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Metals & mining · Basic Materials · Fiscal year ends Dec 31
Ero Copper reported revenue of $786M in the fiscal year ended Dec 2025, up 67.1% from the year before. Operating income was $271M, an operating margin of 34.4%, and net income was $267M. Operating cash flow of $395M less capital expenditure of $263M left free cash flow of $132M. Net debt was $502M.
Ranks among the 22 metals & mining companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 490 | 426 | 427 | 470 | 786 |
| Cost of revenue | 171 | 239 | 271 | 290 | 441 |
| Gross profit | 319 | 187 | 157 | 181 | 345 |
| Operating income | 272 | 130 | 95.2 | 109 | 271 |
| Interest expense | 12.2 | 33.2 | 25.8 | 17.1 | 33.4 |
| Pre-tax income | 237 | 126 | 112 | −75.4 | 331 |
| Income tax | 34.3 | 23.3 | 18.0 | −7.7 | 64.1 |
| Net income | 203 | 103 | 94.3 | −67.8 | 267 |
| Diluted EPS | 2.21 | 1.10 | 0.98 | −0.66 | 2.53 |
| Diluted shares | 91.0 | 92.2 | 94.9 | 103 | 104 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 130 | 178 | 112 | 50.4 | 105 |
| Receivables | 30.7 | 10.3 | 5.7 | 18.4 | 41.1 |
| Inventory | 26.0 | 31.0 | 42.3 | 42.1 | 107 |
| Current assets | 209 | 392 | 199 | 142 | 276 |
| Net PP&E | 445 | 755 | 1,252 | 1,258 | 1,574 |
| Total assets | 690 | 1,188 | 1,512 | 1,458 | 1,924 |
| Payables | 66.4 | 84.6 | 121 | 102 | 154 |
| Deferred revenue | 10.5 | 16.6 | 17.2 | 31.7 | 12.8 |
| Current liabilities | 123 | 129 | 174 | 212 | 261 |
| Short-term debt | 4.3 | 15.7 | 20.4 | 45.9 | 55.7 |
| Long-term debt | 54.9 | 402 | 406 | 556 | 551 |
| Total liabilities | 294 | 646 | 702 | 867 | 986 |
| Shareholders' equity | 393 | 539 | 804 | 587 | 936 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 365 | 143 | 163 | 145 | 395 |
| Capital expenditure | 169 | 283 | 447 | 329 | 263 |
| Free cash flow | 195 | −139 | −284 | −184 | 132 |
| Depreciation & amortisation | 0.3 | 0.3 | 1.5 | 1.7 | 1.5 |
| Stock-based compensation | 7.8 | 7.9 | 9.2 | 10.0 | 24.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −13.0% | 0.3% | 10.0% | 67.1% |
| Operating income growth (YoY) | – | −52.3% | −26.6% | 14.4% | 148.4% |
| EPS growth (YoY) | – | −50.2% | −10.9% | −167.3% | – |
| Gross margin | 65.1% | 43.9% | 36.7% | 38.4% | 43.9% |
| Operating margin | 55.6% | 30.4% | 22.3% | 23.2% | 34.4% |
| Net margin | 41.4% | 24.2% | 22.1% | −14.4% | 34.0% |
| Return on equityBlank when equity is negative | 51.6% | 19.1% | 11.7% | −11.5% | 28.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 48.0% | 12.3% | 7.1% | 8.7% | 16.3% |
| Free cash flow margin | 39.9% | −32.7% | −66.5% | −39.0% | 16.8% |
| Cash conversion (CFO ÷ net income) | 1.80x | 1.39x | 1.73x | −2.15x | 1.48x |
| Receivable days | 23 | 9 | 5 | 14 | 19 |
| Inventory days | 56 | 47 | 57 | 53 | 89 |
| Payable days | 142 | 129 | 163 | 128 | 128 |
| Interest cover | 22.4x | 3.91x | 3.69x | 6.37x | 8.11x |
| Debt ÷ equity | 0.15x | 0.78x | 0.53x | 1.03x | 0.65x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −70.9 | 240 | 314 | 552 | 502 |
| Current ratio | 1.70x | 3.04x | 1.15x | 0.67x | 1.06x |
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.