Fortuna Mining Corp. (FSM) vs Silver Standard Resources Inc. (SSRM)

Fortuna Mining Corp. and Silver Standard Resources Inc. are both Gold companies. Silver Standard Resources Inc. is the larger, with a market value of $7.3B against $3.4B — 2.1× the size. Fortuna Mining Corp. trades at the lower P/E: 9.5× against 30.8×. Fortuna Mining Corp. grew revenue faster over the last twelve months: 58.6% against 48.4%. Fortuna Mining Corp. has the higher net margin (32.0% vs 12.3%) and the lower return on invested capital (27.1% vs 27.2%). Across the 22 metrics below, Fortuna Mining Corp. leads on 17 and Silver Standard Resources Inc. on 5.

Valuation

Metric FSM SSRM Gold median
P/E 9.50 30.78 23.34
P/S 2.98 3.84 5.02
P/B 1.93 2.19 3.53
Price to free cash flow 8.48 23.16 16.73
EV/EBITDA 3.96 7.37 8.34
EV/Sales 2.66 3.05 4.92
Earnings yield 10.52% 3.25% 1.44%
Free cash flow yield 11.80% 4.32% 0.75%

Profitability

Metric FSM SSRM Gold median
Gross margin 57.24% 62.63% 50.00%
Operating margin 51.23% 35.11% 26.32%
Net margin 31.98% 12.30% 12.30%
Free cash flow margin 35.10% 16.59% 0.00%
Return on equity 22.59% 6.36% 6.36%
Return on assets 16.32% 4.72% 0.00%
Return on invested capital 27.13% 27.23% 0.52%

Growth

Metric FSM SSRM Gold median
Revenue growth (TTM) 58.62% 48.40% 68.15%
EPS growth (last fiscal year) 119.51% 243.41% —
Revenue growth, 5-year CAGR 27.69% 13.82% 16.12%
Net income growth, 5-year CAGR 67.89% 21.17% 0.00%

Health

Metric FSM SSRM Gold median
Debt to equity 0.11 0.00 0.10
Current ratio 3.00 9.79 3.08
Net debt to EBITDA (0.61) (0.36) 0.00

Dividend

Metric FSM SSRM Gold median
Dividend yield — 2.93% 1.49%
Payout ratio 0.00 0.35 0.00

Size

Metric FSM SSRM Gold median
Market cap 3.40b 7.30b 1.96b

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