WinstonWınston
Back
Stock

Fortuna Mining

FSM
81
Gold · Basic Materials
Also trades as: 0QYM.L GBP 0.16 (+3.64%)
Price
$10.92
+0.31 (+2.92%)
Market Cap
$3.31B
Exchange
NYSE
Winston Score
81
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
28/30
Growth
Exceptional
17/20
Cash Flow
Exceptional
10/10
Stability
Exceptional
10/10
Valuation
Strong
8/10
Ownership
Mixed
4/15
Dividends
Not counted
n/a

77 of 95 counted points = Winston Score 81. Pillars marked n/a do not apply to this company and are left out of the total.

Track this stock — start free trial

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

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

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.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

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.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

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.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit
P/E Ratio (TTM)
8.8x
Attractive valuation — P/E 8.8

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

Cheaper or dearer next year
P/E vs Forward
+3.0
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.
🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.
Start free trial