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FSM logoFortuna Mining Corp.(FSM)Earnings, Financials & Key Ratios

FSM•NYSE
$9.84
$3B mkt cap·10.9× P/E·Price updated May 6, 2026
SectorBasic MaterialsIndustryPrecious MetalsSub-IndustryGold and Silver Miners and Developers
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$960M-9.6%
  • EBITDA$566M+21.5%
  • Net Income$302M+134.7%
  • EPS (Diluted)0.90+119.5%
  • Gross Margin48.74%+50.7%
  • EBITDA Margin59%+34.4%
  • Operating Margin38.52%+79.4%
  • Net Margin31.47%+159.6%
  • ROE18.89%+102.1%
  • ROIC19.3%+61.0%
  • Debt/Equity0.15+16.3%
  • Interest Coverage14.76+51.9%
Technical→

FSM Key Insights

Fortuna Mining Corp. (FSM) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 69.6%
  • ✓FCF machine: 30.7% free cash flow margin
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 28.0%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

FSM Price & Volume

Fortuna Mining Corp. (FSM) stock price & volume — 10-year historical chart

Loading chart...

FSM Growth Metrics

Fortuna Mining Corp. (FSM) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years20.03%
5 Years28.04%
3 Years12.1%
TTM11.74%

Profit CAGR

10 Years-
5 Years69.57%
3 Years-
TTM124.12%

EPS CAGR

10 Years-
5 Years49.63%
3 Years-
TTM118.92%

Return on Capital

10 Years8.48%
5 Years6.9%
3 Years10.37%
Last Year18.41%

FSM Recent Earnings

Fortuna Mining Corp. (FSM) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 4/12 qtrs (33%)●Beat Revenue 7/12 qtrs (58%)
Q1 2026Latest
Feb 18, 2026
EPS
$0.22
Est $0.23
-2.4%
Revenue
$270M
Est $265M
+2.0%
Q4 2025
Nov 5, 2025
EPS
$0.15
Est $0.26
-42.0%
Revenue
$251M
Est $247M
+1.6%
Q3 2025
Aug 6, 2025
EPS
$0.14
Est $0.22
-36.4%
Revenue
$230M
Est $245M
-6.1%
Q2 2025
May 7, 2025
EPS
$0.20
Est $0.21
-4.8%
Revenue
$290M
Est $291M
-0.4%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 18, 2026
$0.22vs $0.23-2.4%
$270Mvs $265M+2.0%
Q4 2025Nov 5, 2025
$0.15vs $0.26-42.0%
$251Mvs $247M+1.6%
Q3 2025Aug 6, 2025
$0.14vs $0.22-36.4%
$230Mvs $245M-6.1%
Q2 2025May 7, 2025
$0.20vs $0.21-4.8%
$290Mvs $291M-0.4%
Based on last 12 quarters of dataView full earnings history →

FSM Peer Comparison

Fortuna Mining Corp. (FSM) competitors in Gold and Silver Miners and Developers — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
EXK logoEXKEndeavour Silver Corp.Direct Competitor2.74B9.31-71.625.93%-28.43%-18.44%0.25
HL logoHLHecla Mining CompanyDirect Competitor12.17B18.1537.0453.03%35.55%22.55%0.12
CDE logoCDECoeur Mining, Inc.Direct Competitor12.04B18.7420.8296.41%31.15%15.17%0.11
PAAS logoPAASPan American Silver Corp.Direct Competitor23.85B56.5921.6830.63%27.08%16.83%0.13
AG logoAGFirst Majestic Silver Corp.Direct Competitor10.46B21.1860.51128.18%13.73%5.85%0.10
MUX logoMUXMcEwen Mining Inc.Direct Competitor1.36B22.8238.6813.23%45.66%13.62%0.00
AEM logoAEMAgnico Eagle Mines LimitedProduct Competitor95.09B189.8121.4243.71%37.48%19.25%0.01
KGC logoKGCKinross Gold CorporationProduct Competitor36.86B30.7815.4739.34%36.04%33.95%0.09

Compare FSM vs Peers

Fortuna Mining Corp. (FSM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs EXK

Most directly comparable listed peer for FSM.

Scale Benchmark

vs CAT

Larger-name benchmark to compare FSM against a more recognizable public peer.

Peer Set

Compare Top 5

vs EXK, HL, CDE, PAAS

FSM Income Statement

Fortuna Mining Corp. (FSM) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue268.11M263.3M257.19M278.97M599.85M681.49M842.43M1.06B960.06M
Revenue Growth %27.52%-1.8%-2.32%8.47%115.03%13.61%23.62%26.07%-9.6%
Cost of Goods Sold158.55M166.72M172.61M168.75M394.38M534.7M652.4M718.43M492.08M
COGS % of Revenue59.14%63.32%67.11%60.49%65.75%78.46%77.44%67.65%51.26%
Gross Profit
109.56M▲ 0%
96.57M▼ 11.9%
84.58M▼ 12.4%
110.22M▲ 30.3%
205.48M▲ 86.4%
146.8M▼ 28.6%
190.03M▲ 29.4%
343.61M▲ 80.8%
467.98M▲ 36.2%
Gross Margin %40.86%36.68%32.89%39.51%34.25%21.54%22.56%32.35%48.74%
Gross Profit Growth %35.92%-11.86%-12.42%30.31%86.42%-28.56%29.45%80.82%36.2%
Operating Expenses26.17M27.62M50.39M52.98M68.6M260.35M190.43M115.56M98.18M
OpEx % of Revenue9.76%10.49%19.59%18.99%11.44%38.2%22.61%10.88%10.23%
Selling, General & Admin24.91M26.19M29.8M35.09M45.36M61.46M64.07M77.78M98.18M
SG&A % of Revenue9.29%9.95%11.59%12.58%7.56%9.02%7.61%7.32%10.23%
Research & Development000000000
R&D % of Revenue---------
Other Operating Expenses1.26M1.43M20.58M17.9M23.24M198.89M126.36M37.78M0
Operating Income
110.33M▲ 0%
61.59M▼ 44.2%
34.19M▼ 44.5%
57.24M▲ 67.4%
136.88M▲ 139.1%
-113.55M▼ 183.0%
-407K▲ 99.6%
228.05M▲ 56131.0%
369.8M▲ 62.2%
Operating Margin %41.15%23.39%13.3%20.52%22.82%-16.66%-0.05%21.47%38.52%
Operating Income Growth %127.29%-44.18%-44.48%67.39%139.14%-182.96%99.64%56130.96%62.16%
EBITDA155.09M104.86M80.55M102.65M259.15M59.26M219.28M466.04M566.4M
EBITDA Margin %57.84%39.83%31.32%36.8%43.2%8.7%26.03%43.88%59%
EBITDA Growth %89.54%-32.38%-23.19%27.44%152.47%-77.13%270.05%112.53%21.53%
D&A (Non-Cash Add-back)44.76M43.28M46.35M45.41M122.27M172.81M219.69M238M196.6M
EBIT107.28M69.26M45.42M61.22M119.77M-113.76M11.1M236.26M369.8M
Net Interest Income285.93K1.04M579.16K-696.97K-8.39M-9.31M-18.8M-20M-10.26M
Interest Income2.02M3.43M1.88M1.28M1.83M1.78M3.35M4.32M14.8M
Interest Expense1.73M1.92M1.3M1.98M10.22M11.09M22.15M24.32M25.06M
Other Income/Expense-5.38M5.75M9.78M1.72M-29.7M-11.56M-10.64M-15.84M37.38M
Pretax Income
104.95M▲ 0%
67.34M▼ 35.8%
43.97M▼ 34.7%
58.95M▲ 34.1%
107.18M▲ 81.8%
-125.11M▼ 216.7%
-11.05M▲ 91.2%
212.21M▲ 2020.3%
407.18M▲ 91.9%
Pretax Margin %39.14%25.58%17.1%21.13%17.87%-18.36%-1.31%19.98%42.41%
Income Tax38.65M33.35M20.18M37.4M47.78M10.8M32.58M70.3M113.35M
Effective Tax Rate %36.82%49.52%45.88%63.44%44.58%-8.63%-294.81%33.13%27.84%
Net Income
66.31M▲ 0%
33.99M▼ 48.7%
23.8M▼ 30.0%
21.55M▼ 9.4%
57.88M▲ 168.5%
-128.13M▼ 321.4%
-50.84M▲ 60.3%
128.74M▲ 353.2%
302.13M▲ 134.7%
Net Margin %24.73%12.91%9.25%7.73%9.65%-18.8%-6.03%12.12%31.47%
Net Income Growth %271.29%-48.74%-29.99%-9.43%168.53%-321.39%60.33%353.24%134.69%
Net Income (Continuing)66.31M33.99M23.8M21.55M59.4M-135.91M-43.63M141.91M293.83M
Discontinued Operations0000000032.31M
Minority Interest000054.42M43.94M49.75M62.21M58.18M
EPS (Diluted)
0.42▲ 0%
0.21▼ 50.0%
0.15▼ 28.6%
0.12▼ 20.0%
0.23▲ 91.7%
-0.47▼ 304.3%
-0.17▲ 63.8%
0.41▲ 341.2%
0.90▲ 119.5%
EPS Growth %223.08%-50%-28.57%-20%91.67%-304.35%63.83%341.18%119.51%
EPS (Basic)0.420.210.150.130.24-0.47-0.170.420.98
Diluted Shares Outstanding158.31M161.64M164.53M186.07M249.44M291.28M295.07M310.75M334.9M
Basic Shares Outstanding158.04M159.78M160.19M174.99M238M291.28M295.07M308.88M306.86M
Dividend Payout Ratio---------

FSM Balance Sheet

Fortuna Mining Corp. (FSM) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets272.45M218.92M152.64M248.07M281.08M252.71M333.32M486.24M763.14M
Cash & Short-Term Investments213.13M163.33M83.4M132.96M107.51M80.49M128.15M231.33M559.72M
Cash Only183.07M90.5M83.4M131.9M107.1M80.49M128.15M231.33M552.98M
Short-Term Investments30.06M72.82M01.06M416K0006.75M
Accounts Receivable35.5M31.31M50.26M76.56M78.2M23.98M74.64M104.14M74.23M
Days Sales Outstanding48.3343.4171.33100.1647.5812.8432.3435.7928.22
Inventory17.75M14.39M14.97M35.27M85.82M92.03M115.83M134.5M122.46M
Days Inventory Outstanding40.8731.4931.6576.379.4362.8264.868.3390.84
Other Current Assets3.95M8.52M1.07M659K1.49M45.03M106K339K123.78K
Total Non-Current Assets434.19M567.6M783.42M807.27M1.74B1.62B1.63B1.63B1.65B
Property, Plant & Equipment430.28M505M729.17M791.13M1.71B1.57B1.57B1.54B1.52B
Fixed Asset Turnover0.62x0.52x0.35x0.35x0.35x0.43x0.54x0.69x0.63x
Goodwill000000000
Intangible Assets000000000
Long-Term Investments2.69M4.28M1.33M000000
Other Non-Current Assets1.22M58.32M52.91M16.14M28.46M55.89M60.33M90.1M77.29M
Total Assets
706.65M▲ 0%
786.52M▲ 11.3%
936.07M▲ 19.0%
1.06B▲ 12.7%
2.02B▲ 91.6%
1.88B▼ 7.2%
1.97B▲ 4.9%
2.12B▲ 7.5%
2.41B▲ 14.2%
Asset Turnover0.38x0.33x0.27x0.26x0.30x0.36x0.43x0.50x0.40x
Asset Growth %25.53%11.3%19.01%12.74%91.59%-7.21%4.88%7.5%14.15%
Total Current Liabilities60.6M61.33M89.77M96.44M166.77M135.08M243.77M256.03M255.91M
Accounts Payable13.72M14.1M40.97M31.57M82.53M72.57M100.39M91.18M77.79M
Days Payables Outstanding31.5830.8786.6468.2976.3949.5456.1646.3257.7
Short-Term Debt00000043.9M021.16M
Deferred Revenue (Current)43.79M33.49M0000000
Other Current Liabilities19.32M24.99M4.15M257K4.96M21.83M5.15M4.51M47.56M
Current Ratio4.50x3.57x1.70x2.57x1.69x1.87x1.37x1.90x2.98x
Quick Ratio4.20x3.34x1.53x2.21x1.17x1.19x0.89x1.37x2.50x
Cash Conversion Cycle57.6244.0316.34108.1750.6226.1340.9857.861.36
Total Non-Current Liabilities82.46M122.39M210.87M233.13M425.58M452.45M435.97M393.43M426.81M
Long-Term Debt39.87M69.3M146.53M158.62M157.49M219.18M162.95M126.03M189.75M
Capital Lease Obligations05.37M15.05M12.52M18.88M11.93M42.46M48.22M55.59M
Deferred Tax Liabilities28.66M31.44M20.91M19.5M191.67M0159.85M144.27M178.63M
Other Non-Current Liabilities30.01M47.71M28.37M42.49M57.54M221.34M70.71M74.92M2.85M
Total Liabilities143.06M183.71M300.64M329.57M592.35M587.53M679.74M649.46M682.72M
Total Debt40.78M78.07M170.41M178.11M186.89M240.52M264.25M194.01M266.5M
Net Debt-142.3M-12.44M87.01M46.22M79.8M160.03M136.1M-37.32M-286.48M
Debt / Equity0.07x0.13x0.27x0.25x0.13x0.19x0.21x0.13x0.15x
Debt / EBITDA0.26x0.74x2.12x1.74x0.72x4.06x1.21x0.42x0.47x
Net Debt / EBITDA-0.92x-0.12x1.08x0.45x0.31x2.70x0.62x-0.08x-0.51x
Interest Coverage61.86x36.04x34.89x30.94x11.71x-10.26x0.50x9.71x14.76x
Total Equity
563.58M▲ 0%
602.8M▲ 7.0%
635.43M▲ 5.4%
725.77M▲ 14.2%
1.43B▲ 97.0%
1.29B▼ 9.9%
1.29B▼ 0.0%
1.47B▲ 13.8%
1.73B▲ 18.1%
Equity Growth %33.19%6.96%5.41%14.22%96.97%-9.85%-0.04%13.81%18.15%
Book Value per Share3.563.733.863.905.734.424.374.725.17
Total Shareholders' Equity563.58M602.8M635.43M725.77M1.38B1.24B1.24B1.4B1.67B
Common Stock418.17M420.47M422.14M492.31M1.08B1.08B1.13B1.13B1.12B
Retained Earnings129.4M163.39M187.19M208.74M266.62M138.49M87.65M216.38M487.24M
Treasury Stock000000000
Accumulated OCI16.02M18.95M26.09M24.72M23.96M29.93M20.52M20.72M63.58M
Minority Interest000054.42M43.94M49.75M62.21M58.18M

FSM Cash Flow Statement

Fortuna Mining Corp. (FSM) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations70.2M83.45M63.01M93.39M147.14M194.25M302.35M365.68M475.53M
Operating CF Margin %26.18%31.7%24.5%33.48%24.53%28.5%35.89%34.43%49.53%
Operating CF Growth %33.21%18.88%-24.5%48.22%57.56%32.02%55.65%20.94%30.04%
Net Income66.31M33.99M23.8M21.55M59.4M-135.91M-51.77M128.74M269.82M
Depreciation & Amortization-17.73M12.39M23.73M067.08M172.81M226.76M223.24M196.6M
Stock-Based Compensation-36K-2.05M4.57M12.28M-3.08M-1K011.69M0
Deferred Taxes38.65M33.35M20.18M37.4M47.78M10.8M-10.24M-24.91M-13.94M
Other Non-Cash Items698K830K1.44M31.27M15.27M164.57M147.52M99.4M23.06M
Working Capital Changes-17.68M4.95M-10.7M-9.12M-39.31M-18.02M-9.92M-72.48M-15.26K
Change in Receivables-11.78M3.64M-14.31M10.26M-16.75M7.32M-17.42M-46.37M-10.18M
Change in Inventory-4.74M1.79M-1.04M-25.66M-23.82M-20.41M-21.41M-24.45M-11.79M
Change in Payables542K696K3.02M6.12M3.52M032.22M-4.11M20.28M
Cash from Investing-39.29M-205.05M-145.21M-113.65M-118.5M-255.33M-220.86M-194.44M-91.71M
Capital Expenditures-47.06M-97.9M-224.13M-93.03M-152.29M-251.24M-221.3M-203.78M-181.12M
CapEx % of Revenue17.55%37.18%87.15%33.35%25.39%36.87%26.27%19.19%18.87%
Acquisitions48.69K-1.15M-6M040.29M0-13.57M00
Investments---------
Other Investing47K-59.85M1.75M-13.35M-6.51M-4.1M1.38M88K91.52M
Cash from Financing69.54M28.71M75.13M68.91M-51.42M38.47M-33.32M-66.14M-61.67M
Debt Issued (Net)-2.13M29.09M77.61M2.25M-44.22M47.79M-15.28M-22.84M-108.87K
Equity Issued (Net)76.69M959K070.01M313K-5.93M306.52K-34.13M-10.45M
Dividends Paid000000000
Share Repurchases00000-5.93M0-34.13M-10.45M
Other Financing-5.02M-1.34M-2.49M-3.36M-7.52M-3.4M-18.35M-9.17M-51.11M
Net Change in Cash
100.59M▲ 0%
-92.57M▼ 192.0%
-7.1M▲ 92.3%
48.49M▲ 783.1%
-24.8M▼ 151.1%
-26.6M▼ 7.3%
47.04M▲ 276.8%
103.18M▲ 119.4%
321.79M▲ 211.9%
Free Cash Flow
23.14M▲ 0%
-14.44M▼ 162.4%
-161.13M▼ 1015.8%
352K▲ 100.2%
-5.15M▼ 1563.4%
-56.99M▼ 1006.3%
81.05M▲ 242.2%
161.9M▲ 99.7%
294.41M▲ 81.8%
FCF Margin %8.63%-5.48%-62.65%0.13%-0.86%-8.36%9.62%15.24%30.67%
FCF Growth %85.57%-162.4%-1015.75%100.22%-1563.35%-1006.33%242.23%99.74%81.85%
FCF per Share0.15-0.09-0.980.00-0.02-0.200.270.520.88
FCF Conversion (FCF/Net Income)1.06x2.46x2.65x4.33x2.54x-1.52x-5.95x2.84x1.57x
Interest Paid000000014.84M0
Taxes Paid000000000

FSM Key Ratios

Fortuna Mining Corp. (FSM) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)5.2%13.44%5.83%3.84%3.17%5.37%-9.43%-3.95%9.35%18.89%
Return on Invested Capital (ROIC)11.8%20.56%9.13%3.91%5.75%9%-5.76%-0.02%11.99%19.3%
Gross Margin38.34%40.86%36.68%32.89%39.51%34.25%21.54%22.56%32.35%48.74%
Net Margin8.49%24.73%12.91%9.25%7.73%9.65%-18.8%-6.03%12.12%31.47%
Debt / Equity0.10x0.07x0.13x0.27x0.25x0.13x0.19x0.21x0.13x0.15x
Interest Coverage22.67x61.86x36.04x34.89x30.94x11.71x-10.26x0.50x9.71x14.76x
FCF Conversion2.95x1.06x2.46x2.65x4.33x2.54x-1.52x-5.95x2.84x1.57x
Revenue Growth35.89%27.52%-1.8%-2.32%8.47%115.03%13.61%23.62%26.07%-9.6%

FSM Frequently Asked Questions

Fortuna Mining Corp. (FSM) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Fortuna Mining Corp. (FSM) reported $1.04B in revenue for fiscal year 2025.

Fortuna Mining Corp. (FSM) saw revenue decline by 9.6% over the past year.

Yes, Fortuna Mining Corp. (FSM) is profitable, generating $288.5M in net income for fiscal year 2025 (31.5% net margin).

Dividend & Returns

Fortuna Mining Corp. (FSM) has a return on equity (ROE) of 18.9%. This is reasonable for most industries.

Fortuna Mining Corp. (FSM) generated $288.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Explore More FSM

Fortuna Mining Corp. (FSM) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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