Ferrexpo PLC FEEXY

MaterialsMetals & MiningSwitzerland

Last close 1.65 USD on Nov 2, 2026, −46.1% year to date

Quant rating

Quant rating D Rank 182 of 220 in Materials

Growth C 145 of 220
Valuation D 209 of 220
Quality D 163 of 220
Revisions D 167 of 220
Momentum C 120 of 220

Wall Street consensus Strong Buy (1.00)Average target 0.63 USD −62.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 444M
Enterprise value: 426M
52-week range: 1.65 – 3.60
3-year range: 1.65 – 7.00
Dividend yield: 0.00%
Beta (5 years): –
Shares outstanding: 1,047M
Next earnings: –

About the company

Ferrexpo plc is an iron ore pellet producer. The Company produces, develops and markets its principal product, iron ore pellets, for sale to the metallurgical industry. The Company's operations are vertically integrated from iron ore mining through to iron ore concentrate, and pellet production and subsequent logistics. It operates approximately two mines and a processing plant near Kremenchug in Ukraine, and an interest in a port in Odessa, and sales. It operates a fleet of vessels operating on the Rhine and Danube waterways, and an ocean going vessel, which provides top off services, and operates on international sea routes. Its mineral properties lie within the Kremenchug Magnetic Anomaly and are being extracted at the Gorishne-Plavninskoye and Lavrikovskoye (GPL), and Yeristovskoye deposits. It has a customer base supplying steel mills in Austria, Slovakia, the Czech Republic, Germany and other European states, as well as in China, India, Japan, Taiwan and South Korea.

Growth and profitability

Growth and profitability by fiscal year
	2024	2023	2022	2021	2020	5Y avg
Revenue (mil)	787	933	652	1,248	2,518	–
Revenue growth	−15.6%	43.2%	−47.8%	−50.4%	48.1%	−14.3%
EPS (basic, normalized)	0.10	0.08	0.37	1.48	0.11	–
EPS growth	23.5%	−78.3%	−74.7%	1,244.5%	–	–
Gross margin	36.0%	36.0%	44.4%	53.3%	71.1%	48.2%
Net margin	−28.4%	−5.4%	−13.0%	17.6%	34.6%	1.1%
ROE	−27.5%	−4.9%	−7.2%	14.3%	52.4%	5.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2024 actual	787	−15.6%	0.5x	69.3	−48.6%	6.1x	0.10	+23.5%	16.5x
2025	817	+3.7%	0.5x	21.5	−68.9%	19.8x	−0.19	−292.7%	−8.6x
2026	547	−33.0%	0.8x	−15.0	−169.7%	−28.4x	−0.10	+48.6%	−16.7x
2027	1,025	+87.4%	0.4x	103	+786.7%	4.1x	0.01	+110.1%	165.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2025	817	0.0%	0.0%	0.0%	−0.19	0.0%	0.0%	−4.7%
2026	547	−7.9%	−16.9%	−25.6%	−0.10	−138.6%	−460.3%	−518.8%
2027	1,025	+14.0%	+9.6%	+9.5%	0.01	0.0%	−88.2%	−89.9%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FEEXY Ferrexpo PLC	444M	–	−28.4%	0.40x	−8.6x	−16.7x	19.8x	−28.4x
NB NioCorp Developments Ltd.	454M	10.97x	–	1.05x	−14.5x	−8.7x	−1.1x	−1.3x
ALOY REalloys Inc	441M	–	−182.1%	2.28x	−5.0x	−26.4x	−16.4x	−25.9x
ELVR Elevra Lithium Ltd	430M	–	21.4%	0.58x	53.2x	63.7x	2.7x	2.4x
UAMY United States Antimony Corp	430M	6.27x	−11.1%	2.37x	−42.2x	26.1x	−106.6x	15.9x
NICU Magna Mining Inc	421M	1.08x	−28.9%	5.45x	−35.3x	91.0x	−75.8x	8.4x
Mean		6.11x	−45.8%	2.02x	−8.7x	21.5x	−29.6x	−4.8x
Median		6.27x	−28.4%	1.67x	−11.5x	8.7x	−8.7x	0.6x

Technical analysis

1M0.0%
3M0.0%
1Y−46.3%
3Y−63.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ferrexpo PLC, fiscal years, most recent first
	2024	2023	2022	2021	2020	2019
Total revenue	787	933	652	1,248	2,518	1,700
Cost of revenue	504	597	362	582	728	609
Gross profit	283	336	289	666	1,790	1,092
Selling, general & administrative expenses	302	315	225	300	412	371
Research & development	–	–	–	–	–	–
Interest expense (income), operating	−5.5	−85.6	−31.0	−340	33.3	−66.6
Unusual expense (income)	161	0	131	–	–	–
Other operating expenses	35.8	86.3	24.7	300	262	33.0
Operating income	−210	19.9	−60.4	406	1,082	754
Net interest income (expense)	1.9	−35.6	−3.4	−62.8	−7.2	−2.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−4.7	−4.8	−4.6	−4.2	−4.3	−4.4
Net income before taxes	−213	−20.4	−68.4	339	1,071	748
Provision for taxes	11.3	29.6	16.4	119	200	113
Minority interest	0	0	0	0	0	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−224	−50.0	−84.8	220	871	635
Extraordinary items	–	–	–	–	–	–
Net income	−224	−50.0	−84.8	220	871	635
EBIT, normalized	−54.9	6.4	40.5	328	1,125	689
EBITDA, normalized	16.8	72.1	106	429	1,247	800
Basic EPS, normalized	0.10	0.08	0.37	1.48	0.11	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ferrexpo PLC, fiscal years, most recent first
	2024	2023	2022	2021	2020	2019
Assets
Cash & short-term investments	58.4	106	115	113	167	270
Receivables	45.2	83.1	111	118	241	185
Total inventory	129	193	201	224	202	145
Prepaid expenses	10.4	24.6	21.3	13.3	48.9	25.8
Other current assets	0	0	0.1	0.1	19.3	0.1
Total current assets	243	406	449	469	679	626
Property, plant & equipment	563	729	833	814	1,224	1,013
Goodwill	–	–	0	0	29.2	28.3
Intangibles	4.9	5.6	6.4	8.2	14.3	12.5
Long-term investments	6.5	6.3	4.6	5.2	7.0	5.9
Note receivable	–	–	–	–	–	–
Other long-term assets	116	39.9	54.1	58.2	138	270
Total assets	933	1,187	1,347	1,355	2,092	1,955
Liabilities
Accounts payable	26.7	55.4	35.1	30.3	72.5	43.3
Payable/accrued	–	–	–	–	–	–
Accrued expenses	25.5	32.0	24.2	22.3	47.4	38.2
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	4.2	4.7	5.9	5.2	6.1	134
Other current liabilities	140	141	145	23.3	102	80.1
Total current liabilities	196	233	211	81.0	228	296
Long-term debt	6.8	0.4	1.0	1.4	2.1	132
Minority interest	0.1	0.1	0.1	0.1	0.1	0.1
Other liabilities	26.3	30.3	22.0	22.1	30.1	35.4
Total liabilities	230	263	234	105	260	464
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	122	122	122	122	122	122
Additional paid-in capital	185	185	185	185	185	185
Retained earnings (accumulated deficit)	3,209	3,426	3,483	3,580	3,511	3,251
Treasury stock	−48.3	−48.3	−48.3	−77.3	−77.3	−77.3
Other equity	−2,764	−2,761	−2,628	−2,560	−1,909	−1,989
Total equity	703	924	1,113	1,250	1,831	1,491
Total liabilities & shareholders' equity	933	1,187	1,347	1,355	2,092	1,955

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ferrexpo PLC, fiscal years, most recent first
	2024	2023	2022	2021	2020	2019
Operating activities
Net income	−213	−20.4	−68.4	339	1,071	748
Depreciation, depletion & amortization	68.4	60.3	57.7	97.0	115	102
Deferred taxes	–	–	–	–	–	–
Non-cash items	179	27.0	114	−1.2	284	−58.6
Changes in working capital	−31.6	25.1	−2.0	−133	−376	−104
Cash from operations	3.4	91.9	101	301	1,094	687
Investing activities
Capital expenditures	−49.1	−102	−101	−161	−361	−206
Other investing cash flows	2.6	4.2	4.7	1.7	5.6	0.3
Cash from investing	−46.5	−97.5	−96.5	−159	−355	−205
Financing activities
Financing cash flow items	–	–	–	–	–	0
Cash dividends paid	0	0	−0.5	−155	−619	−195
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−4.6	−5.6	−5.4	−48.0	−221	−148
Cash from financing	−4.6	−5.7	−5.9	−203	−840	−343
Foreign exchange effects	0.2	2.0	3.5	6.8	−1.1	0.7
Net change in cash	−47.5	−9.3	2.3	−54.3	−103	139
Free cash flow	−45.7	−9.8	−0.1	140	733	481

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.