Operational efficiency has surged, with gross margins reaching 61.9% in 2026Q1 as the company successfully scales its higher-margin gold production assets.
| 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 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 |
|---|
| Sales/Revenue | 1.1B | 960.06M | 1.06B | 842.43M | 681.49M | 599.85M | 278.97M | 257.19M | 263.3M | 268.11M | 210.25M | 154.73M | 174.01M | 137.39M | 161.02M | 110.1M | 74.06M | 51.43M | 21.64M | 31.98M | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 7.11% | -9.6% | 26.07% | 23.62% | 13.61% | 115.03% | 8.47% | -2.32% | -1.8% | 27.52% | 35.89% | -11.08% | 26.65% | -14.67% | 46.24% | 48.68% | 44% | 137.62% | -32.32% | - | - | - | - | - | - | - |
| Cost of Goods Sold | 498.23M | 492.08M | 718.43M | 652.4M | 534.7M | 394.38M | 168.75M | 172.61M | 166.72M | 158.55M | 129.65M | 111.08M | 113.75M | 95.62M | 90.36M | 49.13M | 29.13M | 23.7M | 18.25M | 18.63M | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 51.26% | 67.65% | 77.44% | 78.46% | 65.75% | 60.49% | 67.11% | 63.32% | 59.14% | 61.66% | 71.79% | 65.37% | 69.59% | 56.12% | 44.62% | 39.33% | 46.08% | 84.32% | 58.25% | - | - | - | - | - | - |
| Gross Profit | 598.05M | 467.98M | 343.61M | 190.03M | 146.8M | 205.48M | 110.22M | 84.58M | 96.57M | 109.56M | 80.61M | 43.65M | 60.25M | 41.77M | 70.66M | 60.97M | 44.93M | 27.73M | 3.39M | 13.35M | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 54.55% | 48.74% | 32.35% | 22.56% | 21.54% | 34.25% | 39.51% | 32.89% | 36.68% | 40.86% | 38.34% | 28.21% | 34.63% | 30.41% | 43.88% | 55.38% | 60.67% | 53.92% | 15.68% | 41.75% | - | - | - | - | - | - |
| Gross Profit Growth % | - | 36.2% | 80.82% | 29.45% | -28.56% | 86.42% | 30.31% | -12.42% | -11.86% | 35.92% | 84.67% | -27.56% | 44.23% | -40.88% | 15.89% | 35.72% | 62.02% | 717.1% | -74.58% | - | - | - | - | - | - | - |
| Operating Expenses | 56.2M | 98.18M | 115.56M | 190.43M | 260.35M | 68.6M | 52.98M | 50.39M | 27.62M | 26.17M | 31.96M | 18.1M | 25.23M | 20.2M | 21.66M | 21.07M | 14.37M | 12.27M | 7.98M | 13.24M | 682.1K | 94.62K | 67.4K | 31.58K | 46.04K | 46.53K |
| OpEx % of Revenue | - | 10.23% | 10.88% | 22.61% | 38.2% | 11.44% | 18.99% | 19.59% | 10.49% | 9.76% | 15.2% | 11.7% | 14.5% | 14.7% | 13.45% | 19.14% | 19.41% | 23.85% | 36.85% | 41.41% | - | - | - | - | - | - |
| Selling, General & Admin | 102.38M | 98.18M | 77.78M | 64.07M | 61.46M | 45.36M | 35.09M | 29.8M | 26.19M | 24.91M | 31.12M | 17.43M | 24.43M | 18.8M | 20.54M | 19.84M | 14.37M | 12.2M | 7.98M | 13.23M | 679.48K | 94.62K | 67.4K | 0 | 0 | 0 |
| SG&A % of Revenue | - | 10.23% | 7.32% | 7.61% | 9.02% | 7.56% | 12.58% | 11.59% | 9.95% | 9.29% | 14.8% | 11.27% | 14.04% | 13.68% | 12.76% | 18.02% | 19.41% | 23.72% | 36.85% | 41.37% | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -269K | 0 | 37.78M | 126.36M | 198.89M | 23.24M | 17.9M | 20.58M | 1.43M | 1.26M | 839K | 668K | 797K | 1.4M | 2.01M | 1.23M | 0 | 64K | 0 | 12.12K | 2.62K | 0 | 0 | 31.58K | 46.04K | 46.53K |
| Operating Income | 541.85M | 369.8M | 228.05M | -407K | -113.55M | 136.88M | 57.24M | 34.19M | 61.59M | 110.33M | 48.54M | -1.84M | 33.75M | -9.63M | 45.17M | 38.06M | 30.11M | 14.38M | -4.87M | 108.05K | -682.1K | -94.62K | -67.4K | -31.58K | -46.04K | -46.53K |
| Operating Margin % | 49.43% | 38.52% | 21.47% | -0.05% | -16.66% | 22.82% | 20.52% | 13.3% | 23.39% | 41.15% | 23.09% | -1.19% | 19.4% | -7.01% | 28.05% | 34.57% | 40.66% | 27.97% | -22.5% | 0.34% | - | - | - | - | - | - |
| Operating Income Growth % | - | 62.16% | 56130.96% | 99.64% | -182.96% | 139.14% | 67.39% | -44.48% | -44.18% | 127.29% | 2738.1% | -105.45% | 450.5% | -121.32% | 18.66% | 26.42% | 109.35% | 395.43% | -4605.89% | 115.84% | -620.86% | -40.39% | -113.39% | 31.4% | 1.05% | - |
| EBITDA | 735.28M | 566.4M | 466.04M | 219.28M | 59.26M | 259.15M | 102.65M | 80.55M | 104.86M | 155.09M | 81.82M | 23.9M | 57.27M | 10.68M | 66.54M | 47.49M | 37.01M | 20.24M | -212K | 5.8M | -679.48K | -96.59K | -76.75K | -31.58K | -46.04K | -46.53K |
| EBITDA Margin % | 67.07% | 59% | 43.88% | 26.03% | 8.7% | 43.2% | 36.8% | 31.32% | 39.83% | 57.84% | 38.92% | 15.45% | 32.91% | 7.77% | 41.32% | 43.13% | 49.97% | 39.36% | -0.98% | 18.15% | - | - | - | - | - | - |
| EBITDA Growth % | 50.91% | 21.53% | 112.53% | 270.05% | -77.13% | 152.47% | 27.44% | -23.19% | -32.38% | 89.54% | 242.38% | -58.27% | 436.46% | -83.96% | 40.13% | 28.32% | 82.83% | 9647.77% | -103.65% | 954.08% | -603.49% | -25.85% | -142.99% | 31.4% | 1.05% | - |
| D&A (Non-Cash Add-back) | 193.43M | 196.6M | 238M | 219.69M | 172.81M | 122.27M | 45.41M | 46.35M | 43.28M | 44.76M | 33.28M | 25.74M | 23.52M | 20.3M | 21.37M | 9.42M | 6.9M | 5.86M | 4.66M | 5.7M | 2.62K | -1.96K | -9.35K | 0 | 0 | 0 |
| EBIT | 549.99M | 369.8M | 236.26M | 11.1M | -113.76M | 119.77M | 61.22M | 45.42M | 69.26M | 107.28M | 48.66M | -1.46M | 33.63M | -9.41M | 45.49M | 38.59M | 28.22M | 6.47M | 785K | 108.05K | -521.82K | -94.44K | -144.14K | 0 | 0 | 0 |
| Net Interest Income | -7.62M | -10.26M | -20M | -18.8M | -9.31M | -8.39M | -696.97K | 579.16K | 1.04M | 285.93K | -1.82M | -1.38M | -122.06K | 191.05K | 58K | 270K | -215K | -160K | 1.26M | 1.54M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 16.23M | 14.8M | 4.32M | 3.35M | 1.78M | 1.83M | 1.28M | 1.88M | 3.43M | 2.02M | 328K | 381K | 267.95K | 573.14K | 620K | 830K | 493K | 0 | 1.18M | 1.54M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 23.85M | 25.06M | 24.32M | 22.15M | 11.09M | 10.22M | 1.98M | 1.3M | 1.92M | 1.73M | 2.15M | 1.76M | 390K | 382.09K | 562K | 560K | 544K | 160K | 84.63K | 0 | -520.91K | -94.62K | -67.4K | -31.58K | -46.04K | -46.53K |
| Other Income/Expense | -15.92M | 37.38M | -15.84M | -10.64M | -11.56M | -29.7M | 1.72M | 9.78M | 5.75M | -5.38M | -1.43M | -1.38M | -871K | -341K | 108K | 270K | -174.15K | -8.07M | 6.28M | 1.29M | 161.19K | -1.96K | -9.35K | 0 | 0 | 0 |
| Pretax Income | 525.94M | 407.18M | 212.21M | -11.05M | -125.11M | 107.18M | 58.95M | 43.97M | 67.34M | 104.95M | 47.11M | -3.22M | 32.88M | -9.97M | 45.23M | 38.34M | 26.98M | 6.31M | 597.37K | 1.39M | -520.91K | -96.59K | -76.75K | -31.58K | -46.04K | -46.53K |
| Pretax Margin % | 47.97% | 42.41% | 19.98% | -1.31% | -18.36% | 17.87% | 21.13% | 17.1% | 25.58% | 39.14% | 22.41% | -2.08% | 18.9% | -7.26% | 28.09% | 34.82% | 36.43% | 12.27% | 2.76% | 4.36% | - | - | - | - | - | - |
| Income Tax | 154.96M | 113.35M | 70.3M | 32.58M | 10.8M | 47.78M | 37.4M | 20.18M | 33.35M | 38.65M | 29.25M | 7.39M | 17.28M | 9.13M | 13.76M | 18.8M | 14.02M | 5.87M | 1.48M | 4.3M | 520.91K | 96.59K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 29.46% | 27.84% | 33.13% | -294.81% | -8.63% | 44.58% | 63.44% | 45.88% | 49.52% | 36.82% | 62.09% | -229.75% | 52.55% | -91.57% | 30.43% | 49.05% | 51.97% | 92.98% | 247.46% | 308.77% | -100% | -100% | 0% | 0% | 0% | 0% |
| Net Income | 341.02M | 302.13M | 128.74M | -50.84M | -128.13M | 57.88M | 21.55M | 23.8M | 33.99M | 66.31M | 17.86M | -10.61M | 15.6M | -19.1M | 31.46M | 19.53M | 12.96M | 623K | -792.11K | -2.82M | -520.91K | -96.59K | -76.75K | -31.58K | -46.04K | -46.53K |
| Net Margin % | 31.11% | 31.47% | 12.12% | -6.03% | -18.8% | 9.65% | 7.73% | 9.25% | 12.91% | 24.73% | 8.49% | -6.86% | 8.97% | -13.9% | 19.54% | 17.74% | 17.49% | 1.21% | -3.66% | -8.81% | - | - | - | - | - | - |
| Net Income Growth % | 111.83% | 134.69% | 353.24% | 60.33% | -321.39% | 168.53% | -9.43% | -29.99% | -48.74% | 271.29% | 268.34% | -167.99% | 181.69% | -160.71% | 61.08% | 50.78% | 1979.45% | 178.65% | 71.87% | -440.66% | -439.32% | -25.85% | -142.99% | 31.4% | 1.05% | - |
| Net Income (Continuing) | 370.98M | 293.83M | 141.91M | -43.63M | -135.91M | 59.4M | 21.55M | 23.8M | 33.99M | 66.31M | 17.86M | -10.61M | 15.6M | -19.1M | 31.46M | 19.53M | 16M | 481.93K | -819.76K | -2.92M | -521.83K | -96.25K | -76.75K | -31.58K | -46.04K | -46.53K |
| Discontinued Operations | -1000K | 32.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -48.93K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 67.22M | 58.18M | 62.21M | 49.75M | 43.94M | 54.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.05M | 6.66M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.02 | 0.90 | 0.41 | -0.17 | -0.47 | 0.23 | 0.12 | 0.15 | 0.21 | 0.42 | 0.13 | -0.08 | 0.12 | -0.15 | 0.25 | 0.16 | 0.14 | 0.01 | -0.01 | -0.04 | -0.07 | -0.05 | -0.04 | -0.02 | -0.03 | -0.03 |
| EPS Growth % | 105.31% | 119.51% | 341.18% | 63.83% | -304.35% | 91.67% | -20% | -28.57% | -50% | 223.08% | 258.15% | -168.5% | 180% | -160% | 56.25% | 14.29% | 1300% | - | 76.08% | 45.79% | -56.59% | -10.5% | -114.87% | 31.58% | 0.35% | - |
| EPS (Basic) | - | 0.98 | 0.42 | -0.17 | -0.47 | 0.24 | 0.13 | 0.15 | 0.21 | 0.42 | 0.13 | -0.08 | 0.12 | -0.15 | 0.25 | 0.16 | 0.15 | 0.01 | -0.01 | -0.04 | -0.07 | -0.05 | -0.04 | -0.02 | -0.03 | -0.03 |
| Diluted Shares Outstanding | 332.78M | 334.9M | 310.75M | 295.07M | 291.28M | 249.44M | 186.07M | 164.53M | 161.64M | 158.31M | 138.05M | 129M | 128.14M | 126.55M | 125.23M | 124.71M | 110.56M | 91.8M | 84.4M | 71.6M | 7.19M | 2.08M | 1.83M | 1.62M | 1.61M | 1.63M |
| Basic Shares Outstanding | 305.34M | 306.86M | 308.88M | 295.07M | 291.28M | 238M | 174.99M | 160.19M | 159.78M | 158.04M | 136.89M | 129M | 126.79M | 125.55M | 123.58M | 123.3M | 108.12M | 91.8M | 84.4M | 71.6M | 7.19M | 2.08M | 1.83M | 1.62M | 1.61M | 1.63M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical and Regulatory Exposure
According to the provided quarterly income statements, FSM's revenue trajectory remains inconsistent, fluctuating from a 47.4% growth rate in 2025Q2 to a 10.0% contraction by 2025Q4, suggesting that the company's transition toward gold production is currently subject to significant commodity price and volume sensitivity.
The erratic revenue growth figures indicate that the company is still in a phase of operational recalibration as it integrates newer gold assets. Investors should monitor whether the 18.0% growth observed in 2026Q1 represents a sustainable recovery or merely a temporary benefit from favorable metal price realizations.
As reported in financial statements, FSM has demonstrated a notable expansion in gross margins, which climbed from a low of 19.5% in 2023Q4 to a robust 61.9% by 2026Q1, reflecting the successful integration of higher-margin gold production into the company's broader operational portfolio.
This margin improvement suggests that the company's pivot away from silver-heavy production is yielding tangible efficiency gains. However, the sustainability of these margins warrants further investigation, as they may be sensitive to the specific ore grades and cost structures of the newer West African assets.
Based on FSM's reported figures, the company has successfully leveraged its operating income, which surged to $182.2M in 2026Q1, indicating that SG&A expenses are being managed effectively relative to the significant growth in gross profit during the same period.
The ability to scale operating income faster than gross profit suggests a lean corporate overhead structure that is well-positioned to capture incremental gains from production increases. This operating leverage appears to be a key driver of the company's recent profitability, provided that administrative costs remain disciplined.
Data from recent filings indicates that FSM's net income has stabilized significantly, reaching $111.0M in 2026Q1, with minimal impact from stock-based compensation, which suggests that the reported earnings are largely reflective of core operational performance rather than accounting adjustments or excessive equity-based dilution.
The absence of significant stock-based compensation in recent quarters implies a conservative approach to management incentives that aligns with shareholder interests. Investors should continue to monitor non-operating items and tax rate fluctuations, as these could potentially distort the quality of future net income figures.
Quick answers to the most common questions about buying FSM stock.
For fiscal year 2025, Fortuna Mining Corp. (FSM) reported total revenue of $960.1M.
Fortuna Mining Corp. (FSM) is profitable, generating $302.1M in net income for the fiscal year ending 2025 with a net profit margin of 31.5%.
Fortuna Mining Corp. (FSM) reported an operating income of $369.8M, resulting in an operating profit margin of 38.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Fortuna Mining Corp. (FSM) generated $468.0M in gross profit for the year, representing a gross profit margin of 48.7%. This demonstrates the company's core pricing power and production efficiency.