Aris Mining Corporation
ARIS Basic Materials Gold
Aris Mining Corporation’s revenue for fiscal 2025 (year ended December 2025) was $927.7 million, up 81.7% from fiscal 2024. In the quarter to June 2026, revenue grew 62.3%, EPS grew 611.1%, free cash flow fell 140.0% and total debt fell 2.93%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three.
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Aris Mining Corporation (ARIS) Altman Z-score
Aris Mining Corporation's Altman Z-score for fiscal 2025 is 2.62, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.62 | 1.81 |
| FY2024 | 0.81 | (0.06) |
| FY2023 | 0.87 | 0.09 |
| FY2022 | 0.78 | (0.77) |
| FY2021 | 1.55 | (0.79) |
| FY2020 | 2.34 | 0.05 |
| FY2019 | 2.29 | 1.28 |
| FY2018 | 1.01 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.09 | — | 0.11 | |
| Retained earnings / total assets | (0.04) | — | −0.06 | |
| EBIT / total assets | 0.14 | — | 0.47 | |
| Market value of equity / total liabilities | 2.88 | — | 1.73 | |
| Sales / total assets | 0.37 | — | 0.37 | |
| Altman Z-score | Grey zone | 2.62 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.86 | ||
Z and Z″ put Aris Mining Corporation in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| OR OR Royalties Inc. compare | 30.1× |
| DRD DRDGOLD Limited compare | 6.4× |
| FSM Fortuna Mining Corp. compare | 4.4× |
| BTG B2Gold Corp compare | 2.9× |
| AUGO Aura Minerals Inc. compare | 2.7× |
| ARIS Aris Mining Corporation | 2.6× |
| SSRM Silver Standard Resources Inc. compare | 2.3× |
| AAUC Allied Gold Corporation compare | 1.8× |
| NG Novagold Resources Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets