Revenue volatility remains extreme, with operating margins fluctuating from a negative 163.5% in 2024Q1 to a positive 51.6% by 2026Q1, indicating that profitability is driven by erratic production cycles rather than consistent operational efficiency.
| 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 | 1.89B | 1.66B | 995.62M | 1.43B | 1.15B | 1.47B | 853.09M | 606.85M | 420.68M | 448.77M | 490.99M | 375.32M | 300.12M | 174.69M | 241.12M | 147.84M | 112.26M | 5.44M | -17.9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 68.92K | 65.39K | 69.93K | 73K |
| Revenue Growth % | 75.12% | 66.55% | -30.23% | 24.29% | -22.13% | 72.81% | 40.58% | 44.26% | -6.26% | -8.6% | 30.82% | 25.06% | 71.81% | -27.55% | 63.09% | 31.7% | 1962.77% | 30497.14% | - | - | - | - | - | - | - | -100% | -98.55% | 5.4% | -6.49% | -4.21% | -81.74% |
| Cost of Goods Sold | 611.3M | 1.07B | 644.22M | 1.02B | 789.39M | 899.33M | 553.8M | 435.26M | 343.83M | 335.51M | 336.98M | 356.48M | 263.92M | 169.5M | 195.01M | 95.93M | 102.3M | 7.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -65.39K | 0 | 0 |
| COGS % of Revenue | - | 64.27% | 64.71% | 71.35% | 68.76% | 61% | 64.92% | 71.73% | 81.73% | 74.76% | 68.63% | 94.98% | 87.94% | 97.03% | 80.88% | 64.88% | 91.13% | 146.36% | - | - | - | - | - | - | - | - | - | - | -100% | - | - |
| Gross Profit | 701.72M | 592.53M | 351.39M | 408.77M | 358.64M | 574.87M | 299.29M | 171.59M | 76.84M | 113.26M | 154.01M | 18.84M | 36.2M | 5.18M | 46.11M | 51.92M | 9.96M | -2.52M | -17.9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 68.92K | 130.78K | 69.93K | 73K |
| Gross Margin % | 37.03% | 35.73% | 35.29% | 28.65% | 31.24% | 39% | 35.08% | 28.27% | 18.27% | 25.24% | 31.37% | 5.02% | 12.06% | 2.97% | 19.12% | 35.12% | 8.87% | -46.36% | 100% | - | - | - | - | - | - | - | 100% | 100% | 200% | 100% | 100% |
| Gross Profit Growth % | - | 68.62% | -14.04% | 13.98% | -37.61% | 92.07% | 74.43% | 123.29% | -32.15% | -26.46% | 717.44% | -47.96% | 598.3% | -88.76% | -11.18% | 421.38% | 494.69% | -13992.61% | - | - | - | - | - | - | - | -100% | -98.55% | -47.3% | 87.02% | -4.21% | -81.74% |
| Operating Expenses | 325.63M | 114.05M | 673.68M | 539.01M | 168.38M | 130.49M | 111.02M | 53.19M | 46.95M | 11.93M | 36.64M | 89.9M | 43.05M | 249.34M | 36.36M | 29.35M | 31.3M | 17.43M | 17.28M | 24.15M | 17.37M | 7.02M | 4.99M | 2.34M | 1.54M | 1.15M | 1.25M | 1.03M | 7.93M | 1.26M | 1.46M |
| OpEx % of Revenue | - | 6.88% | 67.66% | 37.77% | 14.67% | 8.85% | 13.01% | 8.77% | 11.16% | 2.66% | 7.46% | 23.95% | 14.34% | 142.73% | 15.08% | 19.85% | 27.88% | 320.31% | -96539.59% | - | - | - | - | - | - | - | 125374.89% | 1501.47% | 12126.22% | 1798.6% | 1998.67% |
| Selling, General & Admin | 132.78M | 107.82M | 62.88M | 67.46M | 71.66M | 56.59M | 33.57M | 31.11M | 32.75M | 20.11M | 21.83M | 22.03M | 21.5M | 23.07M | 23.49M | 23.36M | 27.11M | 16.61M | 16.41M | 23.75M | 17.02M | 6.58M | 4.55M | 1.96M | 1.35M | 1.06M | 1.15M | 621.33K | 715.29K | 838.17K | 1.31M |
| SG&A % of Revenue | - | 6.5% | 6.32% | 4.73% | 6.24% | 3.84% | 3.94% | 5.13% | 7.78% | 4.48% | 4.45% | 5.87% | 7.16% | 13.2% | 9.74% | 15.8% | 24.15% | 305.15% | -91669.93% | - | - | - | - | - | - | - | 114976.96% | 901.46% | 1093.85% | 1198.59% | 1798.66% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.86% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 6.23M | 610.79M | 471.56M | 96.72M | 73.9M | 77.45M | 22.08M | 14.2M | -8.17M | 19.57M | 67.87M | 67.2M | 226.27M | 12.88M | 286K | 4.19M | 825K | 871.82K | 400.15K | 350.81K | 437.57K | 440.18K | 381.45K | 191.94K | 82.99K | 104.01K | 413.55K | 7.21M | 2.03M | 1.24M |
| Operating Income | 714.95M | 478.47M | -322.29M | -130.24M | 190.27M | 444.38M | 188.28M | 118.39M | 29.89M | 101.33M | 112.61M | -71.06M | -52.5M | -244.15M | 21.74M | 22.57M | -17.16M | -19.95M | -17.28M | -24.15M | -17.45M | -7.34M | -4.99M | -2.34M | -1.57M | -2.24M | -1.25M | -965.95K | -7.8M | -2.8M | -2.48M |
| Operating Margin % | 37.73% | 28.86% | -32.37% | -9.13% | 16.57% | 30.14% | 22.07% | 19.51% | 7.11% | 22.58% | 22.93% | -18.93% | -17.49% | -139.77% | 9.02% | 15.26% | -15.29% | -366.67% | 96539.6% | - | - | - | - | - | - | - | -125274.93% | -1401.47% | -11926.22% | -3997.21% | -3398.69% |
| Operating Income Growth % | - | 248.46% | -147.45% | -168.45% | -57.18% | 136.02% | 59.02% | 296.04% | -70.5% | -10.01% | 258.46% | -35.37% | 78.5% | -1223.01% | -3.65% | 231.48% | 13.99% | -15.45% | 28.43% | -38.36% | -137.91% | -47.09% | -112.76% | -48.89% | 29.8% | -78.97% | -29.73% | 87.61% | -179% | -12.66% | -720.44% |
| EBITDA | 830.7M | 687.17M | -192.09M | 83.77M | 371.71M | 672.33M | 297.53M | 204.04M | 130.37M | 203.81M | 188.77M | 8.92M | -10.19M | -201.97M | 66.58M | 39.4M | 6.1M | -17.69M | -16.75M | -23.03M | -15.5M | -6.84M | -4.73M | -2.32M | -1.56M | -2.23M | -1.24M | -897.03K | -7.73M | -1.19M | -364.01K |
| EBITDA Margin % | 43.84% | 41.44% | -19.29% | 5.87% | 32.38% | 45.61% | 34.88% | 33.62% | 30.99% | 45.42% | 38.45% | 2.38% | -3.39% | -115.62% | 27.61% | 26.65% | 5.43% | -324.99% | 93566.92% | - | - | - | - | - | - | - | -123775.43% | -1301.47% | -11826.22% | -1698.6% | -498.64% |
| EBITDA Growth % | 241.24% | 457.73% | -329.32% | -77.46% | -44.71% | 125.97% | 45.82% | 56.5% | -36.03% | 7.97% | 2016.3% | 187.57% | 94.96% | -403.34% | 69% | 546.35% | 134.46% | -5.58% | 27.28% | -48.6% | -126.65% | -44.6% | -103.74% | -48.86% | 29.97% | -79.85% | -38.03% | 88.4% | -551.05% | -226.32% | -191.03% |
| D&A (Non-Cash Add-back) | 115.75M | 208.69M | 130.19M | 214.01M | 181.45M | 227.96M | 109.26M | 85.64M | 100.48M | 102.48M | 76.17M | 79.98M | 42.31M | 42.18M | 44.84M | 16.83M | 23.26M | 2.27M | 532.2K | 1.11M | 1.95M | 497.37K | 257.9K | 22.85K | 14.99K | 16K | 15K | 68.92K | 65.39K | 0 | 2.12M |
| EBIT | 387.24M | 478.47M | -305.71M | -185.79M | 259.95M | 433.86M | 215.67M | 149.43M | 36.29M | 89.82M | 89.12M | -104.58M | -88.12M | -210.42M | 53.3M | 118.13M | 376.98M | -16.41M | 9.04M | -34.58M | 14.08M | -5.03M | -1.27M | 0 | 0 | 0 | -1.28M | -828.1K | -845.07K | -1.19M | -1.39M |
| Net Interest Income | -1.4M | -1.8M | 3.71M | 6M | -2.81M | -17.16M | -7.33M | -889K | -17.47M | -28.74M | -24.2M | -24.68M | -23.38M | -16.91M | -16.37M | -15.1M | -14.96M | -1.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 9.81M | 13.03M | 16.73M | 22.61M | 16.31M | 1.94M | 6.54M | 11.88M | 11.16M | 4.13M | -2.13M | -4.21M | -1.66M | 1.92M | 2.07M | 2.23M | 535K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 9.94M | 14.83M | 13.03M | 16.62M | 19.12M | 19.1M | 13.88M | 12.77M | 28.63M | 32.62M | 22.08M | 20.48M | 21.71M | 18.83M | 18.45M | 17.39M | 16.96M | 1.09M | 2.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -25.91M | -28.06M | 3M | -72.52M | 50.23M | -32.57M | 12.09M | 18.26M | -21.8M | -26.75M | -31.62M | -42.59M | -43.32M | 25.46M | 25.34M | 88.96M | 387.81M | 2.45M | 24.18M | -17.13M | 26.29M | 1.2M | 2.77M | -984.42K | 9K | -1.09M | -19K | 68.92K | 6.95M | -1.26M | 511.01K |
| Pretax Income | 689.04M | 450.41M | -319.28M | -202.76M | 240.5M | 411.81M | 200.37M | 136.66M | 8.09M | 74.59M | 80.98M | -113.66M | -95.81M | -218.69M | 47.08M | 111.53M | 370.65M | -17.5M | 6.9M | -41.28M | 8.84M | -6.13M | -2.22M | -3.33M | -1.57M | -3.33M | -1.27M | -897.03K | -845.07K | -4.05M | -1.97M |
| Pretax Margin % | 36.36% | 27.16% | -32.07% | -14.21% | 20.95% | 27.93% | 23.49% | 22.52% | 1.92% | 16.62% | 16.49% | -30.28% | -31.93% | -125.19% | 19.52% | 75.43% | 330.18% | -321.59% | -38539.65% | - | - | - | - | - | - | - | -127174.53% | -1301.47% | -1292.31% | -5795.81% | -2698.68% |
| Income Tax | 11.33M | 81.65M | 33.3M | -82.53M | 30.07M | -14.12M | 43.2M | 35.44M | 8.12M | 3.12M | 16.03M | 10.64M | 30.58M | 11.32M | -8.25M | 31.4M | 32.19M | -4.31M | 15.52M | 27.44M | -57.71M | -3.17M | -6.49M | 1.68M | -152.95K | 2.06M | -151.02K | 998 | 13.58M | -1.89M | 73K |
| Effective Tax Rate % | 1.64% | 18.13% | -10.43% | 40.71% | 12.5% | -3.43% | 21.56% | 25.93% | 100.38% | 4.18% | 19.79% | -9.37% | -31.91% | -5.18% | -17.53% | 28.15% | 8.69% | 24.62% | 224.91% | -66.48% | -653.2% | 51.63% | 292.31% | -50.37% | 9.77% | -61.88% | 11.87% | -0.11% | -1607.26% | 46.56% | -3.71% |
| Net Income | 706.71M | 402.68M | -261.28M | -98.01M | 194.14M | 368.08M | 151.53M | 102.78M | 6.38M | 69.32M | 64.96M | -124.3M | -126.39M | -230.02M | 55.33M | 80.13M | 338.45M | -13.19M | -8.5M | -34.46M | 14.05M | -5.05M | -1.26M | -3.04M | -1.4M | -2.12M | -1.14M | -898.02K | -7.6M | -2.17M | -2.04M |
| Net Margin % | 37.3% | 24.28% | -26.24% | -6.87% | 16.91% | 24.97% | 17.76% | 16.94% | 1.52% | 15.45% | 13.23% | -33.12% | -42.11% | -131.67% | 22.95% | 54.2% | 301.5% | -242.43% | 47458.84% | - | - | - | - | - | - | - | -113677.27% | -1302.92% | -11627.75% | -3097.19% | -2798.68% |
| Net Income Growth % | 735.5% | 254.12% | -166.59% | -150.48% | -47.26% | 142.9% | 47.44% | 1511.16% | -90.8% | 6.71% | 152.26% | 1.65% | 45.05% | -515.73% | -30.95% | -76.33% | 2665.41% | -55.27% | 75.34% | -345.18% | 378.05% | -300.32% | 58.42% | -117.44% | 34.15% | -86.5% | -26.63% | 88.19% | -251.07% | -6.01% | -85.78% |
| Net Income (Continuing) | 677.71M | 368.76M | -352.58M | -120.22M | 210.43M | 425.92M | 157.16M | 101.22M | -31K | 71.47M | 64.96M | -124.3M | -126.39M | -230.02M | 55.33M | 80.13M | 338.45M | -13.19M | -8.5M | -34.58M | 14.08M | -5.03M | -1.27M | -3.04M | -1.4M | -2.12M | -1.14M | -898.02K | -7.6M | -2.17M | -2.04M |
| Discontinued Operations | 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 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 797.78M | 805.01M | 839.82M | 931.12M | 546.46M | 514.66M | 512.28M | 0 | 31.83M | 23.04M | 0 | 0 | 0 | 0 | 0 | 0 | 496K | 496K | 499.59K | 613.76K | 0 | 0 | 0 | 0 | 0 | 28K | 30K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.25 | 1.85 | -1.29 | -0.48 | 0.89 | 1.63 | 1.01 | 0.47 | 0.05 | 0.57 | 0.62 | -1.54 | -1.57 | -2.79 | 0.69 | 0.99 | 4.32 | -0.19 | -0.14 | -0.55 | 0.24 | -0.10 | -0.03 | -0.08 | -0.04 | -0.08 | -0.05 | -0.05 | -0.48 | -0.15 | -0.18 |
| EPS Growth % | 569.94% | 243.41% | -168.75% | -153.93% | -45.4% | 61.39% | 114.89% | 793.54% | -90.77% | -8.06% | 140.26% | 1.91% | 43.73% | -504.35% | -30.3% | -77.08% | 2373.68% | -35.71% | 74.55% | -329.17% | 345.4% | -274.71% | 65.25% | -92.07% | 51.37% | -57.03% | -2.4% | 89.58% | -220% | 16.67% | -28.57% |
| EPS (Basic) | - | 1.95 | -1.29 | -0.48 | 0.92 | 1.70 | 1.06 | 0.47 | 0.05 | 0.58 | 0.63 | -1.54 | -1.57 | -2.79 | 0.69 | 1.00 | 4.34 | -0.19 | -0.14 | -0.55 | 0.24 | -0.10 | -0.03 | -0.08 | -0.04 | -0.08 | -0.05 | -0.05 | -0.48 | -0.15 | -0.18 |
| Diluted Shares Outstanding | 217.65M | 217.03M | 202.26M | 204.71M | 222.48M | 228.24M | 163.7M | 122.66M | 121.35M | 120.68M | 104.58M | 80.77M | 80.75M | 80.75M | 80.76M | 80.66M | 78.36M | 68.84M | 62.69M | 63.34M | 58.9M | 51.68M | 48.31M | 40.41M | 35.74M | 26.38M | 22.22M | 17.96M | 15.93M | 14.07M | 11.66M |
| Basic Shares Outstanding | 205.62M | 202.75M | 202.26M | 204.71M | 209.88M | 215.99M | 151.14M | 121.77M | 120.14M | 119.59M | 103.27M | 80.72M | 80.51M | 80.75M | 80.74M | 80.32M | 77.97M | 68.84M | 62.69M | 62.15M | 58.65M | 51.68M | 48.31M | 40.41M | 35.74M | 26.38M | 22.22M | 17.96M | 15.93M | 14.07M | 11.66M |
| Dividend Payout Ratio | - | - | - | - | 29.09% | 11.64% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operational and Regulatory Contagion
As reported in recent financial filings, SSRM's revenue trajectory exhibits extreme volatility, swinging from a 38.6% contraction in 2024Q2 to an 83.7% expansion by 2026Q1, suggesting that top-line growth is currently driven by erratic production cycles rather than sustainable, organic demand or consistent operational output.
The dramatic revenue fluctuations appear to reflect the company's struggle to maintain consistent production across its diversified asset base. Investors should monitor whether the recent revenue surge is a sustainable recovery or merely a temporary anomaly resulting from accounting adjustments or inventory liquidation following operational disruptions.
Based on the provided income statement data, SSRM's gross margin profile has shown significant instability, bottoming at 28.6% in 2024Q1 before recovering, which highlights the company's vulnerability to cost spikes and the high-risk nature of its primary processing infrastructure in volatile jurisdictions.
The inability to maintain consistent gross margins suggests that the company's cost structure is highly sensitive to external shocks, such as the Çöpler mine suspension. This volatility implies that the firm lacks the pricing power necessary to offset rising input costs or the operational resilience to protect margins during periods of forced downtime.
According to the company's quarterly income statements, operating income has swung violently from a $376.4 million loss in 2024Q1 to a $300.4 million profit in 2026Q1, indicating that the firm's operating leverage is currently dominated by non-recurring charges rather than efficient overhead management.
The lack of a stable relationship between gross profit and operating income suggests that SG&A expenses and other operating costs are not scaling in a predictable manner. This inconsistency warrants further investigation into whether management can effectively control fixed costs during periods of reduced production capacity.
As evidenced by the wide variance in net income, ranging from a $287.1 million loss in 2024Q1 to a $369.7 million profit in 2026Q1, the quality of reported earnings appears compromised by significant non-operating items and potential impairment charges related to the Çöpler mine incident.
The extreme swings in net income suggest that investors should be cautious of relying on headline EPS figures, as they likely incorporate one-time remediation costs and asset write-downs. The erratic nature of these bottom-line results makes it difficult to ascertain the company's true underlying profitability or its capacity for sustained dividend generation.
Based on the provided financial data, the primary risk to the investment thesis is that the company's recent profit recovery may be unsustainable, as it appears to rely on volatile production cycles rather than a fundamental improvement in the cost structure of its core mining assets.
Short-sellers would likely focus on the company's inability to maintain consistent margins and the potential for further regulatory or environmental liabilities to erode the current cash position. The reliance on complex POX processing, which has already failed once, suggests that the firm's operational risk profile remains elevated and potentially mispriced by the market.
Quick answers to the most common questions about buying SSRM stock.
For fiscal year 2025, SSR Mining Inc. (SSRM) reported total revenue of $1.66B. This represents a 2271358.4% increase compared to $0.1M in 1996.
SSR Mining Inc. (SSRM) is profitable, generating $402.7M in net income for the fiscal year ending 2025 with a net profit margin of 24.3%.
SSR Mining Inc. (SSRM) reported an operating income of $478.5M, resulting in an operating profit margin of 28.9%. This margin reflects the operational efficiency of the business before interest and taxes.
SSR Mining Inc. (SSRM) generated $592.5M in gross profit for the year, representing a gross profit margin of 35.7%. This demonstrates the company's core pricing power and production efficiency.