FORTUNA MINING CORP. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FORTUNA 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

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	210	268	263	257	279	600	681	842	677	947
Cost of revenue	130	159	167	173	169	394	535	652	444	480
Gross profit	80.6	110	96.6	84.6	110	205	147	190	233	467
Selling, general and administrative	31.1	24.9	26.2	29.8	35.1	45.4	61.5	64.1	68.1	97.7
Operating income	48.5	110	61.6	34.2	57.2	137	-114	-0.41	156	408
Pre-tax income	47.1	105	67.3	44	59	107	-125	-11.1	142	400
Income tax	29.3	38.6	33.4	20.2	37.4	47.8	10.8	32.6	51.4	111
Income from continuing operations									90.3	289
Net income to minority interests						1.52	-7.77	7.21	13.2	23.6
Net income	17.9	66.3	34	23.8	21.6	57.9	-128	-50.8	129	287
EBITDA		152	106	78.6	99.4	258	57.9	216	383
EPS, basic	0.13	0.42	0.21	0.15	0.12	0.24	-0.44	-0.17	0.42	0.94
EPS, diluted	0.13	0.42	0.21	0.14	0.12	0.23	-0.44	-0.17	0.41	0.90

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	82.5	183	90.5	83.4	132	107	80.5	128	231	554
Short-term investments	41.1	29.5	72.8
Receivables	25	36.4	32.8	47.7	76.6	76.5	68.2	69.5	100	74.4
Inventory	13.6	17.8	14.4	15	35.3	85.8	92	116	134	123
Total current assets	167	272	219	153	248	281	253	333	486	765
Property, plant and equipment	131	134	192	376	791	1,712	1,568
Lease right-of-use assets				0.01		29.4	21.5	56.1	66.3	75.9
Total assets	563	707	787	936	1,055	2,022	1,876	1,968	2,116	2,361
Accounts payable	40.2	41.5	48.7	65.3	65.3	134	112	148	152	153
Total current liabilities	58.1	60.6	61.3	89.8	96.4	167	135	244	256	256
Lease liabilities				15	12.5	18.9	11.9	42.5	48.2	55.7
Total liabilities	140	143	184	301	330	592	588	680	649	625
Retained earnings	63.1	129	163	187	209	267	138	87.6	216	488
Shareholders' equity					726	1,375	1,245	1,238	1,404	1,677
Minority interests						54.4	43.9	49.8	62.2	58.3
Total equity	423	564	603	635	726	1,430	1,289	1,288	1,466	1,735
Total liabilities and equity	563	707	787	936	1,055	2,022	1,876	1,968	2,116	2,361

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	17.9	66.3	34	23.8	21.6	59.4	-136	-43.6	142	311
Depreciation and amortization		42.1	44.5	44.4	42.2	121	171	216	227
Cash from operations	52.7	70.2	83.5	60.2	93.4	147	194	297	366
Cash from investing	-51.3	-39.3	-205	-142	-114	-118	-255	-217	-194
Debt issued			30	40	65		80	75.5
Debt repaid					-55	-32.3	-20	-90.5
Share buybacks							-5.93		-34.1	-10.3
Cash from financing	8.81	69.5	28.7	75.1	68.9	-51.4	38.5	-32.7	-66.1
Exchange rate effect	0.09	0.14	0.31	-0.02	-0.15	-2.02	-3.99	0.35	-1.92	6.05
Net change in cash	10.3	101	-92.6	-7.1	48.5	-24.8	-26.6	47.7	19.7	252
Interest paid	2.03	1.8	1.58	0.82	0.55	7.42	7.47	13.5	15.1	9.5

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $11.69 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	49.3%	Gross profit / revenue.
Operating margin	43.1%	Operating income / revenue.
Pre-tax margin	42.3%	Pre-tax income / revenue.
Net margin	30.4%	Net income / revenue.
Effective tax rate	27.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	12.8%	Net income / average total assets.
Return on invested capital (ROIC)	25.7%	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%.
SG&A / revenue	10.3%	Selling, general and administrative expense / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	39.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	27.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	100.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	47.1%	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	33.5%	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	161.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	48.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	123.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	67.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	119.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	49.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	19.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.4%	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	18.2%	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	11.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.0%	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	17.5%	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	2.98x	Current assets / current liabilities.
Quick ratio	2.45x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.16x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	26.5%	Total liabilities / total assets.
Working capital	$508.2M	Current assets - current liabilities.
Tangible book value	$1.68B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.42x	Revenue / average total assets.
Inventory turnover	3.73x	Cost of revenue / average inventory.
Days inventory	98 days	365 x average inventory / cost of revenue.
Receivables turnover	10.9x	Revenue / average receivables.
Days sales outstanding	34 days	365 x average receivables / revenue.
Days payables	116 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	15 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.90	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	$0.94	Net income per basic share, as reported (split-adjusted).

Valuation

Metric	Value	How it is calculated
Market cap	$3.56B	Share price x shares outstanding.
Enterprise value	$3.01B	Market cap + total debt - cash - short-term investments.
P/E	12.4x	Market cap / net income. Only when net income is positive.
P/S	3.76x	Market cap / revenue.
P/B	2.12x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.12x	Market cap / tangible book value, when positive.
EV/Sales	3.17x	Enterprise value / revenue.
EV/EBIT	7.36x	Enterprise value / operating income, when both are positive.
Earnings yield	8.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.3%	(Dividends paid + share buybacks) / market cap.

What was FORTUNA MINING CORP.'s revenue in fiscal 2025?

FORTUNA MINING CORP. reported revenue of $947.1M for fiscal 2025, 39.8% higher than the year before.

Was FORTUNA MINING CORP. profitable in fiscal 2025?

Yes. Net income was $287.5M, a net margin of 30.4%.

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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