# Fresnillo plc (FRES.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Basic Materials / Metals & Mining. Price 3071p, market value 22.6 billionp.

## Valuation
- **P/E (trailing): 13.4×** (5-yr avg 2171.8×, 3-yr avg 2286.8×). Fresnillo plc trades at 13.4× trailing earnings, well below its own five-year average of 2171.8×: cheap by its own standards. The Basic Materials median in the September 2026 study was 19.0×. Forward P/E is 13.9×, higher than trailing, so analysts expect earnings to fall.
- **PEG: 0.02**. A PEG of 0.02 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 3.8×**. Each dollar of revenue is priced at 3.8×.
- **Price / book: 6.0×**. The shares trade at 6.0× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **EV / EBITDA: 7.4×**. Enterprise value is 7.4× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 9.2%** (5-yr avg 0.1%). Free cash flow equals 9.2% of the market value, above its five-year average of 0.1%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 7.5%**. The inverse of the P/E: 7.5% of the price is earned each year.

## Profitability
- **Gross margin: 46.8%**. Fresnillo plc keeps 46.8% of revenue after the direct cost of what it sells.
- **Operating margin: 39.8%**. 39.8% of revenue is left after running the business, an exceptional level.
- **Net margin: 30.7%**. 30.7% of each dollar of sales reaches the bottom line.
- **Return on equity: 30.5%**. 30.5% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on invested capital: 74.6%**. Return on all capital, debt included, is 74.6%: comfortably above what that capital costs.
- **Return on assets: 21.0%**. Each dollar of assets produces 21.0% of profit.

## Growth
- **Revenue growth (1 yr): 31.8%** (3-yr 23.7%/yr, 5-yr 13.7%/yr). Revenue grew 31.8% over the last year, against 13.7% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 910.5%** (3-yr 73.1%/yr, 5-yr 30.4%/yr). Earnings per share rose 910.5%, faster than revenue, so margins expanded or the share count shrank.

## Financial health
- **Debt to equity: 0.18**. Debt is 0.18 times equity: a conservative balance sheet.
- **Net debt / EBITDA: net cash**. Fresnillo plc holds more cash than debt.
- **Interest coverage: 61.5×**. Operating profit covers interest 61.5× over, a safe margin.
- **Current ratio: 4.35** (quick 3.88). Current assets cover the next year's liabilities 4.35 times.
- **Piotroski F-score: 8/9**. 8 of 9 fundamental checks pass: strong and improving financials.

## Dividends
- **Dividend yield: 3.55%** (1p per share, trailing). Fresnillo plc yields 3.55%, an income-level yield.
- **Payout ratio: 47%** (25% of free cash flow). 47% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 1**. 1 straight year of increases.
- **Dividend growth (5 yr): 42.4%/yr** (1-yr 690.7%). The dividend has compounded at 42.4% a year over five years, doubling roughly every 2 years at that pace.
- **Shareholder yield: 3.5%**. Dividends plus net buybacks return 3.5% of the market value a year.

## Analyst view
- **Analyst consensus: hold** (14 analysts). 14 analysts cover Fresnillo plc; the consensus is hold, with an average price target of 3309p (+8% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 45.6%** (YTD -7.5%, 3-mo 2.9%). The shares are up 45.6% over twelve months including dividends.
- **From 52-week high: -31.3%** (53.5% above the low). Trading 31% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 55**. An RSI of 55 is neutral.
- **Beta (1 yr): 2.19** (volatility 57%). Beta of 2.19 against the FTSE All-Share: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=FRES.L · Page: https://foliofundamentals.com/stocks/fres.l

Not investment advice.