FSM Stock Analysis: Fortuna Silver Mines | NYSE
Gold | NYSE, USA | Market Cap: 3.791m USD | 12M Return: 61.6% | CA3499421020 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 65.8M
EPS Trend: 97.8%
Qual. Beats: 0
Rev. Trend: 95.9%
Qual. Beats: 1
Warnings
No concerns identified
Tailwinds
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Fortuna Mining Corp. (NYSE: FSM) is a Canada-incorporated, Vancouver-based precious and base metal miner operating across five countries: Argentina, Côte dIvoire, Mexico, Peru, and Senegal. The company runs three reporting segments-Mansfield, Sango, and Bateas-anchored by the Lindero gold mine in Argentina, the Séguéla gold mine in Côte dIvoire, and the Caylloma silver-lead-zinc mine in Peru. Originally founded in 1990 and listed in 2007 under the name Fortuna Silver Mines Inc., the company rebranded to Fortuna Mining Corp. in June 2024, reflecting its expanded commodity mix.
Although classified under the GICS Silver sub-industry, Fortunas portfolio now spans both precious metals (gold and silver) and base metals (lead and zinc), illustrating the broader shift among mid-tier diversified miners toward gold-heavy production and multi-jurisdictional operations to mitigate country-specific geological and political risk.
- Gold and silver prices drive segment revenue and margins
- Séguéla and Lindero mine production growth boosts output
- West Africa and Latin America political risk raises costs
| Net Income: 379.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.17 > 0.02 and ΔFCF/TA 5.55 > 1.0 |
| NWC/Revenue: 47.05% < 20% (prev 33.76%; Δ 13.30% < -1%) |
| CFO/TA 0.25 > 3% & CFO 622.9m > Net Income 379.2m |
| Net Debt (-285.0m) to EBITDA (812.2m): -0.35 < 3 |
| Current Ratio: 3.00 > 1.5 & < 3 |
| Outstanding Shares: last quarter (328.6m) vs 12m ago 6.37% < -2% |
| Gross Margin: 57.12% > 18% (prev 37.78%; Δ 19.35% > 0.5%) |
| Asset Turnover: 51.10% > 50% (prev 51.34%; Δ -0.24% > 0%) |
| Interest Coverage Ratio: 26.19 > 6 (EBIT TTM 623.1m / Interest Expense TTM 23.8m) |
| A: 0.22 (Total Current Assets 835.5m - Total Current Liabilities 278.2m) / Total Assets 2.50b |
| B: 0.25 (Retained Earnings 612.7m / Total Assets 2.50b) |
| C: 0.27 (EBIT TTM 623.1m / Avg Total Assets 2.32b) |
| D: 2.60 (Book Value of Equity 1.77b / Total Liabilities 678.4m) |
| Altman-Z'' = 6.81 = AAA |
| DSRI: 0.90 (Receivables 65.1m/67.4m, Revenue 1.18b/1.10b) |
| GMI: 0.66 (GM 37.78% / 57.12%) |
| AQI: 0.80 (AQ_t 0.03 / AQ_t-1 0.04) |
| SGI: 1.08 (Revenue 1.18b / 1.10b) |
| TATA: -0.10 (NI 379.2m - CFO 622.9m) / TA 2.50b) |
| Beneish M = -3.49 (Cap -4..+1) = AA |
As of September 06, 2026, the stock is trading at USD 12.31 with a total of 4,808,785 shares traded. Over the past week, the price has changed by +0.41%, over one month by +36.02%, over three months by +30.26% and over the past year by +61.55%.
Current recommended Stop Loss: 11.60 (which is 5.8% or 1.3 ATR below the current price).
Fortuna Silver Mines has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy FSM.
- StrongBuy: 1
- Buy: 2
- Hold: 1
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 14.5 | 17.8% |
P/E Trailing = 10.7647
P/E Forward = 7.9936
P/S = 3.2061
P/B = 2.0786
Revenue TTM = 1.18b USD
EBIT TTM = 623.1m USD
EBITDA TTM = 812.2m USD
Long Term Debt = 138.9m USD (from longTermDebt, last quarter)
Short Term Debt = 30.8m USD (from shortTermDebt, last quarter)
Debt = 329.4m USD (from shortLongTermDebtTotal, last quarter) + Leases 95.3m
Net Debt = -285.0m USD (calculated: Debt 329.4m - CCE 614.4m)
Enterprise Value = 3.51b USD (3.79b + Debt 329.4m - CCE 614.4m)
Interest Coverage Ratio = 26.19 (Ebit TTM 623.1m / Interest Expense TTM 23.8m)
EV/FCF = 8.42x (Enterprise Value 3.51b / FCF TTM 416.5m)
FCF Yield = 11.88% (FCF TTM 416.5m / Enterprise Value 3.51b)
FCF Margin = 35.17% (FCF TTM 416.5m / Revenue TTM 1.18b)
Net Margin = 32.02% (Net Income TTM 379.2m / Revenue TTM 1.18b)
Gross Margin = 57.12% ((Revenue TTM 1.18b - Cost of Revenue TTM 507.8m) / Revenue TTM)
Gross Margin QoQ = 57.62% (prev 61.86%)
Tobins Q-Ratio = 1.40 (Enterprise Value 3.51b / Total Assets 2.50b)
Interest Expense / Debt = 7.22% (Interest Expense 23.8m / Debt 329.4m)
Taxrate = 32.09% (192.3m / 599.4m)
NOPAT = 423.2m (EBIT 623.1m * (1 - 32.09%))
Current Ratio = 3.00 (Total Current Assets 835.5m / Total Current Liabilities 278.2m)
Debt / Equity = 0.19 (Debt 329.4m / totalStockholderEquity, last quarter 1.77b)
Debt / EBITDA = -0.35 (Net Debt -285.0m / EBITDA 812.2m)
Debt / FCF = -0.68 (Net Debt -285.0m / FCF TTM 416.5m)
Total Stockholder Equity = 1.71b (last 4 quarters mean from totalStockholderEquity)
RoA = 16.36% (Net Income 379.2m / Total Assets 2.50b)
RoE = 22.20% (Net Income TTM 379.2m / Total Stockholder Equity 1.71b)
RoCE = 33.74% (EBIT 623.1m / Capital Employed (Equity 1.71b + L.T.Debt 138.9m))
RoIC = 19.32% (NOPAT 423.2m / Invested Capital 2.19b)
WACC = 8.30% (E(3.79b)/V(4.12b) * Re(8.59%) + D(329.4m)/V(4.12b) * Rd(7.22%) * (1-Tc(0.32)))
Discount Rate = 8.59% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 53.28 | Cagr: 2.90%
[DCF] Terminal Value 77.97% ; FCFF base≈345.1m ; Y1≈395.6m ; Y5≈582.2m
[DCF] Fair Price = 30.56 (EV 8.76b - Net Debt -285.0m = Equity 9.05b / Shares 296.0m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 97.80 | EPS CAGR: 77.47% | SUE: -0.72 | # QB: 0
Revenue Correlation: 95.91 | Revenue CAGR: 15.96% | SUE: 2.87 | # QB: 1
EPS current Quarter (2026-09-30): EPS=0.43 | Chg30d=+23.77% | Revisions=+0% | Analysts=3
EPS current Year (2026-12-31): EPS=1.43 | Chg30d=-4.91% | Revisions=-40% | GrowthEPS=+117.2% | GrowthRev=+47.6%
EPS next Year (2027-12-31): EPS=1.76 | Chg30d=+7.59% | Revisions=+29% | GrowthEPS=+22.7% | GrowthRev=+11.9%
[Analyst] Revisions Ratio: +0% (up=4, down=4)