First Quantum Minerals

FQVLF

Copper · Basic Materials

Price

$31.31

+1.43 (+4.79%)

Market Cap

$25.93B

Exchange

Other OTC

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

Share count rising — dilution

+20.3% over 4y

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

Diluted shares outstanding: 691.7M (2021) → 832.3M (2025)

First Quantum Minerals is a Canadian mining company that digs copper out of the ground and sells it to manufacturers around the world. Copper is used in electrical wiring, electric vehicles, and construction, making it one of the most important industrial metals. First Quantum is one of the larger independent copper producers globally, with its biggest mine, Cobre Panamá, having been a major part of its business before being shut down.

The company earns money by selling copper and other metals like nickel and gold, with revenue tied directly to commodity prices on global markets. First Quantum operates mines primarily in Zambia, Australia, and Spain, and generated roughly $7–8 billion in annual revenue at its peak. The forced closure of Cobre Panamá in late 2023 following public protests and a government order remains the company's biggest risk, as that mine represented a large share of its production capacity and its path to recovery depends heavily on resolving that dispute.

Winston Score History

Politician Trades

1 trades / 12mo

0 Congressional buys and 1 sell on FQVLF in the last 12 months.

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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

+24.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+640.7% 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

18.6%ownership

Insiders own a meaningful stake in the company

Cash Runway

~14 months

$1.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Growth context

First Quantum Minerals is growing revenue at 24% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

19.5%

Thin — 19.5% gross margin

Operating Margin

11.8%

Modest — 11.8% operating margin

ROCE

1.0%

Weak — 1.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+15.8%

Fast-growing sales (+15.8% YoY)

EPS YoY

-143.9%

Earnings shrinking (-143.9% YoY)

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

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

1.2%

Thin free cash flow (1.2%)

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

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Stability

Debt / Equity

0.55

Conservative — low debt load (0.55)

Interest Cover

1.62x

Dangerous — barely covers interest (1.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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