Jaguar Mining

JAG.TO

Gold · Basic Materials

Price

C$7.88

+0.42 (+5.63%)

Market Cap

C$672.4M

Exchange

Toronto Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Mixed

Cash Flow

Good

Stability

Exceptional

Valuation

Good

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Share count rising — dilution

+9.8% over 4y

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

Diluted shares outstanding: 73.4M (2021) → 80.6M (2025)

Winston Score History

The full picture

Jaguar Mining is a Canadian gold mining company that operates entirely in Brazil. It digs gold out of underground mines and sells that gold — its only product — to refiners and bullion dealers. The company focuses on a mining region in the state of Minas Gerais, one of Brazil's oldest and most gold-rich areas.

Jaguar makes money by selling physical gold at market prices, so its revenue rises and falls with the global gold price. It is a small producer by industry standards, with a market cap around $500 million, but its operating margin above 30% shows it keeps costs relatively controlled compared to peers. The main risk is that the company operates in a single country with a single commodity, meaning any drop in gold prices, rising mining costs, or regulatory changes in Brazil could have an outsized impact on its financial results.

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

+39.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+315.8% 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

48.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$83M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Jaguar Mining grew revenue 40% 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

44.1%

Healthy — 44.1% gross margin

Profit after running costs

Operating Margin

36.6%

Excellent — 36.6% operating margin

Return on the money invested

ROCE

29.3%

Exceptional — 29.3% 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

+14.9%

Fast-growing sales (+14.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

304%

Turns 304% of profit into real cash

Spare cash per sale

FCF Margin

-2.1%

Burning cash (-2.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.03

Conservative — low debt load (0.03)

Covers its interest

Interest Cover

19.81x

Comfortably covers interest (19.8x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

42.8x

Pricey — P/E 42.8

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+40.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (42.8 → 2.7)

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Dividends

Not applicable for this business.

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