Saturday 17 October 2026 Export FSM’s income statement to Excel — free account

Fortuna Mining Corp.

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.

10.71 0.17 +1.61%

Follow FSM

Alert me

Market cap: $3.1B
P/E: 8.7×
Fwd P/E: —
Dividend yield: —
F-score: 9/9
Altman Z: 4.41
Beneish M: −3.15
Dividend safety: 70/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 2.61%

Capital & Financial Ratios $m

Market Cap 3,120.00

Revenue 1,182.49

Net Income 405.88

Free Cash Flow 415.11

Net Debt (423.66)

Current Ratio 3.00

Debt/Equity 0.11

P/E ratio 8.71

Fwd P/E —

P/S ratio 2.73

P/B ratio 1.77

Past 5Y EPS Growth 49.63%

This Y EPS Growth 61.90%

Next Y EPS Growth 29.69%

Next Y revenue growth —

Next 5Y EPS Growth 41.15%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 4.46%

10-year low 10-year high

P/S against its own 10 years 56.06%

10-year low 10-year high

P/B against its own 10 years 83.12%

10-year low 10-year high

EV/Sales against its own 10 years 55.77%

10-year low 10-year high

EV/FCF against its own 10 years 12.44%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

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%

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	2.00	4.03	3.16	2.39	1.47	2.91	2.05	2.58	2.63	4.13	Analyst estimates 2026–2028 Powerpack
	High	9.75	6.92	6.08	4.59	8.39	9.85	4.68	4.20	6.36	10.38
People
People	Employees	780	847	1,023	1,232	1,236	2,297	2,420	2,490	2,327	4,294
	Revenue/emp, $m	0.27	0.32	0.26	0.21	0.23	0.26	0.28	0.34	0.29	0.22
Income, $m
Income, $m	Revenue	210	268	263	257	279	600	681	842	677	947
	Gross margin, %	38.34	40.86	36.68	32.89	39.51	34.25	21.54	22.56	34.46	49.30
	EBT	47	105	67	44	59	107	(125)	(11)	142	400
	EBT margin, %	22.41	39.14	25.58	17.10	21.13	17.87	(18.36)	(1.31)	20.93	42.25
	Net income	18	66	34	24	22	59	(136)	(44)	90	289
	Depreciation	33	43	45	46	45	122	173	220	176	191
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
	Earnings	0.13	0.42	0.21	0.15	0.12	0.24	(0.44)	(0.17)	0.42	0.94
	Cash flow	0.39	0.44	0.52	0.38	0.53	0.62	0.67	1.01	1.18	1.52
	Capex	(0.29)	(0.24)	(0.23)	(1.34)	(0.53)	(0.64)	(0.86)	(0.74)	(0.52)	(0.58)
	Free cash flow	0.09	0.21	0.29	(0.97)	0.00	(0.02)	(0.20)	0.27	0.66	0.94
	Book value	3.09	3.57	3.77	3.97	4.15	6.01	4.42	4.37	4.75	5.66
	Shares, m	137	158	160	160	175	238	291	295	309	307
Valuation, ×
Valuation, ×	P/E	43.71	13.00	17.02	26.49	74.91	13.93	0.00	0.00	10.21	10.55
	P/S	3.98	3.14	2.21	2.54	5.17	1.55	1.62	1.31	1.96	3.18
	P/B	1.98	1.49	0.96	1.03	1.99	0.65	0.85	0.85	0.90	1.73
	EV/Sales	3.58	2.50	1.87	2.88	5.33	1.68	1.85	1.45	1.94	2.83
	EV/FCF	60.28	20.37	10.56	(4.77)	3,510.06	(196.09)	(22.13)	15.35	6.42	9.28
Cash, $m
Cash, $m	Operating cash flow	53	70	83	60	93	147	194	297	366	467
	Capex	(40)	(37)	(37)	(215)	(93)	(152)	(251)	(217)	(161)	(178)
	Free cash flow	12	33	47	(155)	0	(5)	(57)	80	205	289
Balance, $m
Balance, $m	Working capital	109	212	158	63	152	114	118	90	230	508
	Total debt	43	41	78	170	178	187	241	249	174	190
	Net debt	(83)	(173)	(85)	87	46	80	160	121	(57)	(364)
	Shareholders’ equity	423	564	603	635	726	1,430	1,289	1,288	1,466	1,735
Returns, %
Returns, %	ROA	3.79	10.45	4.55	2.76	2.16	3.76	(6.57)	(2.64)	6.31	12.84
	ROIC	8.93	17.64	7.43	2.96	4.63	5.67	(4.90)	(0.02)	6.93	18.61
	ROE	5.20	13.44	5.83	3.84	3.17	5.37	(9.43)	(3.95)	9.35	17.96

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
BTG B2Gold Corp	$6.8B	8.7×	5.4×	+14.03% (above 0%: growing)	+158.33% (above 0%: growing)	+462.54% (above 0%: growing)	39.06%	66.07%	Compare
OR OR Royalties Inc.	$6.6B	23.5×	24.0×	+62.05% (above 0%: growing)	+94.12% (above 0%: growing)	+61.89% (above 0%: growing)	84.05%	77.00%	Compare
SSRM Silver Standard Resources Inc.	$6.5B	27.5×	6.4×	+9.46% (above 0%: growing)	+6.82% (above 0%: growing)	−46.58% (below 0%: shrinking)	60.87%	43.19%	Compare
ARIS Aris Mining Corporation	$3.6B	12.5×	—	+62.31% (above 0%: growing)	n/m	−140.02% (below 0%: shrinking)	58.58%	48.02%	Compare
FSM Fortuna Mining Corp.	$3.1B	8.7×	—	+38.19% (above 0%: growing)	+108.33% (above 0%: growing)	+246.98% (above 0%: growing)	57.62%	49.28%
NG Novagold Resources Inc.	$2.9B	— (loss-making)	—	−36.57% (below 0%: shrinking)	n/m	−261.13% (below 0%: shrinking)	0.00%	0.00%	Compare
AAUC Allied Gold Corporation	$2.9B	— (loss-making)	5.3×	+45.37% (above 0%: growing)	n/m	−202.76% (below 0%: shrinking)	46.04%	41.88%	Compare
DRD DRDGOLD Limited	$2.2B	154×	— (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	−40.94% (below 0%: shrinking)	0.00%	0.00%	Compare
Median of peers	$3.2B	23.5×	5.9×	+11.75%	+94.12%	−43.76%	42.55%	42.54%

All 37 Gold stocks →

Fortuna Mining Corp. (FSM) key facts

Strength: Fortuna Mining Corp.’s revenue for fiscal 2025 (year ended December 2025) was $947.1 million, up 39.8% from fiscal 2024.
Fortuna Mining Corp. (FSM) is a Gold company in the Basic Materials sector, listed on the New York Stock Exchange.
As of October 16, 2026, FSM traded at $10.71, a market capitalization of $3.1 billion.
Return on equity was 18.0% and debt-to-equity 0.11.
Its Piotroski F-score is 9 out of 9 and its Altman Z-score is 4.41 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.