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Rank #30 · NYSE:FSM
Mid-Tier Producer · Primary: Gold · Also: Silver
Canada · Jurisdictions: Argentina, Côte d'Ivoire, Peru, Senegal
Canonical listing price
$10.92
+2.92%(+0.31 USD)
Updated 10/9/2026, 1:30:00 PM
Price data: Twelve Data
Gold · Mid-Tier Producer
vs Gold
1M -5.5 pp·3M +35.4 pp
vs GDX
1M -2.3 pp·3M +8.8 pp
1M vs Gold Miners group: -2.2 pp
Jurisdiction: Argentina, Côte d'Ivoire, Peru, Senegal · Market cap rank-only (licensing)
Close-based returns and relative performance in percentage points vs mapped metal/ETF. Not a buy/sell signal or price target.
Next report
Reporting calendar →FY2026 · Expected window 2028-03-22 → 2028-04-05
Expected window 2028-03-22 → 2028-04-05 (FY2026).
Valuation
Current market multiples relative to reported TTM financials. Peer context uses the Mining 50 Gold · Mid-Tier Producer group. Not fair value, price targets, or investment advice.
Historical Valuation
Point-in-time multiples at annual filing dates using prices and financials publicly available as of each date. Percentiles and medians use available history only — descriptive context, not fair value or investment advice.
P/FCF
Historical chart
Each point is a filing-date snapshot — not a continuous daily valuation series.
Filing-date periodic snapshots · 5 observations · price source: Twelve Data
MINING50-HISTORICAL-VALUATION-1.0 · filing-date periodic
Balance Sheet & Capital Allocation
Annual FY trends from certified filing data. Descriptive direction and magnitude only — not a quality score or investment recommendation.
Cash
$553.99M
+$322.66M YoY (+139.5%)
Debt
Unavailable
Net Debt
Unavailable
Share Count
306.0M
-628K shares YoY (-0.2%)
3-year share count change: +5.4% over 3 years
Capex / Revenue
18.8%
Prior year: 23.8%
FCF Conversion
60.9%
Prior year: 31.7%
FCF (FY)
$277.36M
+$202.75M YoY (+271.7%)
Cash Build
Cash increased $322.66M (+139.5%) versus the prior year.
2024-12-31 → 2025-12-31
Operating Performance
Annual FY revenue, cash flow, capex, and margins from certified filing data. Descriptive trends only — not a quality score or investment recommendation.
Revenue
$947.06M
+$269.82M YoY (+39.8%)
Operating Cash Flow
$455.37M
+$219.67M YoY (+93.2%)
Free Cash Flow
$277.36M
+$202.75M YoY (+271.7%)
Capex
$178.00M
+$16.92M YoY (+10.5%)
3-year revenue change: +39.0% over 3 years
OCF Margin
48.1%
Prior year: 34.8%
Change: +13.3 pp
FCF Margin
29.3%
Prior year: 11.0%
Change: +18.3 pp
Capex / Revenue
18.8%
Prior year: 23.8%
Revenue Increase
Revenue increased 39.8% versus the prior comparable period.
2024-12-31 → 2025-12-31
Operating Cash Flow Increase
Operating cash flow increased $219.67M (+93.2%) versus the prior comparable period.
2024-12-31 → 2025-12-31
Free Cash Flow Increase
Free cash flow increased $202.75M (+271.7%) versus the prior comparable period.
2024-12-31 → 2025-12-31
OCF Margin Increase
Operating cash flow margin moved from 34.8% to 48.1% (+13.3 pp).
2024-12-31 → 2025-12-31
FCF Margin Increase
Free cash flow margin moved from 11.0% to 29.3% (+18.3 pp).
2024-12-31 → 2025-12-31
Fundamental Changes
Deterministic changes from certified financial metrics. Descriptive only — not a quality score or investment recommendation.
Latest filing period: 6 material changes · 9 operating · 2 balance-sheet · 5 capital-allocation
FY2025 · Filed Mar 26, 2026
Cash Build
Cash increased $322.66M (+139.5%) versus the prior year.
Official filing sourceRevenue Increase
Revenue increased 39.8% versus the prior comparable period.
Official filing sourceOperating Cash Flow Increase
Operating cash flow increased $219.67M (+93.2%) versus the prior comparable period.
Official filing sourceFree Cash Flow Increase
Free cash flow increased $202.75M (+271.7%) versus the prior comparable period.
Official filing sourceOCF Margin Increase
Operating cash flow margin moved from 34.8% to 48.1% (+13.3 pp).
Official filing sourceFCF Margin Increase
Free cash flow margin moved from 11.0% to 29.3% (+18.3 pp).
Official filing sourceFY2024 · Filed Mar 26, 2026
Cash Build
Cash increased $103.18M (+80.5%) versus the prior year.
Official filing sourceRevenue Decline
Revenue declined 19.6% versus the prior comparable period.
Official filing sourceModules: mtf-trend, momentum, relative-strength · Last calculated: 10/12/2026, 10:40:03 AM
Price data provided by Twelve Data. Charts provided by TradingView. Grey Rabbit Scores and analysis are proprietary to Grey Rabbit Markets.
Gold · Mid-Tier Producer · factual only
| Company | Market Cap | Production | AISC | Net Debt / Cash |
|---|---|---|---|---|
| Fortuna Mining Corp.(FSM) | $3.34B | 262.0 koz | $1,902.5/oz | $419.57M |
| Alamos Gold Inc.(AGI) | — | 610.0 koz | $1,524/oz | $423.00M |
| Aris Mining Corporation(ARIS) | — | 325.0 koz | $1,705/oz | $127.59M |
| B2Gold Corp.(BTG) | — | 895.0 koz | $1,584/oz | $217.90M |
| Centerra Gold Inc.(CGAU) | — | 265.0 koz | $1,614/oz | $529.00M |
| DRDGOLD Limited(DRD) | — | 145.0 koz | $1,716/oz | $72.00M |
| Eldorado Gold Corporation(EGO) | — | 540.0 koz | $1,664/oz | $405.70M |
Sorted by market cap then name — not a ranking. Comparable curated fields only.
Multi-period filing history is available on Pro. Latest TTM P&L above is public.
Derived: eligible price × ADR-aware shares · Fortuna Mining Corp. · Derived: Debt − Cash · Through 2026-01-15 · Coverage 6/8 key fields · not live filing scrape · Filing-backed TTM P&L from SEC companyfacts (cached — not live scrape)
Periods: YE 2025 issued & outstanding after NCIB · YE 2025 · FY 2026 Lindero 92–102 koz + Séguéla 160–170 koz Au; Caylloma AgEq 2.4–2.7 Moz not used as silver · FY 2026 consolidated AISC per GEO (not Au AISC) · 2025-12-31 · 2024-12-31
MINING50-MARKETCAP-1.0 · MINING50-NETDEBT-1.0 · MINING50-TTM-1.0 · MINING50-FCF-1.0 · MINING50-FCF-MARGIN-1.0
Grey Rabbit Markets provides independent market research and educational content. Nothing on this website constitutes investment, legal, tax, or financial advice. Past performance does not guarantee future results.