ASX 200 Index
0
−54.40 (−0.64%) today · 6M: −8.25%
ASX Top Holdings
| Symbol | Sector | Price | Chg% | Mkt Cap | P/E | Div Yield | 52W Range | Trend |
|---|
Latest Earnings
Last reported: H1 FY2026 · Feb 2026
● BEAT
H1 FY2026 (Dec 2025 half)
Revenue
US$25.2B
EBITDA
US$15.5B
EBITDA Margin
58%
Net Profit
US$6.2B
YoY NPAT
+20%
Op Cash Flow
US$9.4B
Net Debt
US$14.7B
Interim Div
US$0.73/sh
Payout Ratio
60%
Copper % EBITDA
51%
Guidance
FY26 copper guidance 1.9–2.0Mt
● IN LINE
H1 FY2026 (Dec 2025 half)
Cash NPAT
A$5,445M
YoY Cash NPAT
+6%
Stat NPAT
A$5,412M
Op Income
A$15.0B
NIM
2.04% (−4bps)
CET1 Ratio
12.3%
Interim Div
A$2.35/sh FF
Payout Ratio
74%
● BEAT
H1 FY2026 (Dec 2025 half)
Revenue
US$8.1B
NPAT (adj)
US$1.82B
YoY NPAT
+10%
EPS
A$8.94/sh
EBIT Margin
22.5%
Behring Revenue
US$5.6B
Seqirus Revenue
US$1.5B
Interim Div
US$1.34/sh
Guidance
FY26 NPAT growth ~10–13% at const. currency
● IN LINE
H1 FY2026 (Dec 2025 half)
Revenue
A$24.4B
EBIT
A$1.93B
NPAT
A$1.39B
YoY NPAT
+4%
Bunnings Revenue
A$10.1B
Kmart Group Rev
A$6.2B
Interim Div
A$1.16/sh FF
Payout Ratio
~76%
● IN LINE
H1 FY2026 (Mar 2026 half)
Cash NPAT
A$3.57B
YoY Cash NPAT
+3%
NIM
1.72%
CET1 Ratio
12.7%
Cost-to-Income
44.9%
Bad Debt Charge
A$364M
Interim Div
A$0.87/sh FF
Payout Ratio
70%
● MISS
H1 FY2026 (Mar 2026 half)
Cash NPAT
A$3.29B
YoY Cash NPAT
−6%
NIM
1.57%
CET1 Ratio
12.2%
Op Income
A$10.4B
Bad Debt Charge
A$550M
Interim Div
A$0.83/sh FF
Suncorp Integration
On track
● IN LINE
H1 FY2026 (Mar 2026 half)
Cash NPAT
A$3.44B
YoY Cash NPAT
+1%
NIM
1.80%
CET1 Ratio
12.5%
Cost-to-Income
47.2%
Bad Debt Charge
A$395M
Interim Div
A$0.76/sh FF
UNITE program
A$1.5B saves target
● BEAT
H1 FY2026 (Sep 2025 half)
NPAT
A$1.79B
YoY NPAT
+8%
EPS
A$4.89/sh
AUM
A$890B
Annuity-style %
73%
Capital Return
A$2.1B
Interim Div
A$2.90/sh FF
Guidance
FY26 "broadly in line" with FY25
● BEAT
Full Year FY2025
Revenue
US$53.7B
Underlying EBITDA
US$24.4B
EBITDA Margin
45%
Underlying NPAT
US$11.0B
FCF
US$6.8B
Net Debt
US$5.5B
Final Div
US$2.25/sh
Iron Ore EBITDA
US$14.2B (58%)
● MISS
H1 FY2026 (Dec 2025 half)
Revenue
US$7.7B
EBITDA
US$4.8B
NPAT
US$2.5B
YoY NPAT
−12%
Avg Realised Price
US$89/dmt
C1 Cost
US$18.5/wmt
Interim Div
A$0.50/sh FF
Payout Ratio
65%
● MISS
Full Year FY2025
Revenue
US$6.8B
EBITDAX
US$3.8B
Net Profit
US$1.54B
YoY NPAT
−18%
Production
188.3 MMboe
Unit Production Cost
US$8.3/boe
Final Div
US$0.38/sh
Scarborough Capex
US$12.5B (total)
● IN LINE
H1 FY2026 (Dec 2025 half)
Total Income
A$11.8B
EBITDA
A$3.78B
NPAT
A$920M
YoY NPAT
+7%
Mobile Rev
A$5.1B (+4%)
InfraCo Fixed
A$1.65B EBITDA
Interim Div
A$0.09/sh FF
T26 Guidance
EBITDA A$8.5–8.7B
Analyst Sentiment — Bulls vs Bears
Last updated: Mar 2026
Bull Case
- Argus raised BHP target to US$90 (Buy) — long-term fundamentals strong. China stabilization favors iron ore
- Strategic copper pivot (Antamina deal) positions for decarbonization demand. Target $95-$105 through 2026
- Forward P/E of 6.7 and PEG of 0.2B — significantly undervalued with 20.2% net margin
Bear Case
- China's CMRG expanded ban on BHP iron ore imports — port inventory buildup creates volume uncertainty
- Aborted £40B Anglo American bid raises M&A execution concerns. Multiple analyst downgrades
- Berenberg reiterates Sell — current price may reflect overly optimistic expectations
Bull Case
- Dominant retail banking franchise with highest NIM among big four — 2.04% in H1 FY26
- CET1 at 12.3% provides buffer for buybacks and dividend growth; 74% payout ratio sustainable
- Digital-first strategy reduces cost-to-income; CommBank app has 8.4M+ active users
Bear Case
- P/E of 28.4x is historically elevated — trading at significant premium to sector average
- NIM compression of 4bps signals margin pressure as competition for deposits intensifies
- RBA hike cycle risks higher provisions; household debt-to-income ratio near record levels
3-Year Fundamentals
FY2023 – FY2025 · annual reports
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $53.8B | $56.0B | $51.3B |
| EBITDA | $28.6B | $23.5B | $25.8B |
| Net Income | $12.9B | $7.9B | $9.0B |
| EPS | $2.55 | $1.56 | $1.78 |
| Total Debt | $24.1B | $20.2B | $24.5B |
| Cash | $12.4B | $12.4B | $11.8B |
| Free Cash Flow | $11.6B | $11.8B | $9.3B |
| Dividends Paid | $13.3B | $7.7B | $6.4B |
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | A$28.1B | A$27.6B | A$28.9B |
| Net Income | A$10.2B | A$9.8B | A$10.5B |
| EPS | A$6.01 | A$5.84 | A$6.21 |
| NIM | 1.99% | 1.95% | 2.04% |
| CET1 Ratio | 12.2% | 12.3% | 12.3% |
| ROA | 0.87% | 0.82% | 0.85% |
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | US$14.8B | US$15.4B | US$16.5B |
| Net Income | US$2.1B | US$2.8B | US$3.4B |
| EPS | A$5.99 | A$7.34 | A$8.74 |
| R&D Expense | US$1.3B | US$1.4B | US$1.5B |
BHP Group Limited
ASX: BHP · Materials · Mining
World's largest mining company by market cap. Diversified across iron ore, copper, coal, and nickel. Headquartered in Melbourne with operations across six continents.
CEOMike Henry
Employees~80,000
SectorBasic Materials
IndustryDiversified Mining
IPO Date1885
HQMelbourne, Australia
Websitebhp.com
HOLD
Target: $48.00
Bernstein, 9 Mar
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News & Market Context
Market Risk Indicators
Iron Ore Risk72/100
Rate Sensitivity81/100
China Exposure68/100
Energy Sector54/100