Ero Copper Corp.
Ero Copper Corp.’s revenue for fiscal 2025 (year ended December 2025) was $785.8 million, up 67.1% from fiscal 2024. In the quarter to March 2026, revenue grew 110.4%, EPS grew 35.1%, free cash flow grew 441.3% and total debt fell 9.59%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Ero Copper Corp. (ERO) Piotroski F-score
Ero Copper Corp.'s Piotroski F-score for fiscal 2025 is 8 out of 9: 8 of nine tests of profitability, leverage and efficiency passed, up from 4 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 8 | 4.00 |
| FY2024 | 4 | 0.00 |
| FY2023 | 4 | 0.00 |
| FY2022 | 4 | (4.00) |
| FY2021 | 8 | 2.00 |
| FY2020 | 6 | (2.00) |
| FY2019 | 8 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 15.60% | (4.61%) | Pass | 1 |
| Positive operating cash flow | 395.14m | 145.42m | Pass | 1 |
| Rising return on assets | 15.60% | (4.61%) | Pass | 1 |
| Cash flow above net income | 131.41m | 213.89m | Pass | 1 |
| Falling long-term leverage | 0.33 | 0.38 | Pass | 1 |
| Rising current ratio | 1.06 | 0.67 | Pass | 1 |
| No new shares issued | 103,683,000 | 103,106,000 | Fail | 0 |
| Rising gross margin | 43.85% | 38.39% | Pass | 1 |
| Rising asset turnover | 0.46 | 0.32 | Pass | 1 |
| Piotroski F-score | Strong — most fundamentals improved | 8 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| ERO Ero Copper Corp. | 8 |
| SCCO Southern Copper Corporation compare | 7 |
| HBM HudBay Minerals Inc compare | 7 |
| FCX Freeport-McMoRan Inc. compare | 6 |
| IE Ivanhoe Electric Inc. compare | 6 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover