| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 89 | 10.0x | 17.8x | Top tier | |
Growth | 94 | 29.4% | 7.1% | Top tier | |
Quality | 88 | 20.3% | 4.5% | Top tier | |
Safety | 89 | — | 2.6x | Top tier | |
Capital Return | 41 | — | 2.12% | Around median | |
Momentum | 65 | 26.6% | 2.9% | Around median | |
Sentiment | 77 | 4 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Fortuna Mining Corp. is a multi-asset mining company focused on producing gold, silver, and base metals from operations distributed across West Africa and Latin America. Its portfolio includes the Seguela mine in Côte d’Ivoire, the Lindero gold mine in Argentina, and the Caylloma silver, zinc, and lead mine in Peru, while the Diamba Sud project in Senegal represents one of its two main growth pillars. The company generates revenue from metal sales, so its results are directly affected by production volumes, realized gold and silver prices, and mining and processing efficiency.
In fiscal Q1 2026, Fortuna reported record sales of $342 million, adjusted net income of $111 million or $0.36 per share, and adjusted earnings before interest, taxes, depreciation, and amortization of $219 million, equivalent to approximately 64% of sales. Free cash flow from continuing operations reached $174 million, while production totaled 72,900 gold equivalent ounces. Within the operating mix, Seguela produced approximately 42,016 ounces of gold, Lindero generated sales of $101.5 million with an operating margin before interest, taxes, depreciation, and amortization of 69%, while Caylloma recorded sales of $34.6 million and a margin of 62%.
The annual financial statements show significant improvement in fiscal 2025, as revenue increased to $947.1 million from $677.2 million in fiscal 2024, gross profit rose to $466.9 million from $233.4 million, and net income reached $311.1 million compared with $141.9 million. Earnings per share also increased to $0.90 from $0.41, after the company had reported net losses of $43.6 million in fiscal 2023 and $135.9 million in fiscal 2022.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” with an average target of $14.50, which is also the highest and lowest published target, while this target is approximately 4.7% above the 52-week range high of $13.85, compared with a low of $7.55. No price-to-earnings ratio is available in the data, so the stock’s valuation hinges on Fortuna’s ability to convert its approximately 60% production growth plan into additional cash flows, balanced against the risks of higher sustaining costs, taxes, and regulatory execution for the Diamba Sud project.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
The company is targeting an approximately 60% increase in annual gold production within twenty-four months from the May 7, 2026 call, reaching approximately 500 thousand ounces. This growth depends on expanding the Seguela mine in Côte d’Ivoire and bringing the Diamba Sud project in Senegal into production. Management says both projects are already within the portfolio and do not require acquisitions or new exploration success to achieve the plan. The company also allocated 56% of an approximately $330 million capital and exploration program in fiscal 2026 to growth and exploration.
Sales reached a record $342 million in fiscal Q1 2026. Adjusted net income was $111 million, or $0.36 per share, while adjusted earnings before interest, taxes, depreciation, and amortization reached $219 million. Free cash flow from continuing operations reached $174 million, the highest quarterly cash generation in the company’s history according to management. Fortuna ended the period with net cash of $493 million and total liquidity of $816 million.
Seguela produced approximately 42,016 ounces of gold in fiscal Q1 2026, up 14% from the previous quarter, and ended the period ahead of the mine plan. Cash costs were $679 per ounce, supported by higher production and a lower quarterly strip ratio of 13.9 compared with a planned annual level above 16. Sunbird’s reserves also increased by 34% and its resources by 55% according to the April 2026 announcement. The 6-megawatt solar power project is expected to deliver approximately 35% savings in the unit cost of electricity compared with the grid.
Diamba Sud is a growth project in Senegal that Fortuna plans to bring into production as part of its path toward approximately 500 thousand ounces of annual gold production. The company allocated a budget of $100 million for early works at the project during fiscal 2026, and non-sustaining spending on it reached $8.8 million in Q1. During the May 7, 2026 call, the feasibility study was progressing toward completion, while environmental approval and the final exploitation permit remained pending. Funding capacity is supported by $493 million of net cash and $816 million of total liquidity at the end of fiscal Q1 2026.
Earnings are strongly linked to gold and silver prices, and management attributed the record fiscal Q1 2026 results to higher realized metal prices. All-in sustaining cost reached $2,107 per gold equivalent ounce, including $122 per ounce resulting primarily from royalties and share-based compensation. The company also expects to pay approximately $140 million in taxes during fiscal 2026 and for the effective tax rate to rise to the high-thirties range. Added to this are risks related to securing Diamba Sud permits and the pressures of inflation and peso strength on Lindero’s costs in Argentina.
In fiscal 2023, Fortuna reported revenue of $842.4 million, a net loss of $43.6 million, and negative earnings per share of $0.17. In fiscal 2024, it shifted to net income of $141.9 million despite revenue declining to $677.2 million, and earnings per share reached $0.41. Fiscal 2025 revenue then increased to $947.1 million, while gross profit rose to $466.9 million and net income to $311.1 million. Earnings per share in fiscal 2025 reached approximately $0.90, reflecting a clear improvement in profitability compared with the previous two years.
