(FSM) Fortuna Silver Mines - Ratings and Ratios

Exchange: NYSE • Country: Canada • Currency: USD • Type: Common Stock • ISIN: CA3499151080

Gold, Silver, Lead, Zinc

Silver
MCap: 3,223m · Avg Vol: 7.14M
IPO: 2007-01-08 · β 0.73 · Vol 53.14%
12m vs SPY: 105%

EPS (Earnings per Share)

EPS (Earnings per Share) of FSM over the last years for every Quarter: "2020-12": 0.12, "2021-03": 0.14, "2021-06": 0.11, "2021-09": 0.08, "2021-12": 0.12, "2022-03": 0.11, "2022-06": 0.01, "2022-09": 0.01, "2022-12": 0.02, "2023-03": 0.05, "2023-06": 0.01, "2023-09": 0.1, "2023-12": 0.07, "2024-03": 0.09, "2024-06": 0.11, "2024-09": 0.17, "2024-12": 0.1184, "2025-03": 0.2, "2025-06": 0.13, "2025-09": 0.17,
EPS CAGR: 9.73%
EPS Trend: 57.5%
Last SUE: -0.33
Qual. Beats: 0

Revenue

Revenue of FSM over the last years for every Quarter: 2020-12: 103.504, 2021-03: 117.822, 2021-06: 120.526, 2021-09: 162.569, 2021-12: 198.936, 2022-03: 182.329, 2022-06: 167.871, 2022-09: 166.568, 2022-12: 164.723, 2023-03: 175.653, 2023-06: 158.406, 2023-09: 243.055, 2023-12: 265.314, 2024-03: 200.905, 2024-06: 156.287, 2024-09: 274.921, 2024-12: 302.196, 2025-03: 290.145, 2025-06: 230.419, 2025-09: 251.362,
Rev. CAGR: 6.44%
Rev. Trend: 65.1%
Last SUE: 4.00
Qual. Beats: 1

Dividends

Currently no dividends paid
Risk via 5d forecast
Volatility 53.1%
Value at Risk 5%th 79.2%
Relative Tail Risk -9.45%
Reward TTM
Sharpe Ratio 1.69
Alpha 127.18
CAGR/Max DD 1.10
Character TTM
Hurst Exponent 0.428
Beta 0.726
Beta Downside 0.486
Drawdowns 3y
Max DD 36.99%
Mean DD 16.15%
Median DD 16.23%

Description: FSM Fortuna Silver Mines January 14, 2026

Fortuna Mining Corp. (formerly Fortuna Silver Mines Inc., ticker FSM) is a Vancouver-based public mining company that extracts precious and base metals across six countries: Argentina, Burkina Faso, Côte d’Ivoire, Mexico, Peru and Senegal. The firm’s portfolio is organized into five segments-Mansfield, Sanu, Sango, Cuzcatlán and Bateas-and includes the Lindero, Yaramoko and Séguéla gold mines, the San José silver-gold operation, and the Caylloma complex producing silver, lead and zinc.

In FY 2023 the company reported approximately 2.2 million oz of silver and 100 k oz of gold, with an all-in sustaining cash cost of roughly $12 per oz of silver and $950 per oz of gold, reflecting efficient underground mining and a strong cost base. The Caylloma mine contributed over 60 % of total silver output and also generated by-product revenue from lead and zinc, which helps buffer earnings against silver price volatility.

Key macro drivers for Fortuna include the ongoing industrial demand for silver in photovoltaic and electronics applications (global demand growth of ~3 % yr-on-yr) and the bullish outlook for gold as a hedge against inflation. The company’s diversified geographic footprint reduces country-specific risk, but exposure to political uncertainty in West Africa remains a material consideration. For a deeper quantitative view, you may want to explore the FSM profile on ValueRay.

Piotroski VR‑10 (Strict, 0-10) 7.0

Net Income (230.8m TTM) > 0 and > 6% of Revenue (6% = 64.4m TTM)
FCFTA 0.11 (>2.0%) and ΔFCFTA 4.21pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)
NWC/Revenue 41.97% (prev 23.22%; Δ 18.74pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)
CFO/TA 0.20 (>3.0%) and CFO 453.9m > Net Income 230.8m (YES >=105%, WARN >=100%)
Net Debt (-224.9m) to EBITDA (639.8m) ratio: -0.35 <= 3.0 (WARN <= 3.5)
Current Ratio 3.30 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)
Outstanding Shares last Quarter (335.1m) change vs 12m ago 6.50% (target <= -2.0% for YES)
Gross Margin 42.91% (prev 29.08%; Δ 13.83pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)
Asset Turnover 49.68% (prev 43.07%; Δ 6.61pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)
Interest Coverage Ratio 16.78 (EBITDA TTM 639.8m / Interest Expense TTM 24.0m) >= 6 (WARN >= 3)

Altman Z'' 6.11

(A) 0.20 = (Total Current Assets 647.0m - Total Current Liabilities 196.2m) / Total Assets 2.24b
(B) 0.19 = Retained Earnings (Balance) 428.5m / Total Assets 2.24b
(C) 0.19 = EBIT TTM 402.0m / Avg Total Assets 2.16b
(D) 2.78 = Book Value of Equity 1.58b / Total Liabilities 569.6m
Total Rating: 6.11 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 88.83

1. Piotroski 7.0pt
2. FCF Yield 8.61%
3. FCF Margin 23.97%
4. Debt/Equity 0.13
5. Debt/Ebitda -0.35
6. ROIC - WACC (= 12.58)%
7. RoE 15.44%
8. Rev. Trend 65.12%
9. EPS Trend 57.47%

What is the price of FSM shares?

As of January 17, 2026, the stock is trading at USD 10.30 with a total of 8,239,818 shares traded.
Over the past week, the price has changed by +1.56%, over one month by +9.34%, over three months by +9.57% and over the past year by +142.33%.

Is FSM a buy, sell or hold?

Fortuna Silver Mines has received a consensus analysts rating of 3.20. Therefor, it is recommend to hold FSM.
  • Strong Buy: 1
  • Buy: 1
  • Hold: 2
  • Sell: 0
  • Strong Sell: 1

What are the forecasts/targets for the FSM price?

Issuer Target Up/Down from current
Wallstreet Target Price 11 6.8%
Analysts Target Price 11 6.8%
ValueRay Target Price 12.3 19.8%

FSM Fundamental Data Overview January 13, 2026

P/E Trailing = 12.4762
P/E Forward = 8.1633
P/S = 2.564
P/B = 1.9761
Revenue TTM = 1.07b USD
EBIT TTM = 402.0m USD
EBITDA TTM = 639.8m USD
Long Term Debt = 132.2m USD (from longTermDebt, last quarter)
Short Term Debt = 21.4m USD (from shortTermDebt, last quarter)
Debt = 213.4m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -224.9m USD (from netDebt column, last quarter)
Enterprise Value = 2.99b USD (3.22b + Debt 213.4m - CCE 444.2m)
Interest Coverage Ratio = 16.78 (Ebit TTM 402.0m / Interest Expense TTM 24.0m)
EV/FCF = 11.62x (Enterprise Value 2.99b / FCF TTM 257.4m)
FCF Yield = 8.61% (FCF TTM 257.4m / Enterprise Value 2.99b)
FCF Margin = 23.97% (FCF TTM 257.4m / Revenue TTM 1.07b)
Net Margin = 21.48% (Net Income TTM 230.8m / Revenue TTM 1.07b)
Gross Margin = 42.91% ((Revenue TTM 1.07b - Cost of Revenue TTM 613.3m) / Revenue TTM)
Gross Margin QoQ = 52.96% (prev 45.58%)
Tobins Q-Ratio = 1.34 (Enterprise Value 2.99b / Total Assets 2.24b)
Interest Expense / Debt = 2.22% (Interest Expense 4.74m / Debt 213.4m)
Taxrate = 16.22% (24.8m / 153.0m)
NOPAT = 336.8m (EBIT 402.0m * (1 - 16.22%))
Current Ratio = 3.30 (Total Current Assets 647.0m / Total Current Liabilities 196.2m)
Debt / Equity = 0.13 (Debt 213.4m / totalStockholderEquity, last quarter 1.62b)
Debt / EBITDA = -0.35 (Net Debt -224.9m / EBITDA 639.8m)
Debt / FCF = -0.87 (Net Debt -224.9m / FCF TTM 257.4m)
Total Stockholder Equity = 1.49b (last 4 quarters mean from totalStockholderEquity)
RoA = 10.67% (Net Income 230.8m / Total Assets 2.24b)
RoE = 15.44% (Net Income TTM 230.8m / Total Stockholder Equity 1.49b)
RoCE = 24.72% (EBIT 402.0m / Capital Employed (Equity 1.49b + L.T.Debt 132.2m))
RoIC = 20.75% (NOPAT 336.8m / Invested Capital 1.62b)
WACC = 8.17% (E(3.22b)/V(3.44b) * Re(8.59%) + D(213.4m)/V(3.44b) * Rd(2.22%) * (1-Tc(0.16)))
Discount Rate = 8.59% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 4.55%
[DCF Debug] Terminal Value 80.13% ; FCFF base≈215.1m ; Y1≈254.7m ; Y5≈394.8m
Fair Price DCF = 22.01 (EV 6.49b - Net Debt -224.9m = Equity 6.72b / Shares 305.3m; r=8.17% [WACC]; 5y FCF grow 19.64% → 2.90% )
EPS Correlation: 57.47 | EPS CAGR: 9.73% | SUE: -0.33 | # QB: 0
Revenue Correlation: 65.12 | Revenue CAGR: 6.44% | SUE: 4.0 | # QB: 1
EPS next Quarter (2026-03-31): EPS=0.33 | Chg30d=+0.010 | Revisions Net=+0 | Analysts=2
EPS next Year (2026-12-31): EPS=1.29 | Chg30d=+0.083 | Revisions Net=-1 | Growth EPS=+69.8% | Growth Revenue=+13.8%

Additional Sources for FSM Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
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Fund Manager Positions: Dataroma | Stockcircle