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First Quantum Minerals (FQM) USD

At a glance: strengths & risks
✓Revenue growing (+55% y/y, Q3 2026)✓Turned profitable (Q3 2026)✓Margins improving (31%→37%, Q3 2026)

Sector: Copper mining

Geography: Zambia, Panama, Peru, Australia

COMM_FQM

Price chart

32.25 CADDay -2.60%

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
32.25 CAD · -2.60%
Market cap
19.3 bn USD

Growth

Δ revenue y/y
55.0%
Δ EBITDA y/y
86.6%

Multiples

P/E (LTM)
111.9x
P/B (FY)
1.7x
P/E (ann.)
23.3x
EV/EBITDA (LTM)
11.6x
EV/EBITDA (ann.)
7.9x

Cash return

Dividend yield
—
FCF yield (LTM)
-0.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-49.1%
↓ details

Liquidity

Daily turnover (listing)
83.6 mln CAD

Shares: connector/market_inputs

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
2026-09-30Q3 2026 (3M)OK2086.0
y/y 55.0%
549.0
y/y 146.2%
233.0
y/y 18.9%
782.0
y/y 86.6%
71.0
y/y —
470.0-332.025160.0
y/y —
11497.0
y/y —
7.3%≈ 5407.0Report (PDF)
2026-06-30Q2 2026 (3M)OK1522.0
y/y 24.1%
180.0
y/y -29.4%
214.0
y/y 24.4%
394.0
y/y -7.7%
136.0
y/y 655.6%
130.0-322.025072.0
y/y 3.3%
11318.0
y/y -0.8%
4.9%5407.0Yahoo Finance
2026-03-31Q1 2026 (3M)OK1404.0
y/y 18.0%
190.0
y/y -21.8%
200.0
y/y 25.8%
390.0
y/y -3.0%
-196.0
y/y —
420.0-266.025014.0
y/y 3.4%
11074.0
y/y -2.4%
-7.1%5284.0Yahoo Finance
2025-12-31Q4 2025 (3M)OK1475.0
y/y —
337.0
y/y —
191.0
y/y —
528.0
y/y —
25.0
y/y —
-36.0-301.025238.0
y/y 4.7%
11165.0
y/y -2.7%
—5192.0Yahoo Finance
2025-09-30Q3 2025 (3M)PARTIAL1346.0
y/y —
223.0
y/y —
196.0
y/y —
419.0
y/y —
-66.0
y/y —
415.0-301.0—
y/y —
—
y/y —
—≈ 5453.0Report (PDF)
2025-06-30Q2 2025 (3M)OK1226.0
y/y —
255.0
y/y —
172.0
y/y —
427.0
y/y —
18.0
y/y —
780.0-310.024278.0
y/y —
11404.0
y/y —
0.6%5453.0Yahoo Finance
2025-03-31Q1 2025 (3M)OK1190.0
y/y —
243.0
y/y —
159.0
y/y —
402.0
y/y —
-23.0
y/y —
143.0-243.024180.0
y/y —
11341.0
y/y —
-0.8%5787.0Yahoo Finance
2024-12-31FY 2024 (12M)OK4802.0
y/y -25.6%
1031.0
y/y -10.2%
633.0
y/y -43.5%
1664.0
y/y -26.7%
2.0
y/y —
1651.0-1286.024107.0
y/y 1.5%
11469.0
y/y 11.9%
0.0%5530.0Yahoo Finance
2023-12-31FY 2023 (12M)OK6456.0
y/y —
1148.0
y/y —
1121.0
y/y —
2269.0
y/y —
-954.0
y/y —
1427.0-1300.023758.0
y/y —
10247.0
y/y —
—6420.0Yahoo Finance

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

Short-term debt (incl. ST leases)391
Long-term debt (incl. LT leases)5 795
− Cash & equivalents779
Net debt5 407

Net debt / LTM EBITDA: 2.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0008 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-50%0%50%100%2023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

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

-20002004006002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

02 0004 0006 0008 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 2.25x of reported net profit; after capex, 1.13x. Loss years (2023, 2025) are left out of the ratio.
year2022202320242025
cash flow / profit2.25x———
accruals, % of assets-5.2%-10.0%-6.8%-8.4%
Last twelve months (to 2025-Q4): 6.48x of profit came back as operating cash flow.
net debt / EBITDA 2.9x · capex 1.3x of depreciation · dividends 6% of free cash flow
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 →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodCopper production
kt		Gold production
Moz		Nickel production
kt		C1 cash cost (copper)
USD/lb		AISC (copper)
USD/lb		C1 cash cost (nickel)
USD/lb
Q3 2026-09108.96
+4.1%		0.05
+30.6%		9.83
+70.5%		4.08
+109.2%		4.30
+40.1%		3.22
Q2 2026-06100.49
+10.3%		0.03
−13.5%		11.25
+179.9%		2.54
+27.0%		4.27
+30.2%		2.75
H1 2026-06305.92
+3.6%		0.11
−0.9%		33.42
+131.5%		2.55
+26.2%		4.21
+32.8%		—
Q1 2026-0396.470.0312.342.514.05—
Q4 2025-12100.37
−10.1%		0.04
−5.1%		8.752.21
+31.5%		3.45
+33.7%		—
FY 2025-12——23.18
−2.3%		2.02
+16.1%		3.17
+19.2%		—
Q3 2025-09104.630.045.771.953.07—
Q2 2025-0691.070.044.0223.28—
H1 2025-06295.400.1114.432.023.17—
Q4 2024-12111.600.04—1.682.58—
FY 2024-12——23.721.74
−23.3%		2.66—
FY 2023-12315.86
+3.6%		——2.27——
FY 2022-12304.91—————

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://www.first-quantum.com/news/first-quantum-minerals-reports-second-quarter-2026-results/; https://www.first-quantum.com/wp-content/uploads/2026/02/AIF-2026.pdf; https://www.first-quantum.com/wp-content/uploads/2026/02/Q4-2025-FQM-Managements-Discussion-Analysis-FINAL.pdf; https://www.first-quantum.com/wp-content/uploads/2026/02/Q4-2025-FQM-News-Release.pdf; https://www.first-quantum.com/wp-content/uploads/2026/07/NR-26-17-2026-Q2-FQM-News-Release-Final.pdf; https://www.first-quantum.com/wp-content/uploads/2026/10/2026-Q3-FQM-Managements-Discussion-Analysis-FINAL.pdf

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Annual production
395.77 kt
2025

Production, kt

315.862023431.002024395.772025

Production

YearProduction, ktper day, kt
2025395.77
−8.2%		1.08
2024431.00
+36.5%		1.18
2023315.860.87

Company reports: https://www.first-quantum.com/news/first-quantum-minerals-reports-second-quarter-2026-results/; https://www.first-quantum.com/wp-content/uploads/2026/02/AIF-2026.pdf; https://www.first-quantum.com/wp-content/uploads/2026/02/Q4-2025-FQM-Managements-Discussion-Analysis-FINAL.pdf; https://www.first-quantum.com/wp-content/uploads/2026/02/Q4-2025-FQM-News-Release.pdf; https://www.first-quantum.com/wp-content/uploads/2026/07/NR-26-17-2026-Q2-FQM-News-Release-Final.pdf; https://www.first-quantum.com/wp-content/uploads/2026/10/2026-Q3-FQM-Managements-Discussion-Analysis-FINAL.pdf

Key-commodity price — Copper

Current 13 530spot vs LTM +1%

Commodity-player potential

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

Upside: -49.1% ▲ +0.1 pp 1d

Main driver: Copper +3% vs LTM; revenue ×1.01 vs costs ×1.06; EBITDA 1 959→1 376; at 11.1× EV/EBITDA → -49%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Copper (rev)+85%13 529.6013 146.2711 429.37+3%-13%
Gold (rev)+12%3 874.444 446.213 433.36-13%-23%
US Diesel Index (cost) (input cost) (cost)-10%6.134.654.27+32%-8%
Electricity Spot (input cost) (cost)-5%78.8388.1464.95-11%-26%

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

1 · Reported baseline (LTM)
LTM revenue6 487
LTM EBITDA1 959
LTM cash costs (revenue − EBITDA)4 528
2 · Revenue projection
Revenue multiplier — spot×1.009 (+1%)
= Spot revenue6 548
Revenue multiplier — 3y price×0.862 (-14%)
= 3-year-price revenue5 590
3 · Costs projection
Cost multiplier — spot×1.060 (+6%)
= Spot cash costs4 801
Cost multiplier — 3y price×1.013 (+1%)
= 3-year-price cash costs4 585
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 746
= 3-year-price EBITDA1 005
Conservative EBITDA = min(spot, avg)1 376
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)11.1x
Target EV = EV/EBITDA × conservative EBITDA15 200
Net debt5 407
Target market cap = EV − net debt9 793
Current market cap19 252

Upside = target market cap ÷ current − 1 = -49.1%

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
2023 FY6 4567 478-13.7%2 2922 972-22.9%
2024 FY4 8027 180-33.1%1 5932 902-45.1%
2025 FY5 2375 667-7.6%1 7852 289-22.0%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +9% vs -26% the year before — a +34.7 pp move. 3-year CAGR -12%.
revenue growth by year: 2023 -15% · 2024 -26% · 2025 +9%
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 12.3x · target 75th pct (3y) 32.4x · LTM avg 15.5x

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
Atalaya Miningglobal1.75.0x5.0x
KGHM Polska Miedzglobal14.15.4x5.4x
Sandfire ResourcesAustralia6.47.1x5.7x
Amerigo Resourcesglobal0.96.1x6.1x
Ero Copperglobal3.06.3x6.3x
Lundin Miningglobal17.77.0x7.0x
Antofagastaglobal41.67.2x7.2x
Hudbay Mineralsglobal8.57.3x7.3x
Taseko Minesglobal2.57.7x7.7x
Freeport-McMoRanglobal85.011.1x11.1x
Southern Copperglobal139.912.8x12.8x
Group median7.1x7.0x
Group average7.5x7.4x
This companyglobal19.311.6x11.6x

Group median 7.1x as traded, 7.0x adjusted; this company 11.6x — a 65% premium.

Group average 7.5x as traded, 7.4x adjusted; against the average this company is at a 56% premium.

At the adjusted group median the market cap would be -50% 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 18.7x, Russia 4.0x, South Africa 5.7x, Kazakhstan 6.1x, India 19.3x, Indonesia 5.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-11-15; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2023-08-250.08 CADEx-dividend: 0.08 CAD per sharePaidYahoo Finance (ex-div)
2023-04-140.13 CADEx-dividend: 0.13 CAD per sharePaidYahoo Finance (ex-div)
2022-08-260.16 CADEx-dividend: 0.16 CAD per sharePaidYahoo Finance (ex-div)
2022-04-130.005 CADEx-dividend: 0.005 CAD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily 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 First Quantum Minerals (FQM) — from primary filings.

Frequently asked questions

What is First Quantum Minerals (FQM)'s P/E ratio?
First Quantum Minerals (FQM) trades at a P/E of 111.9x (price to trailing 12-month earnings).
What is First Quantum Minerals (FQM)'s EV/EBITDA?
First Quantum Minerals (FQM) trades at 11.6x EV/EBITDA.
What is First Quantum Minerals (FQM)'s P/B ratio?
First Quantum Minerals (FQM) trades at a P/B of 1.7x.
What is First Quantum Minerals (FQM)'s return on equity (ROE)?
First Quantum Minerals (FQM)'s ROE is 7.3%.
What is First Quantum Minerals (FQM)'s market capitalization?
First Quantum Minerals (FQM)'s market cap is 19.3 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