Aris Mining Corp financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Aris Mining Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2023	FY2023	FY2024	FY2025
Revenue	400	448	511	928
Cost of revenue	196	262	315	415
Gross profit	204	186	196	513
Operating income	61.5	109	117	359
Interest expense	28.3	29.2	41	40.7
Interest income	6.76	10.8	6.89	12.6
Pre-tax income	57.7	58.8	79.3	207
Income tax	62.6	47.4	56	128
Net income to minority interests		0	-1.29	1.02
Net income	-4.86	11.4	24.6	78.3
EPS, basic	-0.04	0.08	0.16	0.42
EPS, diluted	-0.25	0.08	0.14	0.41

Balance sheet

	FY2023	FY2023	FY2024	FY2025
Cash and equivalents	299	195	253	392
Receivables	48.5	49.3	47.2	76.8
Inventory	26.6	38.9	45.7	56.2
Total current assets	378	289	351	537
Total assets	1,242	1,353	1,995	2,507
Accounts payable	47.3	69.3	76.2	155
Short-term debt	51.5	0	0
Total current liabilities	180	145	135	305
Lease liabilities	3.71	3.08	2.69	3.47
Total liabilities	746	728	911	1,061
Total debt	378	378	516	519
Retained earnings	-227	-215	-191	-113
Shareholders' equity	496	625	799	1,446
Minority interests	0	0	285	0
Total equity	496	625	1,083	1,446
Total liabilities and equity	1,242	1,353	1,995	2,507

Cash flow statement

	FY2023	FY2023	FY2024	FY2025
Net income	-4.86	11.4	23.3	79.4
Cash from operations	76.9	105	141	373
Capital expenditures	-115	-114	-181	-244
Cash from investing	-54.5	-180	-199	-257
Share buybacks	-3.09	0
Dividends paid	-10.4	0
Cash from financing	-39.3	-33.3	121	21
Exchange rate effect	-7.16	4.07	-5.85	2.6
Net change in cash	-24.1	-105	57.9	139
Free cash flow	-38.1	-9.02	-40.2	129
Income taxes paid	50.7	52.4	38.4	82.3

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $18.93 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	55.3%	Gross profit / revenue.
Operating margin	38.7%	Operating income / revenue.
Pre-tax margin	22.3%	Pre-tax income / revenue.
Net margin	8.4%	Net income / revenue.
FCF margin	13.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	40.2%	Cash from operations / revenue.
Effective tax rate	61.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.5%	Net income / average total assets.
Return on invested capital (ROIC)	21.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	26.3%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	81.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	32.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	162.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	36.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	206.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	80.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	218.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	192.9%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	164.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	69.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	81.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	42.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	25.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	26.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.76x	Current assets / current liabilities.
Quick ratio	1.54x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.29x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.36x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	20.7%	Total debt / total assets.
Liabilities / assets	42.3%	Total liabilities / total assets.
Net debt	$127.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	8.83x	Operating income / interest expense.
Working capital	$232.2M	Current assets - current liabilities.
Tangible book value	$1.45B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.41x	Revenue / average total assets.
Inventory turnover	8.13x	Cost of revenue / average inventory.
Days inventory	45 days	365 x average inventory / cost of revenue.
Receivables turnover	15.0x	Revenue / average receivables.
Days sales outstanding	24 days	365 x average receivables / revenue.
Days payables	102 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-32 days	Days inventory + days sales outstanding - days payables.
FCF conversion	164.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	65.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.41	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.42	Net income per basic share, as reported (split-adjusted).

Valuation

Metric	Value	How it is calculated
Market cap	$3.91B	Share price x shares outstanding.
Enterprise value	$4.03B	Market cap + total debt - cash - short-term investments.
P/E	49.9x	Market cap / net income. Only when net income is positive.
P/S	4.21x	Market cap / revenue.
P/B	2.70x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.70x	Market cap / tangible book value, when positive.
P/FCF	30.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.5x	Market cap / cash from operations, when positive.
EV/Sales	4.35x	Enterprise value / revenue.
EV/EBIT	11.2x	Enterprise value / operating income, when both are positive.
EV/FCF	31.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.3%	Free cash flow / market cap.
Earnings yield	2.0%	Net income / market cap (the inverse of P/E).

What was Aris Mining Corp's revenue in fiscal 2025?

Aris Mining Corp reported revenue of $927.7M for fiscal 2025, 81.7% higher than the year before.

Was Aris Mining Corp profitable in fiscal 2025?

Yes. Net income was $78.3M, a net margin of 8.4%.

How much free cash flow did Aris Mining Corp generate in fiscal 2025?

Cash from operations of $373.0M minus capital expenditures of $243.9M left free cash flow of $129.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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