FSMFortuna Mining Corp.
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (1.9×).
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
Margin-driven, fat margins on slower asset turns. ROE 17% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is FSM?
Fortuna Mining Corp. keeps 43% of every revenue dollar as operating profit, against 40% for the median Gold name.
Operating margin · Gold median 40% · fiscal year to FY2025
- Cash conversion
- 1.87×
Cash conversion · 3.67× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +7.8%
Share count, year on year · shareholders own a smaller slice than a year ago
- Gross margin
- 49%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | 21% |
| FY2021 | 23% |
| FY2022 | −17% |
| FY2023 | −0.05% |
| FY2024 | 23% |
| FY2025 | 43% |
Details›
- Gross marginfiscal year to FY2025
- 49%
- Operating marginfiscal year to FY2025
- 43%
- Net marginfiscal year to FY2025
- 30%
- Revenue, trailing twelve months
- $947M
- Net income, trailing twelve months
- $287M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.