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Fortuna Mining

FVI.TO
82
Gold · Basic Materials
Exchange
Toronto Stock Exchange
Winston Score
82
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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Winston Score History

The full picture

Fortuna Mining Corp. is a Canadian silver and gold mining company that digs metals out of the ground and sells them to refiners and commodity markets. It operates several mines across Latin America and West Africa, producing gold, silver, lead, and zinc. The company owns and runs mines in Mexico, Peru, Côte d'Ivoire, Senegal, and Burkina Faso.

Fortuna makes money by selling the metals it mines at prevailing market prices, so its revenue rises and falls with commodity prices. With a market cap of around $4 billion and gross margins above 54%, the company keeps a solid portion of each dollar it earns after mining costs. Its geographic diversification across multiple countries provides some protection if one mine underperforms, but operating in politically unstable regions like Burkina Faso is a real risk. The key growth driver is expanding production at its Séguéla gold mine in Côte d'Ivoire, which ramped up in 2023 and is still increasing output.

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

Insider Activity

1.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$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)
9.4x
no trend
Attractive valuation — P/E 9.4

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

Cheaper or dearer next year
P/E vs Forward
+4.3
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (9.4 → 5.1)

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Dividends

Not applicable for this business.
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