Fortuna Mining Corp. (FSM) vs Hycroft Mining Holding Corporation (HYMC)

Fortuna Mining Corp. and Hycroft Mining Holding Corporation are both Gold companies. Fortuna Mining Corp. is the larger, with a market value of $3.4B against $2.0B — 1.7× the size. Hycroft Mining Holding Corporation has negative trailing earnings, so its P/E is not meaningful; Fortuna Mining Corp. trades at 9.5×. Fortuna Mining Corp. grew revenue faster over the last twelve months: 58.6% against −70.0%. Fortuna Mining Corp. has the higher net margin (32.0% vs 0.00%) and the higher return on invested capital (27.1% vs −203.1%). Across the 19 metrics below, Fortuna Mining Corp. leads on 17 and Hycroft Mining Holding Corporation on 2.

Valuation

Metric FSM HYMC Gold median
P/E 9.50 n/m 23.34
P/S 2.98 59.15 5.02
P/B 1.93 7.84 3.53
Price to free cash flow 8.48 n/m 16.73
EV/EBITDA 3.96 n/m 8.34
EV/Sales 2.66 56.55 4.92
Earnings yield 10.52% (3.78%) 1.44%
Free cash flow yield 11.80% (5.32%) 0.75%

Profitability

Metric FSM HYMC Gold median
Gross margin 57.24% 0.00% 50.00%
Operating margin 51.23% 0.00% 26.32%
Net margin 31.98% 0.00% 12.30%
Free cash flow margin 35.10% 0.00% 0.00%
Return on equity 22.59% (73.18%) 6.36%
Return on assets 16.32% (37.87%) 0.00%
Return on invested capital 27.13% (203.12%) 0.52%

Growth

Metric FSM HYMC Gold median
Revenue growth (TTM) 58.62% (69.99%) 68.15%
EPS growth (last fiscal year) 119.51% 64.26% —
Revenue growth, 5-year CAGR 27.69% (6.72%) 16.12%
Net income growth, 5-year CAGR 67.89% 0.00% 0.00%

Health

Metric FSM HYMC Gold median
Debt to equity 0.11 0.00 0.10
Current ratio 3.00 39.21 3.08
Net debt to EBITDA (0.61) 4.30 0.00

Dividend

Metric FSM HYMC Gold median
Dividend yield — — 1.49%
Payout ratio 0.00 0.00 0.00

Size

Metric FSM HYMC Gold median
Market cap 3.40b 1.96b 1.96b

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