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Glencore is divided into two sub-divisions:

• Marketing, physically sourcing and trading third-party and own-sourced commodities, which grew 142% to $3.3bn over the reporting period through trading commodity volatility
• Industrial Activities, direct mining and refining of copper, zinc, nickel, and coal which grew 72% to $6.5bn. Copper generated a 52% mining margin, steel-making coal achieved 38% and energy coal contributed 19% of the total.

Shareholder Capital

According to information published for the trailing 12-month period ended 30 June 2026, the company had a market cap of £62,888.21mn. The most recent assessment points to an increased market cap of £63.72bn. In terms of share capital, its free float for the last reporting period was £10,108.17min with shares outstanding of £11,719.30mn.

The company is planning an Australian listing, on top of a $500mn share buyback initiative, which together with a $1bn shareholder payout ($1bn at 8.5c per share), reportedly brings shareholder returns to $3.5bn.

This is “expected to strengthen one of our most important operating jurisdictions, broaden our shareholder base, improve trading liquidity and enhance corporate financial flexibility,” the company explained the new listing rationale in its annual report for 2025-6.

Reported Profits, Distributions and Tax Margins

Revenue is up year-on-year (yoy) by 49% for H1 2026, from USD 117,396mn to 174,430mn. Adjusted EBITDA is up 86% from USD 5,430mn to 10,115mn. Reported earnings per share are GBP 3.07.

The 2026 report stated that funds from operations were up 158%, with cash purchase and sales of PP&E of $4.0bn vs $3.2bn in the prior reporting period. It explained, a “substantial part of the increase comprises copper portfolio investments to secure land access to support growth and operational flexibility.”

Net income attributable to equity holders pre-significant items was $3.7bn, now $4.4bn, “reflecting gains on disposals of non-current assets, recognition of deferred tax assets and impairments.”

However there is a lower reported EBITDA margin of 4.1% in FY2026 vs an industry median of 10.43%, suggesting tax reporting has not been optimised.

Glencore projected in its financial report that “Based on current commodity prices, and an unexpected uplift in H2 volumes, particularly for steel-making coal, we anticipate continued strong cash generation through the remainder of 2026.”

Drill-down into the SFP Statement of Financial Position

In terms of its balance sheet, net debt decreased $10bn to $10.2bn. Capital expenditure deductions valued at $4.0bn, with $19bn in non-RMI net working capital, and $1.1bn in shareholder distributions. Its net debt encompasses $1.2bn in marketing lease liabilities.

Equity analyst Kalkine said that Glencore’s debt profile demonstrated “Disciplined capital allocation, manageable leverage, and diversified operations” which “should support financial flexibility amid commodity market volatility.”

The company’s net funding grew to $42.4bn, a yoy increase from $39.4bn at the end of 2025, “primarily reflecting the impact of high energy and metals prices on our Readily Marketable Inventories held at period end.”

Kalkine points to -1.7% decline in free cash flow yield, vs -0.4% in H12025. However Glencore retains “committed liquidity” of $14.0bn. Company policy is that bond payments do not exceed $3bn in any given year.

Investment Insight

The company’s net debt/adjusted EBITDA of 0.56x, down from 0.83x, shows improvement. It generates EPS (TTM trailing twelve-month period) GBP 0.46 with an annual dividend yield of 2.33%, ROE of 13.83% and tangible book value per share of 3.07GBP (as per last reported filings).

In terms of operational profitability, asset turnover increased from 1.65 FY24, to 1.82 in FY25, remaining consistent at 1.86 in FY26., which Kalkine asserts was “indicating better asset utilisation, while the cash cycle shortened materially, reflecting stronger working-capital efficiency and supporting improved operational performance.”

An analyst note stated that price/EPS Multiple NTM (Peer avg) (approx) was 12.10x, compared with an implied price/EPS multiple of 12.22x for Glencore alone. Its target share price was £598.83.