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Ero Copper USD

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.

At a glance: strengths & risks
✓Revenue growing (+74% y/y, Q2 2026)✓Profit growing (+27% y/y, Q2 2026)✓Margins improving (44%→51%, Q2 2026)✓Cheaper than own history (EV/EBITDA 8.4 vs avg 16.8)

Sector: Copper mining

Geography: Brazil

COMM_ERO

Price chart

29.05 USDDay -6.65%

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
29.05 USD · -6.65%
Market cap
3.0 bn USD

Growth

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

Multiples

P/E (LTM)
9.6x
3y avg: 14.4x
P/B (FY)
3.2x
P/E (ann.)
8.5x
EV/EBITDA (LTM)
8.4x
3y avg: 16.8x
EV/EBITDA (ann.)
6.0x

Cash return

Dividend yield
—
FCF yield (LTM)
6.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+50.2%
↓ details

Liquidity

Daily turnover (listing)
64.6 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%452.7Yahoo Finance
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%490.7Yahoo Finance
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%526.9Yahoo Finance
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%
16.8%545.5Yahoo Finance
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%559.1Yahoo Finance
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%561.8Yahoo Finance
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%569.7Yahoo Finance
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%
41.4
y/y 1371.6%
52.7-77.81512.5
y/y 16.2%
716.8
y/y 12.3%
24.1%≈ 334.1stockanalysis.com
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%
-53.4
y/y -278.3%
14.7-75.21432.0
y/y 7.2%
659.1
y/y -0.4%
-29.7%≈ 334.1stockanalysis.com
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%≈ 334.1stockanalysis.com
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%334.1Yahoo Finance
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 —
1.7%—stockanalysis.com
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 —
——stockanalysis.com

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: 1.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003004002024 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

Operating and investing cash flow (OCF + ICF) ($ mln)

-100-500501002024 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 2026-06-30): 1.51x 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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — Copper

Current 14 375spot vs LTM +14%

Commodity-player potential

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

Upside: +50.2% ▲ +0.1 pp 1d

Main driver: Copper +18% vs LTM; revenue ×1.14 vs costs ×1.04; EBITDA 493→502; at 9.8× EV/EBITDA → +50%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Copper (rev)+88%14 375.2012 225.5911 351.46+18%-7%
Gold (rev)+12%3 875.364 242.243 412.03-9%-20%

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

1 · Reported baseline (LTM)
LTM revenue1 045
LTM EBITDA493
LTM cash costs (revenue − EBITDA)551
2 · Revenue projection
Revenue multiplier — spot×1.144 (+14%)
= Spot revenue1 196
Revenue multiplier — 3y price×0.914 (-9%)
= 3-year-price revenue954
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs573
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs573
4 · EBITDA projection (revenue − costs)
= Spot EBITDA622
= 3-year-price EBITDA381
Conservative EBITDA = min(spot, avg)502
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)9.8x
Target EV = EV/EBITDA × conservative EBITDA4 940
Net debt453
Target market cap = EV − net debt4 546
Current market cap3 027

Upside = target market cap ÷ current − 1 = +50.2%

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%146146-0.2%

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 5.4x · target 75th pct (3y) 23.8x · LTM avg 13.6x

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

Peer comparison

Group: Copper mining. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
KGHM Polska Miedzglobal14.35.4x5.4x
Amerigo Resourcesglobal0.95.8x5.8x
Atalaya Miningglobal1.76.6x6.6x
Sandfire ResourcesAustralia6.67.4x7.0x
Lundin Miningglobal17.77.1x7.1x
Antofagastaglobal41.37.2x7.2x
Hudbay Mineralsglobal8.67.4x7.4x
Taseko Minesglobal2.710.3x10.3x
Freeport-McMoRanglobal89.510.6x10.6x
First Quantum Mineralsglobal19.511.7x11.7x
Southern Copperglobal151.314.1x14.1x
Group median7.4x7.2x
Group average8.5x8.5x
This companyglobal3.08.4x8.4x

Group median 7.4x as traded, 7.2x adjusted; this company 8.4x — a 17% premium.

Group average 8.5x as traded, 8.5x adjusted; against the average this company is at a 1% discount.

At the adjusted group median the market cap would be -17% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 19.4x, Russia 3.8x, South Africa 5.2x, Kazakhstan 7.7x, India 17.7x, Indonesia 4.6x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-11-01; the company's own is live.

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.

Frequently asked questions

What is Ero Copper's P/E ratio?
Ero Copper trades at a P/E of 9.6x (price to trailing 12-month earnings).
What is Ero Copper's EV/EBITDA?
Ero Copper trades at 8.4x EV/EBITDA.
What is Ero Copper's P/B ratio?
Ero Copper trades at a P/B of 3.2x.
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 3.0 bn USD.

See also: The Cheapest Metals & Mining Stocks (2026): Copper, Steel, Silver by Valuation · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map