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Ero Copper USD

At a glance: strengths & risks
✓Revenue growing (+67%)✓Margins improving (24%→35%)✓Cheaper than own history (EV/EBITDA 7.7 vs avg 16.8)

Sector: Copper mining

Geography: Brazil

COMM_ERO

Price chart

34.37 USDDay -4.71%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
34.37 USD · -4.71%
Market cap
3.6 bn USD

Growth

Δ revenue y/y
73.9%
Δ EBITDA y/y
101.3%

Multiples

P/E (LTM)
11.5x
3y avg: 14.4x
P/B (FY)
3.8x
P/E (ann.)
10.0x
EV/EBITDA (LTM)
7.7x
3y avg: 16.8x
EV/EBITDA (ann.)
6.9x

Cash return

Dividend yield
—
FCF yield (LTM)
3.0%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+0.8%
↓ details

Liquidity

Daily turnover (listing)
51.4 mln USD

Shares: yahoo_fundamentals_timeseries/ERO

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK284.3
y/y 73.9%
107.0
y/y 127.2%
38.5
y/y 52.7%
145.5
y/y 101.3%
89.5
y/y 26.9%
137.9-86.02155.4
y/y 21.6%
1213.5
y/y 47.4%
31.0%452.7Link
2026-03-31Q1 2026 (3M)OK263.2
y/y 110.4%
91.4
y/y 117.0%
38.3
y/y 105.8%
129.8
y/y 113.6%
108.8
y/y 35.6%
92.8-60.82055.1
y/y 21.9%
1098.0
y/y 53.8%
42.8%490.7Link
2025-12-31Q4 2025 (3M)PARTIAL320.2
y/y 161.3%
142.1
y/y 213.0%
40.5
y/y 99.9%
182.6
y/y 178.1%
77.0
y/y 257.3%
129.1-75.01923.9
y/y 32.0%
935.5
y/y 59.3%
29.3%526.9Link
2025-09-30Q3 2025 (3M)OK177.1
y/y 41.9%
37.2
y/y 4.0%
31.4
y/y 45.5%
68.5
y/y 19.6%
36.0
y/y -13.0%
110.3-76.61876.3
y/y 24.1%
885.1
y/y 23.5%
5.6%545.5Link
2025-06-30Q2 2025 (3M)OK163.5
y/y 39.6%
47.1
y/y 221.2%
25.2
y/y 13.1%
72.3
y/y 95.7%
70.5
y/y —
90.3-71.31772.4
y/y 23.8%
823.3
y/y 24.9%
36.7%559.1Link
2025-03-31Q1 2025 (3M)OK125.1
y/y 18.2%
42.1
y/y 221.2%
18.6
y/y -20.1%
60.8
y/y 66.9%
80.2
y/y —
65.4-59.51685.7
y/y 12.3%
713.9
y/y -8.4%
49.3%561.8Link
2024-12-31Q4 2024 (3M)PARTIAL122.5
y/y 5.3%
45.4
y/y 55.3%
20.3
y/y -18.9%
65.7
y/y 21.1%
-48.9
y/y -232.1%
60.8-76.71458.0
y/y -3.5%
587.1
y/y -27.0%
-10.4%569.7Link
2024-09-30Q3 2024 (3M)OK124.8
y/y 18.7%
35.8
y/y 60.6%
21.6
y/y 1.2%
57.3
y/y 31.6%
94.8
y/y 1371.6%
52.7-77.81512.5
y/y 16.2%
716.8
y/y 12.3%
8.0%≈ 334.1Link
2024-06-30Q2 2024 (3M)OK117.1
y/y 11.6%
14.7
y/y -29.7%
22.3
y/y 10.2%
37.0
y/y -10.1%
-46.6
y/y -278.3%
14.7-75.21432.0
y/y 7.2%
659.1
y/y -0.4%
-29.7%≈ 334.1Link
2024-03-31Q1 2024 (3M)OK105.8
y/y —
13.1
y/y —
23.3
y/y —
36.4
y/y —
-6.8
y/y —
17.2-107.81500.5
y/y —
779.4
y/y —
-3.5%≈ 334.1Link
2023-12-31Q4 2023 (3M)PARTIAL116.4
y/y —
29.2
y/y —
25.0
y/y —
54.2
y/y —
37.1
y/y —
49.4-126.01511.7
y/y —
804.2
y/y —
13.1%334.1Link
2023-09-30Q3 2023 (3M)OK105.2
y/y —
22.3
y/y —
21.3
y/y —
43.6
y/y —
2.8
y/y —
41.9-121.41302.1
y/y —
638.3
y/y —
0.6%—Link
2023-06-30Q2 2023 (3M)OK104.9
y/y —
20.8
y/y —
20.2
y/y —
41.1
y/y —
29.9
y/y —
55.5-126.91335.7
y/y —
661.9
y/y —
——Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)35
Long-term debt (incl. LT leases)520
− Cash & equivalents102
Net debt453

Net debt / LTM EBITDA: 0.9x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%150%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-100-500502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02004006002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.60x of reported net profit; after capex, -0.49x. Loss years (2024) are left out of the ratio.
year20212022202320242025
cash flow / profit1.80x1.39x1.73x—1.48x
accruals, % of assets-23.5%-3.4%-4.5%-14.6%-6.7%
Last twelve months (to 2025-Q3): 1.50x of profit came back as operating cash flow.
net debt / EBITDA 1.9x
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Key-commodity price — Copper

Current 14 620spot vs LTM +19%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +0.8% ▼ -0.5 pp 1d

Main driver: Copper +20% vs LTM; revenue ×1.18 vs costs ×1.04; EBITDA 502→505; at 8.0× EV/EBITDA → +1%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Copper (rev)+88%14 619.9712 225.5910 861.21+20%-11%
Gold (rev)+12%4 352.154 242.243 233.86+3%-24%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue1 045
LTM EBITDA502
LTM cash costs (revenue − EBITDA)543
2 · Revenue projection
Revenue multiplier — spot×1.175 (+18%)
= Spot revenue1 228
Revenue multiplier — 3y price×0.873 (-13%)
= 3-year-price revenue912
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs565
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs565
4 · EBITDA projection (revenue − costs)
= Spot EBITDA663
= 3-year-price EBITDA348
Conservative EBITDA = min(spot, avg)505
5 · Valuation → target market cap
Target EV/EBITDA (capped at current — trough guard)8.0x
Target EV = EV/EBITDA × conservative EBITDA4 043
Net debt453
Target market cap = EV − net debt3 611
Current market cap3 581

Upside = target market cap ÷ current − 1 = +0.8%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2024 Q2117128-8.7%3762-40.8%
2024 Q3125121+3.0%5751+12.0%
2024 Q4123124-0.8%6652+26.2%
2025 Q1125129-3.0%6159+3.3%
2025 Q2164135+21.2%7266+9.6%
2025 Q3177148+19.5%6976-10.4%
2025 Q4320170+88.8%14987+71.2%
2026 Q1263239+9.9%130128+1.4%
2026 Q2284275+3.4%154146+5.6%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +67% vs +10% the year before — a +57.1 pp move. 3-year CAGR +23%.
revenue growth by year: 2023 +0% · 2024 +10% · 2025 +67%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 6.9x · target 75th pct (3y) 9.9x · LTM avg 12.7x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Ero Copper — from primary filings.

Ero Copper Corp. explores, develops, and produces copper, with its primary operations centered on the Caraíba mining complex in Bahia, Brazil. The company also produces gold and silver as by-products from its copper mining activities.

Frequently asked questions

What is Ero Copper's P/E ratio?
Ero Copper trades at a P/E of 11.5x (price to trailing 12-month earnings).
What is Ero Copper's EV/EBITDA?
Ero Copper trades at 7.7x EV/EBITDA.
What is Ero Copper's P/B ratio?
Ero Copper trades at a P/B of 3.8x.
What is Ero Copper's return on equity (ROE)?
Ero Copper's ROE is 31.0%.
What is Ero Copper's market capitalization?
Ero Copper's market cap is 3.6 bn USD.

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