First Quantum Minerals Ltd. (FM.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

-107.2%

-CA$2.32

vs CA$32.38 price

Levered DCF

CA$5.97

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.68

Distress 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	-783.56×	5,365.21×	-5.93×	13.91×	19.78×	-54.34×	-136.56×	12.64×
P/B	2×	0.93×	0.55×	1.32×	1.65×	1.39×	0.74×	0.58×
P/S	4.26×	2.23×	0.88×	1.89×	2.29×	2.44×	1.71×	1.4×
EV / EBITDA	15.4×	10.21×	5.45×	6.15×	6.31×	9.1×	9.91×	7×
Gross margin	27.8%	28.1%	20.0%	28.8%	35.5%	21.2%	19.4%	24.7%
Operating margin	18.4%	16.9%	1.2%	29.4%	36.0%	13.7%	11.7%	20.4%
Net margin	-0.5%	0.0%	-14.8%	13.6%	11.5%	-3.6%	-1.4%	11.1%
Current ratio	1.42×	2.08×	1.72×	2.4×	2.34×	1.28×	1.25×	1.99×
Debt / equity	0.53×	0.56×	0.74×	0.68×	0.79×	0.94×	0.93×	0.82×
Interest coverage	1.58×	0.87×	0.09×	3.84×	4×	0.95×	2.29×	26.01×
Dividend yield	0.0%	0.0%	1.6%	0.5%	0.0%	0.0%	0.1%	0.1%
Payout ratio	0.0%	0.0%	-9.7%	7.3%	0.6%	-2.8%	-8.8%	1.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-0.3%	0.0%	-9.3%	9.5%	8.3%	-2.0%	-0.6%	4.6%
Return on invested capital	-0.6%	-1.4%	0.3%	7.3%	6.2%	-21.4%	-5.4%	2.3%
Return on assets	-0.1%	0.0%	-4.0%	4.1%	3.3%	-0.7%	-0.2%	1.9%
Free cash flow yield	2.1%	3.4%	2.2%	8.1%	11.5%	8.1%	-8.1%	-2.9%
Earnings yield	-0.1%	0.0%	-16.9%	7.2%	5.0%	-1.5%	-0.8%	7.9%
Enterprise value	CA$27.5B	CA$16.2B	CA$12.1B	CA$20.1B	CA$22.5B	CA$19.8B	CA$14.6B	CA$12.1B
Net debt / EBITDA	2.91×	3.48×	2.9×	1.74×	1.7×	3.41×	5.19×	3.77×
Cash conversion cycle (days)	194	144	87	89	78	105	127	91