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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. 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%
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 (at or above 1.5: strong)
Debt/Equity 0.11 (at or below 0.5: strong)
P/E ratio 8.71
Fwd P/E —
P/S ratio 2.73
P/B ratio 1.77
Past 5Y EPS Growth 49.63% (at or above 15%: strong)
This Y EPS Growth 61.90% (at or above 15%: strong)
Next Y EPS Growth 29.69% (at or above 15%: strong)
Next Y revenue growth —
Next 5Y EPS Growth 41.15% (at or above 15%: strong)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.4×, 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 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.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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.

Fortuna Mining Corp. (FSM) Latest News

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