Antofagasta (ANFGF) Stock Analysis & Winston Score

Antofagasta is a mining company that digs copper out of the ground in Chile. Copper is a metal used in electric wires, cars, phones, and almost everything that runs on electricity. Antofagasta is one of the largest copper producers in the world and also extracts smaller amounts of gold and molybdenum as byproducts from its mines.

The company makes money by selling copper and other metals to manufacturers and industrial buyers, mostly in Asia and Europe. Its mines are all located in Chile, which holds some of the world's largest copper deposits, giving Antofagasta a strong geographic advantage. The company is controlled by the Chilean Luksic family, which owns a majority stake. The biggest growth driver is rising demand for copper from electric vehicles and clean energy infrastructure, but the main risk is that copper prices are set by global markets and can fall sharply, squeezing profits even when production stays steady.

Winston Score History

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

+36.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+46.4% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

67.4%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

$6.8B cash & investments at current burn rate

Revenue accelerating

Antofagasta grew revenue 37% 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.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 985.9M (2021) → 985.9M (2025)

Score breakdown

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Quality

Gross Margin

52.9%

Healthy — 52.9% gross margin

Operating Margin

45.0%

Excellent — 45.0% operating margin

ROCE

12.2%

Good — 12.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+33.1%

Fast-growing sales (+33.1% YoY)

EPS YoY

+64.6%

Earnings growing fast (+64.6% YoY)

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

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

237%

Turns 237% of profit into real cash

FCF Margin

-5.6%

Burning cash (-5.6%)

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

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Stability

Debt / Equity

0.73

Moderate — manageable debt (0.73)

Interest Cover

9.88x

Comfortably covers interest (9.9x)

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

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Valuation

P/E Ratio (TTM)

40.0x

Pricey — P/E 40.0

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

P/E vs Forward

+19.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (40.0 → 20.5)

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Dividends

Dividend Yield

1.31%

Small dividend — 1.31% yield

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

Dividend Growth

+0.3%

Dividend flat

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