Sector: Copper mining
Geography: Brazil
COMM_ERO
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.
Shares: yahoo_fundamentals_timeseries/ERO
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.
| Date | Period | Status | RevenueM USD | Operating profitM USD | D&AM USD | EBITDAM USD | Net profitM USD | Operating CFM USD | Capex + M&AM USD | AssetsM USD | EquityM USD | ROE (annualized) | Net debtM USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | Q1 2026 (3M) | OK | 263.2 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 | -60.8 | 2055.1 y/y 21.9% | 1098.0 y/y 53.8% | 42.8% | 490.7 | Link |
| 2025-12-31 | Q4 2025 (3M) | PARTIAL | 320.2 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 | -75.0 | 1923.9 y/y 32.0% | 935.5 y/y 59.3% | 29.3% | 526.9 | Link |
| 2025-09-30 | Q3 2025 (3M) | OK | 177.1 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 | -76.6 | 1876.3 y/y 24.1% | 885.1 y/y 23.5% | 5.6% | 545.5 | Link |
| 2025-06-30 | Q2 2025 (3M) | OK | 163.5 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 | -71.3 | 1772.4 y/y 23.8% | 823.3 y/y 24.9% | 36.7% | 559.1 | Link |
| 2025-03-31 | Q1 2025 (3M) | OK | 125.1 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 | -59.5 | 1685.7 y/y 12.3% | 713.9 y/y -8.4% | 49.3% | 561.8 | Link |
| 2024-12-31 | Q4 2024 (3M) | PARTIAL | 122.5 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 | -76.7 | 1458.0 y/y -3.5% | 587.1 y/y -27.0% | -10.4% | 569.7 | Link |
| 2024-09-30 | Q3 2024 (3M) | OK | 124.8 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 | -77.8 | 1512.5 y/y 16.2% | 716.8 y/y 12.3% | 8.0% | ≈ 334.1 | Link |
| 2024-06-30 | Q2 2024 (3M) | OK | 117.1 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 | -75.2 | 1432.0 y/y 7.2% | 659.1 y/y -0.4% | -29.7% | ≈ 334.1 | Link |
| 2024-03-31 | Q1 2024 (3M) | OK | 105.8 y/y — | 13.1 y/y — | 23.3 y/y — | 36.4 y/y — | -6.8 y/y — | 17.2 | -107.8 | 1500.5 y/y — | 779.4 y/y — | -3.5% | ≈ 334.1 | Link |
| 2023-12-31 | Q4 2023 (3M) | PARTIAL | 116.4 y/y — | 29.2 y/y — | 25.0 y/y — | 54.2 y/y — | 37.1 y/y — | 49.4 | -126.0 | 1511.7 y/y — | 804.2 y/y — | 13.1% | 334.1 | Link |
| 2023-09-30 | Q3 2023 (3M) | OK | 105.2 y/y — | 22.3 y/y — | 21.3 y/y — | 43.6 y/y — | 2.8 y/y — | 41.9 | -121.4 | 1302.1 y/y — | 638.3 y/y — | 0.6% | — | Link |
| 2023-06-30 | Q2 2023 (3M) | OK | 104.9 y/y — | 20.8 y/y — | 20.2 y/y — | 41.1 y/y — | 29.9 y/y — | 55.5 | -126.9 | 1335.7 y/y — | 661.9 y/y — | — | — | Link |
| Short-term debt (incl. ST leases) | 39 |
| Long-term debt (incl. LT leases) | 543 |
| − Cash & equivalents | 91 |
| Net debt | 491 |
|---|
Net debt / LTM EBITDA: 1.1x
Quarterly values ($ mln)
Year-over-year change
FCF ($ mln)
Net debt / cash ($ mln)
Current 14 375spot vs LTM +12%
Target market cap from conservative EBITDA and the historical EV/EBITDA
Upside: +54.3% ▼ -1.3 pp 1d
Main driver: Copper +14% vs LTM; revenue ×1.12 vs costs ×1.04; EBITDA 519→496; at 9.4× EV/EBITDA → +54%.
Product prices — moves vs the LTM average
| Commodity | Share | Spot | LTM | 3-yr | vs LTM, $ | 3y vs LTM |
|---|---|---|---|---|---|---|
| Copper (rev) | +88% | 14 019.15 | 12 244.66 | 10 769.18 | +14% | -12% |
| Gold (rev) | +12% | 4 042.15 | 4 246.02 | 3 199.38 | -5% | -25% |
How it is calculated — revenue → costs → EBITDA → target market cap
| 1 · Reported baseline (LTM) | |
| LTM revenue | 924 |
| LTM EBITDA | 519 |
| LTM cash costs (revenue − EBITDA) | 405 |
| 2 · Revenue projection | |
| Revenue multiplier — spot | ×1.122 (+12%) |
| = Spot revenue | 1 036 |
| Revenue multiplier — 3y price | ×0.864 (-14%) |
| = 3-year-price revenue | 799 |
| 3 · Costs projection | |
| Cost multiplier — spot | ×1.040 (+4%) |
| = Spot cash costs | 421 |
| Cost multiplier — 3y price | ×1.040 (+4%) |
| = 3-year-price cash costs | 421 |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | 615 |
| = 3-year-price EBITDA | 378 |
| Conservative EBITDA = min(spot, avg) | 496 |
| 5 · Valuation → target market cap | |
| Historical EV/projected-EBITDA (75th pct) | 9.4x |
| Target EV = EV/EBITDA × conservative EBITDA | 4 656 |
| Net debt | 491 |
| Target market cap = EV − net debt | 4 211 |
| Current market cap | 2 730 |
Upside = target market cap ÷ current − 1 = +54.3%
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.
| Period | Act. rev | Model rev | Δ rev | Act. EBITDA | Model EBITDA | Δ EBITDA |
|---|---|---|---|---|---|---|
| 2024 Q2 | 117 | 128 | -8.7% | 37 | 62 | -40.8% |
| 2024 Q3 | 125 | 121 | +3.0% | 57 | 51 | +12.0% |
| 2024 Q4 | 123 | 124 | -0.8% | 66 | 52 | +26.2% |
| 2025 Q1 | 125 | 129 | -3.0% | 115 | 59 | +94.8% |
| 2025 Q2 | 164 | 135 | +21.2% | 110 | 80 | +37.9% |
| 2025 Q3 | 177 | 148 | +19.5% | 88 | 100 | -11.9% |
| 2025 Q4 | 320 | 170 | +88.8% | 149 | 116 | +29.1% |
| 2026 Q1 | 263 | 239 | +9.9% | 172 | 156 | +9.7% |
Projected EV/EBITDA 5.2x · target 75th pct (3y) 21.0x · LTM avg 12.2x
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.