The Rio Tinto Limited (ASX: RIO) share price has had an up and down year in 2019.
The Aussie miner's shares are up 25.37% to be marginally ahead of the S&P/ASX 200 Index (INDEXASX: XJO) this year.
The benchmark index has gained 20.73% year to date after hitting a new record higher earlier in 2019.
But is Rio Tinto cheap at its current price of $96.10 per share, or should you be steering clear?
Why the Rio share price is up in 2019
The Rio Tinto share price has climbed higher alongside many of the ASX miners in 2019.
BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) shares have also rocketed higher as commodities have rebounded in 2019.
The US–China trade war tensions have added volatility in 2019, but the Aussie miners have enjoyed relatively strong earnings.
The company's shares climbed higher on the back of strong earnings throughout the year. Rio reported underlying EBITDA of US$10.3 billion, up 11% on the prior corresponding period.
Rio increased its cash flow from operations up 39% to US$7.2 billion with total free cash flow of US$4.7 billion.
However, the strong start to the year has tailed off as the Rio Tinto share price has fallen 8.71% lower in the last 6 months.
Is Rio good value right now?
The Rio Tinto share price currently trades at 8.23x earnings, making it relatively good bang for your buck right now.
Fortescue shares (6.42x earnings) are marginally cheaper on a relative value basis, while BHP shares trade at 15.43x earnings.
However, BHP shares are yielding 5.07% per annum compared to Rio's 4.16% dividend yield.
On balance, I'd say that Rio is marginally better value than BHP right now, despite the trade-off for dividend income.
The BHP share price has climbed just 10.42% higher in 2019 while Fortescue shares are up 128.92% since the start of the year.
