Fortuna Mining

FSM

Gold · Basic Materials

Also trades as: 0QYM.L

Market Cap

$3.66B

Exchange

NYSE

Winston Score

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

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Exceptional

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Share count rising — dilution

+34.3% over 4y

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

Diluted shares outstanding: 249.4M (2021) → 334.9M (2025)

Winston Score History

The full picture

Fortuna Mining Corp. is a Canadian precious metals mining company that digs gold and silver out of the ground at mines in West Africa and Latin America. Its main products are gold and silver, which it sells to metal refiners and commodity traders on global markets. The company operates four producing mines across Senegal, Côte d'Ivoire, Mexico, and Argentina.

Fortuna earns money by selling the gold and silver it produces, with revenue tied directly to commodity prices and how much metal it can pull from the ground. It is a mid-tier producer with a market cap around $2.6 billion, and its strong gross margin of roughly 55% reflects relatively low production costs at its mines. The biggest risk the company faces is falling gold or silver prices, since a sharp drop in commodity prices would directly cut into profits regardless of how efficiently it operates.

Growth Profile

For growth stock investors

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

Revenue Growth

+38.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+108.3% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

1.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$614M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Fortuna Mining grew revenue 38% 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

57.6%

Premium pricing power — 57.6% gross margin

Profit after running costs

Operating Margin

51.3%

Excellent — 51.3% operating margin

Return on the money invested

ROCE

32.6%

Exceptional — 32.6% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+7.9%

Steady sales growth (+7.9% YoY)

Profit growth

EPS YoY

+147.8%

Earnings growing fast (+147.8% YoY)

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

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

164%

Turns 164% of profit into real cash

Spare cash per sale

FCF Margin

35.2%

Converts sales into free cash efficiently (35.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.08

Conservative — low debt load (0.08)

Covers its interest

Interest Cover

26.12x

Comfortably covers interest (26.1x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

9.7x

no trend

Attractive valuation — P/E 9.7

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+5.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (9.7 → 4.5)

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Dividends

Not applicable for this business.

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