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Australian (ASX) Metals and Mining Industry Analysis

UpdatedApr 01, 2026
DataAggregated Company Financials
Companies685
  • 7D5.3%
  • 3M1.3%
  • 1Y42.2%
  • YTD1.2%

The Metals and Mining industry is up 8.2% in the last week, with BHP Group up 3.9%. In the last 12 months, the industry was up 43%. As for the next few years, earnings are expected to grow by 15% per annum.

Industry Valuation and Performance

Has the Australian Metals and Mining Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 01 Apr 2026AU$636.5bAU$208.4bAU$26.5b12.5x24x3.1x
Fri, 27 Feb 2026AU$736.1bAU$200.9bAU$24.1b23.1x30.5x3.7x
Sun, 25 Jan 2026AU$690.8bAU$193.5bAU$18.5b27.6x37.3x3.6x
Tue, 23 Dec 2025AU$620.9bAU$198.7bAU$19.0b23.4x32.7x3.1x
Thu, 20 Nov 2025AU$560.5bAU$201.6bAU$19.5b20.7x28.8x2.8x
Sat, 18 Oct 2025AU$588.4bAU$202.4bAU$19.4b22.6x30.3x2.9x
Mon, 15 Sep 2025AU$513.0bAU$199.4bAU$19.1b16.8x26.8x2.6x
Wed, 13 Aug 2025AU$493.6bAU$205.0bAU$21.8b15.1x22.7x2.4x
Fri, 11 Jul 2025AU$448.0bAU$203.4bAU$21.4b13.3x20.9x2.2x
Sun, 08 Jun 2025AU$451.0bAU$204.9bAU$21.7b12.2x20.8x2.2x
Tue, 06 May 2025AU$426.8bAU$205.3bAU$21.7b12.4x19.6x2.1x
Thu, 03 Apr 2025AU$420.7bAU$209.3bAU$22.4b11.8x18.8x2x
Sat, 01 Mar 2025AU$432.1bAU$210.8bAU$22.6b12.4x19.1x2.1x
Mon, 27 Jan 2025AU$446.8bAU$211.8bAU$21.4b12.5x20.9x2.1x
Wed, 25 Dec 2024AU$435.6bAU$213.5bAU$21.6b13x20.2x2x
Fri, 22 Nov 2024AU$446.9bAU$207.2bAU$20.7b12.1x21.6x2.2x
Sun, 20 Oct 2024AU$471.1bAU$203.5bAU$20.3b12.8x23.2x2.3x
Tue, 17 Sep 2024AU$429.5bAU$203.3bAU$19.9b15.2x21.6x2.1x
Thu, 15 Aug 2024AU$424.9bAU$209.0bAU$21.1b13.5x20.2x2x
Sat, 13 Jul 2024AU$476.7bAU$205.9bAU$20.4b14.1x23.4x2.3x
Mon, 10 Jun 2024AU$497.0bAU$210.8bAU$21.1b14.4x23.6x2.4x
Wed, 08 May 2024AU$502.3bAU$210.7bAU$21.1b14.4x23.8x2.4x
Fri, 05 Apr 2024AU$496.8bAU$212.3bAU$21.3b13.1x23.4x2.3x
Sun, 03 Mar 2024AU$493.8bAU$212.6bAU$22.2b13.7x22.2x2.3x
Tue, 30 Jan 2024AU$549.6bAU$222.8bAU$32.7b11.9x16.8x2.5x
Thu, 28 Dec 2023AU$586.7bAU$217.9bAU$31.7b12.5x18.5x2.7x
Sat, 25 Nov 2023AU$539.2bAU$223.5bAU$32.9b10.4x16.4x2.4x
Mon, 23 Oct 2023AU$516.7bAU$229.5bAU$34.3b9.9x15.1x2.3x
Wed, 20 Sep 2023AU$532.1bAU$226.1bAU$33.8b11.3x15.7x2.4x
Fri, 18 Aug 2023AU$514.6bAU$240.8bAU$49.7b10x10.4x2.1x
Sun, 16 Jul 2023AU$561.9bAU$229.7bAU$47.6b10.3x11.8x2.4x
Tue, 13 Jun 2023AU$541.3bAU$231.5bAU$48.2b10.1x11.2x2.3x
Thu, 11 May 2023AU$546.4bAU$231.6bAU$48.4b9.6x11.3x2.4x
Sat, 08 Apr 2023AU$543.1bAU$233.6bAU$48.9b9.3x11.1x2.3x
Price to Earnings Ratio

11.1x


Total Market Cap: AU$543.1bTotal Earnings: AU$48.9bTotal Revenue: AU$233.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Metals and Mining Industry Price to Earnings3Y Average 21x202420252026
Current Industry PE
  • Investors are optimistic on the Australian Metals and Mining industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 24.0x which is higher than its 3-year average PE of 21.0x.
  • The 3-year average PS ratio of 2.4x is lower than the industry's current PS ratio of 3.1x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 18% per year over the last three years,
  • Revenues have also declined 3.7% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the Australian Materials industry?

AU Market1.07%
Materials5.02%
Metals and Mining5.29%
Silver10.97%
Gold10.15%
Copper5.26%
Diversified Metals and Mining4.51%
Aluminum4.43%
Steel1.28%
Precious Metals and Minerals1.18%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 2.6x.
    • Analysts are expecting annual earnings growth of 25.0%, which is lower than the prior year's growth of 111.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Copper industry, expecting annual earnings growth of 25% over the next 5 years.
  • However this is lower than its past earnings growth rate of 111% per year.
  • In contrast, the Silver industry is expected to see its earnings decline by 38% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
BHP BHP GroupAU$50.393.9%
+AU$9.5b		29.6%PE17.1x
NST Northern Star ResourcesAU$20.3615.9%
+AU$4.0b		10.8%PE18.8x
FMG FortescueAU$20.313.1%
+AU$1.9b		29.8%PE11.5x
PLS PLS GroupAU$5.1212.8%
+AU$1.9b		222.0%PS17.1x
S32 South32AU$4.278.7%
+AU$1.5b		33.0%PE33.3x

Latest News

DTR
AU$0.46
Dateline Resources
7D
-11.7%
1Y
11,275.0%
NST
AU$20.36
Northern Star Resources
7D
15.9%
1Y
10.8%
FML
AU$2.32
Focus Minerals
7D
-4.1%
1Y
1,004.8%
GGP
AU$11.34
Greatland Resources
7D
20.8%
1Y
n/a
VSL
AU$5.27
Vulcan Steel
7D
-5.0%
1Y
-34.1%
BSL
AU$25.72
BlueScope Steel
7D
-5.1%
1Y
17.8%

BSL: Takeover Interest And Cash Returns Will Support Future Upside Potential

Analysts have kept their A$31.36 price target for BlueScope Steel broadly unchanged, with only minor tweaks to inputs such as a slightly lower discount rate and a small adjustment to the assumed future P/E multiple guiding this steady view. What's in the News BlueScope Steel received an unsolicited, non binding proposal from SGH and Steel Dynamics to acquire the company for A$13.2b on December 12, 2025, which was later revised to A$14.9b, structured as A$34 per share in cash, with SGH intending to on sell BlueScope’s North American businesses to Steel Dynamics.
SGM
AU$17.90
Sims
7D
-12.5%
1Y
18.9%

SGM: Lifecycle Services EBITDA Surge Will Support Future Upside Potential

Analysts have lifted their price targets for Sims. One recent move took the stock from A$16.30 to A$20, citing improved fair value estimates, a more supportive discount rate and growth assumptions, healthier profit margins, and stronger Sims Lifecycle Services EBITDA tied to higher chip prices, resale volumes, and hyperscaler service fees.
S32
AU$4.27
South32
7D
8.7%
1Y
33.0%

S32: UBS Upgrade And West Musgrave Option Will Shape Bullish Outlook

South32's updated analyst price target has moved from A$4.69 to A$4.78, with analysts pointing to refreshed fair value estimates and slightly adjusted discount rate and P/E assumptions following recent target hikes and upgrades from the Street. Analyst Commentary Recent research points to a more refined view of South32, with target changes and an upgrade reflecting how analysts are reassessing valuation, execution risks and growth options rather than reacting to a single catalyst.
FMG
AU$20.31
Fortescue
7D
3.1%
1Y
29.8%

FMG: Sector Price Deck Reset Will Shape Fair Value And Payouts

Analysts have nudged their fair value estimate for Fortescue slightly lower, trimming the implied price target by around A$0.12. Updated commodity price forecasts and a more cautious stance on the Australia metals and mining sector have fed into modestly softer revenue growth assumptions and a slightly lower future P/E.
EVN
AU$12.62
Evolution Mining
7D
6.1%
1Y
74.6%

EVN: Higher Commodity Decks Will Likely Support Repriced Earnings Power

Analysts have lifted the fair value estimate for Evolution Mining from A$13.17 to A$13.91, reflecting higher price targets across the Street as they refresh commodity price decks and factor in updated views on gold and broader metals markets. Analyst Commentary Street research on Evolution Mining has shifted meaningfully in recent weeks as analysts refresh commodity price assumptions and update valuation models.
WGX
AU$5.89
Westgold Resources
7D
14.1%
1Y
110.4%
LYC
AU$18.96
Lynas Rare Earths
7D
-3.1%
1Y
168.6%
BHP
AU$50.39
BHP Group
7D
3.9%
1Y
29.6%

BHP: Commodity Cycles And China Recovery Will Shape Fairly Valued Outlook

Analysts have adjusted the BHP Group fair value estimate slightly higher to A$52.50. This reflects refreshed price targets that balance updated revenue and margin assumptions with mixed views on commodity exposure and valuation.
PLS
AU$5.12
PLS Group
7D
12.8%
1Y
222.0%

PLS: Higher Margins And Steady Output Will Support Stronger Share Pricing

Analysts have modestly revised their price target on PLS Group to A$5.80. This reflects slightly updated assumptions around discount rate, revenue growth, profit margin and future P/E, while keeping their overall valuation view broadly unchanged.
SMI
AU$0.67
Santana Minerals
7D
-13.5%
1Y
21.8%
CAY
AU$0.13
Canyon Resources
7D
-10.7%
1Y
-44.4%