Ero Copper Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Ero Copper 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

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	324	490	426	427	470	786
Cost of revenue	136	171	239	271	290	441
Gross profit	188	319	187	157	181	345
General and administrative	7.07	5.89	9.29	8.97	10.1	9.79
Operating income	151	272	130	95.2	109	271
Interest expense	15.4	12.2	33.2	25.8	17.1	33.4
Interest income	1.35	2.99	10.3	12.5	4.3	5.38
Pre-tax income	61.4	237	126	112	-75.4	331
Income tax	8.93	34.3	23.3	18	-7.65	64.1
Net income to minority interests	0.88	1.58	1.24	1.5	0.69	3.18
Net income	51.6	201	102	92.8	-68.5	264
EBITDA	151	272	130	96.7	111	272
EPS, basic	0.60	2.27	1.12	0.99	-0.66	2.54
EPS, diluted	0.56	2.21	1.10	0.98	-0.66	2.53

Balance sheet

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	62.5	130	178	112	50.4	105
Short-term investments		0	140	0
Inventory	25.5	26	31	42.3	42.1	107
Total current assets	128	209	392	199	142	276
Property, plant and equipment	334	445	755	1,252	1,258	1,574
Total assets	497	690	1,188	1,512	1,458	1,924
Accounts payable	47.2	66.4	84.6	121	102	154
Total current liabilities	91.7	123	129	174	212	261
Lease liabilities	0.35	2.4	4.74	8.61	6.98	8.95
Total liabilities	283	294	646	702	867	986
Total debt	168	59.3	418	426
Retained earnings	154	355	457	550	481	745
Shareholders' equity	213	393	539	804	587	936
Minority interests	1.37	2.43	3.57	5.08	3.94	2.33
Total equity	214	395	542	809	591	938
Total liabilities and equity	497	690	1,188	1,512	1,458	1,924

Cash flow statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	52.5	203	103	94.3	-67.8	267
Depreciation and amortization	0.14	0.29	0.31	1.5	1.68	1.54
Cash from operations	163	365	143	163	145	395
Capital expenditures	-118	-169	-283	-447	-329	-263
Cash from investing	-117	-180	-426	-308	-335	-279
Debt issued	69	5.47	401	14.9
Debt repaid	-57.4	-113	-55.7	-7.79	-40	-54.7
Stock issued			0	104	0
Cash from financing	0.29	-115	327	77.8	131	-59.7
Exchange rate effect	-5.55	-2.01	2.69	1.35	-2.53	-1.78
Net change in cash	41	67.6	47.6	-66	-61.3	55
Free cash flow	45.2	195	-139	-284	-184	132
Income taxes paid	1.8	9.09	5.42	5.56	8.2	1.86

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $37.87 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	43.9%	Gross profit / revenue.
Operating margin	34.4%	Operating income / revenue.
EBITDA margin	34.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	42.1%	Pre-tax income / revenue.
Net margin	33.6%	Net income / revenue.
FCF margin	16.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	50.3%	Cash from operations / revenue.
Effective tax rate	19.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	34.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	15.6%	Net income / average total assets.
Return on invested capital (ROIC)	31.9%	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	33.4%	Capital expenditures / revenue.
D&A / revenue	0.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	67.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	22.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	19.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	90.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	22.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	148.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	27.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	12.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	146.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	27.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	37.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	38.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	32.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	35.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	171.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	40.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	19.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	24.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	59.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	20.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	34.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	32.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	17.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	31.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.06x	Current assets / current liabilities.
Quick ratio	0.40x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.40x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	51.3%	Total liabilities / total assets.
Interest coverage	8.11x	Operating income / interest expense.
Working capital	$15.5M	Current assets - current liabilities.
Tangible book value	$935.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.46x	Revenue / average total assets.
Fixed asset turnover	0.55x	Revenue / average property, plant and equipment.
Inventory turnover	5.91x	Cost of revenue / average inventory.
Days inventory	62 days	365 x average inventory / cost of revenue.
Days payables	106 days	365 x average accounts payable / cost of revenue.
FCF conversion	50.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	66.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.53	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	$2.54	Net income per basic share, as reported (split-adjusted).

Valuation

Metric	Value	How it is calculated
Market cap	$3.95B	Share price x shares outstanding.
Enterprise value	$3.84B	Market cap + total debt - cash - short-term investments.
P/E	15.0x	Market cap / net income. Only when net income is positive.
P/S	5.03x	Market cap / revenue.
P/B	4.22x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.22x	Market cap / tangible book value, when positive.
P/FCF	29.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.99x	Market cap / cash from operations, when positive.
EV/Sales	4.89x	Enterprise value / revenue.
EV/EBIT	14.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	29.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.4%	Free cash flow / market cap.
Earnings yield	6.7%	Net income / market cap (the inverse of P/E).
PEG	0.47x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Ero Copper Corp.'s revenue in fiscal 2025?

Ero Copper Corp. reported revenue of $785.8M for fiscal 2025, 67.1% higher than the year before.

Was Ero Copper Corp. profitable in fiscal 2025?

Yes. Net income was $263.7M, a net margin of 33.6%.

How much free cash flow did Ero Copper Corp. generate in fiscal 2025?

Cash from operations of $395.1M minus capital expenditures of $262.8M left free cash flow of $132.4M.

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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