Want to see GB:GLEN full AI Analyst Report?
Top Page
Glencore
(LSE:GLEN)
Select Model
Select Model
Rating:59Neutral
Price Target:
575.00 p
▼(-4.50% Downside)
Action:Reiterated
Date:08/05/26
The score is driven primarily by middling financial fundamentals (thin/volatile profitability, weak free-cash-flow conversion, and rising leverage) despite improving results. Technicals are supportive with the stock trading above key moving averages, and the earnings call added a positive boost via strong H1 performance, debt reduction and shareholder returns, partially offset by cost pressures and safety incidents. Valuation meaningfully detracts due to the very high P/E and zero dividend yield.
Positive Factors
Integrated global commodity platform
Glencore’s integrated model links physical production with global marketing, logistics, storage and financing capabilities. This diversification can improve placement and realization of its own output while giving the trading platform access to market intelligence and physical volumes across multiple commodity value chains.
Negative Factors
Thin and volatile profitability
Very thin margins leave earnings vulnerable to changes in commodity prices, operating performance and processing economics. The sharp compression from prior strong years also indicates that revenue recovery has not translated consistently into durable profitability, limiting resilience across the commodity cycle.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated global commodity platform
Glencore’s integrated model links physical production with global marketing, logistics, storage and financing capabilities. This diversification can improve placement and realization of its own output while giving the trading platform access to market intelligence and physical volumes across multiple commodity value chains.
Read all positive factors
Glencore (GLEN) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£70.39B
Dividend Yield2.2%
Average Volume (3M)44.66M
Price to Earnings (P/E)17.9
Beta (1Y)1.24
Revenue Growth26.71%
EPS GrowthN/A
CountryUK
Employees140,000
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)0.46
Shares Outstanding11,737,979,500
10 Day Avg. Volume49,717,210
30 Day Avg. Volume44,658,552
Financial Highlights & Ratios
PEG Ratio-1.42
Price to Book (P/B)1.68
Price to Sales (P/S)0.26
P/FCF Ratio165.16
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£638.18Price Target Upside5.99% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)0.59
Revenue Forecast (FY)£309.86B
Glencore Business Overview & Revenue Model
Company Description
Based in Baar, Switzerland, and established in 1974, Glencore plc operates as a global diversified commodity company involved in the production, refining, processing, storage, transportation, and marketing of a wide array of metals, minerals, and ...
How the Company Makes Money
Glencore makes money through two main sources: (1) its Marketing business (commodity trading and supply) and (2) earnings from its Industrial assets (commodity production and processing).
1) Marketing (commodity trading, logistics, and originatio...
Glencore Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 24, 2027
Earnings Call Sentiment Positive
The call conveyed strong operational and financial momentum: robust adjusted EBITDA (US$10.1bn), exceptional marketing results, marked cash generation (FFO +158%), net debt reduction and active capital returns alongside clear progress on a sizeable copper growth pipeline and an ASX secondary listing. Counterbalancing this are meaningful short‑term cost pressures (diesel, sulphur, sulphuric acid), increased working capital/margin calls, some mine‑specific underperformance and, most seriously, four fatalities that prompted intensified safety actions. On balance, the positives (earnings, cash, growth milestones, shareholder returns) materially outweigh the transitory and operational negatives.Positive Updates
Strong overall financial performance
Adjusted EBITDA $10.1bn for H1 2026 driven by industrial EBITDA of $6.5bn and marketing EBIT of $3.3bn; net income $4.4bn; funds from operations $8.1bn (up 158% year‑on‑year).
Negative Updates
Fatal safety incidents
Four colleagues were lost in two separate incidents in H1 2026; management described this as a significant wake‑up call and is intensifying safety efforts—safety remains the company’s #1 priority.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong overall financial performance
Adjusted EBITDA $10.1bn for H1 2026 driven by industrial EBITDA of $6.5bn and marketing EBIT of $3.3bn; net income $4.4bn; funds from operations $8.1bn (up 158% year‑on‑year).
Read all positive updates
Company Guidance
The group reiterated it is on track to meet full‑year operational guidance after delivering H1 production within guidance for a second consecutive year, reporting H1 adjusted industrial EBITDA of $6.5bn, adjusted marketing EBIT $3.3bn and total adjusted EBITDA $10.1bn, with net debt down $1.0bn to $10.2bn and funds from operations of $8.1bn (up 158%). Management kept 2026 capital plans broadly unchanged but increased assumed CapEx ~5% from the $6.5bn starting point (H1 industrial CapEx $3.9bn) and announced a $1.5bn shareholder return (US$1.0bn cash + $0.5bn buyback). Copper targets remain circa 1.0Mtpa baseline by 2028 and ~1.6Mtpa by 2035 (Alumbrera now expected to restart late‑2027; KCC pathway to 300ktpa; Collahuasi leach cathode expected by year‑end), and the company confirmed an Oct‑2026 ASX secondary listing with an ambition to reach ASX200 (AUD1.5bn on‑line within 12 months) and ultimately ASX100 (~AUD5.5bn).Glencore Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
60
Neutral
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 303.69B | 252.75B | 230.94B | 217.83B | 255.98B | 203.75B |
| Gross Profit | 10.24B | 5.49B | 6.28B | 10.78B | 27.26B | 12.38B |
| EBITDA | 14.30B | 10.52B | 9.85B | 15.32B | 32.23B | 16.03B |
| Net Income | 5.39B | 370.62M | -1.63B | 4.28B | 17.32B | 4.97B |
Balance Sheet | ||||||
| Total Assets | 156.25B | 142.25B | 130.46B | 123.87B | 132.58B | 127.51B |
| Cash, Cash Equivalents and Short-Term Investments | 3.64B | 2.95B | 2.17B | 1.95B | 1.97B | 2.69B |
| Total Debt | 45.49B | 41.49B | 38.11B | 32.24B | 28.78B | 34.64B |
| Total Liabilities | 119.25B | 108.63B | 94.80B | 85.63B | 87.36B | 90.59B |
| Stockholders Equity | 41.94B | 38.87B | 40.67B | 43.58B | 49.41B | 39.93B |
Cash Flow | ||||||
| Free Cash Flow | -97.01M | 395.12M | 4.44B | 6.55B | 9.48B | 5.24B |
| Operating Cash Flow | 6.56B | 6.45B | 10.05B | 11.04B | 13.66B | 8.86B |
| Investing Cash Flow | -5.30B | -4.95B | -11.72B | -3.56B | -1.72B | -541.00M |
| Financing Cash Flow | -321.46M | -1.00B | 2.14B | -7.49B | -13.20B | -6.52B |
Glencore Technical Analysis
Positive
602.10
Price Trends
543.99
Positive
552.40
Positive
506.95
Positive
Market Momentum
16.41
Negative
67.00
Neutral
66.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:GLEN, the sentiment is Positive. The current price of 602.1 is above the 20-day moving average (MA) of 580.15, above the 50-day MA of 543.99, and above the 200-day MA of 506.95, indicating a bullish trend. The MACD of 16.41 indicates Negative momentum. The RSI at 67.00 is Neutral, neither overbought nor oversold. The STOCH value of 66.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:GLEN.
Glencore Risk Analysis
Glencore disclosed 11 risk factors in its most recent earnings report. Glencore reported the most risks in the "Macro & Political" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Glencore Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | £130.72B | 13.90 | 18.86% | 4.55% | 10.86% | 13.41% | |
59 Neutral | £70.39B | 17.87 | 13.34% | 2.20% | 26.71% | ― | |
54 Neutral | £44.96B | -23.66 | -15.45% | 0.69% | -13.95% | 40.97% | |
46 Neutral | £120.63M | -31.72 | -15.04% | ― | ― | 36.62% | |
46 Neutral | £84.53M | -2.28 | ― | ― | ― | ― |
* Basic Materials Sector Average
GB:GLEN
Glencore
603.80
323.40
115.34%
GB:AAL
Anglo American
4,190.00
1,924.73
84.97%
GB:ALL
Atlantic Lithium
15.30
5.50
56.12%
GB:JLP
Jubilee Metals Group
2.50
-0.68
-21.38%
GB:RIO
Rio Tinto
7,642.00
3,165.65
70.72%
Glencore Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Glencore Announces Additional $1 Billion Cash Distribution to Shareholders
Positive
Aug 6, 2026
Glencore plc has announced an additional cash distribution of $0.085 per ordinary share from its capital contribution reserves, totalling about $1 billion, to be paid alongside the previously approved second tranche distribution of the same amount...
Business Operations and StrategyStock BuybackDelistings and Listing ChangesDividendsFinancial Disclosures
Glencore rides commodity surge with profit jump and plans ASX listing
Positive
Aug 5, 2026
Glencore reported a sharp rebound in first-half 2026 results, as surging energy and metals prices and heightened market volatility linked to the Middle East conflict drove Group Adjusted EBITDA up 86% to $10.1 billion and net income to $4.4 billio...
Business Operations and StrategyFinancial Disclosures
Glencore lifts copper output and holds guidance as marketing earnings stay strong
Positive
Jul 29, 2026
Glencore reported a robust operational performance for the first half of 2026, with own‑sourced copper output rising 15% year on year to 397,000 tonnes, driven by higher mining rates and grades in African Copper and stronger grades at Peru&#...
Business Operations and StrategyRegulatory Filings and Compliance
Glencore Updates Share Capital and Voting Rights After Employee Trust Share Purchase
Neutral
Jul 2, 2026
Glencore has confirmed that as of 30 June 2026 its issued share capital comprised 13,003,464,600 ordinary shares, of which 1,265,485,108 were held in treasury and therefore did not carry voting rights. This leaves a total of 11,737,979,492 voting ...
Business Operations and StrategyExecutive/Board Changes
Glencore Director Martin Gilbert Joins Liontrust Board After River Global Deal
Positive
Jul 1, 2026
Glencore has disclosed that non-executive director Martin Gilbert has been appointed an independent non-executive director on the board of Liontrust Asset Management, effective 1 July 2026, following Liontrust’s acquisition of River Global H...
Business Operations and StrategyFinancial Disclosures
Glencore sets dates for 2026 half-year production and results updates
Neutral
Jul 1, 2026
Glencore, the global diversified natural resource group and major producer and marketer of over 60 commodities, operates an extensive network of industrial and marketing assets that support customers in automotive, steel, power generation, battery...
Business Operations and StrategyExecutive/Board ChangesDelistings and Listing Changes
Glencore Chair Joins Board of Newly Listed NYSE Company Sinda Ltd.
Positive
Jun 30, 2026
Glencore has disclosed that its non-executive chairman, Kalidas Madhavpeddi, has joined the board of Sinda Ltd. as a non-executive director, following Sinda’s public listing on the New York Stock Exchange under the ticker SIND on 26 June 202...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.