Fortuna Mining

FSM

Gold · Basic Materials

Price

$8.16

-0.07 (-0.85%)

Market Cap

$2.47B

Exchange

NYSE

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Share count rising — dilution

+34.3% over 4y

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

Diluted shares outstanding: 249.4M (2021) → 334.9M (2025)

Fortuna Silver Mines Inc. engages in the acquisition, exploration, and mining of precious and base metal deposits in Argentina, Burkina Faso, Mexico, Peru, and Côte d'Ivoire. It holds interest in the Caylloma silver, lead, and zinc mine located in southern Peru; the San Jose silver and gold mine situated in southern Mexico; the Lindero gold project located in Argentina; Yaramoko gold mine situated in south western Burkina Faso; and Séguéla gold mine located in south western Côte d'Ivoire. The co

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

+18.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+89.5% 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

1.1%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$666M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Fortuna Mining is a rare growth stock that's already generating positive cash flow while growing at 18%. 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

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Quality

Gross Margin

61.9%

Premium pricing power — 61.9% gross margin

Operating Margin

53.2%

Excellent — 53.2% operating margin

ROCE

9.5%

Below par — 9.5% 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

+7.1%

Steady sales growth (7.1% YoY)

EPS YoY

+117.4%

Earnings growing fast (117.4% YoY)

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

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

162%

Turns 162% of profit into real cash

FCF Margin

33.4%

Converts sales into free cash efficiently (33.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.08

Conservative — low debt load (0.08)

Interest Cover

22.72x

Comfortably covers interest (22.7x)

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

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Valuation

P/E Ratio (TTM)

7.4x

Attractive valuation — P/E 7.4

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+3.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (7.4 → 3.5)

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Dividends

Not applicable for this business.

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