GLEN · LSE · Mining/Commodities
Glencore plc is one of the world’s largest diversified natural resources companies, with operations across commodity trading, mining, processing, recycling, logistics, and marketing.
Current price
582.90p
▼ −3.40p (0.58%) today
ET&A View
Last reviewed 15 September 2026
ET&A likes the company but would prefer investors to build exposure gradually.
Glencore offers an unusually diversified exposure to global commodities, combining major copper, zinc, nickel and coal assets with a commodity-marketing operation capable of generating substantial earnings during periods of…
Business Health
Is the business financially healthy?
Some weaknesses
Watch revenue, earnings, margins and cash generation.
Overall
Revenue
$304.6bn · ↑ +7% last year
Earnings
$5.4bn · ↓ −72% a year
Margins
Keeps 3% of sales as operating profit
Cash generation
Uses more cash than it brings in
Balance sheet
Debt ≈ 3.3 years of earnings
Dividend
2.2% yield · Pays out 30% of earnings · covered 3.3×
Investor View
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Glencore offers an unusually diversified exposure to global commodities, combining major copper, zinc, nickel and coal assets with a commodity-marketing operation capable of generating substantial earnings during…
The complete ET&A view
See our full reasoning, what could drive the shares higher or go wrong, our Fair Value and Preferred Entry, and how our view has changed.
Reported annual results, newest first · Market data. “Growth” is the change in sales on the year before.
| Year | Revenue | Growth | Operating margin | Net income | EPS | Free cash flow |
|---|---|---|---|---|---|---|
| FY2025 | $247.5bn | +7.2% | 1.3% | $363m | $0.03 | −$290m |
| FY2024 | $230.9bn | +6.0% | 1.9% | −$1.6bn | −$0.13 | $4.4bn |
| FY2023 | $217.8bn | −14.9% | 4.0% | $4.3bn | $0.34 | $6.6bn |
| FY2022 | $256.0bn | — | 9.7% | $17.3bn | $1.32 | $9.5bn |
Long-term investors who want growth and income
Also suits: Investors who want a mix of growth and stability
We don’t cover another company in this sector yet.
Compare Glencore plc with any company → The model’s own peer calculations are in the Research View.
Glencore plc is one of the world’s largest diversified natural resources companies, with operations across commodity trading, mining, processing, recycling, logistics, and marketing. The company produces and markets a wide range of metals, minerals, and energy products, including copper, cobalt, zinc, nickel, ferroalloys, coal, oil, gas, and other industrial commodities used by customers across automotive, steel, power generation, battery manufacturing, and energy markets.
Glencore’s strength comes from the combination of its physical commodity marketing business and its ownership of industrial assets. Its trading network gives it insight into global supply and demand, while its mining and processing assets provide exposure to key materials needed for infrastructure, electrification, energy security, and the transition to lower-carbon technologies. This makes Glencore one of the most important companies in global commodities, with relevance across both today’s energy system and future-facing metals markets.
Mining/Commodities · UK & Switzerland
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As of 13 October 2026
Standard ways of comparing the share price with the company’s earnings, sales and cash. Tap the “i” for what each one means.
| Measure | Today | Source |
|---|---|---|
| P/E | Members | |
| Forward P/E | Members | |
| EV/EBITDA | Members | |
| Price/Sales | Members | |
| FCF Yield | Members |
Valuation ratios are part of ET&A membership.
Other published measures
Use the 5Y and Max ranges on the price chart at the top of the page.
Forecasts are market consensus or calculated from forward EPS — not ET&A estimates, and they can be wrong.
Powered by the ET&A Valuation FrameworkHow Fair Value & Preferred Entry work →
Read the full ET&A methodology →The ET&A View combines our assessment of the business with where today’s price sits against our Preferred Entry and Fair Value. It is a considered judgement, not a mechanical score.
ET&A Score: ET&A's overall assessment of business quality, valuation, growth and risk, out of 10. It weighs business quality, financial strength, growth, valuation, risk, future prospects.
Powered by the ET&A Company Assessment FrameworkSee the full framework →
The automatic, rules-based scores that feed our research. The ET&A Score blends these with our own analysis of the business and its value. How the framework works →
Unprofitable · Stretched · Strong
Context — not part of the score
Valuation and share-price swings describe the shares, not the company, so they are judged in the ET&A Score and View instead.
Based on the factors that could be measured (45% of the model).
Each area is scored from 0 to 10 on ET&A’s methodology scales — the same ones our research uses — then given a word: Excellent from 8.5, Strong from 7, Good from 5.5, Average from 4.5, Below Average from 3, Weak below 3. The overall answer is the average of the areas we could rate (at least three); the dividend isn’t part of it.
| Area | Based on | Score | Rating |
|---|---|---|---|
| Revenue |
Rated on 3-year average revenue growth, on ET&A's growth scale. | 3.6 / 10 | Below Average |
| Earnings |
Rated on 3-year average earnings growth, on ET&A's growth scale. | 2.0 / 10 | Weak |
| Margins |
The average of operating and net margin, each scored on ET&A's margin scales. A negative margin scores 1 (Weak). | 3.5 / 10 | Below Average |
| Cash generation |
Free cash flow as a share of sales, on ET&A's cash-generation scale. | 4.0 / 10 | Below Average |
| Balance sheet |
Net debt ÷ EBITDA — roughly how many years of operating earnings would repay the debt — on ET&A's leverage scale. | 4.9 / 10 | Average |
| Dividend |
Dividend yield on ET&A's income scale. Not part of the overall health rating. | 5.2 / 10 | Average |
| Overall | Average of the 5 rated areas | 3.6 / 10 | Below Average |
Where each band starts on the scales above. They are fixed and identical for every company we cover; they come straight from ET&A’s methodology, so a company is judged the same way here as in our research.
| Measure | Excellent | Strong | Good | Average | Below Average | Weak |
|---|---|---|---|---|---|---|
| GrowthStructural Growth (Fundamental Conviction) | 18%+ | 10%+ | 5.0%+ | 1.7%+ | −2.5%+ | below −2.5% |
| Operating marginCompetitive Position (Fundamental Conviction) | 29%+ | 20%+ | 13%+ | 7.5%+ | 0%+ | below 0% (loss) |
| Net marginEarnings Durability (Fundamental Conviction) | 23%+ | 15%+ | 9.8%+ | 6.0%+ | 0%+ | below 0% (loss) |
| Free-cash-flow marginCapital Allocation (Fundamental Conviction) | 15%+ | 8.5%+ | 3.8%+ | 1.3%+ | −2.5%+ | below −2.5% |
| Net debt ÷ EBITDAStructural Risk (Fundamental Conviction) | net cash | ≤ 1.5× | ≤ 2.8× | ≤ 3.6× | ≤ 5.0× | above 5.0× |
| Return on equity (banks & insurers)Bank and insurer quality | 16%+ | 12%+ | 9.0%+ | 6.7%+ | 2.7%+ | below 2.7% |
| Equity ÷ assetsBank capital | 7.5%+ | 6.0%+ | 4.7%+ | 4.0%+ | any | — |
| Dividend yieldIncome factor (ET&A Quant Score) | 5.8%+ | 4.0%+ | 2.5%+ | 1.8%+ | 1.0%+ | below 1.0% |
Band floors: Excellent 8.5 · Strong 7 · Good 5.5 · Average 4.5 · Below Average 3 (scores out of 10). Utilities and property companies’ structural debt is scored 6.5, as in ET&A’s risk model.
No research notes have been published for Glencore plc yet.
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ET&A Research · 17 August 2026 · 11 min read