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SSR Mining (SSRM) USD

SSR Mining Inc. acquires, explores, and develops precious metal resource properties, primarily producing gold, silver, copper, lead, and zinc from mines in the United States, Türkiye, Canada, and Argentina.

At a glance: strengths & risks
✓Revenue growing (+9% y/y, Q2 2026)✓Margins improving (33%→49%, Q2 2026)✓Net cash balance sheet

Sector: Gold mining

Geography: United States, Canada, Turkey

COMM_SSRM

Price chart

29.2 USDDay -7.18%

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
29.2 USD · -7.18%
Market cap
5.9 bn USD

Growth

Δ revenue y/y
9.5%
Δ EBITDA y/y
66.3%

Multiples

P/E (LTM)
24.9x
P/B (FY)
1.9x
P/E (ann.)
15.2x
EV/EBITDA (LTM)
4.8x
EV/EBITDA (ann.)
4.6x

Cash return

Dividend yield
0.1%
FCF yield (LTM)
6.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-10.3%
↓ details

Liquidity

Daily turnover (listing)
74.7 mln USD

Shares: yahoo_fundamentals_timeseries/SSRM

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)OK443.8
y/y 9.5%
193.8
y/y 77.9%
31.0
y/y 18.1%
224.7
y/y 66.3%
97.3
y/y 8.0%
100.3-32.54279.3
y/y -26.2%
3391.6
y/y 4.0%
11.1%-1780.7Yahoo Finance
2026-03-31Q1 2026 (3M)OK581.8
y/y 83.7%
300.4
y/y 181.3%
30.2
y/y -1.4%
330.6
y/y 140.6%
-106.5
y/y -281.1%
264.5-88.85946.7
y/y 5.4%
3631.0
y/y 14.6%
-11.9%-605.9Link
2025-12-31Q4 2025 (3M)OK521.7
y/y 61.4%
162.4
y/y 372.5%
31.1
y/y -18.9%
193.6
y/y 166.2%
181.5
y/y 3166.6%
172.1-65.76093.9
y/y 17.4%
3507.8
y/y 12.9%
11.6%-472.4Link
2025-09-30Q3 2025 (3M)OK385.8
y/y 49.9%
83.3
y/y 822.1%
28.2
y/y -7.3%
111.6
y/y 182.6%
65.4
y/y 519.9%
57.2-59.65907.8
y/y 14.9%
3327.1
y/y 7.3%
2.6%-360.3Link
2025-06-30Q2 2025 (3M)OK405.5
y/y 119.4%
108.9
y/y 915.7%
26.2
y/y 14.0%
135.1
y/y 300.6%
90.1
y/y 829.3%
160.3-60.25795.9
y/y 12.0%
3259.8
y/y 5.6%
11.2%-352.6Link
2025-03-31Q1 2025 (3M)OK316.6
y/y 37.5%
106.8
y/y —
30.6
y/y -20.3%
137.4
y/y —
58.8
y/y —
82.3-44.85644.5
y/y 7.5%
3168.1
y/y 2.9%
7.5%-243.5Link
2024-12-31Q4 2024 (3M)OK323.2
y/y -24.1%
34.4
y/y 111.6%
38.3
y/y -42.2%
72.7
y/y 131.4%
5.6
y/y 102.5%
95.0-38.65189.0
y/y -3.7%
3107.0
y/y -7.9%
-8.4%-81.6Link
2024-09-30Q3 2024 (3M)OK257.4
y/y -33.2%
9.0
y/y -88.3%
30.4
y/y -45.6%
39.5
y/y -70.4%
10.6
y/y -30.4%
-1.3-32.85143.9
y/y -10.5%
3100.2
y/y -14.3%
0.5%-48.5Link
2024-06-30Q2 2024 (3M)OK184.8
y/y -38.6%
10.7
y/y -79.7%
23.0
y/y -48.5%
33.7
y/y -65.4%
9.7
y/y -87.1%
-78.1-38.25175.6
y/y -9.8%
3088.3
y/y -14.5%
1.3%-66.3Link
2024-03-31Q1 2024 (3M)OK230.2
y/y -26.8%
-376.4
y/y -1117.8%
38.4
y/y -18.5%
-338.0
y/y -502.0%
-287.1
y/y -1062.9%
24.6-34.05251.8
y/y 0.3%
3078.8
y/y -14.3%
-35.6%-172.1Link
2023-12-31Q4 2023 (3M)OK425.9
y/y —
-297.6
y/y —
66.3
y/y —
-231.3
y/y —
-217.8
y/y —
203.2-58.85385.8
y/y —
3373.1
y/y —
-2.8%-171.7Link
2023-09-30Q3 2023 (3M)OK385.4
y/y —
77.5
y/y —
56.0
y/y —
133.5
y/y —
15.2
y/y —
135.3-47.55749.7
y/y —
3615.5
y/y —
0.6%-133.6Link
2023-06-30Q2 2023 (3M)OK301.0
y/y —
52.9
y/y —
44.6
y/y —
97.6
y/y —
74.9
y/y —
80.3-57.95739.5
y/y —
3613.7
y/y —
8.3%-42.9Link
2023-03-31Q1 2023 (3M)OK314.6
y/y —
37.0
y/y —
47.1
y/y —
84.1
y/y —
29.8
y/y —
3.0-59.25234.8
y/y —
3592.2
y/y —
—-207.7Link

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

Short-term debt (incl. ST leases)2
− Cash & equivalents1 783
Net debt-1 781

Net debt / LTM EBITDA: -2.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-400-20002004006002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%300%400%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

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

-50005001 0001 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-2 000-1 500-1 000-50002024 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 1.19x of reported net profit; after capex, 0.61x. Loss years (2023, 2024) are left out of the ratio.
year20212022202320242025
cash flow / profit1.66x0.83x——1.19x
accruals, % of assets-4.6%0.6%-9.7%-5.8%-1.2%
Last twelve months (to 2026-06-30): 2.50x of profit came back as operating cash flow.
net debt / EBITDA -0.8x · EBIT covers interest 31.6x · capex 1.0x of depreciation · dividends 20% of free cash flow · share count -1.2% a year
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 →

Production & Reserves

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

Gold

Proved reserves
10.89 mln gold oz eq
2025
Reserve life (R/P)
24.3 yrs
reserves ÷ annual output
Annual production
0.45 mln gold oz eq
2025

Production, mln gold oz eq

0.7920210.6220220.7120230.4020240.452025

Proved reserves

YearReserves, mln gold oz eq
202510.89
20247.89
20237.61

Production

YearProduction, mln gold oz eqper day, mln gold oz eq
20260.21 * (6M)
−5.4%		0.00
20250.45
+12.0%		0.00
20240.40
−43.5%		0.00
20230.71
+13.3%		0.00
20220.62
−21.5%		0.00
20210.790.00
20200.11 * (3M)0.00

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Gold

Current 4 022spot vs LTM -10%

Commodity-player potential

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

Upside: -10.3% ▼ -2.2 pp 1d

Main driver: Gold -5% vs LTM; revenue ×0.94 vs costs ×1.34; EBITDA 852→362; at 9.1× EV/EBITDA → -10%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+85%4 022.014 242.243 393.37-5%-20%
Silver (rev)+15%54.5762.3044.98-12%-28%
US Diesel Index (EIA) (cost)-15%6.284.264.23+47%-1%
Electricity Spot (cost)-10%265.4077.9264.17+241%-18%

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

1 · Reported baseline (LTM)
LTM revenue1 933
LTM EBITDA852
LTM cash costs (revenue − EBITDA)1 081
2 · Revenue projection
Revenue multiplier — spot×0.937 (-6%)
= Spot revenue1 812
Revenue multiplier — 3y price×0.788 (-21%)
= 3-year-price revenue1 524
3 · Costs projection
Cost multiplier — spot×1.341 (+34%)
= Spot cash costs1 450
Cost multiplier — 3y price×1.011 (+1%)
= 3-year-price cash costs1 093
4 · EBITDA projection (revenue − costs)
= Spot EBITDA362
= 3-year-price EBITDA431
Conservative EBITDA = min(spot, avg)362
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct) — capped at 2x current9.1x
Target EV = EV/EBITDA × conservative EBITDA3 284
Net debt-1 790
Target market cap = EV − net debt5 074
Current market cap5 655

Upside = target market cap ÷ current − 1 = -10.3%

Life of mine: 25 yrs

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 Q3385288+33.9%13384+58.0%
2023 Q4426343+24.3%-231115-300.4%
2024 Q1230378-39.0%-33840-950.8%
2024 Q2185396-53.3%34-29—
2024 Q3257365-29.6%39-54—
2024 Q4323329-1.8%73-68—
2025 Q1317295+7.3%137-17—
2025 Q2405337+20.3%135132+2.3%
2025 Q3386401-3.7%112160-30.4%
2025 Q4522498+4.8%194244-20.5%
2026 Q1582613-5.1%331321+2.9%
2026 Q2444562-21.0%217257-15.7%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +64% vs -30% the year before — a +93.9 pp move. 3-year CAGR +12%.
revenue growth by year: 2023 +24% · 2024 -30% · 2025 +64%
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 4.7x · target 75th pct (3y) 17.0x · LTM avg 9.7x

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

Peer comparison

Group: Gold 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
IAMGOLDglobal10.24.6x4.6x
Kinross Goldglobal28.64.9x4.9x
Barrick Mining Corporationglobal68.35.2x5.2x
Harmony GoldSouth Africa10.23.5x5.4x
Coeur Miningglobal9.76.0x6.0x
Evolution MiningAustralia17.27.8x7.4x
Newmont Corporationglobal127.67.7x7.7x
Northern Star ResourcesAustralia24.89.0x8.6x
Alamos Goldglobal13.48.8x8.8x
Agnico Eagle Minesglobal94.18.9x8.9x
AngloGold AshantiSouth Africa46.26.0x9.3x
Hecla Mining Companyglobal10.110.5x10.5x
Group median6.9x7.6x
Group average6.9x7.3x
This companyglobal6.44.8x4.8x

Group median 6.9x as traded, 7.6x adjusted; this company 4.8x — a 36% discount.

Group average 6.9x as traded, 7.3x adjusted; against the average this company is at a 34% discount.

At the adjusted group median the market cap would be +57% 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 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-140.03 USDEx-dividend: 0.03 USD per sharePaidYahoo Finance (ex-div)
2023-11-090.07 USDEx-dividend: 0.07 USD per sharePaidYahoo Finance (ex-div)
2023-08-110.07 USDEx-dividend: 0.07 USD per sharePaidYahoo Finance (ex-div)
2023-05-120.07 USDEx-dividend: 0.07 USD per sharePaidYahoo Finance (ex-div)
2023-03-020.07 USDEx-dividend: 0.07 USD per sharePaidYahoo Finance (ex-div)
2022-11-170.07 USDEx-dividend: 0.07 USD per sharePaidYahoo Finance (ex-div)
2022-08-110.07 USDEx-dividend: 0.07 USD per sharePaidYahoo Finance (ex-div)
2022-05-120.07 USDEx-dividend: 0.07 USD per sharePaidYahoo Finance (ex-div)
2022-03-040.07 USDEx-dividend: 0.07 USD per sharePaidYahoo Finance (ex-div)
2021-11-120.05 USDEx-dividend: 0.05 USD 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 SSR Mining (SSRM) — from primary filings.

Frequently asked questions

What is SSR Mining (SSRM)'s P/E ratio?
SSR Mining (SSRM) trades at a P/E of 24.9x (price to trailing 12-month earnings).
What is SSR Mining (SSRM)'s EV/EBITDA?
SSR Mining (SSRM) trades at 4.8x EV/EBITDA.
What is SSR Mining (SSRM)'s P/B ratio?
SSR Mining (SSRM) trades at a P/B of 1.9x.
What is SSR Mining (SSRM)'s dividend yield?
SSR Mining (SSRM)'s trailing 12-month dividend yield is 0.1%.
What is SSR Mining (SSRM)'s return on equity (ROE)?
SSR Mining (SSRM)'s ROE is 11.1%.
What is SSR Mining (SSRM)'s market capitalization?
SSR Mining (SSRM)'s market cap is 5.9 bn USD.

See also: Gold Mining Stocks: The Cheapest Gold Miners by Valuation (2026) · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map