Latest Ratios: P/E Ratio 15.3x · EV/EBITDA 7.5x · ROE 16.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $152.0B | $131.1B | $96.1B | $121.5B | $116.0B | $109.0B | $122.5B | $97.5B | $84.0B | $95.2B | $69.6B |
| Enterprise Value | $166.6B | $145.7B | $103.1B | $126.2B | $121.5B | $109.8B | $126.1B | $104.2B | $87.1B | $100.7B | $79.7B |
| P/E Ratio → | 15.34 | 13.12 | 8.32 | 12.09 | 9.37 | 5.17 | 12.54 | 12.16 | 6.15 | 10.87 | 15.08 |
| P/S Ratio | 2.63 | 2.27 | 1.79 | 2.25 | 2.09 | 1.72 | 2.75 | 2.26 | 2.07 | 2.38 | 2.06 |
| P/B Ratio | 2.29 | 1.96 | 1.66 | 2.16 | 2.22 | 1.93 | 2.36 | 2.15 | 1.69 | 1.86 | 1.52 |
| P/FCF | 31.52 | 27.19 | 16.07 | 15.05 | 12.36 | 6.07 | 12.65 | 10.34 | 13.14 | 10.13 | 12.76 |
| P/OCF | 8.84 | 7.63 | 6.16 | 8.01 | 7.19 | 4.30 | 7.72 | 6.54 | 7.10 | 6.86 | 8.22 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.52 | 1.92 | 2.33 | 2.19 | 1.73 | 2.83 | 2.41 | 2.15 | 2.52 | 2.36 |
| EV / EBITDA | 7.47 | 6.54 | 4.98 | 5.98 | 4.59 | 3.14 | 5.87 | 5.04 | 3.95 | 5.34 | 6.71 |
| EV / EBIT | 11.16 | 10.60 | 7.37 | 8.95 | 6.67 | 3.66 | 8.40 | 9.16 | 4.80 | 7.71 | 11.71 |
| EV / FCF | — | 30.22 | 17.24 | 15.63 | 12.95 | 6.11 | 13.02 | 11.05 | 13.63 | 10.72 | 14.62 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.1% | 28.1% | 56.4% | 32.0% | 61.7% | 70.8% | 65.3% | 62.0% | 59.1% | 60.5% | 54.0% |
| Operating Margin | 25.9% | 25.9% | 29.2% | 27.4% | 35.9% | 47.0% | 37.7% | 36.8% | 43.6% | 35.3% | 20.1% |
| Net Profit Margin | 17.3% | 17.3% | 21.5% | 18.6% | 22.3% | 33.3% | 21.9% | 18.6% | 33.7% | 21.9% | 13.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.0% | 16.0% | 20.2% | 18.5% | 22.8% | 38.9% | 20.1% | 16.9% | 27.0% | 18.1% | 10.3% |
| ROA | 8.7% | 8.7% | 11.2% | 10.0% | 12.4% | 21.1% | 10.6% | 9.0% | 14.6% | 9.5% | 5.1% |
| ROIC | 15.3% | 15.3% | 18.6% | 18.7% | 26.0% | 39.6% | 23.5% | 22.7% | 24.2% | 18.8% | 8.9% |
| ROCE | 14.6% | 14.6% | 17.2% | 16.8% | 22.7% | 33.9% | 20.7% | 20.3% | 21.5% | 17.2% | 8.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.35 | 0.35 | 0.24 | 0.25 | 0.23 | 0.24 | 0.27 | 0.33 | 0.28 | 0.31 | 0.40 |
| Debt / EBITDA | 1.05 | 1.05 | 0.67 | 0.68 | 0.46 | 0.39 | 0.65 | 0.71 | 0.63 | 0.85 | 1.55 |
| Net Debt / Equity | — | 0.22 | 0.12 | 0.08 | 0.11 | 0.01 | 0.07 | 0.15 | 0.06 | 0.11 | 0.22 |
| Net Debt / EBITDA | 0.66 | 0.66 | 0.34 | 0.22 | 0.21 | 0.02 | 0.17 | 0.32 | 0.14 | 0.29 | 0.86 |
| Debt / FCF | — | 3.04 | 1.18 | 0.58 | 0.59 | 0.04 | 0.38 | 0.71 | 0.49 | 0.59 | 1.87 |
| Interest Coverage | 12.92 | 12.92 | 8.59 | 7.20 | 9.83 | 50.62 | 23.27 | 12.12 | 19.52 | 10.62 | 4.70 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.44 | 1.44 | 1.63 | 1.69 | 1.64 | 1.93 | 1.80 | 1.56 | 1.92 | 1.69 | 1.60 |
| Quick Ratio | 0.98 | 0.98 | 1.13 | 1.17 | 1.10 | 1.50 | 1.46 | 1.24 | 1.61 | 1.38 | 1.29 |
| Cash Ratio | 0.63 | 0.63 | 0.61 | 0.84 | 0.77 | 1.22 | 1.14 | 0.96 | 1.24 | 1.03 | 0.91 |
| Asset Turnover | — | 0.45 | 0.52 | 0.52 | 0.57 | 0.62 | 0.46 | 0.49 | 0.45 | 0.42 | 0.38 |
| Inventory Turnover | 5.95 | 5.95 | 3.99 | 5.52 | 3.43 | 3.41 | 3.95 | 4.74 | 4.80 | 4.55 | 5.29 |
| Days Sales Outstanding | — | 32.57 | 23.95 | 16.62 | 22.14 | 17.92 | 27.83 | 24.73 | 27.65 | 30.03 | 35.57 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.0% | 4.7% | 7.3% | 5.3% | 10.1% | 14.1% | 5.0% | 10.6% | 6.4% | 4.5% | 3.9% |
| Payout Ratio | 61.7% | 61.7% | 60.8% | 64.3% | 94.6% | 72.7% | 62.8% | 129.0% | 39.3% | 48.5% | 59.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.5% | 7.6% | 12.0% | 8.3% | 10.7% | 19.3% | 8.0% | 8.2% | 16.3% | 9.2% | 6.6% |
| FCF Yield | 3.2% | 3.7% | 6.2% | 6.6% | 8.1% | 16.5% | 7.9% | 9.7% | 7.6% | 9.9% | 7.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 1.6% | 6.4% | 2.2% | 0.0% |
| Total Shareholder Yield | 4.0% | 4.7% | 7.3% | 5.3% | 10.1% | 14.1% | 5.2% | 12.2% | 12.8% | 6.6% | 3.9% |
| Shares Outstanding | — | $1.6B | $1.6B | $1.6B | $1.6B | $1.6B | $1.6B | $1.6B | $1.7B | $1.8B | $1.8B |
Commodity price cyclicality
According to recent market data, Rio Tinto trades at a forward P/E of 10.96, which suggests that investors are pricing in a cautious outlook for commodity demand compared to the historical premiums observed during peak cycle periods in the broader industrial materials sector.
The current EV/EBITDA multiple of 7.48 indicates that the market is discounting the company's earnings power relative to its long-term average, likely due to concerns over Chinese property sector exposure. This valuation appears to imply a conservative growth trajectory, warranting further investigation into whether the current discount adequately accounts for the company's pivot toward copper and lithium.
As reported in financial statements, Rio Tinto's ROIC has declined from 23.0% in 2021Q2 to 7.4% in 2025Q4, illustrating a significant compression in the company's ability to generate returns on invested capital as it navigates a more challenging commodity pricing environment and increased capital intensity.
The downward trend in ROIC suggests that the massive capital outlays for projects like Simandou are currently diluting overall returns, as these assets have yet to reach full production capacity. Investors should monitor whether these investments can eventually drive a return spread above the company's cost of capital once the current project cycle matures.
Based on reported figures, Rio Tinto has maintained a lean cash conversion cycle, which stood at -3 days in 2025Q4, demonstrating the company's structural advantage in managing its supply chain and inventory turnover despite the inherent volatility of the global mining industry.
The ability to maintain a negative cash conversion cycle suggests that the company effectively leverages its scale to manage payables against its receivables and inventory. This efficiency appears to be a key pillar of the company's operational resilience, allowing it to preserve liquidity even when commodity price realizations are under pressure.
Data from recent balance sheets indicates that Rio Tinto maintains a debt-to-equity ratio of 0.35 as of 2025Q4, which, when compared to peers like BHP and Vale, highlights a conservative capital structure that provides significant flexibility during periods of commodity price volatility.
The interest coverage ratio of 15.09 suggests that the company's debt service obligations remain well-covered by operating income, even in a higher interest rate environment. This financial positioning appears to mitigate the risk of insolvency during cyclical downturns, providing management with the capacity to continue dividend payments and fund strategic growth projects.
The price-to-earnings ratio is frequently misapplied to Rio Tinto, as it obscures the impact of non-cash impairment charges and the cyclical nature of commodity price realizations that do not reflect the underlying cash-generating capacity of the company's long-life mining assets.
Investors should instead focus on EV/EBITDA or P/FCF, as these metrics better account for the company's capital-intensive nature and the timing of major project expenditures. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation, particularly during periods where earnings are temporarily depressed by commodity price troughs.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying RIO stock.
Rio Tinto Group's current P/E ratio is 15.3x. The historical average is 16.8x. This places it at the 64th percentile of its historical range.
Rio Tinto Group's current EV/EBITDA is 7.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.0x.
Rio Tinto Group's return on equity (ROE) is 16.0%. The historical average is 17.8%.
Based on historical data, Rio Tinto Group is trading at a P/E of 15.3x. This is at the 64th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Rio Tinto Group's current dividend yield is 4.02% with a payout ratio of 61.7%.
Rio Tinto Group has 28.1% gross margin and 25.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Rio Tinto Group's Debt/EBITDA ratio is 1.1x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.