FortescueASX:FMG -1.61%78 PB Ratio is 1.87 as of Jun. 25, 2026, which is 8% below its 10-year median of 2.04. GuruFocus rates ASX:FMG with a GF Score™ of 78/100 and a GF Value™ of A$19.96 (Fairly Valued). The stock has 6 warning signs investors should review. Among 2,358 Metals & Mining companies, Fortescue ranks better than 57% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-06-25), Fortescue's share price is A$18.94. Fortescue's Book Value per Share for the quarter that ended in Dec. 2025 was A$10.14. Hence, Fortescue's PB Ratio of today is 1.87.
The historical rank and industry rank for Fortescue's PB Ratio or its related term are showing as below:
ASX:FMG'
s PB Ratio Range Over the Past 10 Years
Min: 0.88 Med: 2.04 Max: 4.07
Current: 1.88
During the past 13 years, Fortescue's highest PB Ratio was 4.07. The lowest was 0.88. And the median was 2.04.
ASX:FMG's PB Ratio is ranked better than 57% of 2358
companies
in the Metals & Mining industry
Industry Median: 2.27
vs ASX:FMG: 1.88
During the past 12 months, Fortescue's average Book Value Per Share Growth Rate was 2.70% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 7.60% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 9.40% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 13.20% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Fortescue was 157.60% per year. The lowest was 0.00% per year. And the median was 18.60% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Fortescue PB Ratio Related Terms
Fortescue PB Ratio Historical Data
* Premium members only.
The historical data trend for Fortescue's PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Other Industrial Metals & Mining subindustry, Fortescue's PB Ratio, along with its competitors' market caps and PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Fortescue PB Ratio vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Fortescue's PB Ratio distribution charts can be found below:
* The bar in red indicates where Fortescue's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
Fortescue's PB Ratio for today is calculated as follows:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Fortescue (ASX:FMG) has a PB Ratio of 1.87 as of Jun. 25, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Fortescue and its competitors. This is near median its historical median of 2.04. Over the past decade, Fortescue's PB Ratio has ranged from 0.88 to 4.07. According to the industry distribution chart, Fortescue ranks #1014 out of 2358 companies in the Metals & Mining industry, placing it in the top 43%.
Is Fortescue's PB Ratio too high?
Fortescue's current PB Ratio of 1.87 is near median its 10-year median of 2.04. Over the past 10 years, this metric has ranged from a low of 0.88 to a high of 4.07. The Metals & Mining industry median PB Ratio is 2.27. Fortescue's value of 1.87 is 17.6% below this industry median. Based on the distribution chart, Fortescue ranks #1014 out of 2358 companies in the Metals & Mining industry, which is above the industry midpoint. Overall, Fortescue has a GF Score™ of 78/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Fortescue's PB Ratio compare to competitors?
According to the Metals & Mining industry distribution chart, Fortescue ranks #1014 out of 2358 companies for PB Ratio. This puts Fortescue in the upper half of its industry. The industry median PB Ratio is 2.27. Fortescue's value of 1.87 is 17.6% below this benchmark. Historically, Fortescue's own PB Ratio has ranged from 0.88 to 4.07 over the past decade. While the company's 10-year median is 2.04 vs. the industry median of 2.27, Fortescue has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good PB Ratio for a Metals & Mining company?
The median PB Ratio among Metals & Mining companies is 2.27, based on 2,358 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Fortescue's current PB Ratio of 1.87 is 17.6% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Fortescue and its competitors. For the Metals & Mining industry, the median PB Ratio is 2.27 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Fortescue's current PB Ratio is 1.87, which is near median its own 10-year median of 2.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fortescue stock overvalued right now?
Based on GuruFocus' analysis, Fortescue (ASX:FMG) is currently considered Fairly Valued. The stock's GF Value™ is A$19.96, compared to a current price of A$18.94 — trading 5.1% below its estimated fair value. The current PB Ratio is 1.87, which is near median its 10-year median of 2.04 and 17.6% below the Metals & Mining industry median of 2.27. Fortescue's overall GF Score™ is 78/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Fortescue (ASX:FMG), the current PB Ratio is 1.87 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Fortescue (ASX:FMG) Overvalued in 2026?
Based on GuruFocus' analysis, Fortescue stock appears to be undervalued.
The current stock price of A$18.94 is trading 5.1% below its estimated GF Value™ of A$19.96.
GuruFocus considers Fortescue to be Fairly Valued.
Key valuation signals for ASX:FMG:
PB Ratio: 1.87 (near median its 10-year median of 2.04)
GF Value™: A$19.96 vs. price of A$18.94 (5.1% below fair value)
Industry Position: 17.6% below the Metals & Mining median (#1014 of 2358)
No single metric tells the full story. See the ASX:FMG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Fortescue is an Australia-based iron ore miner. It has grown from obscurity at the start of 2008 to become the world's fourth-largest producer. Growth was fueled by debt, now repaid. Expansion from 55 million metric tons in fiscal 2012 to about 195 million metric tons in 2025 means Fortescue supplies around 10% of global seaborne iron ore. Further expansion to about 210 million metric tons is likely once its 22 million metric ton Iron Bridge magnetite mine ramps up, likely in 2028. However, with longer-term demand likely to decline as China's economy matures, its future margins are likely to be below historical averages. More recently, Fortescue diversified into copper and green energy. It has big ambitions here, but its efforts are at an early stage.
78GF Score
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