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Ero Copper

ERO
78
Copper · Basic Materials
Also trades as: ERO.TO
Exchange
New York Stock Exchange
Winston Score
78
Winston is happy
A high-quality business with solid fundamentals.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Strong
Growth
Exceptional
Cash Flow
Exceptional
Stability
Strong
Valuation
Exceptional
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Winston Score History

The full picture

Ero Copper Corp. is a Canadian mining company that digs copper out of the ground in Brazil. Its main asset is the MCSA Mining Complex in the Caraíba region of Bahia state, which has been producing copper for decades. The company also operates the Xavantina Operations, which produce gold as a secondary product.

Ero makes money by selling copper concentrate and gold to smelters and commodity traders. Nearly all of its production comes from Brazil, making it a geographically concentrated business with exposure to Brazilian operating costs and currency. Copper prices are set by global markets, so Ero has little control over what it earns per pound — that is the central risk. On the growth side, the company is expanding capacity at its Caraíba underground mine and building the new Tucumã copper project, which is expected to meaningfully increase total output over the next few years.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+73.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+26.5% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

2.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$102M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Ero Copper grew revenue 74% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
42.7%
Healthy — 42.7% gross margin
Profit after running costs
Operating Margin
37.6%
Excellent — 37.6% operating margin
Return on the money invested
ROCE
21.4%
Exceptional — 21.4% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+95.2%
Fast-growing sales (+95.2% YoY)
Profit growth
EPS YoY
+115.9%
Earnings growing fast (+115.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
143%
Turns 143% of profit into real cash
Spare cash per sale
FCF Margin
14.7%
Converts sales into free cash efficiently (14.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.46
Conservative — low debt load (0.46)
Covers its interest
Interest Cover
12.43x
Comfortably covers interest (12.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
13.2x
no trend
Attractive valuation — P/E 13.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+7.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (13.2 → 6.0)

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Dividends

Not applicable for this business.
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