Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. South32's average basic shares outstanding for the quarter that ended in Dec. 2025 was 4,491 Mil.
A company may buy back shares or issue shares in any fiscal period. If a company buys back shares, we should observe that the total number of shares decline. If the company issues new shares, the number of shares outstanding increases.
Be Aware
Usually the presence of treasury shares and a history of buyback are good indicators that company has competitive advantage. But studies have shown that companies usually buy back at wrong time. Buying back shares below its intrinsic value increases value for remaining shareholders. Buying back overvalued shares destroys value for existing shareholders.
South32 Shares Outstanding (Basic Average) Related Terms
South32 Shares Outstanding (Basic Average) Historical Data
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The historical data trend for South32's Shares Outstanding (Basic Average) 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.
Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. They have voting rights and represent ownership in the corporation by the person that holds the shares. They should be distinguished from treasury shares, which are shares held by the corporation itself, having no exercisable rights.
Shares outstanding can be calculated as either basic or fully diluted. The fully diluted shares outstanding count includes diluting securities, such as options, warrants or convertibles.
Please note: GuruFocus named Shares Outstanding (EOP) is the shares for that exact time point. It is usually used to calculate balance sheet related items, such as Book Value per Share, etc. While Shares Outstanding (Diluted Average) and Shares Outstanding (Basic Average) are the weighted average shares over a period of time (a year, a quarter, or so). They are usually used to calculate income statement or cashflow statement related items, such as Earnings per Share (Diluted), etc.
What does a Shares Outstanding (Basic Average) of 4,491 Mil mean?
South32 (FRA:32Z) has a Shares Outstanding (Basic Average) of 4,491 Mil as of Dec. 2025. The average shares outstanding over two periods not accounting for dilutive securities like convertible bonds. View historical data on South32 and its competitors.
Is South32's Shares Outstanding (Basic Average) too high?
South32's current Shares Outstanding (Basic Average) is 4,491 Mil. Overall, South32 has a GF Score™ of 71/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does South32's Shares Outstanding (Basic Average) compare to competitors?
South32's Shares Outstanding (Basic Average) of 4,491 Mil can be compared against companies in the Metals & Mining industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Shares Outstanding (Basic Average) for a Metals & Mining company?
A good Shares Outstanding (Basic Average) depends on the Metals & Mining industry context. However, Shares Outstanding (Basic Average) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Shares Outstanding (Basic Average) mean?
A high Shares Outstanding (Basic Average) can signal that a stock is expensive relative to its fundamentals. The average shares outstanding over two periods not accounting for dilutive securities like convertible bonds. View historical data on South32 and its competitors. South32's current Shares Outstanding (Basic Average) is 4,491 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is South32 stock overvalued right now?
Based on GuruFocus' analysis, South32 (FRA:32Z) is currently considered Fairly Valued. The stock's GF Value™ is €2.26, compared to a current price of €2.42 — trading 7.1% above its estimated fair value. The current Shares Outstanding (Basic Average) is 4,491 Mil. South32's overall GF Score™ is 71/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Shares Outstanding (Basic Average) calculated?
Shares Outstanding (Basic Average) is calculated from a company's financial statements. For South32 (FRA:32Z), the current Shares Outstanding (Basic Average) is 4,491 Mil as of Dec. 2025. 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 South32 (FRA:32Z) Overvalued in 2026?
Based on GuruFocus' analysis, South32 stock appears to be overvalued.
The current stock price of €2.42 is trading 7.1% above its estimated GF Value™ of €2.26.
GuruFocus considers South32 to be Fairly Valued.
Key valuation signals for FRA:32Z:
Shares Outstanding (Basic Average): 4,491 Mil
GF Value™: €2.26 vs. price of €2.42 (7.1% above fair value)
No single metric tells the full story. See the FRA:32Z stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
South32 was born of the demerger of noncore assets from BHP in 2015. Its major operations include alumina businesses in Australia and Brazil, aluminum in Brazil, South Africa, and Mozambique, and manganese businesses in Australia and South Africa. It sold New South Wales metallurgical coal in August 2024 and the Cerro Matoso nickel mine in Colombia in December 2025. It also owns the Cannington silver/lead/zinc mine in Queensland. Its Australian manganese operations deliver high returns, but have a relatively short reserve life. The company acquired Arizona Mining, which brings with it the high-grade and likely low-cost Taylor project in the US, and also entered the copper business in 2022 via the purchase of a 45% stake in the Sierra Gorda mine in Chile.
71GF Score
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