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Santacruz Silver Mining

SCZM
74
Other Precious Metals · Basic Materials
Also trades as: 0R20.L GBP 0.10 (-2.11%)
Price
$6.95
-0.18 (-2.52%)
Market Cap
$646.3M
Exchange
NASDAQ
Winston Score
74
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
26/30
Growth
Mixed
8/20
Cash Flow
Strong
8/10
Stability
Exceptional
10/10
Valuation
Strong
8/10
Ownership
Good
10/15
Dividends
Not counted
n/a

70 of 95 counted points = Winston Score 74. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+19.7% over 4y

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

Diluted shares outstanding: 77.0M (2021) → 92.2M (2025)

§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 and concentrates it produces. The company is one of the larger primary silver producers focused on Latin America, operating multiple mines across its portfolio.

Santacruz makes money by selling metal concentrates — the processed output from its mines — at prices set by global commodity markets. Most of its production comes from Bolivia, particularly after it acquired the Bolivar, Porco, and Caballo Blanco mining complexes from Glencore in 2022, which significantly expanded its scale. The company's main risk is its heavy exposure to silver and zinc commodity prices, which can swing sharply and directly impact revenue and profitability regardless of how efficiently the mines operate.

Growth Profile

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

Revenue Growth

+48.4% YoY

YoY Growth Rate

Revenue accelerating

Reported EPS Growth

-91.2% YoY

Quarterly reporting periods ended:

30 Jun 2025: $0.24

30 Jun 2026: $0.0211

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

23.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$120M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Santacruz Silver Mining grew revenue 48% 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
44.4%
Healthy — 44.4% gross margin
Profit after running costs
Operating Margin
41.4%
Excellent — 41.4% operating margin
Return on the money invested
ROCE
48.7%
Exceptional — 48.7% 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
+39.2%
Fast-growing sales (+39.2% YoY)
Profit growth
EPS YoY
-47.6%
Earnings shrinking (-47.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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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
6.9%
Modest free cash flow (6.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.21
Conservative — low debt load (0.21)
Covers its interest
Interest Cover
32.22x
Comfortably covers interest (32.2x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
15.1x
Fair value — P/E 15.1

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
+7.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (15.1 → 8.1)

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Dividends

Not applicable for this business.
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