Santacruz Silver Mining

SCZ.V

Silver · Basic Materials

Exchange

Toronto Stock Exchange Ventures

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Strong

Growth

Exceptional

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Mixed

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Winston Score History

The full picture

Santacruz Silver Mining is a Canadian mining company that digs silver, zinc, lead, and other metals out of the ground in Bolivia and Mexico. Its main customers are metal traders and smelters who buy the raw ore or concentrates it produces. The company operates several underground mines and is one of the larger silver-focused producers listed on the TSX Venture Exchange.

Santacruz makes money by selling metal concentrates — mixtures of silver, zinc, and lead — to buyers at prices set by global commodity markets. Most of its production comes from Bolivia, where it acquired the Bolivar, Porco, and Caballo Blanco mine complexes from Glencore in 2022, significantly expanding its scale. Because its revenue depends almost entirely on metal prices it cannot control, the biggest risk the business faces is a sustained drop in silver or zinc prices, which would directly squeeze its margins and cash flow.

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

+81.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+158.3% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

6.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

C$65M cash & investments at current burn rate

Revenue accelerating

Santacruz Silver Mining grew revenue 81% 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

33.6%

Modest — 33.6% gross margin

Profit after running costs

Operating Margin

26.6%

Excellent — 26.6% operating margin

Return on the money invested

ROCE

43.5%

Exceptional — 43.5% 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

+27.6%

Fast-growing sales (+27.6% YoY)

Profit growth

EPS YoY

+31.1%

Earnings growing fast (+31.1% YoY)

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

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

152%

Turns 152% of profit into real cash

Spare cash per sale

FCF Margin

14.6%

Converts sales into free cash efficiently (14.6%)

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

0.04

Conservative — low debt load (0.04)

Covers its interest

Interest Cover

29.18x

Comfortably covers interest (29.2x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

19.5x

no trend

Fair value — P/E 19.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-1.7

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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