Latest Ratios: P/E Ratio 9.4x · EV/EBITDA 4.0x · ROE 18.9%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.6B | $3.3B | $1.3B | $1.1B | $1.1B | $973M | $1.5B | $671M | $588M | $826M | $780M |
| Enterprise Value | $2.3B | $3.0B | $1.3B | $1.3B | $1.3B | $1.1B | $1.6B | $758M | $576M | $684M | $740M |
| P/E Ratio → | 9.36 | 10.90 | 10.46 | — | — | 16.96 | 68.67 | 27.20 | 17.33 | 12.43 | 43.46 |
| P/S Ratio | 2.67 | 3.42 | 1.26 | 1.35 | 1.60 | 1.62 | 5.50 | 2.61 | 2.23 | 3.08 | 3.71 |
| P/B Ratio | 1.63 | 1.90 | 0.91 | 0.88 | 0.85 | 0.68 | 2.11 | 1.06 | 0.98 | 1.47 | 1.84 |
| P/FCF | 8.71 | 11.16 | 8.23 | 14.05 | — | — | 4355.80 | — | — | 35.71 | 62.55 |
| P/OCF | 5.39 | 6.91 | 3.65 | 3.77 | 5.62 | 6.61 | 16.42 | 10.65 | 7.05 | 11.77 | 14.80 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.12 | 1.22 | 1.51 | 1.84 | 1.75 | 5.66 | 2.95 | 2.19 | 2.55 | 3.52 |
| EV / EBITDA | 4.02 | 5.29 | 2.78 | 5.81 | 21.13 | 4.06 | 15.39 | 9.41 | 5.49 | 4.41 | 9.05 |
| EV / EBIT | 6.16 | 8.11 | 5.48 | 114.86 | — | 8.79 | 25.80 | 16.70 | 8.32 | 6.38 | 15.21 |
| EV / FCF | — | 10.19 | 8.00 | 15.73 | — | — | 4487.09 | — | — | 29.56 | 59.36 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.7% | 48.7% | 32.4% | 22.6% | 21.5% | 34.3% | 39.5% | 32.9% | 36.7% | 40.9% | 38.3% |
| Operating Margin | 38.5% | 38.5% | 21.5% | -0.0% | -16.7% | 22.8% | 20.5% | 13.3% | 23.4% | 41.1% | 23.1% |
| Net Profit Margin | 31.5% | 31.5% | 12.1% | -6.0% | -18.8% | 9.6% | 7.7% | 9.3% | 12.9% | 24.7% | 8.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.9% | 18.9% | 9.3% | -3.9% | -9.4% | 5.4% | 3.2% | 3.8% | 5.8% | 13.4% | 5.2% |
| ROA | 13.3% | 13.3% | 6.3% | -2.6% | -6.6% | 3.8% | 2.2% | 2.8% | 4.6% | 10.4% | 3.8% |
| ROIC | 19.3% | 19.3% | 12.0% | -0.0% | -5.8% | 9.0% | 5.7% | 3.9% | 9.1% | 20.6% | 11.8% |
| ROCE | 18.4% | 18.4% | 12.7% | -0.0% | -6.3% | 9.7% | 6.3% | 4.4% | 9.0% | 19.2% | 11.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.15 | 0.15 | 0.13 | 0.21 | 0.19 | 0.13 | 0.25 | 0.27 | 0.13 | 0.07 | 0.10 |
| Debt / EBITDA | 0.47 | 0.47 | 0.42 | 1.21 | 4.06 | 0.72 | 1.74 | 2.12 | 0.74 | 0.26 | 0.52 |
| Net Debt / Equity | — | -0.17 | -0.03 | 0.11 | 0.12 | 0.06 | 0.06 | 0.14 | -0.02 | -0.25 | -0.09 |
| Net Debt / EBITDA | -0.51 | -0.51 | -0.08 | 0.62 | 2.70 | 0.31 | 0.45 | 1.08 | -0.12 | -0.92 | -0.48 |
| Debt / FCF | — | -0.97 | -0.23 | 1.68 | — | — | 131.29 | — | — | -6.15 | -3.18 |
| Interest Coverage | 14.76 | 14.76 | 9.71 | 0.50 | -10.26 | 11.71 | 30.94 | 34.89 | 36.04 | 61.86 | 22.67 |
Net cash position: cash ($553M) exceeds total debt ($266M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.98 | 2.98 | 1.90 | 1.37 | 1.87 | 1.69 | 2.57 | 1.70 | 3.57 | 4.50 | 2.87 |
| Quick Ratio | 2.50 | 2.50 | 1.37 | 0.89 | 1.19 | 1.17 | 2.21 | 1.53 | 3.34 | 4.20 | 2.64 |
| Cash Ratio | 2.19 | 2.19 | 0.90 | 0.53 | 0.60 | 0.64 | 1.38 | 0.93 | 2.66 | 3.52 | 2.15 |
| Asset Turnover | — | 0.40 | 0.50 | 0.43 | 0.36 | 0.30 | 0.26 | 0.27 | 0.33 | 0.38 | 0.37 |
| Inventory Turnover | 4.02 | 4.02 | 5.34 | 5.63 | 5.81 | 4.60 | 4.78 | 11.53 | 11.59 | 8.93 | 9.55 |
| Days Sales Outstanding | — | 28.22 | 35.79 | 32.34 | 12.84 | 47.58 | 100.16 | 71.33 | 43.41 | 48.33 | 42.15 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.7% | 9.2% | 9.6% | — | — | 5.9% | 1.5% | 3.7% | 5.8% | 8.0% | 2.3% |
| FCF Yield | 11.5% | 9.0% | 12.1% | 7.1% | — | — | 0.0% | — | — | 2.8% | 1.6% |
| Buyback Yield | 0.4% | 0.3% | 2.6% | 0.0% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.4% | 0.3% | 2.6% | 0.0% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $335M | $311M | $295M | $291M | $249M | $186M | $165M | $162M | $158M | $138M |
Geopolitical and regulatory volatility
According to current market data, FSM trades at a forward P/E of 5.37, which appears to significantly undervalue the company's earnings potential relative to its peer group, suggesting that investors may be applying a legacy discount due to its historical identity as a silver-focused producer.
The low PEG ratio of 0.19 indicates that the market is not fully pricing in the growth trajectory associated with the Séguéla gold mine ramp-up. This valuation gap warrants further investigation, as the company's transition to higher-margin gold production should theoretically command a premium multiple compared to its historical silver-heavy valuation.
Based on reported financial figures, FSM's ROIC has trended upward from a negative 3.9% in 2023Q4 to 9.7% in 2026Q1, reflecting a successful pivot toward higher-margin assets that are now generating meaningful returns on the capital invested during the previous expansionary phase.
The improvement in ROIC suggests that management's capital allocation strategy is yielding tangible results, moving the company from a period of capital intensity to one of compounding returns. Investors should monitor whether this trend persists as the company balances maintenance capex with potential new exploration projects.
As reported in recent quarterly filings, FSM's cash conversion cycle has fluctuated between 32 and 73 days over the last ten quarters, indicating that the company's ability to manage inventory and receivables remains sensitive to the logistical complexities of its diverse, remote mining operations.
The volatility in the CCC, particularly the DIO component, suggests that the timing of doré shipments from West African sites can create temporary working capital inefficiencies. While the current cycle is manageable, any sustained increase in DIO could signal potential bottlenecks in the supply chain or logistics.
According to the latest balance sheet data, FSM maintains a debt-to-equity ratio of 0.11, which is significantly lower than many mid-tier peers and provides the company with a substantial buffer to navigate the inherent volatility of the precious metals sector and potential regional geopolitical shocks.
The company's interest coverage ratio of 28.20 in 2026Q1 underscores a comfortable debt-service position that minimizes refinancing risk in a high-rate environment. This financial discipline appears to be a core pillar of the company's risk-mitigation strategy, allowing for operational continuity even during periods of commodity price weakness.
Investors frequently misapply silver-specific valuation multiples to FSM, failing to account for the structural shift in the revenue mix toward gold, which obscures the company's true earning power and leads to an inaccurate assessment of its competitive position relative to pure-play gold miners.
Using silver-focused metrics ignores the margin profile of the Séguéla gold operation, which is fundamentally different from the company's legacy silver assets. Analysts should instead prioritize gold-equivalent AISC and gold-weighted valuation multiples to better capture the company's current operational reality and future cash-generating potential.
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying FSM stock.
Fortuna Mining Corp.'s current P/E ratio is 9.4x. The historical average is 40.7x.
Fortuna Mining Corp.'s current EV/EBITDA is 4.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.4x.
Fortuna Mining Corp.'s return on equity (ROE) is 18.9%. The historical average is 1.7%.
Based on historical data, Fortuna Mining Corp. is trading at a P/E of 9.4x. Compare with industry peers and growth rates for a complete picture.
Fortuna Mining Corp. has 48.7% gross margin and 38.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Fortuna Mining Corp.'s Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.