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Perseus Mining Limited

PRU.TO
66
Gold · Basic Materials
Exchange
Toronto Stock Exchange
Winston Score
66
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Dec 31, 2025
How the score breaks down
Quality
Exceptional
Growth
Good
Cash Flow
Exceptional
Stability
Exceptional
Valuation
Strong
Dividends
Good

Winston Score History

The full picture

Perseus Mining Limited is a gold mining company that digs gold out of the ground in West Africa. It owns and operates three gold mines — Edikan in Ghana, Sissingué in Côte d'Ivoire, and Yaouré in Côte d'Ivoire. The company sells the gold it produces to refiners and bullion banks, making it part of the global precious metals supply chain.

Perseus earns money by selling gold at market prices, so its profits rise and fall with the gold price. The company operates entirely in West Africa, which gives it low production costs compared to many peers — a key part of its competitive position. With a market cap of around $6.7 billion and healthy operating margins near 47%, the business generates strong cash flow when gold prices are elevated. The main risk is that a drop in the gold price, or operational disruptions at its African mines, could significantly reduce earnings.

Growth Profile

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

Revenue Growth

+23.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+7.7% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

0.0%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$870M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Perseus Mining Limited is a rare growth stock that's already generating positive cash flow while growing at 24%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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
44.0%
Healthy — 44.0% gross margin
Profit after running costs
Operating Margin
42.1%
Excellent — 42.1% operating margin
Return on the money invested
ROCE
28.4%
Exceptional — 28.4% 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
+14.7%
Fast-growing sales (+14.7% YoY)
Profit growth
EPS YoY
+0.0%
Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
134%
Turns 134% of profit into real cash
Spare cash per sale
FCF Margin
15.2%
Converts sales into free cash efficiently (15.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.00
Conservative — low debt load (0.00)
Covers its interest
Interest Cover
105.33x
Comfortably covers interest (105.3x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
22.8x
no trend
Growth-priced — P/E 22.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+18.6
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (22.8 → 4.2)

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Dividends

Dividend
Dividend Yield
1.84%
no trend
Small dividend — 1.84% yield

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

Dividend record
Dividend Growth
+139.9%
no trend
Dividend growing fast (139.9% YoY)

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