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First Quantum Minerals

FM.TO
34
Copper · Basic Materials
Price
C$47.51
+1.50 (+3.26%)
Market Cap
C$39.63B
Exchange
Toronto Stock Exchange
Winston Score
34
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Mixed
Cash Flow
Weak
Stability
Good
Valuation
Data not available
Dividends
Good
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Share count rising — dilution

+20.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 691.7M (2021) → 832.3M (2025)

Winston Score History

The full picture

First Quantum Minerals is a Canadian mining company that digs copper out of the ground and sells it to manufacturers around the world. Copper is used in electric wiring, cars, and electronics, so First Quantum's main customers are industrial buyers and commodity traders. The company also produces smaller amounts of gold, nickel, and zinc as byproducts of its mining operations.

First Quantum earns money by selling the metals it mines, so its revenue rises and falls with global commodity prices. It operates mines across several countries, including Zambia, Panama, Spain, and Australia, making it one of the larger independent copper producers in the world. Its biggest mine, Cobre Panama, was suspended by the Panamanian government in late 2023 following public protests, which removed a major source of production and is the central risk the company must resolve to return to full financial strength.

Growth Profile

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

Revenue Growth

+24.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+640.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

19.4%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~19 months

$1.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Growth context

First Quantum Minerals is growing revenue at 24% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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
19.5%
Thin — 19.5% gross margin
Profit after running costs
Operating Margin
11.8%
Modest — 11.8% operating margin
Return on the money invested
ROCE
5.7%
Weak — 5.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+15.7%
Fast-growing sales (+15.7% YoY)
Profit growth
EPS YoY
-143.8%
Earnings shrinking (-143.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
5.3%
Thin free cash flow (5.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.55
Conservative — low debt load (0.55)
Covers its interest
Interest Cover
1.62x
Dangerous — barely covers interest (1.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
0.67%
Small dividend — 0.67% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+1775.0%
Dividend growing fast (1775.0% YoY)

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