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Gold · Basic Materials · Fiscal year ends Dec 31
Fortuna Mining reported revenue of $947M in the fiscal year ended Dec 2025, up 39.8% from the year before. Operating income was $408M, an operating margin of 43.1%, and net income was $311M.
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 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 600 | 681 | 842 | 677 | 947 |
| Cost of revenue | 394 | 535 | 652 | 444 | 480 |
| Gross profit | 205 | 147 | 190 | 233 | 467 |
| Selling, general & admin | 45.4 | 61.5 | 64.1 | 68.1 | 97.7 |
| Operating income | 137 | −114 | −0.4 | 156 | 408 |
| Interest expense | 10.2 | 8.9 | 18.4 | – | – |
| Pre-tax income | 107 | −125 | −11.1 | 142 | 400 |
| Income tax | 47.8 | 10.8 | 32.6 | 51.4 | 111 |
| Net income | 59.4 | −136 | −43.6 | 142 | 311 |
| Diluted EPS | 0.23 | −0.44 | −0.17 | 0.41 | 0.90 |
| Diluted shares | 249 | 291 | 295 | 311 | 335 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 107 | 80.5 | 128 | 231 | 554 |
| Receivables | 76.5 | 68.2 | 69.5 | 100.0 | 74.4 |
| Inventory | 85.8 | 92.0 | 116 | 134 | 123 |
| Current assets | 281 | 253 | 333 | 486 | 765 |
| Net PP&E | 1,712 | 1,568 | – | – | – |
| Total assets | 2,022 | 1,876 | 1,968 | 2,116 | 2,361 |
| Payables | 134 | 112 | 148 | 152 | 153 |
| Current liabilities | 167 | 135 | 244 | 256 | 256 |
| Short-term debt | – | – | 43.9 | – | – |
| Total liabilities | 592 | 588 | 680 | 649 | 625 |
| Shareholders' equity | 1,375 | 1,245 | 1,238 | 1,404 | 1,677 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 147 | 194 | 297 | 366 | – |
| Depreciation & amortisation | 121 | 171 | 216 | 227 | 191 |
| Stock-based compensation | 4.2 | 10.3 | 8.1 | 11.4 | 31.3 |
| Acquisitions | 25.3 | – | 13.3 | – | – |
| Share buybacks | – | 5.9 | – | 34.1 | 10.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.6% | 23.6% | −19.6% | 39.8% |
| Operating income growth (YoY) | – | −183.0% | – | – | 161.5% |
| EPS growth (YoY) | – | −291.3% | – | – | 119.5% |
| Gross margin | 34.3% | 21.5% | 22.6% | 34.5% | 49.3% |
| Operating margin | 22.8% | −16.7% | −0.0% | 23.1% | 43.1% |
| Net margin | 9.9% | −19.9% | −5.2% | 21.0% | 32.8% |
| Return on equityBlank when equity is negative | 4.3% | −10.9% | −3.5% | 10.1% | 18.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.4% | −6.5% | −0.0% | 8.4% | 19.4% |
| Cash conversion (CFO ÷ net income) | 2.48x | −1.43x | −6.81x | 2.58x | – |
| Receivable days | 47 | 37 | 30 | 54 | 29 |
| Inventory days | 79 | 63 | 65 | 111 | 93 |
| Payable days | 124 | 76 | 83 | 125 | 117 |
| Interest cover | 13.4x | −12.8x | −0.02x | – | – |
| Current ratio | 1.69x | 1.87x | 1.37x | 1.90x | 2.98x |
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.