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. In the quarter to June 2026, revenue grew 38.2%, EPS grew 108.3%, free cash flow grew 247.0% and total debt rose 4.85%, each against the same quarter a year earlier. Operating cash flow growth for five consecutive years.
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Fortuna Mining Corp. (FSM) Altman Z-score
Fortuna Mining Corp.'s Altman Z-score for fiscal 2025 is 4.41, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.41 | 2.35 |
| FY2024 | 2.06 | 0.51 |
| FY2023 | 1.55 | 0.09 |
| FY2022 | 1.46 | (0.26) |
| FY2021 | 1.71 | (1.81) |
| FY2020 | 3.52 | 1.46 |
| FY2019 | 2.06 | (0.96) |
| FY2018 | 3.02 | (1.95) |
| FY2017 | 4.97 | 0.60 |
| FY2016 | 4.37 | 2.00 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.22 | — | 0.26 | |
| Retained earnings / total assets | 0.21 | — | 0.29 | |
| EBIT / total assets | 0.17 | — | 0.57 | |
| Market value of equity / total liabilities | 4.81 | — | 2.89 | |
| Sales / total assets | 0.40 | — | 0.40 | |
| Altman Z-score | Safe zone | 4.41 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.16 | ||
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. | 4.4× |
| BTG B2Gold Corp compare | 2.9× |
| ARIS Aris Mining Corporation compare | 2.6× |
| SSRM Silver Standard Resources Inc. compare | 2.3× |
| AAUC Allied Gold Corporation compare | 1.8× |
| HYMC Hycroft Mining Holding Corporation compare | −3.4× |
| 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