What is First Quantum Minerals (FQM)'s P/E ratio?

First Quantum Minerals (FQM) trades at a P/E of 249.8x (price to trailing 12-month earnings).

What is First Quantum Minerals (FQM)'s EV/EBITDA?

First Quantum Minerals (FQM) trades at 15.7x EV/EBITDA.

What is First Quantum Minerals (FQM)'s P/B ratio?

First Quantum Minerals (FQM) trades at a P/B of 2.0x.

What is First Quantum Minerals (FQM)'s return on equity (ROE)?

First Quantum Minerals (FQM)'s ROE is 4.9%.

What is First Quantum Minerals (FQM)'s market capitalization?

First Quantum Minerals (FQM)'s market cap is 22.5 bn USD.

First Quantum Minerals (FQM) Stock — Financials, Valuation & Dividends

Price chart

38.23 CADDay -15.27%

Key metrics

Market

Price

38.23 CAD · -15.27%

Market cap

22.5 bn USD

Growth

Δ revenue y/y

24.1%

Δ EBITDA y/y

-7.7%

Multiples

P/E (LTM)

249.8x

P/B (FY)

2.0x

P/E (ann.)

41.3x

EV/EBITDA (LTM)

15.7x

EV/EBITDA (ann.)

17.7x

Cash return

Dividend yield

—

FCF yield (LTM)

1.7%

Value creation

to target market cap (spot commodity model)

Upside (potential)

-33.7%

↓ details

Liquidity

Daily turnover (listing)

390.3 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.

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
2026-06-30	Q2 2026 (3M)	OK	1522.0 y/y 24.1% y/y 24.1%	180.0 y/y -29.4% y/y -29.4%	214.0 y/y 24.4% y/y 24.4%	394.0 y/y -7.7% y/y -7.7%	136.0 y/y 655.6% y/y 655.6%	130.0	-154.0	25072.0 y/y 3.3%	11318.0 y/y -0.8%	4.9%	5407.0	Yahoo Finance
2026-03-31	Q1 2026 (3M)	OK	1404.0 y/y 18.0% y/y 18.0%	190.0 y/y -21.8% y/y -21.8%	200.0 y/y 25.8% y/y 25.8%	390.0 y/y -3.0% y/y -3.0%	-196.0 y/y — y/y —	420.0	-208.0	25014.0 y/y 3.4%	11074.0 y/y -2.4%	-7.1%	5284.0	Yahoo Finance
2025-12-31	Q4 2025 (3M)	OK	1475.0 y/y 9.1% y/y —	337.0 y/y 5.9% y/y —	191.0 y/y 13.4% y/y —	528.0 y/y 8.8% y/y —	25.0 y/y -1500.0% y/y —	-36.0	-307.0	25238.0 y/y 4.7%	11165.0 y/y -2.7%	-0.2%	5192.0	Yahoo Finance
2025-06-30	Q2 2025 (3M)	OK	1226.0 y/y — y/y —	255.0 y/y — y/y —	172.0 y/y — y/y —	427.0 y/y — y/y —	18.0 y/y — y/y —	780.0	-335.0	24278.0 y/y —	11404.0 y/y —	0.6%	5453.0	Yahoo Finance
2025-03-31	Q1 2025 (3M)	OK	1190.0 y/y — y/y —	243.0 y/y — y/y —	159.0 y/y — y/y —	402.0 y/y — y/y —	-23.0 y/y — y/y —	143.0	-258.0	24180.0 y/y —	11341.0 y/y —	-0.8%	5787.0	Yahoo Finance
2024-12-31	FY 2024 (12M)	OK	4802.0 y/y -25.6% y/y -25.6%	1031.0 y/y -10.2% y/y -10.2%	633.0 y/y -43.5% y/y -43.5%	1664.0 y/y -26.7% y/y -26.7%	2.0 y/y — y/y —	1651.0	-1294.0	24107.0 y/y 1.5%	11469.0 y/y 11.9%	0.0%	5530.0	Yahoo Finance
2023-12-31	FY 2023 (12M)	OK	6456.0 y/y — y/y —	1148.0 y/y — y/y —	1121.0 y/y — y/y —	2269.0 y/y — y/y —	-954.0 y/y — y/y —	1427.0	-1380.0	23758.0 y/y —	10247.0 y/y —	—	6420.0	Yahoo Finance

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

Net debt	5 407
Short-term debt (incl. ST leases)	391
Long-term debt (incl. LT leases)	5 795
− Cash & equivalents	779

Net debt / LTM EBITDA: 3.0x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

Year-over-year change

Cash flow

FCF ($ mln)

Net debt / cash ($ mln)

Operating statistics

Production indicators — supplementary, not part of the financial statements

Period	Copper production kt	Gold production Moz	Nickel production kt	C1 cash cost (copper) USD/lb	AISC (copper) USD/lb	C1 cash cost (nickel) USD/lb
Q2 2026-06	100.49 +10.3%	0.03 −13.5%	11.25 +179.9%	2.54 +27.0%	4.27 +30.2%	2.75
Q1 2026-03	96.47	0.03	12.34	2.51	4.05	—
Q4 2025-12	100.37 −10.1%	0.04 −5.1%	8.75 +135.2%	2.21 +31.5%	3.45 +33.7%	—
FY 2025-12	—	—	23.18 −2.3%	2.02 +16.1%	3.17 +19.2%	—
Q3 2025-09	104.63	0.04	5.77	1.95	3.07	—
Q2 2025-06	91.07	0.04	4.02	2	3.28	—
Q4 2024-12	111.60	0.04	3.72	1.68	2.58	—
FY 2024-12	—	—	23.72	1.74 −23.3%	2.66	—
FY 2023-12	315.86 +3.6%	—	—	2.27	—	—
FY 2022-12	304.91	—	—	—	—	—

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

Production & Reserves

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

Annual production

395.77 kt

2025

Production, kt

Production

Year	Production, kt	per day, kt
2025	395.77 −8.2%	1.08
2024	431.00 +36.5%	1.18
2023	315.86	0.87

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

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: -33.7% ▼ -0.7 pp 1d

Main driver: Copper +20% vs LTM; revenue ×1.16 vs costs ×1.11; EBITDA 1 933→1 865; at 11.0× EV/EBITDA → -34%.

Product prices — moves vs the LTM average

Commodity	Share	Spot	LTM	3-yr	vs LTM, $	3y vs LTM
Copper (rev)	+85%	14 619.97	12 225.59	11 150.96	+20%	-9%
Gold (rev)	+12%	4 154.46	4 242.24	3 346.28	-2%	-21%
US Diesel Index (cost) (input cost) (cost)	-10%	6.38	4.21	4.19	+51%	-1%
Electricity Spot (input cost) (cost)	-5%	117.40	77.92	62.56	+51%	-20%

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

1 · Reported baseline (LTM)
LTM revenue	5 627
LTM EBITDA	1 933
LTM cash costs (revenue − EBITDA)	3 694
2 · Revenue projection
Revenue multiplier — spot	×1.164 (+16%)
= Spot revenue	6 550
Revenue multiplier — 3y price	×0.900 (-10%)
= 3-year-price revenue	5 064
3 · Costs projection
Cost multiplier — spot	×1.111 (+11%)
= Spot cash costs	4 103
Cost multiplier — 3y price	×1.024 (+2%)
= 3-year-price cash costs	3 781
4 · EBITDA projection (revenue − costs)
= Spot EBITDA	2 447
= 3-year-price EBITDA	1 283
Conservative EBITDA = min(spot, avg)	1 865
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)	11.0x
Target EV = EV/EBITDA × conservative EBITDA	20 530
Net debt	5 407
Target market cap = EV − net debt	15 147
Current market cap	22 857

Upside = target market cap ÷ current − 1 = -33.7%

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
2023 FY	6 456	7 478	-13.7%	2 292	3 173	-27.8%
2024 FY	4 802	7 180	-33.1%	1 593	2 902	-45.1%
2025 FY	5 237	5 667	-7.6%	1 785	2 289	-22.0%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 12.5x · target 75th pct (3y) 11.0x · LTM avg 14.8x

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

Dividends

Paid (completed)

Date	Per share	Details	Status	Source
2023-08-25	0.08 CAD	Ex-dividend: 0.08 CAD per share	Paid	Yahoo Finance (ex-div)
2023-04-14	0.13 CAD	Ex-dividend: 0.13 CAD per share	Paid	Yahoo Finance (ex-div)
2022-08-26	0.16 CAD	Ex-dividend: 0.16 CAD per share	Paid	Yahoo Finance (ex-div)
2022-04-13	0.005 CAD	Ex-dividend: 0.005 CAD per share	Paid	Yahoo 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.

First Quantum Minerals (FQM) USD