The company achieved a significant margin recovery, with gross margins expanding to 57.3% in 2026Q1 compared to the 21.9% low recorded in 2023Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.05B | 1.73B | 1.15B | 823.85M | 824.8M | 900.45M | 676.54M | 867.89M | 1.17B | 1.27B | 1.07B | 951.86M | 1.17B | 1.29B | 1.56B | 1.56B | 1.1B | 881.51M | 815.36M | 786.43M | 646.87M | 344.7M | 315.76M | 234.2M | 186.87M | 162.61M | 136.72M | 99.44M | 60.5M | 70M | 84.7M |
| Revenue Growth % | 68.35% | 49.98% | 40.15% | -0.12% | -8.4% | 33.1% | -22.05% | -25.66% | -8.4% | 19.24% | 12.28% | -18.31% | -9.36% | -17.79% | 0.44% | 41.03% | 25.21% | 8.11% | 3.68% | 21.57% | 87.66% | 9.16% | 34.82% | 25.33% | 14.92% | 18.93% | 37.5% | 64.36% | -13.57% | -17.36% | - |
| Cost of Goods Sold | 984.95M | 949.25M | 591.48M | 732.6M | 763.47M | 813.11M | 652.61M | 536.25M | 982.96M | 980.25M | 824.97M | 951.8M | 949.53M | 1.02B | 943.22M | 654.76M | 503.98M | 422.53M | 371.8M | 233.04M | 265.31M | 139.84M | 141.62M | 83.69M | 93.99M | 99.45M | 85.34M | 68.25M | 50.6M | 54.3M | 58.3M |
| COGS % of Revenue | - | 54.82% | 51.23% | 88.92% | 92.56% | 90.3% | 96.46% | 61.79% | 84.2% | 76.92% | 77.19% | 99.99% | 81.49% | 79.1% | 60.33% | 42.06% | 45.66% | 47.93% | 45.6% | 29.63% | 41.01% | 40.57% | 44.85% | 35.73% | 50.3% | 61.16% | 62.42% | 68.64% | 83.64% | 77.57% | 68.83% |
| Gross Profit | 1.06B | 782.39M | 563.13M | 91.25M | 61.33M | 87.34M | 23.93M | 331.64M | 184.42M | 294.12M | 243.82M | 67K | 215.64M | 268.66M | 620.31M | 901.87M | 599.79M | 458.98M | 443.56M | 553.39M | 381.56M | 204.86M | 174.14M | 150.52M | 92.88M | 63.16M | 51.38M | 31.19M | 9.9M | 15.7M | 26.4M |
| Gross Margin % | 51.87% | 45.18% | 48.77% | 11.08% | 7.44% | 9.7% | 3.54% | 38.21% | 15.8% | 23.08% | 22.81% | 0.01% | 18.51% | 20.9% | 39.67% | 57.94% | 54.34% | 52.07% | 54.4% | 70.37% | 58.99% | 59.43% | 55.15% | 64.27% | 49.7% | 38.84% | 37.58% | 31.36% | 16.36% | 22.43% | 31.17% |
| Gross Profit Growth % | - | 38.94% | 517.14% | 48.78% | -29.78% | 265.01% | -92.78% | 79.82% | -37.3% | 20.63% | 363807.46% | -99.97% | -19.73% | -56.69% | -31.22% | 50.36% | 30.68% | 3.48% | -19.85% | 45.03% | 86.25% | 17.64% | 15.7% | 62.05% | 47.07% | 22.91% | 64.76% | 215.02% | -36.94% | -40.53% | - |
| Operating Expenses | 279.6M | 226.58M | 115.16M | 70.13M | 100.35M | 153.3M | 105.2M | 386.02M | 136.36M | 153.41M | 111.62M | 136.41M | 154.05M | 129.77M | 198.46M | 196.64M | 162.21M | 168.46M | 141.22M | 150.95M | 78.76M | 108.76M | 84.28M | -112.46M | 40.29M | 42.01M | 47.04M | 48.09M | 43.9M | 50.1M | 30M |
| OpEx % of Revenue | - | 13.08% | 9.97% | 8.51% | 12.17% | 17.03% | 15.55% | 44.48% | 11.68% | 12.04% | 10.44% | 14.33% | 13.22% | 10.1% | 12.69% | 12.63% | 14.7% | 19.11% | 17.32% | 19.19% | 12.18% | 31.55% | 26.69% | -48.02% | 21.56% | 25.84% | 34.4% | 48.36% | 72.56% | 71.57% | 35.42% |
| Selling, General & Admin | 102.89M | 95.05M | 85.45M | 90.38M | 84.92M | 89.45M | 80.96M | 98.65M | 106.28M | 107.69M | 103.42M | 106.01M | 117.71M | 94.22M | 119.55M | 147.05M | 154.25M | 138.45M | 85.99M | 150.41M | 92.77M | 76.06M | 66.17M | 80.78M | 42.17M | 42.01M | 34.42M | 23.27M | 17M | 17.9M | 18.1M |
| SG&A % of Revenue | - | 5.49% | 7.4% | 10.97% | 10.3% | 9.93% | 11.97% | 11.37% | 9.1% | 8.45% | 9.68% | 11.14% | 10.1% | 7.33% | 7.65% | 9.45% | 13.97% | 15.71% | 10.55% | 19.13% | 14.34% | 22.07% | 20.96% | 34.49% | 22.57% | 25.84% | 25.18% | 23.41% | 28.1% | 25.57% | 21.37% |
| Research & Development | 0 | 1.17M | 965K | 0 | 401K | 379K | 352K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 49.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.07% | 0.08% | - | 0.05% | 0.04% | 0.05% | - | - | - | - | - | - | - | - | 3.19% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 130.36M | 28.75M | -20.25M | 15.03M | 63.47M | 23.89M | 287.38M | 30.08M | 49.24M | 12.92M | 34.96M | 51.09M | 21.3M | 81.12M | 0 | 7.96M | 30M | 55.23M | 540K | -14.01M | 32.69M | 18.1M | -193.24M | -1.88M | 1K | 12.62M | 24.81M | 26.9M | 32.2M | 11.9M |
| Operating Income | 781.82M | 555.81M | 445.65M | 21.12M | -39.02M | -65.96M | -81.27M | -54.39M | 53.76M | 105.52M | 132.2M | -147.6M | 61.6M | 132.3M | 418.23M | 705.22M | 437.58M | 287.2M | 283.74M | 180.17M | 302.8M | 96.11M | 89.87M | 48.57M | 39.36M | 14.47M | 4.35M | -20.82M | -38.1M | -34.4M | -2.2M |
| Operating Margin % | 38.2% | 32.1% | 38.6% | 2.56% | -4.73% | -7.32% | -12.01% | -6.27% | 4.6% | 8.28% | 12.37% | -15.51% | 5.29% | 10.29% | 26.75% | 45.3% | 39.64% | 32.58% | 34.8% | 22.91% | 46.81% | 27.88% | 28.46% | 20.74% | 21.06% | 8.9% | 3.18% | -20.94% | -62.98% | -49.14% | -2.6% |
| Operating Income Growth % | - | 24.72% | 2010.01% | 154.13% | 40.84% | 18.84% | -49.43% | -201.18% | -49.06% | -20.18% | 189.56% | -339.63% | -53.44% | -68.37% | -40.69% | 61.16% | 52.36% | 1.22% | 57.48% | -40.5% | 215.06% | 6.95% | 85.02% | 23.4% | 171.99% | 232.84% | 120.88% | 45.35% | -10.76% | -1463.64% | - |
| EBITDA | 921.85M | 558.22M | 596.48M | 222.73M | -36.56M | -62.28M | -77.57M | 177.85M | 314.04M | 323.62M | 328.96M | -145.03M | 61.72M | 136.26M | 565.68M | 799.72M | 509.28M | 360.73M | 346.73M | 218.72M | 351.54M | 139.12M | 123.27M | 71.73M | 60.06M | 33.27M | 16.96M | 3.99M | -12.2M | -2.2M | 9.7M |
| EBITDA Margin % | 45.05% | 32.24% | 51.66% | 27.04% | -4.43% | -6.92% | -11.47% | 20.49% | 26.9% | 25.39% | 30.78% | -15.24% | 5.3% | 10.6% | 36.18% | 51.38% | 46.14% | 40.92% | 42.52% | 27.81% | 54.34% | 40.36% | 39.04% | 30.63% | 32.14% | 20.46% | 12.41% | 4.01% | -20.17% | -3.14% | 11.45% |
| EBITDA Growth % | 47.7% | -6.41% | 167.8% | 709.23% | 41.3% | 19.72% | -143.62% | -43.37% | -2.96% | -1.62% | 326.83% | -334.99% | -54.71% | -75.91% | -29.26% | 57.03% | 41.18% | 4.04% | 58.52% | -37.78% | 152.69% | 12.86% | 71.85% | 19.43% | 80.52% | 96.14% | 324.92% | 132.72% | -454.55% | -122.68% | - |
| D&A (Non-Cash Add-back) | 140.04M | 2.41M | 150.82M | 201.61M | 2.46M | 3.68M | 3.7M | 232.24M | 260.28M | 218.1M | 196.76M | 2.58M | 121K | 3.96M | 147.45M | 94.5M | 71.69M | 73.54M | 62.99M | 38.55M | 48.74M | 43.01M | 33.41M | 23.16M | 20.7M | 18.8M | 12.62M | 24.81M | 25.9M | 32.2M | 11.9M |
| EBIT | 1.24B | 1.03B | 448.39M | -27.9M | 168.52M | 154.37M | -33.91M | -85.04M | 61.44M | 121.74M | -231.11M | -316.62M | 19.39M | 91.38M | 969.28M | 1.21B | 860.49M | 736.04M | 205.89M | 402.44M | 302.8M | 99.69M | 102.19M | 262.98M | 52.59M | 21.14M | 4.35M | -16.9M | -37.94M | -38.6M | -6.7M |
| Net Interest Income | -10.35M | -11.03M | -34.96M | -37.45M | -43.33M | -43.19M | -22.96M | -25.45M | -23.58M | -24.54M | -24.59M | -16.23M | -2.91M | -4.35M | 1.2M | 4K | -4.07M | -8.97M | -16.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 41.37M | 47.37M | 11.54M | 2.11M | 4.21M | 1.19M | 1.54M | 5.52M | 9.69M | 5.52M | 6.83M | 11.03M | 8.41M | 6.63M | 9.49M | 11.83M | 8.2M | 6.12M | 17.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 51.72M | 58.39M | 46.5M | 39.56M | 47.54M | 44.38M | 24.49M | 30.96M | 38.46M | 34.62M | 31.58M | 27.62M | 11.32M | 10.98M | 8.29M | 11.82M | 12.27M | 15.09M | 33.93M | 473.85M | 0 | 0 | 0 | 439.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 480.4M | 411.5M | 127.79M | 61.4M | 163.45M | 167.09M | 23.18M | 52.43M | -31.27M | -12.89M | -387.43M | -203.61M | -26.07M | -41.67M | -57.8M | -671K | 410.63M | 433.75M | -111.78M | 234.95M | 291.71M | 298.27M | 149.24M | -38.32M | 78.31M | 54.72M | 90.46M | 70.27M | 75.54M | 76.3M | 36M |
| Pretax Income | 1.26B | 967.31M | 573.45M | 82.52M | 124.43M | 101.13M | -58.1M | -1.96M | 22.48M | 92.55M | -255.24M | -351.26M | 35.49M | 12.46M | 885.38M | 1.18B | 843.7M | 733.54M | 171.96M | 435.06M | 594.51M | 321.27M | 253.92M | 10.25M | 117.67M | 69.19M | 94.81M | 49.45M | 35.4M | 41.9M | 30.7M |
| Pretax Margin % | 61.68% | 55.86% | 49.67% | 10.02% | 15.09% | 11.23% | -8.59% | -0.23% | 1.93% | 7.26% | -23.88% | -36.9% | 3.05% | 0.97% | 56.63% | 75.58% | 76.44% | 83.21% | 21.09% | 55.32% | 91.91% | 93.2% | 80.42% | 4.38% | 62.97% | 42.55% | 69.34% | 49.73% | 58.51% | 59.86% | 36.25% |
| Income Tax | 215.76M | 128.2M | 156.16M | 42.99M | 41K | -23.67M | 25.43M | -25.59M | 26.93M | 18.01M | 53.5M | 14.77M | 66.01M | 86.61M | 142.59M | 212.84M | 116.33M | 64.34M | -26.64M | 43.98M | 64.03M | 24.5M | 31.05M | -54.5M | 7.14M | 7.13M | 5.74M | 4.13M | 3.4M | 1.7M | 4.8M |
| Effective Tax Rate % | 17.09% | 13.25% | 27.23% | 52.1% | 0.03% | -23.41% | -43.77% | 1308.95% | 119.8% | 19.46% | -20.96% | -4.2% | 186.02% | 695.14% | 16.11% | 18.09% | 13.79% | 8.77% | -15.5% | 10.11% | 10.77% | 7.62% | 12.23% | -531.62% | 6.07% | 10.3% | 6.06% | 8.35% | 9.6% | 4.06% | 15.64% |
| Net Income | 976.32M | 782.14M | 402.69M | 19.86M | 602.55M | -264.07M | -135.72M | -12.21M | -4.45M | 60.82M | -323.49M | -317.21M | -76.06M | -101.67M | 684.68M | 861.43M | 662.93M | 593.56M | 203.33M | 274.76M | 428.06M | 274.49M | 208.71M | 48.14M | 110.53M | 62.06M | 70.96M | 45.32M | 32M | 40.2M | 25.9M |
| Net Margin % | 47.71% | 45.17% | 34.88% | 2.41% | 73.05% | -29.33% | -20.06% | -1.41% | -0.38% | 4.77% | -30.27% | -33.33% | -6.53% | -7.91% | 43.79% | 55.34% | 60.06% | 67.33% | 24.94% | 34.94% | 66.17% | 79.63% | 66.1% | 20.55% | 59.15% | 38.17% | 51.9% | 45.58% | 52.89% | 57.43% | 30.58% |
| Net Income Growth % | 102.83% | 94.23% | 1928.15% | -96.7% | 328.17% | -94.58% | -1011.71% | -174.28% | -107.32% | 118.8% | -1.98% | -317.02% | 25.19% | -114.85% | -20.52% | 29.94% | 11.69% | 191.92% | -26% | -35.81% | 55.95% | 31.51% | 333.57% | -56.45% | 78.09% | -12.53% | 56.56% | 41.63% | -20.4% | 55.21% | - |
| Net Income (Continuing) | 1.05B | 839.11M | 417.29M | 39.53M | 124.39M | 124.8M | -83.53M | 23.64M | 154K | 74.78M | -308.74M | -355.31M | -55.81M | 4.15M | 278.55M | 988.88M | 724.89M | 656.61M | 203.33M | 371.15M | 514.74M | 308.74M | 209.21M | 68.01M | 110.53M | 62.06M | 89.07M | 45.32M | 33.88M | 43.1M | 25.9M |
| Discontinued Operations | -3.01M | -8.92M | -1.02M | -6.85M | 478.55M | -387.6M | -66.81M | -52.09M | -10.66M | 0 | -19.07M | 0 | 0 | 0 | -539.48M | 0 | 0 | 0 | 0 | 0 | -86.68M | -20.34M | -2.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 202.58M | 205.58M | 169.01M | 162.75M | 154.09M | 170.21M | 172.4M | 196.68M | 221.24M | 215.59M | 226.12M | 228.17M | 298.02M | 277.31M | 262.33M | 258.84M | 236.23M | 199.06M | 197.39M | 165.61M | 91.44M | 23.41M | 20.2M | 13.31M | 12.94M | 8.48M | 19.17M | 22.7M | 5.2M | 3M | 2.5M |
| EPS (Diluted) | 3.84 | 3.10 | 1.59 | 0.08 | 0.49 | 0.49 | -0.61 | -0.07 | -0.02 | 0.24 | -1.27 | -1.25 | -0.30 | -0.40 | 2.69 | 3.39 | 2.61 | 2.33 | 0.60 | 1.08 | 1.68 | 1.14 | 0.81 | 0.20 | 0.44 | 0.25 | 0.14 | 0.01 | 0.01 | 0.16 | 0.11 |
| EPS Growth % | 104.23% | 94.97% | 1933.25% | -84.04% | 0% | 180.33% | -762.8% | -304% | -107.29% | 118.9% | -1.6% | -316.67% | 25% | -114.87% | -20.65% | 29.89% | 12.02% | 288.33% | -44.44% | -35.71% | 47.37% | 40.74% | 305% | -54.55% | 76% | 78.57% | 1208.41% | - | -95.5% | 45.45% | - |
| EPS (Basic) | - | 3.10 | 1.59 | 0.08 | 0.49 | 0.49 | -0.61 | -0.07 | -0.01 | 0.24 | -1.27 | -1.25 | -0.30 | -0.40 | 2.69 | 3.39 | 2.61 | 2.33 | 0.60 | 1.08 | 1.68 | 1.14 | 0.81 | 0.20 | 0.44 | 0.25 | 0.14 | 0.01 | 0.01 | 0.16 | 0.11 |
| Diluted Shares Outstanding | 253.99M | 253.99M | 253.99M | 253.99M | 253.99M | 253.99M | 253.99M | 253.99M | 253.99M | 253.99M | 254.19M | 254.19M | 254.19M | 254.19M | 254.23M | 254.44M | 254M | 254.75M | 254.44M | 254.41M | 254.44M | 251.42M | 255.03M | 240.69M | 254.45M | 253.22M | 252.5M | 252.5M | 246.15M | 273.65M | 246.67M |
| Basic Shares Outstanding | 253.99M | 253.99M | 253.99M | 253.99M | 253.99M | 253.99M | 253.99M | 253.99M | 253.99M | 253.99M | 254.11M | 254.19M | 254.19M | 254.19M | 254.23M | 254.44M | 254M | 254.75M | 254.44M | 254.41M | 254.44M | 251.42M | 255.03M | 240.69M | 254.44M | 253.22M | 252.5M | 252.5M | 246.15M | 273.65M | 246.67M |
| Dividend Payout Ratio | - | 14.27% | 4.58% | 93.39% | 3.08% | - | - | - | - | 36.33% | - | - | - | - | 22.3% | 16.54% | 17.66% | 6.84% | 25.09% | 25.47% | 13.92% | 16.8% | 19.58% | 90.87% | 17.38% | 21.13% | 13.88% | 20.54% | 30.38% | 29.1% | 43.24% |
Peruvian socio-political instability
According to recent financial disclosures, BVN achieved a significant revenue acceleration, with top-line figures reaching $622.5 million in 2026Q1, representing a 102.3% year-over-year increase that highlights the company's successful operational ramp-up and favorable commodity price environment compared to the more modest growth observed in previous fiscal periods.
The sharp revenue trajectory suggests that the company is successfully executing its production targets at key assets, potentially benefiting from the restart of suspended units. Investors should monitor whether this growth is sustainable or if it remains highly sensitive to the volatile spot pricing of precious and base metals.
As reported in quarterly filings, the company's gross margin expanded to 57.3% in 2026Q1, a notable improvement from the 21.9% low recorded in 2023Q4, indicating that Buenaventura is effectively managing its cost structure despite the inherent operational complexities of deep-vein underground mining in the Andean region.
The significant margin expansion appears to be driven by a combination of higher realized metal prices and improved operational efficiencies at mature sites. This trend suggests that the company's cost-control measures are gaining traction, though the reliance on byproduct credits warrants further investigation into long-term ore grade sustainability.
Based on the provided income statements, the net margin of 53.7% in 2026Q1 frequently tracks closely with gross margins, which suggests that a substantial portion of reported earnings is derived from non-operating equity-accounted investments rather than purely from the company's direct mining and extraction activities.
The high net margin relative to operating income implies that the bottom line is heavily influenced by the performance of minority-owned assets like Cerro Verde. Analysts should distinguish between these accounting profits and actual cash dividends received to accurately assess the company's true liquidity and operational health.
Financial data indicates that operating income has scaled significantly to $325.5 million in 2026Q1, demonstrating strong operating leverage as the company successfully converts higher gross profits into bottom-line growth while maintaining relatively disciplined SG&A expenses that have remained largely stable despite the massive increase in top-line revenue.
The ability to grow operating income faster than revenue suggests that the company is benefiting from fixed-cost absorption as production volumes increase. This operational efficiency appears to be a key differentiator, though it remains vulnerable to any sudden inflationary pressures on labor or energy costs.
Quick answers to the most common questions about buying BVN stock.
For fiscal year 2025, Compañía de Minas Buenaventura S.A.A. (BVN) reported total revenue of $1.73B. This represents a 1944.4% increase compared to $84.7M in 1996.
Compañía de Minas Buenaventura S.A.A. (BVN) is profitable, generating $782.1M in net income for the fiscal year ending 2025 with a net profit margin of 45.2%.
Compañía de Minas Buenaventura S.A.A. (BVN) reported an operating income of $555.8M, resulting in an operating profit margin of 32.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Compañía de Minas Buenaventura S.A.A. (BVN) generated $782.4M in gross profit for the year, representing a gross profit margin of 45.2%. This demonstrates the company's core pricing power and production efficiency.