Shares in Rio Tinto Ltd (ASX: RIO) have been back in form recently.
The mining giant's share price is up around 10% over the past month and has climbed roughly 24% over 2025. That puts Rio Tinto among the stronger performers in the ASX large-cap resources sector this year.
With the share price pushing higher again, investors are now asking whether Rio Tinto still stacks up at today's prices as we look ahead to 2026.
Let's take a dive.
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A strong year for Rio Tinto shares
Rio Tinto has benefited from better conditions across commodity markets in the second half of 2025.
Iron ore prices have held up better than expected, while copper prices have stayed high due to tight supply. Strong demand for copper linked to electrification has also helped support earnings expectations across the business.
Together, these factors have pushed Rio Tinto shares back toward the top of their recent trading range. Compared with other large miners, Rio has delivered steady gains rather than sharp share price swings.
What are brokers saying?
Broker views on Rio Tinto remain mixed but generally supportive.
Some analysts remain cautious on iron ore prices heading into 2026. Westpac, for example, has warned that iron ore prices could ease from current levels as new supply comes online and Chinese steel demand stays under pressure.
However, most brokers also stress that Rio Tinto is not just an iron ore company.
Copper, aluminium, and lithium are becoming more important to the business and now make up a larger share of earnings. Demand for these commodities is expected to grow over time, which helps reduce reliance on iron ore prices.
Dividends remain a big attraction
One area where Rio Tinto continues to stand out is dividends.
In 2025, the company paid two large dividends to shareholders. This included an interim dividend of $2.22 per share and a final dividend of $3.71 per share.
That takes total dividends paid in 2025 to around $5.93 per share, supported by strong cash flow and a solid balance sheet.
Of course, future dividends will always depend on commodity prices, which can move up and down. However, Rio Tinto's size, low-cost operations, and strong cash generation give it a good base to keep paying income over time.
More than iron ore
Rio Tinto is also working to grow parts of the business outside iron ore.
The company is investing more in copper, which it believes will be an important metal over the next decade. Projects in Australia, Mongolia, and the Americas are aimed at increasing copper production over time.
Rio Tinto is also building its lithium business, giving it exposure to battery materials used in electric vehicles.
Together, these moves help spread risk and reduce reliance on any single commodity.
However, that does not remove risk completely.
Like all miners, Rio Tinto is still affected by global economic conditions. A sharper slowdown in China, weaker commodity prices, or higher costs could all pressure earnings.
After a strong run, the share price could also pull back if investor sentiment changes.
Foolish Takeaway
Rio Tinto delivered a strong 2025, with the share price up 24% and momentum building late in the year.
While iron ore risks remain, diversification, a strong balance sheet and reliable dividends support the outlook for 2026.
The shares may not be cheap, but Rio Tinto remains a high-quality miner with income appeal and long-term exposure to key commodities.
It is a stock I am happy to keep on my watchlist heading into the new year.
