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Gold · Basic Materials · Fiscal year ends Dec 31
Aris Mining reported revenue of $928M in the fiscal year ended Dec 2025, up 81.7% from the year before. Operating income was $359M, an operating margin of 38.7%, and net income was $79M. Operating cash flow of $373M less capital expenditure of $244M left free cash flow of $129M. Net debt was $128M.
Ranks among the 26 gold companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| 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 | 23.9 | 24.0 | 24.4 | 36.9 |
| Pre-tax income | 57.7 | 58.8 | 79.3 | 207 |
| Income tax | 62.6 | 47.4 | 56.0 | 128 |
| Net income | −4.9 | 11.4 | 23.3 | 79.4 |
| Diluted EPS | −0.25 | 0.08 | 0.14 | 0.41 |
| Diluted shares | 117 | 137 | 159 | 191 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | 299 | 195 | 253 | 392 |
| Receivables | 48.5 | 49.3 | 47.2 | 76.8 |
| Inventory | 26.6 | 38.9 | 45.7 | 56.2 |
| Current assets | 378 | 289 | 351 | 537 |
| Total assets | 1,242 | 1,353 | 1,995 | 2,507 |
| Payables | 47.3 | 69.3 | 76.2 | 155 |
| Deferred revenue | 1.6 | 1.2 | 4.4 | 8.6 |
| Current liabilities | 180 | 145 | 135 | 305 |
| Short-term debt | 51.5 | 0.0 | 0.0 | 53.7 |
| Long-term debt | 350 | 341 | 494 | 466 |
| Total liabilities | 746 | 728 | 911 | 1,061 |
| Shareholders' equity | 496 | 625 | 799 | 1,446 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | 76.9 | 105 | 141 | 373 |
| Capital expenditure | 115 | 114 | 181 | 244 |
| Free cash flow | −38.1 | −9.0 | −40.2 | 129 |
| Stock-based compensation | 1.4 | 5.1 | 5.3 | 42.1 |
| Share buybacks | 3.1 | 0.0 | – | – |
| Dividends paid | 10.4 | 0.0 | – | – |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.9% | 14.1% | 81.7% |
| Operating income growth (YoY) | – | 77.0% | 7.9% | 206.0% |
| EPS growth (YoY) | – | – | 75.0% | 192.9% |
| Gross margin | 51.0% | 41.5% | 38.4% | 55.3% |
| Operating margin | 15.4% | 24.3% | 23.0% | 38.7% |
| Net margin | −1.2% | 2.6% | 4.6% | 8.6% |
| Return on equityBlank when equity is negative | −1.0% | 1.8% | 2.9% | 5.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.8% | 9.0% | 6.3% | 16.3% |
| Free cash flow margin | −9.5% | −2.0% | −7.9% | 13.9% |
| Cash conversion (CFO ÷ net income) | −15.8x | 9.17x | 6.06x | 4.70x |
| Receivable days | 44 | 40 | 34 | 30 |
| Inventory days | 50 | 54 | 53 | 50 |
| Payable days | 88 | 97 | 88 | 136 |
| Interest cover | 2.58x | 4.54x | 4.81x | 9.74x |
| Debt ÷ equity | 0.81x | 0.55x | 0.62x | 0.36x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 102 | 146 | 242 | 128 |
| Current ratio | 2.10x | 1.99x | 2.61x | 1.76x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.