Fortuna Mining Corp (FSM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.29	$0.24	-17.2%	—	$318.4M	—
Q1 26	$0.38	$0.35	-7.9%	—	$342.5M	—
Q4 25	$0.23	$0.23	0.0%	—	$270.2M	—
Q2 25	$0.18	$0.16	-11.1%	—	$230.4M	—
Q1 25	$0.21	$0.2	-4.8%	—	$290.1M	—
Q4 24	$0.19	$0.12	-36.8%	—	$302.2M	—
Q3 24	$0.12	$0.16	+33.3%	—	$274.9M	—
Q2 24	$0.13	$0.11	-15.4%	—	$260M	—
Q1 24	$0.06	$0.1	+66.7%	—	$224.9M	—
Q4 23	$0.1	$0.07	-30.0%	—	$265.3M	—
Q3 23	$0.07	$0.1	+42.9%	—	$243.1M	—
Q2 23	$0.04	$0.01	-75.0%	—	$158.4M	—
Q1 23	$0.01	$0.05	+400.0%	—	$175.7M	—
Q4 22	$0.02	$0.02	0.0%	—	$164.7M	—
Q3 22	$0.03	$0.01	-66.7%	—	$166.6M	—
Q2 22	$0.08	$0.01	-87.5%	—	$167.9M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.94	—	—	$947.1M	—
FY24	—	$0.42	—	—	$1.1B	—
FY23	—	-$0.17	—	—	$842.4M	—
FY22	—	-$0.44	—	—	$681.5M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$210.3M	$268.1M	$263.3M	$257.2M	$279M	$599.9M	$681.5M	$842.4M	$1.1B	$947.1M
YoY change	+35.9%	+27.5%	-1.8%	-2.32%	+8.47%	+115%	+13.6%	+23.6%	+26.1%	-10.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	210.3M	268.1M	263.3M	257.2M	279M	599.9M	681.5M	842.4M	1.1B	947.1M
Cost of revenue	129.6M	158.6M	166.7M	172.6M	168.7M	394.4M	534.7M	652.4M	718.4M	480.2M
Gross profit	80.6M	109.6M	96.6M	84.6M	110.2M	205.5M	146.8M	190M	343.6M	466.9M
Gross margin	38.3%	40.9%	36.7%	32.9%	39.5%	34.3%	21.5%	22.6%	32.4%	49.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	31.1M	24.9M	26.2M	29.8M	35.1M	45.4M	61.5M	64.1M	76.1M	97.7M
Operating expenses	32M	25.5M	27.6M	32.5M	36.3M	64M	63.8M	75.8M	85M	97.7M
Operating income	48.6M	84.1M	69M	52.1M	73.5M	141.5M	83M	110.7M	257.3M	369.2M
Operating margin	23.1%	31.4%	26.2%	20.3%	26.3%	23.6%	12.2%	13.1%	24.2%	39%
Non-operating income, net	282K	21.3M	-2.7M	-8.1M	-13.1M	-23.5M	-198.4M	-102.9M	-19.6M	43.3M
Pretax income	47.1M	105M	67.3M	44M	59M	107.2M	-125.1M	-11.1M	212.2M	400.2M
Income tax	29.3M	38.6M	33.4M	20.2M	37.4M	47.8M	10.8M	32.6M	70.3M	111.4M
Net income	17.9M	66.3M	34M	23.8M	21.6M	59.4M	-135.9M	-43.6M	141.9M	311.1M
Net margin	8.49%	24.7%	12.9%	9.25%	7.73%	9.9%	-19.9%	-5.18%	13.4%	32.8%
EBITDA	82M	128.3M	116.7M	99.6M	119.9M	265.6M	256.9M	333.7M	488.7M	574M
EPS	0.13	0.42	0.21	0.15	0.12	0.24	-0.44	-0.17	0.42	0.94
Diluted EPS	0.13	0.42	0.21	0.14	0.12	0.23	-0.44	-0.17	0.41	0.9

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	243.1M	265.3M	224.9M	260M	274.9M	302.2M	290.1M	230.4M	251.4M	270.2M	342.5M	318.4M
Cost of revenue	177.2M	213.5M	155M	180M	188M	195.4M	174.3M	125.4M	118.2M	121.8M	130.6M	134.9M
Gross profit	65.9M	51.9M	69.9M	79.9M	86.9M	106.8M	115.9M	105M	133.1M	148.4M	211.8M	183.5M
Gross margin	27.1%	19.5%	31.1%	30.7%	31.6%	35.4%	39.9%	45.6%	53%	54.9%	61.9%	57.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	14.6M	19.9M	18.2M	22.4M	16M	19.4M	25.3M	21.6M	26.3M	26M	27.8M	18.7M
Operating expenses	14.9M	19.9M	18.7M	23.6M	17.7M	25.5M	26.1M	21.6M	23.9M	26M	29.7M	20.3M
Operating income	51M	16.7M	51.3M	56.3M	69.2M	80M	89.8M	83.4M	109.2M	120.8M	182.2M	163.2M
Operating margin	21%	6.29%	22.8%	21.7%	25.2%	26.5%	31%	36.2%	43.5%	44.7%	53.2%	51.3%
Non-operating income, net	-5.4M	-85M	-1.5M	399K	6.6M	-25.8M	3.4M	1.4M	47M	-6.6M	-1.9M	-6.3M
Pretax income	37.5M	-72.8M	43.6M	51M	69.5M	48.1M	90.2M	81.4M	153M	111.5M	178.3M	154.8M
Income tax	6.6M	17M	14.5M	7.7M	15.1M	33M	22.2M	33.7M	24.8M	37.5M	58.4M	71M
Net income	30.9M	-89.8M	29.1M	43.3M	54.4M	15.1M	64.8M	44.1M	128.2M	74M	119.9M	83.7M
Net margin	12.7%	-33.9%	12.9%	16.7%	19.8%	4.99%	22.3%	19.1%	51%	27.4%	35%	26.3%
EBITDA	115.9M	99.4M	102.2M	113.5M	130.1M	141.8M	152.6M	134.6M	163.8M	176.4M	232.2M	211.1M
EPS	0.09	—	0.09	0.13	0.16	—	0.19	0.12	0.4	—	0.36	0.25
Diluted EPS	0.09	—	0.09	0.13	0.16	—	0.19	0.12	0.38	—	0.35	0.24

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	773.4M	—	581.6M	653.6M	1.4B	—	—	1.1B	1.3B	3B	3.3B
Enterprise value	691.1M	—	496.4M	740.6M	1.5B	—	—	1.3B	1.3B	2.7B	3.1B
Shares outstanding	136.9M	158M	159.8M	160.2M	175M	238M	291.3M	295.1M	308.9M	306.9M	306.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	43.3	—	17.1	27.5	66.9	—	—	—	9.34	9.68	9.82
P/S	3.68	—	2.21	2.54	5.17	—	—	1.35	1.25	3.18	2.93
P/B	1.83	—	0.96	1.03	1.99	—	—	0.88	0.9	1.8	1.96
EV/EBITDA	8.43	—	4.25	7.43	12.4	—	—	3.82	2.63	4.64	4.17
EV/Sales	3.29	—	1.89	2.88	5.33	—	—	1.51	1.21	2.81	2.65
Earnings yield	2.31%	—	5.84%	3.64%	1.49%	—	—	—	10.7%	10.3%	10.2%
FCF yield	1.61%	—	-2.48%	-24.7%	0.02%	—	—	6.99%	12.2%	9.21%	11%
PEG	—	—	—	—	—	—	—	—	—	—	0.09

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	38.3%	40.9%	36.7%	32.9%	39.5%	34.3%	21.5%	22.6%	32.4%	49.3%	57.6%
Operating margin	23.1%	31.4%	26.2%	20.3%	26.3%	23.6%	12.2%	13.1%	24.2%	39%	51.1%
Net margin	8.49%	24.7%	12.9%	9.25%	7.73%	9.9%	-19.9%	-5.18%	13.4%	32.8%	32%
ROE	4.22%	11.8%	5.64%	3.74%	2.97%	4.16%	-10.5%	-3.39%	9.68%	18.5%	24.1%
ROA	3.17%	9.38%	4.32%	2.54%	2.04%	2.94%	-7.24%	-2.22%	6.71%	13.2%	16.8%
ROIC	5.41%	13.6%	6.72%	3.9%	3.48%	5.2%	5.73%	7.77%	12%	20.1%	27.2%
Return on tangible assets	3.17%	9.38%	4.32%	2.54%	2.04%	2.94%	-7.24%	-2.22%	6.71%	13.2%	16.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.87	4.5	3.57	1.7	2.57	1.69	1.87	1.37	1.9	2.98	3
Quick ratio	2.64	4.2	3.34	1.53	2.21	1.17	1.19	0.89	1.37	2.5	2.5
Debt / equity	0.1	0.07	0.13	0.27	0.25	0.13	0.19	0.21	0.13	0.13	0.13
Debt / assets	0.08	0.06	0.1	0.18	0.17	0.09	0.13	0.13	0.09	0.09	0.09
Net debt / EBITDA	-1	-1.34	-0.73	0.87	0.38	0.3	0.62	0.41	-0.08	-0.61	-0.49
Interest coverage	22.9	46.1	36	31.4	27.1	9.51	-10	0.5	8.31	16.5	20.9
Effective tax rate	62.1%	36.8%	49.5%	45.9%	63.4%	44.6%	0%	0%	33.1%	27.8%	32.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	1.54	1.7	1.65	1.61	1.59	2.52	2.34	2.86	3.44	3.09	3.88
EPS (basic)	0.13	0.42	0.21	0.15	0.12	0.24	-0.44	-0.17	0.42	0.94	0.94
EPS (diluted)	0.13	0.42	0.21	0.14	0.12	0.23	-0.44	-0.17	0.41	0.9	1.19
Book value per share	3.09	3.57	3.77	3.97	4.15	6.01	4.42	4.37	4.75	5.47	5.97
FCF per share	0.09	0.14	-0.09	-1.01	0	-0.02	-0.2	0.27	0.52	0.9	1.86
Cash per share	0.91	1.35	1.02	0.52	0.76	0.45	0.28	0.43	0.75	1.83	2.08
Capex per share	0.29	0.3	0.6	1.34	0.53	0.64	0.86	0.74	0.66	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	19.1%	17.8%	36.6%	83.7%	33.3%	25.4%	36.9%	25.8%	19.2%	—	—
Capex / operating cash flow	55.7%	36.3%	83.4%	272.4%	84.7%	73.2%	457.4%	101.3%	49%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$243.1M	$265.3M	$224.9M	$260M	$274.9M	$302.2M	$290.1M	$230.4M	$251.4M	$270.2M	$342.5M	$318.4M
YoY change	+45.9%	+61.1%	+28.1%	+64.1%	+13.1%	+13.9%	+29%	-11.4%	-8.57%	-10.6%	+18%	+38.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	125.2M	213.1M	163.3M	83.4M	133M	107.5M	80.6M	128.1M	231.3M	560.7M
Receivables	23.2M	34.3M	28.1M	33.6M	26.3M	25.7M	24M	20M	26.7M	20.8M
Inventory	13.6M	17.8M	14.4M	15M	35.3M	85.8M	92M	115.8M	134.5M	122.7M
Total current assets	166.9M	272.5M	218.9M	152.6M	248.1M	281.1M	252.7M	333.3M	486.2M	764.5M
Property, plant & equipment	150M	148.1M	44.1M	204.8M	213.6M	234.6M	-11.6M	-210.4M	-348.6M	63.7M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	562.9M	706.6M	786.5M	936.1M	1.1B	2B	1.9B	2B	2.1B	2.4B
Accounts payable	15.3M	13.7M	27.6M	41M	31.6M	82.5M	72.6M	100.4M	91.2M	77.9M
Short-term debt	2.1M	906K	3.4M	8.8M	7M	10.5M	9.4M	58.8M	19.8M	21.2M
Total current liabilities	58.1M	60.6M	61.3M	89.8M	96.4M	166.8M	135.1M	243.8M	256M	256.4M
Long-term debt	40.7M	39.9M	74.7M	161.6M	171.1M	176.4M	231.1M	205.4M	174.2M	190.1M
Total liabilities	139.8M	143.1M	183.7M	300.6M	329.6M	592.4M	587.5M	679.7M	649.5M	625.3M
Shareholders' equity	423.2M	563.6M	602.8M	635.4M	725.8M	1.4B	1.3B	1.3B	1.5B	1.7B
Total debt	42.8M	40.8M	78.1M	170.4M	178.1M	186.9M	240.5M	264.2M	194M	211.3M
Net debt	-39.7M	-142.3M	-12.4M	87M	46.2M	79.8M	160M	136.1M	-37.3M	-342.7M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	117.8M	128.1M	87.7M	105.6M	180.6M	231.3M	309.4M	394M	444.2M	560.7M	675.8M	614.4M
Receivables	22.1M	20M	23.2M	18.8M	33.5M	26.7M	18.4M	16.8M	17.2M	20.8M	17.1M	12.7M
Inventory	132.7M	115.8M	125.1M	130.6M	125.2M	134.5M	135.9M	120.4M	110.7M	122.7M	121.1M	138.9M
Total current assets	330.3M	333.3M	312M	384.1M	430.5M	486.2M	577.4M	587.5M	647M	764.5M	891.9M	835.5M
Property, plant & equipment	-78.7M	-210.4M	-246.5M	-285.9M	-316.8M	-348.6M	-150.9M	87.8M	100.5M	63.7M	23.4M	38.3M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	2B	2B	1.9B	2B	2.1B	2.1B	2.2B	2.1B	2.2B	2.4B	2.5B	2.5B
Accounts payable	78.3M	100.4M	102.9M	97.2M	92.8M	91.2M	96M	78.2M	58.6M	77.9M	75M	81.8M
Short-term debt	12.8M	58.8M	58.6M	59.4M	18.1M	19.8M	20.5M	22.1M	21.4M	21.2M	21.5M	30.8M
Total current liabilities	155.8M	243.8M	246.3M	253.8M	222M	256M	283.2M	217M	196.2M	256.4M	281.1M	278.2M
Long-term debt	286.9M	205.4M	162.8M	164.7M	170.8M	174.2M	177.3M	193.9M	192M	190.1M	187.9M	203.4M
Total liabilities	665.6M	679.7M	634M	634.6M	604.7M	649.5M	657.8M	595.9M	569.6M	625.3M	652.3M	678.4M
Shareholders' equity	1.4B	1.3B	1.3B	1.4B	1.5B	1.5B	1.5B	1.5B	1.7B	1.7B	1.8B	1.8B
Total debt	299.7M	264.2M	221.4M	224.1M	188.9M	194M	197.9M	216M	213.4M	211.3M	209.4M	234.2M
Net debt	181.9M	136.1M	133.7M	118.5M	8.3M	-37.3M	-107.2M	-162.4M	-224.9M	-342.7M	-456.5M	-372.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	17.9M	66.3M	34M	23.8M	21.6M	59.4M	-135.9M	-43.6M	141.9M	288.8M
Depreciation & amortization	33M	42.5M	44.8M	46.4M	45.4M	122.3M	172.8M	219.7M	230M	191M
Stock-based compensation	8.4M	-36K	-2.1M	4.6M	12.3M	-3.1M	-1K	2M	8.1M	—
Change in working capital	-16.9M	-16.8M	3.8M	-15.5M	-9.6M	-40.7M	-13.1M	-38.1M	-70.8M	-21.6M
Operating cash flow	72.2M	131.3M	115.6M	79M	109.8M	208M	54.9M	214.5M	416M	455.4M
Capital expenditure	-40.2M	-47.6M	-96.3M	-215.3M	-93M	-152.3M	-251.2M	-217.3M	-203.8M	—
Investing cash flow	-51.3M	-39.3M	-203.5M	-136.4M	-113.6M	-118.5M	-255.3M	-216.9M	-194.4M	16.2M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	0	-5.9M	0	-34.1M	-10.3M
Financing cash flow	7.6M	69.5M	28.7M	75.1M	78.9M	-83.7M	18.5M	-123.5M	-299.1M	-47.7M
Net change in cash	28.5M	161.6M	-59.2M	17.8M	75M	5.8M	-181.9M	-125.9M	-77.5M	423.8M
Free cash flow	12.5M	22.6M	-14.4M	-161.1M	352K	-5.2M	-57M	79.6M	161.9M	277.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	30.9M	-89.8M	29.1M	43.3M	54.4M	15.1M	64.8M	47.7M	128.2M	74M	119.9M	83.7M
Depreciation & amortization	63.9M	71.6M	50.3M	57.3M	59.9M	62.6M	61.7M	48.3M	53M	44.9M	45.9M	44M
Stock-based compensation	312K	2.6M	—	—	1.8M	1.5M	2.6M	—	—	—	—	—
Change in working capital	-4.8M	-14.6M	-17.1M	-22.8M	-25.5M	-5.4M	-4.8M	-2.8M	7.2M	-15.6M	6.3M	-1.3M
Operating cash flow	105.3M	13.8M	82.5M	94.9M	111.4M	122.5M	145.8M	67.3M	111.3M	150.3M	418.9M	138.3M
Capital expenditure	-37M	-51.9M	-41.3M	-50.4M	-50.1M	-61.9M	-39.6M	—	—	—	—	—
Investing cash flow	-33.7M	-51M	-39.5M	-47.1M	-47.6M	-60.3M	-40.5M	-7.3M	14.4M	10M	-18.3M	-13.6M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	-3.5M	0	0	-30.6M	-4.2M	0	0	-6.1M	-24.5M	-82.1M
Financing cash flow	-87.1M	-96.1M	-48.5M	-9.5M	30.2M	-106.5M	-10.3M	-6.1M	-19.6M	-12.8M	-31.3M	-114.6M
Net change in cash	-15.5M	-133.3M	-5.4M	38.4M	94M	-44.2M	95M	53.9M	106.1M	147.6M	369.3M	10.1M
Free cash flow	69.4M	53.2M	7.6M	23.1M	42.8M	88.4M	86.8M	20.3M	62.8M	105.8M	373.6M	70.4M

Fortuna Mining Corp Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement