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Fortuna Mining Corp.

FSM Basic Materials Gold

Fortuna Mining Corp.’s revenue for fiscal 2025 (year ended December 2025) was $947.1 million, up 39.8% from fiscal 2024.

Revenue
+38.2%
EPS
+108.3%
Free cash flow
+247.0%
Total debt
+4.85%

Quarter to June 2026, against a year earlier

9.53 0.06 −0.63%
Market cap
$2.8B
P/E
7.7×
Fwd P/E
—
Dividend yield
—
F-score
9/9
Altman Z
4.41
Beneish M
−3.15
Dividend safety
70/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 2.63%

Capital & Financial Ratios $m

Size
Market Cap 2,810.00
Revenue ttm 1,182.49
Net income ttm 405.88
Free cash flow ttm 415.11
Net debt Q (423.66)
Valuation
P/E 7.75
Forward P/E —
Price / sales 2.43
Forward P/S Powerpack
Price / FCF 6.91
Price / book 1.58
Financial health
Current ratio Q 3.00 (at or above 1.5: strong)
Debt / equity Q 0.11 (at or below 0.5: strong)
Interest coverage Q 74.51
Growth
Revenue growth Q +38.19% (above 0%: growing)
Operating income growth Q +87.41% (above 0%: growing)
EPS, this year +47.64% (at or above 15%: strong)
EPS, next year A +53.27% (at or above 15%: strong)
Revenue, next year A —
EPS, past 5 yrs +49.63% (at or above 15%: strong)
EPS, next 5 yrs A +41.24% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.1×, against a ten-year median of 2.3×; over the ten years it ranged from 1.1× in 2024 to 6.7× in 2016.
P/E against its own 10 years 1.81%
10-year low 10-year high
P/S against its own 10 years 48.37%
10-year low 10-year high
P/B against its own 10 years 72.90%
10-year low 10-year high
EV/Sales against its own 10 years 43.64%
10-year low 10-year high
EV/FCF against its own 10 years 4.32%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 128 231 554 627
Receivables 70 100 74 65
Inventory 116 134 123 139
Other 20 20 14 —
333 486 765 835
2023 2024 2025 Q'26
Payables 148 152 153 148
ST’ Debt 44 — — —
Other 5 5 — —
244 256 256 278

Compound Annual Growth %

10y 5y 3y
Sales 19.86% 27.69% 11.59%
Cash Flow 23.91% 38.00% 34.00%
Earnings 0.00% 67.89% 0.00%
Book Value 20.71% 19.05% 10.43%

Earnings Trends EPS, adjusted, against the consensus

Jun 2025 Estimate 0.22 Actual 0.14

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2024 0.11 0.16 Beat by 0.05
Dec 2024 0.16 0.11 Miss by 0.05
Mar 2025 0.21 0.20 Miss by 0.01
Jun 2025 0.22 0.14 Miss by 0.08

EPS $

Mar Jun Sep Dec Year
’26 0.35 0.24 — — —
’25 0.19 0.12 0.38 0.21 0.90
’24 0.09 0.13 0.16 0.03 0.41
’23 0.04 0.01 0.09 (0.30) (0.17)
’22 0.09 0.01 (0.01) (0.52) (0.44)
’21 0.14 0.08 0.00 0.05 0.23
’20 (0.03) (0.03) 0.07 0.09 0.12
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 342 318 — — —
’25 195 230 251 270 947
’24 201 156 182 138 677
’23 176 158 243 265 842
’22 182 168 167 165 681
’21 118 121 163 199 600
’20 48 44 83 104 279
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 209 138 — — —
’25 126 67 99 174 467
’24 49 20 67 229 366
’23 42 44 106 105 297
’22 33 47 65 50 194
’21 21 30 39 57 147
’20 4 1 32 57 93
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 164 70 — — —
’25 88 20 51 130 289
’24 8 (7) 26 178 205
’23 (20) (23) 69 53 80
’22 (32) (7) 6 (24) (57)
’21 5 7 (12) (5) (5)
’20 (29) (17) 13 34 0
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 210 268 263 257 279 600 681 842 677 947 1,182 +18.2% — — — —
Gross margin, % 38.34 40.86 36.68 32.89 39.51 34.25 21.54 22.56 34.46 49.30 57.24 +11.0 pt
EBT 47 105 67 44 59 107 (125) (11) 142 400 598 +26.8%
EBT margin, % 22.41 39.14 25.58 17.10 21.13 17.87 (18.36) (1.31) 20.93 42.25 50.54 +19.8 pt
Net income 18 66 34 24 22 59 (136) (44) 90 289 406 +36.2%
Per share, $
Per share, $ Revenue 1.54 1.70 1.65 1.61 1.59 2.52 2.34 2.86 2.19 3.09 3.93 +8.1%
Earnings 0.13 0.42 0.21 0.15 0.12 0.24 (0.44) (0.17) 0.42 0.94 1.23 +24.6%
Cash flow 0.39 0.44 0.52 0.38 0.53 0.62 0.67 1.01 1.18 1.52 2.06 +16.5%
Capex (0.29) (0.24) (0.23) (1.34) (0.53) (0.64) (0.86) (0.74) (0.52) (0.58) (0.68) +7.9%
Free cash flow 0.09 0.21 0.29 (0.97) 0.00 (0.02) (0.20) 0.27 0.66 0.94 1.38 +29.6%
Book value 3.09 3.57 3.77 3.97 4.15 6.01 4.42 4.37 4.75 5.66 6.04 +6.9%
Shares, m 137 158 160 160 175 238 291 295 309 307 305 +9.4%
Valuation, ×
Valuation, × P/E 43.71 13.00 17.02 26.49 74.91 13.93 0.00 0.00 10.21 10.55 7.75 21.0
P/S 3.98 3.14 2.21 2.54 5.17 1.55 1.62 1.31 1.96 3.18 2.43 2.7
P/B 1.98 1.49 0.96 1.03 1.99 0.65 0.85 0.85 0.90 1.73 1.58 1.2
EV/Sales 3.58 2.50 1.87 2.88 5.33 1.68 1.85 1.45 1.94 2.83 2.11 2.6
EV/FCF 60.28 20.37 10.56 (4.77) 3,510.06 (196.09) (22.13) 15.35 6.42 9.28 6.00 340.9
Cash, $m
Cash, $m Operating cash flow 53 70 83 60 93 147 194 297 366 467 621 +27.4%
Capex (40) (37) (37) (215) (93) (152) (251) (217) (161) (178) (206) +18.0%
Free cash flow 12 33 47 (155) 0 (5) (57) 80 205 289 415 +41.8%
Balance, $m
Balance, $m Working capital 109 212 158 63 152 114 118 90 230 508 557 +18.7%
Net debt (83) (173) (85) 87 46 80 160 121 (57) (364) (424) +17.8%
Shareholders’ equity 423 564 603 635 726 1,430 1,289 1,288 1,466 1,735 1,819 +17.0%
Returns, %
Returns, % ROA 3.79 10.45 4.55 2.76 2.16 3.76 (6.57) (2.64) 6.31 12.84 16.32 +9.0 pt
ROIC 8.93 17.64 7.43 2.96 4.63 5.67 (4.90) (0.02) 6.93 18.61 27.13 +9.7 pt
ROE 5.20 13.44 5.83 3.84 3.17 5.37 (9.43) (3.95) 9.35 17.96 22.59 +12.8 pt
People
People Employees 780 847 1,023 1,232 1,236 2,297 2,420 2,490 2,327 4,294 — +20.9%
Revenue/emp, $m 0.27 0.32 0.26 0.21 0.23 0.26 0.28 0.34 0.29 0.22 — (2.2%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Fortuna Mining Corp. vs peers in Gold (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
OGC Oceanagold Corp. $6.1B 7.1× — +49.70% (above 0%: growing) +95.30% (above 0%: growing) +8.33% (above 0%: growing) 66.77% 48.52% Compare
SSRM Silver Standard Resources Inc. $5.6B 22.8× 10.1× +16.02% (above 0%: growing) +23.00% (above 0%: growing) −152.32% (below 0%: shrinking) 58.21% 27.29% Compare
ARIS Aris Mining Corporation $3.2B 11.1× — +62.31% (above 0%: growing) n/m −140.02% (below 0%: shrinking) 58.58% 48.02% Compare
AAUC Allied Gold Corporation $3.0B — (loss-making) 26.0× +45.37% (above 0%: growing) n/m −202.76% (below 0%: shrinking) 46.04% 41.88% Compare
FSM Fortuna Mining Corp. $2.8B 7.7× — +38.19% (above 0%: growing) +108.33% (above 0%: growing) +246.98% (above 0%: growing) 57.62% 49.28%
SA Seabridge Gold Inc. $2.8B — (loss-making) — — n/m −75.24% (below 0%: shrinking) — 0.00% Compare
NG Novagold Resources Inc. $2.7B — (loss-making) — −36.57% (below 0%: shrinking) n/m −261.13% (below 0%: shrinking) 0.00% 0.00% Compare
DRD DRDGOLD Limited $2.1B 151× — (loss-making) −6.32% (below 0%: shrinking) n/m +308.04% (above 0%: growing) 31.56% 0.00% Compare
HYMC Hycroft Mining Holding Corporation $1.6B — (loss-making) — (loss-making) −52.23% (below 0%: shrinking) n/m −188.11% (below 0%: shrinking) 0.00% 0.00% Compare
Median of peers $2.9B 16.9× — +16.02% — −146.17% 46.04% 13.65%

All 46 Gold stocks →

Fortuna Mining Corp. (FSM) Latest News

5 Nov

Impact 4 · · GuruFocus.com
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4 Nov

Impact 3 · · GlobeNewswire

2 Nov

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26 Oct

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Impact 4 · · Zacks
Impact 3 · · Zacks

7 Oct

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Impact 4 · · CNW Group

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10 Aug

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8 Aug

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5 Aug

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29 Jul

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28 Jul

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23 Jul

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9 Jul

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29 Jun

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19 Jun

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17 Jun

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16 Jun

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15 Jun

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FSM metrics, ten years each

stockrow.com/FSM · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com