Ero Copper Corp. (ERO.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-281.7%

-CA$74.05

vs CA$40.76 price

Levered DCF

-CA$55.08

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.71

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.92×	-20.4×	15.95×	12.28×	6.72×	26.71×	16.82×	-191.19×
P/B	3.14×	2.37×	1.85×	2.32×	3.44×	6.95×	8.34×	5.83×
P/S	3.67×	2.96×	3.48×	2.93×	2.76×	4.56×	5.8×	2.59×
EV / EBITDA	8.43×	142.21×	8.75×	7.26×	4.45×	14.29×	13.53×	11.71×
Gross margin	43.2%	38.4%	36.7%	43.9%	65.1%	58.1%	41.1%	35.3%
Operating margin	33.8%	25.2%	21.6%	29.7%	55.3%	47.5%	27.5%	19.8%
Net margin	33.6%	-14.6%	21.7%	23.9%	41.0%	15.9%	32.3%	-1.4%
Current ratio	1.06×	0.67×	1.15×	3.04×	1.7×	1.39×	0.94×	0.85×
Debt / equity	0.68×	1.06×	0.55×	0.8×	0.17×	0.8×	0.82×	1.47×
Interest coverage	12.26×	65.4×	7.24×	6×	21.51×	15.18×	6.76×	3.09×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	28.7%	-11.7%	11.5%	18.9%	51.2%	24.3%	46.4%	-3.0%
Return on invested capital	12.6%	8.2%	5.7%	9.6%	40.2%	31.4%	19.4%	-16.7%
Return on assets	14.0%	-4.7%	6.1%	8.6%	29.1%	10.4%	19.9%	-0.9%
Free cash flow yield	3.1%	-13.8%	-20.0%	-12.2%	13.5%	3.0%	1.3%	-3.0%
Earnings yield	9.2%	-4.9%	6.2%	8.2%	14.9%	3.5%	5.6%	-0.5%
Enterprise value	CA$3.5B	CA$2B	CA$1.8B	CA$1.5B	CA$1.3B	CA$1.6B	CA$1.8B	CA$736.6M
Net debt / EBITDA	1.28×	41.33×	1.61×	1.22×	-0.22×	0.97×	1.07×	2.12×
Cash conversion cycle (days)	37	11	-20	2	24	68	5	1