Fortuna Mining Corp. (FSM) 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

-75.3%

$2.27

vs $9.20 price

Levered DCF

$7.18

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.31

Safe zone

Rating

Overall 4 / 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	10.01×	10.21×	-22.71×	-7.98×	16.25×	63.38×	27.2×	17.33×
P/B	1.8×	0.94×	0.92×	0.88×	0.67×	1.99×	1.03×	0.96×
P/S	3.14×	1.25×	1.35×	1.6×	1.55×	5.17×	2.54×	2.21×
EV / EBITDA	4.33×	3.13×	5.52×	21.21×	4.16×	13.96×	7.96×	5.06×
Gross margin	48.7%	32.4%	22.6%	21.5%	34.3%	39.5%	32.9%	36.7%
Operating margin	38.5%	21.5%	-0.0%	-16.7%	22.8%	20.5%	13.3%	23.4%
Net margin	31.5%	12.1%	-6.0%	-18.8%	9.6%	7.7%	9.3%	12.9%
Current ratio	2.98×	1.9×	1.37×	1.87×	1.69×	2.57×	1.7×	3.57×
Debt / equity	0.16×	0.14×	0.21×	0.19×	0.14×	0.25×	0.27×	0.13×
Interest coverage	14.76×	9.38×	-0.02×	-10.24×	13.39×	28.93×	26.27×	32.04×
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	18.0%	9.2%	-4.1%	-10.3%	4.2%	3.0%	3.7%	5.6%
Return on invested capital	12.2%	8.1%	-0.0%	-6.5%	4.1%	2.2%	2.2%	4.3%
Return on assets	12.5%	6.1%	-2.6%	-6.8%	2.9%	2.0%	2.5%	4.3%
Free cash flow yield	9.8%	12.2%	7.1%	-5.2%	-0.6%	0.0%	-24.7%	-2.5%
Earnings yield	10.0%	9.7%	-4.5%	-11.7%	6.2%	1.5%	3.6%	5.8%
Enterprise value	$2.7B	$1.3B	$1.3B	$1.3B	$1B	$1.5B	$740.6M	$569.2M
Net debt / EBITDA	-0.46×	-0.09×	0.59×	2.71×	0.33×	0.43×	0.93×	-0.11×
Cash conversion cycle (days)	61	58	41	26	51	108	16	44