Santacruz Silver Mining

SCZ.V

Silver · Basic Materials

Price

C$11.71

+0.61 (+5.50%)

Market Cap

C$1.09B

Exchange

Toronto Stock Exchange Ventures

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

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)

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.

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

+81.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+158.3% 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

6.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$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.

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

Quality

Gross Margin

33.6%

Modest — 33.6% gross margin

Operating Margin

26.6%

Excellent — 26.6% operating margin

ROCE

15.6%

Strong — 15.6% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales YoY

+27.6%

Fast-growing sales (+27.6% YoY)

EPS YoY

+32.6%

Earnings growing fast (+32.6% YoY)

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

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Cash Conversion

152%

Turns 152% of profit into real cash

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.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

Debt / Equity

0.04

Conservative — low debt load (0.04)

Interest Cover

29.18x

Comfortably covers interest (29.2x)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

P/E Ratio (TTM)

17.2x

Fair value — P/E 17.2

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

P/E vs Forward

-5.0

SLOWING

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial