.73 per share

- 2021-07: AUD 63.01 per share

- 2021-08: AUD 54.91 per share

- 2021-09: AUD 44.81 per share

- 2021-10: AUD 38.59 per share

- 2021-11: AUD 45.26 per share

- 2021-12: AUD 56.00 per share

- 2022-01: AUD 55.41 per share

- 2022-02: AUD 45.25 per share

- 2022-03: AUD 52.71 per share

- 2022-04: AUD 58.54 per share

- 2022-05: AUD 63.85 per share

- 2022-06: AUD 48.27 per share

- 2022-07: AUD 53.74 per share

- 2022-08: AUD 63.97 per share

- 2022-09: AUD 65.75 per share

- 2022-10: AUD 73.13 per share

- 2022-11: AUD 87.42 per share

- 2022-12: AUD 77.20 per share

- 2023-01: AUD 88.94 per share

- 2023-02: AUD 82.56 per share

- 2023-03: AUD 80.59 per share

- 2023-04: AUD 73.68 per share

- 2023-05: AUD 70.79 per share

- 2023-06: AUD 71.43 per share

- 2023-07: AUD 71.43 per share

- 2023-08: AUD 71.53 per share

- 2023-09: AUD 67.63 per share

- 2023-10: AUD 57.76 per share

- 2023-11: AUD 61.17 per share

- 2023-12: AUD 70.00 per share

- 2024-01: AUD 59.95 per share

- 2024-02: AUD 66.69 per share

- 2024-03: AUD 70.87 per share

- 2024-04: AUD 72.19 per share

- 2024-05: AUD 71.66 per share

- 2024-06: AUD 53.92 per share

- 2024-07: AUD 54.28 per share

- 2024-08: AUD 40.15 per share

- 2024-09: AUD 52.04 per share

- 2024-10: AUD 39.40 per share

- 2024-11: AUD 33.63 per share

- 2024-12: AUD 34.25 per share

- 2025-01: AUD 34.98 per share

- 2025-02: AUD 22.71 per share

- 2025-03: AUD 23.97 per share

- 2025-04: AUD 20.59 per share

- 2025-05: AUD 22.19 per share

- 2025-06: AUD 21.56 per share

- 2025-07: AUD 28.59 per share

- 2025-08: AUD 37.40 per share

- 2025-09: AUD 41.14 per share

- 2025-10: AUD 48.40 per share

- 2025-11: AUD 49.08 per share

- 2025-12: AUD 54.38 per share

- 2026-01: AUD 57.15 per share

- 2026-02: AUD 60.98 per share

- 2026-03: AUD 53.61 per share

- 2026-04: AUD 63.71 per share

- 2026-05: AUD 73.47 per share

- 2026-06: AUD 62.07 per share

- 2026-07: AUD 57.98 per share

- 2026-08: AUD 64.63 per share

- 2026-09: AUD 52.29 per share

- 2026-10: AUD 45.81 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 7.73 per share, central AUD 8.54 per share, high AUD 9.61 per share

- FY2018: low AUD 14.40 per share, central AUD 20.10 per share, high AUD 23.41 per share

- FY2019: low AUD 3.04 per share, central AUD 3.81 per share, high AUD 4.26 per share

- FY2020: low AUD 25.08 per share, central AUD 32.46 per share, high AUD 36.76 per share

- FY2021: low AUD 45.07 per share, central AUD 61.04 per share, high AUD 70.34 per share

- FY2022: low AUD 39.45 per share, central AUD 51.10 per share, high AUD 57.88 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.