One-glance verdict
Within fair range
$21.54 our estimate vs market $26.73
Wall Street consensus: $24.50 (13.7% higher than our fair-value estimate)
24% above our estimate
Fundamentals snapshot
Anglo American plc
NGLOY · OQX · Basic Materials · Other Industrial Metals & Mining
Current price
$26.73
52-week range
$17.49 - $29.61
Market cap
$57.28B
Balance sheet
Watch
4.63x Stretched
Net debt $8.40B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 4.5% last year.
- Reward Free cash flow was positive in 4/10 years.
- Risk Net debt grew 45.2% over 3 years.
- Risk Operating margin compressed from 31.1% to 26.0% over 3 years.
What this company does
Anglo American plc
Anglo American is a global mining company that digs up and sells raw materials essential for modern life. It makes most of its money selling copper, which is needed for electrical wiring and new energy technologies, and high-quality iron ore, the main ingredient for making steel. Because these materials are the basic building blocks for construction and manufacturing, the company’s health is often tied to the growth of the global economy.
How the company got here
Anglo American was started in 1917 by Sir Ernest Oppenheimer in South Africa to mine for gold, with financial backing from American and British investors, which is where the company gets its name. [1, 8, 10] A major turning point came in 1926 when it became the biggest owner of the famous diamond company, De Beers. [1, 9] Over many decades, it expanded from its South African roots into a global mining giant, digging for all sorts of metals and minerals around the world. [3, 9] In 1999, the company restructured to become the Anglo American plc headquartered in London, where it is today. [1, 10]
What it actually does
Anglo American is a global mining company, which means its main job is to find and dig up valuable natural materials from the earth. [2] These raw materials, like copper for electrical wires, iron ore for steel, and diamonds for jewelry, are the essential building blocks for countless products we use every day. [15, 18] The company's operations span the entire process, from exploring for new deposits deep underground to mining, processing, and selling these materials to other businesses worldwide. [5] Think of them as a massive-scale supplier of the planet's essential ingredients.
Copper
This part of the business finds and produces copper, a metal essential for conducting electricity. Customers in the construction, electronics, and automotive industries buy this copper for everything from household wiring and plumbing to electric vehicles and wind turbines. [15] Copper is a very large and important part of Anglo American's business, making up a significant portion of its revenue (the total money it brings in from sales). [11, 16] The company operates large copper mines in South American countries like Chile and Peru. [1]
Iron Ore
This segment is focused on mining iron ore, which is the key ingredient needed to make steel. [2] Anglo American sells this ore to steelmakers, primarily in China, who then use it to produce steel for buildings, cars, bridges, and appliances. [11] The company focuses on 'premium' iron ore, a higher-quality version that is more efficient for steel production. This business is a cornerstone of the company and a major contributor to its overall sales. [5]
De Beers (Diamonds)
Through its famous De Beers brand, the company mines and sells diamonds. [1] De Beers sells rough, uncut diamonds to a variety of customers who then cut, polish, and set them into jewelry that is sold in stores. [2] While diamonds are what the company is most known for by the public, Anglo American is currently in the process of separating De Beers to make it its own independent business. [6, 19]
Platinum Group Metals
This business is the world's largest producer of platinum and similar metals like palladium, which are known as Platinum Group Metals (PGMs). [1] These metals are sold to industries that use them primarily to make catalytic converters in cars, which reduce harmful emissions from the engine. They are also used in jewelry and other industrial applications. Like its diamond business, Anglo American is planning to separate its platinum division to focus on other materials. [6]
Crop Nutrients
This is a newer and future-focused part of the company, centered on a big project in the United Kingdom to mine polyhalite. [5, 6] Polyhalite is a natural mineral that can be used as a fertilizer to help farmers grow more food, so the customers are in the agriculture industry. [2] While currently a small part of the business that is still in development, the company sees it as a major source of future growth as the world's population increases and needs more food. [6]
What management is betting on now
Management is currently focused on a strategy called 'portfolio optimization' (portfolio is just a business word for a collection of assets or businesses). [13, 17] This means they are simplifying the company by selling or separating their diamond, platinum, and coal businesses to concentrate on what they see as the most promising materials for the future: copper, premium iron ore, and crop nutrients. [5, 6, 19] They believe these specific materials are essential for major global trends like decarbonization (the shift to cleaner energy, which requires a lot of copper for electric cars and renewable energy systems) and providing food for a growing population. [5, 7, 14] The goal is to create a more focused and predictable business to deliver better returns to its shareholders (the people and institutions who own shares of the company). [13]
Price history
How the share price has moved
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Loading price history…
Is it cheap or expensive?
Fair value $21.54 vs current price $26.73
Wall Street consensus is the average analyst price target: $24.50 (13.7% higher than our fair-value estimate).
Our most-likely fair value is $21.54 a share — about 19.4% away from today's price of $26.73, so the stock currently looks fairly priced.
Is it drowning in debt?
Watch
Net debt $8.4B. Interest coverage 4.6x.
Net debt
$8.40B
Interest coverage
4.63x
Anglo American plc's profit covers its interest bill about 4.6 times over.
Watch
Worse cushion
Baseline
Better cushion
NGLOY
BASELINE
Anglo American plc
Total debt $17.26B Interest coverage 4.63x This is the baseline the peer rows are being compared against.
Total debt $28.43B Interest coverage 12.10x +161% vs NGLOY Carries about 2.6x more debt cushion than NGLOY.
Total debt $22.85B Interest coverage 8.45x +82% vs NGLOY Carries about 1.8x more debt cushion than NGLOY.
Total debt $21.91B Interest coverage 5.56x +20% vs NGLOY Carries about 1.2x more debt cushion than NGLOY.
Total debt $45.73B Interest coverage 1.03x -78% vs NGLOY Carries about 4.5x less debt cushion than NGLOY.
Total debt $10.36B Interest coverage 17.62x +281% vs NGLOY Carries about 3.8x more debt cushion than NGLOY.
What you should know
The case for and against NGLOY
3 Rewards
3 Risks
Rewards
-
Revenue grew 4.5% last year.
-
Free cash flow was positive in 4/10 years.
-
Dividend yield is 0.7% with 10-year payout history.
Risks
-
Net debt grew 45.2% over 3 years.
-
Operating margin compressed from 31.1% to 26.0% over 3 years.
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Return on equity was -3.1% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
16.22x
P/B
3.34x
P/S
2.93x
EV/EBITDA
10.57x
PEG ratio
1.40x
Profitability
How much profit each dollar creates
Gross margin
67.0%
Operating margin
26.0%
Net margin
-13.9%
ROE
-3.1%
ROA
5.1%
Health
Liquidity and balance-sheet strength
Debt / equity
0.74x
Current ratio
2.77x
Quick ratio
1.76x
Total debt
$17.26B
Total cash
$8.87B
Growth
How the business has been compounding
Revenue TTM
$19.52B
Revenue 5Y CAGR
-19.2%
EPS TTM
-0.58
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$5.51B
Free CF TTM
$2.13B
FCF margin
10.9%
Dividend
Shareholder payout
Yield
0.7%
Payout ratio
560.9%
Last ex-div date
2026-08-21