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Fortuna Mining (FSM) USD

At a glance: strengths & risks
✓Revenue growing (+26%)✓Margins improving (26%→44%)✓Net cash balance sheet

Sector: Silver mining

Geography: Mexico, Peru, Argentina

COMM_FSM

Price chart

8.55 USDDay 1.54%

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
8.55 USD · 1.54%
Market cap
2.6 bn USD

Growth

Δ revenue y/y
75.6%
Δ EBITDA y/y
126.9%

Multiples

P/E (LTM)
7.7x
P/B (FY)
1.9x
P/E (ann.)
5.9x
EV/EBITDA (LTM)
2.9x
EV/EBITDA (ann.)
2.3x

Cash return

Dividend yield
—
FCF yield (LTM)
14.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-27.7%
↓ details

Liquidity

Daily turnover (listing)
69.8 mln USD

Shares: yahoo_fundamentals_timeseries/FSM

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
2026-03-31Q1 2026 (3M)OK342.5
y/y 75.6%
182.2
y/y 226.8%
45.9
y/y 2.5%
228.1
y/y 126.9%
111.0
y/y 89.7%
418.9-45.32492.6
y/y 14.0%
1773.0
y/y 21.4%
25.7%-507.8Link
2025-12-31Q4 2025 (3M)OK270.2
y/y —
120.8
y/y —
44.9
y/y —
165.6
y/y —
68.1
y/y —
150.3-44.52360.6
y/y —
1677.0
y/y —
16.5%-398.4Link
2025-09-30Q3 2025 (3M)OK251.4
y/y -8.6%
154.6
y/y 112.8%
53.0
y/y -11.4%
207.6
y/y 56.7%
123.6
y/y 144.7%
110.3-48.12240.9
y/y 7.5%
1618.9
y/y 14.0%
10.6%-224.9Link
2025-06-30Q2 2025 (3M)OK230.4
y/y -12.2%
83.7
y/y 51.1%
48.3
y/y -15.6%
132.1
y/y 17.2%
37.3
y/y -8.2%
67.3-47.02138.3
y/y 5.6%
1494.6
y/y 12.0%
10.1%-162.4Link
2025-03-31Q1 2025 (3M)OK195.0
y/y -12.9%
55.8
y/y 10.4%
44.8
y/y -12.3%
100.5
y/y -1.0%
58.5
y/y 122.9%
176.7-38.02186.6
y/y 12.4%
1460.2
y/y 15.9%
16.3%-156.5Link
2024-12-31Q4 2024 (3M)OK300.8
y/y 13.4%
49.5
y/y 164.0%
62.6
y/y -10.6%
112.1
y/y 1625.3%
11.3
y/y 112.3%
150.7-19.62115.5
y/y 7.5%
1403.9
y/y 13.4%
9.1%-105.3Link
2024-09-30Q3 2024 (3M)OK274.9
y/y 13.1%
72.7
y/y 60.1%
59.9
y/y -6.4%
132.5
y/y 21.2%
50.5
y/y 83.9%
92.9-50.12083.6
y/y 1.8%
1420.4
y/y 6.5%
4.9%8.3Link
2024-06-30Q2 2024 (3M)OK262.3
y/y 65.6%
55.4
y/y 617.5%
57.3
y/y 43.4%
112.7
y/y 136.5%
40.6
y/y 1195.2%
73.3-50.32024.5
y/y 1.7%
1334.7
y/y 5.9%
12.5%118.5Link
2024-03-31Q1 2024 (3M)OK224.0
y/y 27.5%
50.5
y/y 111.5%
51.1
y/y 11.5%
101.6
y/y 45.8%
26.2
y/y 141.3%
48.7-41.21945.4
y/y -0.0%
1259.5
y/y 0.3%
8.4%94.0Link
2023-12-31Q4 2023 (3M)OK265.3
y/y —
-77.4
y/y —
70.0
y/y —
-7.3
y/y —
-92.3
y/y —
105.1-51.91967.9
y/y —
1238.4
y/y —
-4.0%78.7Link
2023-09-30Q3 2023 (3M)OK243.1
y/y —
45.4
y/y —
63.9
y/y —
109.3
y/y —
27.5
y/y —
106.5-37.02046.6
y/y —
1333.6
y/y —
2.8%181.9Link
2023-06-30Q2 2023 (3M)OK158.4
y/y —
7.7
y/y —
39.9
y/y —
47.6
y/y —
3.1
y/y —
44.2-67.51991.5
y/y —
1260.2
y/y —
1.0%245.4Link
2023-03-31Q1 2023 (3M)OK175.7
y/y —
23.9
y/y —
45.8
y/y —
69.7
y/y —
10.9
y/y —
41.8-61.51946.1
y/y —
1255.3
y/y —
—211.3Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-10001002003002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-50%0%50%100%150%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

01002003004002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

-600-400-20002002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Production & Reserves

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

Silver

Proved reserves
114.21 mln silver oz eq.
2025
Reserve life (R/P)
6.2 yrs
reserves ÷ annual output
Annual production
18.57 mln silver oz eq.
2025

Production, mln silver oz eq.

3.07202022.70202125.94202242.01202330.84202418.5720254.922026

Proved reserves

YearReserves, mln silver oz eq.
2025114.21
2023207.21
2022228.74

Production

YearProduction, mln silver oz eq.per day
20264.92 * (3M)
−29.5%		53 886
202518.57
−39.8%		50 867
202430.84
−26.6%		84 498
202342.01
+61.9%		115 086
202225.94
+14.3%		71 066
202122.7062 188
20203.07 * (3M)33 578

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Silver

Current 58spot vs LTM -7%

Commodity-player potential

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

Upside: -27.7% ▲ +0.5 pp 1d

Main driver: Silver -7% vs LTM; revenue ×0.94 vs costs ×1.04; EBITDA 740→529; at 4.9× EV/EBITDA → -28%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Silver (rev)+55%58.1862.8341.58-7%-34%
Gold (rev)+45%4 054.044 246.023 191.31-5%-25%

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

1 · Reported baseline (LTM)
LTM revenue1 094
LTM EBITDA740
LTM cash costs (revenue − EBITDA)355
2 · Revenue projection
Revenue multiplier — spot×0.939 (-6%)
= Spot revenue1 028
Revenue multiplier — 3y price×0.702 (-30%)
= 3-year-price revenue769
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs369
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs369
4 · EBITDA projection (revenue − costs)
= Spot EBITDA659
= 3-year-price EBITDA400
Conservative EBITDA = min(spot, avg)529
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)4.9x
Target EV = EV/EBITDA × conservative EBITDA3 199
Net debt-508
Target market cap = EV − net debt3 884
Current market cap2 921

Upside = target market cap ÷ current − 1 = -27.7%

Life of mine: 7 yrs — before haircut +33.0%

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 Q2158188-15.9%4822+114.8%
2023 Q3243178+36.5%10910+942.3%
2023 Q4265192+38.2%-618-132.2%
2024 Q1224217+3.2%10258+75.6%
2024 Q2262266-1.4%113103+9.8%
2024 Q3275297-7.3%133123+7.7%
2024 Q4301308-2.2%118132-10.5%
2025 Q1195309-36.9%105156-33.0%
2025 Q2230304-24.2%132159-17.1%
2025 Q3251310-19.0%208178+16.4%
2025 Q4270364-25.8%170258-34.1%
2026 Q1342417-17.9%230332-30.6%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +26% vs +24% the year before — a +2.5 pp move. 3-year CAGR +21%.
revenue growth by year: 2022 +14% · 2023 +24% · 2024 +26%
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 1.8x · target 75th pct (3y) 6.7x · LTM avg 4.9x

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 Fortuna Mining (FSM) — from primary filings.

Fortuna Mining Corp. operates gold, silver, lead, and zinc mines in several countries, including Argentina, Côte d'Ivoire, Mexico, Peru, and Senegal.

Frequently asked questions

What is Fortuna Mining (FSM)'s P/E ratio?
Fortuna Mining (FSM) trades at a P/E of 7.7x (price to trailing 12-month earnings).
What is Fortuna Mining (FSM)'s EV/EBITDA?
Fortuna Mining (FSM) trades at 2.9x EV/EBITDA.
What is Fortuna Mining (FSM)'s P/B ratio?
Fortuna Mining (FSM) trades at a P/B of 1.9x.
What is Fortuna Mining (FSM)'s return on equity (ROE)?
Fortuna Mining (FSM)'s ROE is 25.7%.
What is Fortuna Mining (FSM)'s market capitalization?
Fortuna Mining (FSM)'s market cap is 2.6 bn USD.