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ValueScreener company report

Fortuna Mining Corp. (FSM)

NYSE / Basic Materials / Other Precious Metals

Share price

10.54 USD Market dataClose of Oct 15, 2026

Market capitalisation

3.12B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Mar 26, 2026
Ratios computed
Oct 15, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

17.1% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

10.85x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

n/a Computed

FY2025 accounts, priced at the latest close

Why n/a

We do not hold this figure for this company, so there is nothing to show.

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 210.3M USDFY2016 Net income: 17.9M USDFY2017 Revenue: 268.1M USDFY2017 Net income: 66.3M USDFY2018 Revenue: 263.3M USDFY2018 Net income: 34.0M USDFY2019 Revenue: 257.2M USDFY2019 Net income: 23.8M USDFY2020 Revenue: 279.0M USDFY2020 Net income: 21.6M USDFY2021 Revenue: 599.9M USDFY2021 Net income: 57.9M USDFY2022 Revenue: 681.5M USDFY2022 Net income: -128.1M USDFY2023 Revenue: 842.4M USDFY2023 Net income: -50.8M USDFY2024 Revenue: 677.2M USDFY2024 Net income: 128.7M USDFY2025 Revenue: 947.1M USDFY2025 Net income: 287.5M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
2 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 10.85x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 10.00x and 15.00x.

Today, against the Basic Materials sector (124 companies), 10.85x sits at the 9th percentile; the middle half of that group runs from 15.03x to 34.97x.

Is it good

Return on equity was 17.1% in FY2025, in the band labelled "Strong" (15.0% to 25.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting high returns on shareholders' money, which leverage can also produce.

Today, against the Basic Materials sector (247 companies), 17.1% sits at the 84th percentile; the middle half of that group runs from -20.2% to 11.8%.

Is it safe

Current ratio was 2.98 in FY2025, in the band labelled "At or above Graham's requirement" (2.00 and above), on lines anchored on Graham's defensive-investor criteria, suggesting short-term assets well above short-term obligations.

Today, against the Basic Materials sector (251 companies), 2.98 sits at the 66th percentile; the middle half of that group runs from 1.42 to 3.59.

Year by year against peers
Whether Fortuna Mining Corp.'s return on equity stayed above the median of the Basic Materials sector, year by year. (FY2020 to FY2025, 6 fiscal years of Fortuna Mining Corp. with a comparable figure)
The direction
Which way Fortuna Mining Corp.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Fortuna Mining Corp.)
What could explain it
What in Fortuna Mining Corp.'s filed statements could explain the movements. (1 reading drawn from the statement lines Fortuna Mining Corp. filed)
In one paragraph
One paragraph on Fortuna Mining Corp.'s returns, cash, balance sheet and price. (6 of sixteen figures read for Fortuna Mining Corp.)

These are FSM’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research FSMPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 40-F, filed Mar 26, 2026, accession 0001104659-26-035151.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Fortuna Mining Corp: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Return on equity17.1% ComputedFY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Return on capital employed, pre-tax19.4% ComputedFY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Return on assets12.2% ComputedFY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Gross margin49.3% ComputedFY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Operating margin43.1% ComputedFY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Net margin30.4% ComputedFY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
FSM 30.4%
TFPM 61.7%ALM -498.0%BVN 34.9%EXK -25.5%AUGO 23.2%
-498.0%61.7%
Net margin: FSM against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Fortuna Mining Corp: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Current ratio2.98 ComputedFY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Quick ratio2.50 ComputedFY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Altman Z-score4.51 ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Net debt
Why n/a

The FY2025 balance sheet carries no net debt we could read.

n/a ComputedFY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Total assets 2.36BTotal liabilities 625.3MShareholders' equity 1.68BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Fortuna Mining Corp owned and owed at the end of fiscal 2025, from the balance sheet it filed (40-F, filed Mar 26, 2026, 0001104659-26-035151).

Fortuna Mining Corp: balance sheet position
Total assets2.36B FiledFY2025 40-F, filed Mar 26, 2026
Total liabilities625.3M FiledFY2025 40-F, filed Mar 26, 2026
Shareholders' equity1.68B FiledFY2025 40-F, filed Mar 26, 2026
Cash554.0M FiledFY2025 40-F, filed Mar 26, 2026
Total debtn/a FiledFY2025 40-F, filed Mar 26, 2026
Net debtn/a
Current ratio2.98
Debt to equityn/a
  • Debt to equity: FY2025: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Interest cover: FY2025: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Fortuna Mining Corp: what the market charges, each with its source
FigureValue, source and document
Price to earnings10.85x ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.86x ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Price to sales3.29x ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Price to earnings over growth0.21 ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151

We publish no fair value or price target of our own. Value FSM on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Fortuna Mining Corp today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Fortuna Mining Corp: valuation
Share price10.54 USD
Market capitalisation3.12B USD
Enterprise value to EBITDAn/a
Graham numbern/a
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Fortuna Mining Corp

  1. Triple Flag Precious Metals Corp. (TFPM)Market cap 6.28B USD
  2. Almonty Industries Inc. Common Shares (ALM)Market cap 2.87B USD
  3. Compañía de Minas Buenaventura S.A.A. (BVN)Market cap 7.91B USD
  4. Endeavour Silver Corp. (EXK)Market cap 2.46B USD
  5. Aura Minerals (AUGO)Market cap 7.16B USD

Same industry (Other Precious Metals) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

Computed

Fortuna Mining Corp: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Free cash flow
Why n/a

The FY2025 filing carries no free cash flow we could read.

n/a ComputedFY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Free cash flow margin
Why n/a

No free cash flow, and no operating cash flow and capital expenditure pair, is filed for this year.

n/a ComputedFY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
FY2016 Net income: 17.9M USDFY2017 Net income: 66.3M USDFY2018 Net income: 34.0M USDFY2019 Net income: 23.8M USDFY2020 Net income: 21.6M USDFY2021 Net income: 57.9M USDFY2022 Net income: -128.1M USDFY2023 Net income: -50.8M USDFY2024 Net income: 128.7M USDFY2025 Net income: 287.5M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Fortuna Mining Corp.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
10.85xFY2025Oct 15, 2026
1.86xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a Enterprise value is the market value plus total debt less cash, and the filed balance sheet reports no debt total or no cash.
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports neither free cash flow nor the operating cash flow and capital spending it is built from.
n/aFY2025Mar 26, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
n/aFY2025Mar 26, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
2.98FY2025Mar 26, 2026
3.29xFY2025Oct 15, 2026
0.21FY2025Oct 15, 2026
4.51FY2025Oct 15, 2026
-2.82FY2025Mar 26, 2026
7/9FY2025Mar 26, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Fortuna Mining Corp filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Fortuna Mining Corp: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2025947.1M408.4M287.5Mn/an/a43.1%17.1%40-F, Mar 26, 20260001104659-26-035151
FY2024677.2M156.1M128.7Mn/an/a23.1%9.2%40-F, Mar 27, 20250001558370-25-003846
FY2023842.4M-407.0K-50.8Mn/an/a-0.1%-4.1%40-F, Mar 28, 20240001558370-24-004237
FY2022681.5M-113.6M-128.1Mn/an/a-16.7%-10.3%40-F, Mar 30, 20230001104659-23-038983
FY2021599.9M136.9M57.9Mn/an/a22.8%4.2%40-F, Mar 31, 20220001104659-22-040966
FY2020279.0M57.2M21.6Mn/an/a20.5%3.0%40-F, Mar 30, 20210001104659-21-043910
FY2019257.2M34.2M23.8Mn/an/a13.3%3.7%40-F, Mar 30, 20200001104659-20-040533
FY2018263.3M61.6M34.0Mn/an/a23.4%5.6%40-F, Mar 29, 20190001279569-19-000763
FY2017268.1M110.3M66.3Mn/an/a41.1%11.8%40-F, Apr 2, 20180001144204-18-018704
FY2016210.3M48.5M17.9Mn/an/a23.1%4.2%40-F, Apr 2, 20180001144204-18-018704
  • Revenue, compound annual growth FY2016 to FY2025: 18.2%
  • Earnings, compound annual growth FY2016 to FY2025: 36.2%
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow: Fewer than two filed years carry free cash flow.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Fortuna Mining Corp: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.82 ComputedFY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Piotroski F-score7/9 ComputedFY2025 40-F, filed Mar 26, 2026, 0001104659-26-035151
Named tests met2 of 30 Computed
Beta1.14 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 2 met, 13 not met, 15 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Owner earnings yield; Cheapest quarter on P/E (David Dreman)
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; Gross margin, turnover (Robert Novy-Marx); Low beta, profitable; Near the 52-week low; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cheapest quarter on P/B (David Dreman)
Not measured
Earnings yield and ROIC (Joel Greenblatt); Low PEG, low debt (Peter Lynch); High returns and growth; EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; ROIC at or above WACC; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Cash-covered dividend; Cash-flow yield and ROIC; Clean books, high ROIC; Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(17)
  • Debt to Equity: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Return on Invested Capital: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Ncav: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 17 figures could not be read on this company, among them Debt to Equity, Positive Earnings Streak, EV/EBIT. Each blank in the table above names the rest, with its reason. 15 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

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