Fortuna Mining Corp. (FSM) vs Seabridge Gold Inc. (SA)

Fortuna Mining Corp. and Seabridge Gold Inc. are both Gold companies. Fortuna Mining Corp. and Seabridge Gold Inc. are of similar size ($2.8B and $2.8B). Seabridge Gold Inc. has negative trailing earnings, so its P/E is not meaningful; Fortuna Mining Corp. trades at 7.7×. Fortuna Mining Corp. has the higher net margin (32.0% vs 0.00%) and the higher return on invested capital (27.1% vs −0.91%). Across the 14 metrics below, Fortuna Mining Corp. leads on 12 and Seabridge Gold Inc. on 2.

Valuation

Metric FSM SA Gold median
P/E 7.75 n/m 17.98
P/S 2.43 n/m 3.83
P/B 1.58 3.14 2.42
Price to free cash flow 6.91 n/m 15.50
EV/EBITDA 3.14 n/m 6.72
EV/Sales 2.11 n/m 3.73
Earnings yield 12.91% (1.88%) 1.19%
Free cash flow yield 14.47% (4.26%) 0.81%

Profitability

Metric FSM SA Gold median
Gross margin 57.24% — 49.13%
Operating margin 51.23% 0.00% 21.90%
Net margin 31.98% 0.00% 9.65%
Free cash flow margin 35.10% 0.00% 0.00%
Return on equity 22.59% (6.40%) 0.12%
Return on assets 16.32% (4.15%) 0.10%
Return on invested capital 27.13% (0.91%) 0.26%

Growth

Metric FSM SA Gold median
Revenue growth (TTM) 58.62% — 68.15%
EPS growth (last fiscal year) 119.51% (46.15%) 60.15%
Revenue growth, 5-year CAGR 27.69% — 15.33%
Net income growth, 5-year CAGR 67.89% 0.00% 0.00%

Health

Metric FSM SA Gold median
Debt to equity 0.11 0.46 0.03
Current ratio 3.00 6.71 3.34
Net debt to EBITDA (0.61) (21.47) (0.15)

Dividend

Metric FSM SA Gold median
Dividend yield — — 0.79%
Payout ratio — — 0.15

Size

Metric FSM SA Gold median
Market cap 2.81b 2.75b 1.12b

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