Fortuna Mining Corp. (FSM) 10-Year Financial Performance & Capital Metrics

FSM • • Industrial / General

Basic MaterialsPrecious MetalsPrecious Metals Mining & ProductionSilver-Gold Producers

AboutFortuna Silver Mines Inc. engages in the acquisition, exploration, and mining of precious and base metal deposits in Argentina, Burkina Faso, Mexico, Peru, and Côte d'Ivoire. It holds interest in the Caylloma silver, lead, and zinc mine located in southern Peru; the San Jose silver and gold mine situated in southern Mexico; the Lindero gold project located in Argentina; Yaramoko gold mine situated in south western Burkina Faso; and Séguéla gold mine located in south western Côte d'Ivoire. The company was formerly known as Fortuna Ventures Inc. and changed its name to Fortuna Silver Mines Inc. in June 2005. Fortuna Silver Mines Inc. was incorporated in 1990 and is based in Vancouver, Canada.Show more

Revenue $1.06B +26.1%
EBITDA $466M +112.5%
Net Income $129M +353.2%
EPS (Diluted) 0.41 +341.2%
Gross Margin 32.35% +43.4%
EBITDA Margin 43.88% +68.6%
Operating Margin 21.47% +44556.5%
Net Margin 12.12% +300.9%
ROE 9.35% +336.9%
ROIC 11.99% +56656.1%
Debt/Equity 0.13 -35.5%
Interest Coverage 9.38 +51132.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 40.2%
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 15.2% free cash flow margin
✓Momentum leader: RS Rating 86 (top 14%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 32.8%

✗Weaknesses

✗Thin 5Y average net margin of 0.9%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y19.83%

5Y32.79%

3Y20.98%

TTM19.69%

Profit (Net Income) CAGR

10Y23.5%

5Y40.16%

3Y30.54%

TTM820.28%

EPS CAGR

10Y13.07%

5Y22.28%

3Y21.25%

TTM989.97%

ROCE

10Y Avg6.58%

5Y Avg4.49%

3Y Avg2.13%

Latest12.73%

Peer Comparison

Silver-Gold Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ASMAvino Silver & Gold Mines Ltd.	1.08B	6.86	114.33	50.78%	24.72%	11.68%	1.74%	0.02
FSMFortuna Mining Corp.	3.14B	10.27	25.05	26.07%	21.48%	13.81%	5.16%	0.13
BVNCompañía de Minas Buenaventura S.A.A.	8.85B	34.90	21.95	40.15%	30.7%	11.08%	1.68%	0.18
EXKEndeavour Silver Corp.	3.4B	11.57	-89	5.93%	-28.43%	-18.44%		0.25
NEWPNew Pacific Metals Corp.	679.82M	3.70	-165.18			-2.78%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	154.73M	210.25M	268.11M	263.3M	257.19M	278.97M	599.85M	681.49M	842.43M	1.06B
Revenue Growth %	-0.11%	0.36%	0.28%	-0.02%	-0.02%	0.08%	1.15%	0.14%	0.24%	0.26%
Cost of Goods Sold+	111.08M	129.65M	158.55M	166.72M	172.61M	168.75M	394.38M	534.7M	652.4M	718.43M
COGS % of Revenue	0.72%	0.62%	0.59%	0.63%	0.67%	0.6%	0.66%	0.78%	0.77%	0.68%
Gross Profit+	43.65M	80.61M	109.56M	96.57M	84.58M	110.22M	205.48M	146.8M	190.03M	343.61M
Gross Margin %	0.28%	0.38%	0.41%	0.37%	0.33%	0.4%	0.34%	0.22%	0.23%	0.32%
Gross Profit Growth %	-0.28%	0.85%	0.36%	-0.12%	-0.12%	0.3%	0.86%	-0.29%	0.29%	0.81%
Operating Expenses+	18.1M	31.96M	26.17M	27.62M	50.39M	52.98M	68.6M	260.35M	190.43M	115.56M
OpEx % of Revenue	0.12%	0.15%	0.1%	0.1%	0.2%	0.19%	0.11%	0.38%	0.23%	0.11%
Selling, General & Admin	17.43M	31.12M	24.91M	26.19M	29.8M	35.09M	45.36M	61.46M	64.07M	77.78M
SG&A % of Revenue	0.11%	0.15%	0.09%	0.1%	0.12%	0.13%	0.08%	0.09%	0.08%	0.07%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	668K	839K	1.26M	1.43M	20.58M	17.9M	23.24M	198.89M	126.36M	37.78M
Operating Income+	-1.84M	48.54M	110.33M	61.59M	34.19M	57.24M	136.88M	-113.55M	-407K	228.05M
Operating Margin %	-0.01%	0.23%	0.41%	0.23%	0.13%	0.21%	0.23%	-0.17%	-0%	0.21%
Operating Income Growth %	-1.05%	27.38%	1.27%	-0.44%	-0.44%	0.67%	1.39%	-1.83%	1%	561.31%
EBITDA+	23.9M	81.82M	155.09M	104.86M	80.55M	102.65M	259.15M	59.26M	219.28M	466.04M
EBITDA Margin %	0.15%	0.39%	0.58%	0.4%	0.31%	0.37%	0.43%	0.09%	0.26%	0.44%
EBITDA Growth %	-0.58%	2.42%	0.9%	-0.32%	-0.23%	0.27%	1.52%	-0.77%	2.7%	1.13%
D&A (Non-Cash Add-back)	25.74M	33.28M	44.76M	43.28M	46.35M	45.41M	122.27M	172.81M	219.69M	238M
EBIT	-1.46M	48.66M	107.28M	69.26M	45.42M	61.22M	119.77M	-113.76M	11.1M	236.26M
Net Interest Income+	-1.38M	-1.82M	285.93K	1.04M	579.16K	-696.97K	-8.39M	-9.31M	-18.8M	-20M
Interest Income	381K	328K	2.02M	3.43M	1.88M	1.28M	1.83M	1.78M	3.35M	4.32M
Interest Expense	1.76M	2.15M	1.73M	1.92M	1.3M	1.98M	10.22M	11.09M	22.15M	24.32M
Other Income/Expense	-1.38M	-1.43M	-5.38M	5.75M	9.78M	1.72M	-29.7M	-11.56M	-10.64M	-15.84M
Pretax Income+	-3.22M	47.11M	104.95M	67.34M	43.97M	58.95M	107.18M	-125.11M	-11.05M	212.21M
Pretax Margin %	-0.02%	0.22%	0.39%	0.26%	0.17%	0.21%	0.18%	-0.18%	-0.01%	0.2%
Income Tax+	7.39M	29.25M	38.65M	33.35M	20.18M	37.4M	47.78M	10.8M	32.58M	70.3M
Effective Tax Rate %	3.3%	0.38%	0.63%	0.5%	0.54%	0.37%	0.54%	1.02%	4.6%	0.61%
Net Income+	-10.61M	17.86M	66.31M	33.99M	23.8M	21.55M	57.88M	-128.13M	-50.84M	128.74M
Net Margin %	-0.07%	0.08%	0.25%	0.13%	0.09%	0.08%	0.1%	-0.19%	-0.06%	0.12%
Net Income Growth %	-1.68%	2.68%	2.71%	-0.49%	-0.3%	-0.09%	1.69%	-3.21%	0.6%	3.53%
Net Income (Continuing)	-10.61M	17.86M	66.31M	33.99M	23.8M	21.55M	59.4M	-135.91M	-43.63M	141.91M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	54.42M	43.94M	49.75M	62.21M
EPS (Diluted)+	-0.08	0.13	0.42	0.21	0.15	0.12	0.23	-0.47	-0.17	0.41
EPS Growth %	-1.69%	2.58%	2.23%	-0.5%	-0.29%	-0.2%	0.92%	-3.04%	0.64%	3.41%
EPS (Basic)	-0.08	0.13	0.42	0.21	0.15	0.13	0.24	-0.47	-0.17	0.42
Diluted Shares Outstanding	129M	138.05M	158.31M	161.64M	164.53M	186.07M	249.44M	291.28M	295.07M	310.75M
Basic Shares Outstanding	129M	136.89M	158.04M	159.78M	160.19M	174.99M	238M	291.28M	295.07M	308.88M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	128.04M	166.91M	272.45M	218.92M	152.64M	248.07M	281.08M	252.71M	333.32M	486.24M
Cash & Short-Term Investments	108.25M	125.16M	213.13M	163.33M	83.4M	132.96M	107.51M	80.49M	128.15M	231.33M
Cash Only	72.22M	82.48M	183.07M	90.5M	83.4M	131.9M	107.1M	80.49M	128.15M	231.33M
Short-Term Investments	36.03M	42.68M	30.06M	72.82M	0	1.06M	416K	0	0	0
Accounts Receivable	7.85M	24.28M	35.5M	31.31M	50.26M	76.56M	78.2M	23.98M	74.64M	104.14M
Days Sales Outstanding	18.51	42.15	48.33	43.41	71.33	100.16	47.58	12.84	32.34	35.79
Inventory	10.43M	13.57M	17.75M	14.39M	14.97M	35.27M	85.82M	92.03M	115.83M	134.5M
Days Inventory Outstanding	34.28	38.21	40.87	31.49	31.65	76.3	79.43	62.82	64.8	68.33
Other Current Assets	0	2.85M	3.95M	8.52M	1.07M	659K	1.49M	45.03M	106K	339K
Total Non-Current Assets+	251.61M	396M	434.19M	567.6M	783.42M	807.27M	1.74B	1.62B	1.63B	1.63B
Property, Plant & Equipment	242.4M	394.4M	430.28M	505M	729.17M	791.13M	1.71B	1.57B	1.57B	1.54B
Fixed Asset Turnover	0.64x	0.53x	0.62x	0.52x	0.35x	0.35x	0.35x	0.43x	0.54x	0.69x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	28K	119K	2.69M	4.28M	1.33M	0	0	0	0	0
Other Non-Current Assets	8.72M	1.13M	1.22M	58.32M	52.91M	16.14M	28.46M	55.89M	60.33M	90.1M
Total Assets+	379.65M	562.91M	706.65M	786.52M	936.07M	1.06B	2.02B	1.88B	1.97B	2.12B
Asset Turnover	0.41x	0.37x	0.38x	0.33x	0.27x	0.26x	0.30x	0.36x	0.43x	0.50x
Asset Growth %	0.08%	0.48%	0.26%	0.11%	0.19%	0.13%	0.92%	-0.07%	0.05%	0.08%
Total Current Liabilities+	34.15M	58.11M	60.6M	61.33M	89.77M	96.44M	166.77M	135.08M	243.77M	256.03M
Accounts Payable	18.18M	15.25M	13.72M	14.1M	40.97M	31.57M	82.53M	72.57M	100.39M	91.18M
Days Payables Outstanding	59.73	42.94	31.58	30.87	86.64	68.29	76.39	49.54	56.16	46.32
Short-Term Debt	0	0	0	0	0	0	0	0	43.9M	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	0	0
Other Current Liabilities	6.44M	17.69M	19.32M	24.99M	4.15M	257K	4.96M	21.83M	5.15M	4.51M
Current Ratio	3.75x	2.87x	4.50x	3.57x	1.70x	2.57x	1.69x	1.87x	1.37x	1.90x
Quick Ratio	3.44x	2.64x	4.20x	3.34x	1.53x	2.21x	1.17x	1.19x	0.89x	1.37x
Cash Conversion Cycle	-6.93	37.42	57.62	44.03	16.34	108.17	50.62	26.13	40.98	57.8
Total Non-Current Liabilities+	81.33M	81.65M	82.46M	122.39M	210.87M	233.13M	425.58M	452.45M	435.97M	393.43M
Long-Term Debt	39.49M	39.77M	39.87M	69.3M	146.53M	158.62M	157.49M	219.18M	162.95M	126.03M
Capital Lease Obligations	1.11M	906K	0	5.37M	15.05M	12.52M	18.88M	11.93M	42.46M	48.22M
Deferred Tax Liabilities	25.18M	25.34M	28.66M	31.44M	20.91M	19.5M	191.67M	0	159.85M	144.27M
Other Non-Current Liabilities	25.67M	1.68M	30.01M	47.71M	28.37M	42.49M	57.54M	221.34M	70.71M	74.92M
Total Liabilities	115.49M	139.76M	143.06M	183.71M	300.64M	329.57M	592.35M	587.53M	679.74M	649.46M
Total Debt+	41.37M	42.8M	40.78M	78.07M	170.41M	178.11M	186.89M	240.52M	264.25M	194.01M
Net Debt	-30.85M	-39.68M	-142.3M	-12.44M	87.01M	46.22M	79.8M	160.03M	136.1M	-37.32M
Debt / Equity	0.16x	0.10x	0.07x	0.13x	0.27x	0.25x	0.13x	0.19x	0.21x	0.13x
Debt / EBITDA	1.73x	0.52x	0.26x	0.74x	2.12x	1.74x	0.72x	4.06x	1.21x	0.42x
Net Debt / EBITDA	-1.29x	-0.48x	-0.92x	-0.12x	1.08x	0.45x	0.31x	2.70x	0.62x	-0.08x
Interest Coverage	-1.05x	22.61x	63.62x	32.04x	26.27x	28.93x	13.39x	-10.24x	-0.02x	9.38x
Total Equity+	264.17M	423.15M	563.58M	602.8M	635.43M	725.77M	1.43B	1.29B	1.29B	1.47B
Equity Growth %	-0.03%	0.6%	0.33%	0.07%	0.05%	0.14%	0.97%	-0.1%	-0%	0.14%
Book Value per Share	2.05	3.07	3.56	3.73	3.86	3.90	5.73	4.42	4.37	4.72
Total Shareholders' Equity	264.17M	423.15M	563.58M	602.8M	635.43M	725.77M	1.38B	1.24B	1.24B	1.4B
Common Stock	203.95M	343.96M	418.17M	420.47M	422.14M	492.31M	1.08B	1.08B	1.13B	1.13B
Retained Earnings	45.24M	63.1M	129.4M	163.39M	187.19M	208.74M	266.62M	138.49M	87.65M	216.38M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	14.98M	16.09M	16.02M	18.95M	26.09M	24.72M	23.96M	29.93M	20.52M	20.72M
Minority Interest	0	0	0	0	0	0	54.42M	43.94M	49.75M	62.21M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	54.77M	52.7M	70.2M	83.45M	63.01M	93.39M	147.14M	194.25M	302.35M	365.68M
Operating CF Margin %	0.35%	0.25%	0.26%	0.32%	0.24%	0.33%	0.25%	0.29%	0.36%	0.34%
Operating CF Growth %	-0.09%	-0.04%	0.33%	0.19%	-0.25%	0.48%	0.58%	0.32%	0.56%	0.21%
Net Income	-10.61M	17.86M	66.31M	33.99M	23.8M	21.55M	59.4M	-135.91M	-51.77M	128.74M
Depreciation & Amortization	32.77M	14.14M	-17.73M	12.39M	23.73M	0	67.08M	172.81M	226.76M	223.24M
Stock-Based Compensation	761K	468K	-36K	-2.05M	4.57M	12.28M	-3.08M	-1K	0	11.69M
Deferred Taxes	7.39M	29.25M	38.65M	33.35M	20.18M	37.4M	47.78M	10.8M	-10.24M	-24.91M
Other Non-Cash Items	274K	579K	698K	830K	1.44M	31.27M	15.27M	164.57M	147.52M	99.4M
Working Capital Changes	24.18M	-9.6M	-17.68M	4.95M	-10.7M	-9.12M	-39.31M	-18.02M	-9.92M	-72.48M
Change in Receivables	13.23M	-18.52M	-11.78M	3.64M	-14.31M	10.26M	-16.75M	7.32M	-17.42M	-46.37M
Change in Inventory	3.32M	-2.92M	-4.74M	1.79M	-1.04M	-25.66M	-23.82M	-20.41M	-21.41M	-24.45M
Change in Payables	8.11M	4.86M	542K	696K	3.02M	6.12M	3.52M	0	32.22M	-4.11M
Cash from Investing+	-66.39M	-51.33M	-39.29M	-205.05M	-145.21M	-113.65M	-118.5M	-255.33M	-220.86M	-194.44M
Capital Expenditures	-57.13M	-40.23M	-47.06M	-97.9M	-224.13M	-93.03M	-152.29M	-251.24M	-221.3M	-203.78M
CapEx % of Revenue	0.37%	0.19%	0.18%	0.37%	0.87%	0.33%	0.25%	0.37%	0.26%	0.19%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-6.75M	10K	47K	-59.85M	1.75M	-13.35M	-6.51M	-4.1M	1.38M	88K
Cash from Financing+	41.34M	8.81M	69.54M	28.71M	75.13M	68.91M	-51.42M	38.47M	-33.32M	-66.14M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	-5.02M	-1.34M	-2.49M	-3.36M	-7.52M	-3.4M	-18.35M	-9.17M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-2.36M	12.47M	23.14M	-14.44M	-161.13M	352K	-5.15M	-56.99M	81.05M	161.9M
FCF Margin %	-0.02%	0.06%	0.09%	-0.05%	-0.63%	0%	-0.01%	-0.08%	0.1%	0.15%
FCF Growth %	-1.11%	6.28%	0.86%	-1.62%	-10.16%	1%	-15.63%	-10.06%	2.42%	1%
FCF per Share	-0.02	0.09	0.15	-0.09	-0.98	0.00	-0.02	-0.20	0.27	0.52
FCF Conversion (FCF/Net Income)	-5.16x	2.95x	1.06x	2.46x	2.65x	4.33x	2.54x	-1.52x	-5.95x	2.84x
Interest Paid	0	0	0	0	0	0	0	0	0	14.84M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-3.95%	5.2%	13.44%	5.83%	3.84%	3.17%	5.37%	-9.43%	-3.95%	9.35%
Return on Invested Capital (ROIC)	-0.6%	11.8%	20.56%	9.13%	3.91%	5.75%	9%	-5.76%	-0.02%	11.99%
Gross Margin	28.21%	38.34%	40.86%	36.68%	32.89%	39.51%	34.25%	21.54%	22.56%	32.35%
Net Margin	-6.86%	8.49%	24.73%	12.91%	9.25%	7.73%	9.65%	-18.8%	-6.03%	12.12%
Debt / Equity	0.16x	0.10x	0.07x	0.13x	0.27x	0.25x	0.13x	0.19x	0.21x	0.13x
Interest Coverage	-1.05x	22.61x	63.62x	32.04x	26.27x	28.93x	13.39x	-10.24x	-0.02x	9.38x
FCF Conversion	-5.16x	2.95x	1.06x	2.46x	2.65x	4.33x	2.54x	-1.52x	-5.95x	2.84x
Revenue Growth	-11.08%	35.89%	27.52%	-1.8%	-2.32%	8.47%	115.03%	13.61%	23.62%	26.07%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024
Gold Dore	-	-	-	20.3M	280.25M	405.63M	590.52M	840.67M
Gold Dore Growth	-	-	-	-	1280.77%	44.74%	45.58%	42.36%
Provisional pricing adjustments	-	-	-	-	-2.81M	-344K	878K	3.14M
Provisional pricing adjustments Growth	-	-	-	-	-	87.76%	355.23%	258.09%
Silver Gold Concentrates	180M	180.15M	183.2M	188.33M	219.66M	-	-	-
Silver Gold Concentrates Growth	-	0.09%	1.69%	2.80%	16.64%	-	-	-
Silver Lead Concentrates	42.2M	40.25M	39.94M	43.05M	59.76M	-	-	-
Silver Lead Concentrates Growth	-	-4.62%	-0.79%	7.81%	38.79%	-	-	-
Zinc Concentrates	45.91M	48.83M	33.69M	23.98M	42.99M	-	-	-
Zinc Concentrates Growth	-	6.36%	-31.02%	-28.81%	79.27%	-	-	-
Provisional Pricing Adjustments	-	-	368K	3.31M	-	-	-	-
Provisional Pricing Adjustments Growth	-	-	-	798.64%	-	-	-	-

Frequently Asked Questions

Valuation & Price

Fortuna Mining Corp. (FSM) has a price-to-earnings (P/E) ratio of 25.0x. This suggests investors expect higher future growth.

Growth & Financials

Fortuna Mining Corp. (FSM) reported $1.07B in revenue for fiscal year 2024. This represents a 876% increase from $110.1M in 2011.

Fortuna Mining Corp. (FSM) grew revenue by 26.1% over the past year. This is strong growth.

Yes, Fortuna Mining Corp. (FSM) is profitable, generating $230.8M in net income for fiscal year 2024 (12.1% net margin).

Dividend & Returns

Fortuna Mining Corp. (FSM) has a return on equity (ROE) of 9.3%. This is below average, suggesting room for improvement.

Fortuna Mining Corp. (FSM) generated $257.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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