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) Beneish M-score
Fortuna Mining Corp.'s Beneish M-score for fiscal 2025 is −3.15; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.15 | (0.59) |
| FY2024 | −2.56 | 0.74 |
| FY2023 | −3.30 | (0.56) |
| FY2022 | −2.74 | (0.79) |
| FY2021 | −1.95 | 0.71 |
| FY2020 | −2.65 | (0.20) |
| FY2019 | −2.45 | (4.96) |
| FY2018 | 2.52 | 4.19 |
| FY2017 | −1.67 | 0.02 |
| FY2016 | −1.69 | 1.21 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.53 | — | 0.49 | |
| Gross margin index | 0.70 | — | 0.37 | |
| Asset quality index | 0.77 | — | 0.31 | |
| Sales growth index | 1.40 | — | 1.25 | |
| Depreciation index | 0.92 | — | 0.11 | |
| SG&A index | 1.03 | — | −0.18 | |
| Total accruals to total assets | (0.08) | — | −0.35 | |
| Leverage index | 0.93 | — | −0.30 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.15 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| FSM Fortuna Mining Corp. | −3.2× |
| AAUC Allied Gold Corporation compare | −3.0× |
| BTG B2Gold Corp compare | −2.5× |
| DRD DRDGOLD Limited compare | −2.4× |
| ARIS Aris Mining Corporation compare | −2.4× |
| SSRM Silver Standard Resources Inc. compare | −2.2× |
| OR OR Royalties Inc. compare | −2.1× |
| HYMC Hycroft Mining Holding Corporation compare | — |
| NG Novagold Resources Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI