Fortuna Mining Corp. (FVI.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

-74.2%

CA$3.29

vs CA$12.72 price

Levered DCF

CA$9.94

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.29

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	9.99×	10.21×	-22.62×	-7.99×	16.98×	68.41×	27.13×	17.45×
P/B	1.8×	0.94×	0.92×	0.88×	0.71×	2.03×	1.03×	0.97×
P/S	3.13×	1.25×	1.35×	1.6×	1.62×	5.29×	2.54×	2.22×
EV / EBITDA	4.7×	2.73×	5.51×	21.23×	4.35×	14.23×	7.97×	5.02×
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%	12.6%	22.8%	20.5%	20.7%	23.4%
Net margin	31.5%	12.1%	-6.0%	-19.9%	9.6%	7.7%	9.3%	12.9%
Current ratio	2.98×	1.9×	1.37×	1.87×	1.69×	2.57×	1.69×	3.57×
Debt / equity	0.13×	0.14×	0.21×	0.19×	0.14×	0.25×	0.27×	0.13×
Interest coverage	14.76×	7.85×	-0.02×	6.25×	10.87×	25.32×	36.82×	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%	-10.9%	4.2%	3.0%	3.7%	5.6%
Return on invested capital	12.1%	8.1%	-0.0%	4.9%	4.1%	2.2%	3.4%	4.3%
Return on assets	12.5%	6.1%	-2.6%	-7.2%	2.9%	2.0%	2.5%	4.3%
Free cash flow yield	9.8%	12.2%	7.0%	-5.2%	-0.5%	-1.4%	-24.7%	-2.5%
Earnings yield	10.1%	9.7%	-4.5%	-12.4%	5.9%	1.5%	3.6%	5.8%
Enterprise value	CA$2.7B	CA$1.3B	CA$1.3B	CA$1.3B	CA$1.1B	CA$1.5B	CA$739M	CA$573M
Net debt / EBITDA	-0.6×	-0.08×	0.59×	2.71×	0.33×	0.43×	0.94×	-0.11×
Cash conversion cycle (days)	61	31	17	26	19	42	45	46