Fortescue stock trades near its 52-week low as profit diverges

Fortescue stock (ISIN AU000000FMG4) was trading at AUD 16.33 on the Sydney exchange on September 28, 2026, only 1.18 percent above its 52-week low of AUD 16.14. The valuation backdrop combines record shipments with a sharp gap between underlying and statutory profit.

FY26 revenue rises 9 percent

Fortescue's FY26 revenue increased 9 percent to US$16.97 billion, while underlying net profit after tax rose 3 percent to US$3.46 billion, according to Kapitales Research in its September 9, 2026 review of the August 20, 2026 results. Fortescue's investor centre reports record FY26 iron ore shipments of 201.3 million tonnes, underlying NPAT of US$3.5 billion and free cash flow of US$3.2 billion.

The comparison is less favorable on a statutory basis. Statutory NPAT fell 15 percent to US$2.86 billion, with the result affected by a US$525 million non-cash Iron Bridge impairment and a US$73 million compensation claim expense, according to Kapitales Research.

Bell Potter shifts to Hold

Analyst sentiment added a separate signal on September 22, 2026, when Bell Potter Securities upgraded Fortescue from Sell to Hold, according to Fintel. The same report said actual EPS of US$0.509 was below an estimate of US$0.5834, a negative surprise of 12.75 percent.

For investors, the operating figures and the stock valuation point in different directions. FY26 shipments reached a record level, but statutory earnings captured project and compensation costs that reduced reported profitability.

Stock remains near yearly low

Fortescue stock was trading at AUD 16.33 on September 28, 2026, down 0.27 percent from the previous close of AUD 16.37. The session range was AUD 16.26 to AUD 16.52, volume was 2,430,000 shares, and market capitalization was AUD 50.2 billion.

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