Ero Copper Financials

ERO

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Ero Copper (ERO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI ERO FY2025 2026-04-22

Ero Copper’s recent results show a capital-spending cycle easing just as operating cash generation starts carrying the business again.

From FY2022 through FY2024, positive operating cash flow was overwhelmed by heavy reinvestment, which kept free cash flow negative even when profits were mostly positive. In FY2025, operating cash flow reached $395M while capital spending eased to $263M, so the return to positive free cash flow looks more like an expansion phase maturing than a simple accounting rebound.

The balance sheet reads as lightly debt-funded: interest expense was only $2.7M in FY2025 and debt-to-equity was 1.0%. The move in current ratio from 0.7x in FY2024 to 1.1x in FY2025 suggests the strain was more about near-term liquidity during build-out than about a heavy borrowing burden.

Cash conversion has been consistently stronger than net income; FY2025 operating cash flow of $395M exceeded net income of $267M. But inventory expanded to $107M from $42M a year earlier, showing that some of the operating rebound is still being absorbed into working capital rather than sitting freely as cash.

Financial Health Signals

Financial Profile 42/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Ero Copper's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Ero Copper's revenue surged 67.1% year-over-year to $785.8M, reflecting rapid business expansion. This strong growth earns a score of 93/100.

Leverage

100

Ero Copper carries a low D/E ratio of 0.01, meaning only $0.01 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Ero Copper's current ratio of 1.06 is below the typical benchmark, resulting in a score of 16/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Ero Copper's free cash flow margin of 16.9% results in a low score of 0/100. Capital expenditures of $262.8M absorb a large share of operating cash flow.

Returns

Ero Copper's ROE of 28.5% shows moderate profitability relative to equity, earning a score of 40/100. This is up from -11.5% the prior year.

Piotroski F-Score Strong

7/9

Ero Copper passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.48x

For every $1 of reported earnings, Ero Copper generates $1.48 in operating cash flow ($395.1M OCF vs $266.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$785.8M

YoY+67.1%

5Y CAGR+19.4%

Ero Copper generated $785.8M in revenue in fiscal year 2025. This represents an increase of 67.1% from the prior year.

EBITDA

N/A

Net Income

$266.9M

YoY+493.7%

5Y CAGR+38.4%

Ero Copper reported $266.9M in net income in fiscal year 2025. This represents an increase of 493.7% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$132.4M

YoY+172.1%

5Y CAGR+24.0%

Ero Copper generated $132.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 172.1% from the prior year.

Cash & Debt

$105.4M

YoY+109.2%

5Y CAGR+11.0%

Ero Copper held $105.4M in cash against $8.9M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

104M

YoY+0.6%

Ero Copper had 104M shares outstanding in fiscal year 2025. This represents an increase of 0.6% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

34.0%

YoY+48.4pp

5Y CAGR+17.8pp

Ero Copper's net profit margin was 34.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 48.4 percentage points from the prior year.

Return on Equity

28.5%

YoY+39.9pp

5Y CAGR+3.9pp

Ero Copper's ROE was 28.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 39.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$262.8M

YoY-20.1%

5Y CAGR+17.4%

Ero Copper invested $262.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 20.1% from the prior year.

ERO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$785.8M+67.1%	$470.3M+10.0%	$427.5M+0.3%	$426.4M-13.0%	$489.9M+51.2%	$324.1M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$2.7M+46.3%	$1.8M+22.8%	$1.5M+109.2%	$706K+70.9%	$413K+80.3%	$229K
Income Tax	$64.0M+937.1%	-$7.7M-142.4%	$18.0M-22.6%	$23.3M-32.0%	$34.3M+284.2%	$8.9M
Net Income	$266.9M+493.7%	-$67.8M-171.9%	$94.3M-8.5%	$103.1M-49.1%	$202.6M+286.0%	$52.5M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ERO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.9B+32.0%	$1.5B-3.5%	$1.5B+27.2%	$1.2B+72.2%	$689.8M+38.8%	$497.1M
Current Assets	$276.2M+94.8%	$141.8M-28.9%	$199.5M-49.2%	$392.4M+88.0%	$208.7M+63.6%	$127.5M
Cash & Equivalents	$105.4M+109.2%	$50.4M-54.9%	$111.7M-37.1%	$177.7M+36.6%	$130.1M+108.2%	$62.5M
Inventory	$107.1M+154.5%	$42.1M-0.4%	$42.3M+36.5%	$31.0M+19.0%	$26.0M+2.1%	$25.5M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$986.0M+13.7%	$867.0M+23.4%	$702.4M+8.7%	$645.9M+119.5%	$294.3M+4.0%	$283.0M
Current Liabilities	$260.7M+23.2%	$211.7M+21.8%	$173.8M+34.6%	$129.1M+5.3%	$122.7M+33.7%	$91.7M
Long-Term Debt	$8.9M+28.2%	$7.0M-18.9%	$8.6M+81.6%	$4.7M+97.6%	$2.4M+593.4%	$346K
Total Equity	$937.9M+58.7%	$591.1M-27.0%	$809.3M+49.3%	$542.2M+37.1%	$395.5M+84.7%	$214.1M
Retained Earnings	$744.8M+54.8%	$481.1M-12.5%	$549.5M+20.3%	$456.7M+28.7%	$354.9M+130.7%	$153.8M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Total Assets	$1.9B+32.0%	$1.5B-3.5%	$1.5B+27.2%	$1.2B+72.2%	$689.8M+38.8%	$497.1M	N/A
Current Assets	$276.2M+94.8%	$141.8M-28.9%	$199.5M-49.2%	$392.4M+88.0%	$208.7M+63.6%	$127.5M	N/A
Cash & Equivalents	$105.4M+109.2%	$50.4M-54.9%	$111.7M-37.1%	$177.7M+36.6%	$130.1M+108.2%	$62.5M+190.9%	$21.5M
Inventory	$107.1M+154.5%	$42.1M-0.4%	$42.3M+36.5%	$31.0M+19.0%	$26.0M+2.1%	$25.5M	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$986.0M+13.7%	$867.0M+23.4%	$702.4M+8.7%	$645.9M+119.5%	$294.3M+4.0%	$283.0M	N/A
Current Liabilities	$260.7M+23.2%	$211.7M+21.8%	$173.8M+34.6%	$129.1M+5.3%	$122.7M+33.7%	$91.7M	N/A
Long-Term Debt	$8.9M+28.2%	$7.0M-18.9%	$8.6M+81.6%	$4.7M+97.6%	$2.4M+593.4%	$346K-99.8%	$159.4M
Total Equity	$937.9M+58.7%	$591.1M-27.0%	$809.3M+49.3%	$542.2M+37.1%	$395.5M+84.7%	$214.1M+7.5%	$199.1M
Retained Earnings	$744.8M+54.8%	$481.1M-12.5%	$549.5M+20.3%	$456.7M+28.7%	$354.9M+130.7%	$153.8M	N/A

ERO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$395.1M+171.7%	$145.4M-10.8%	$163.1M+13.7%	$143.4M-60.7%	$364.6M+123.9%	$162.8M
Capital Expenditures	$262.8M-20.1%	$329.0M-26.4%	$447.2M+58.1%	$282.8M+67.2%	$169.2M+43.8%	$117.6M
Free Cash Flow	$132.4M+172.1%	-$183.5M+35.4%	-$284.1M-103.8%	-$139.4M-171.3%	$195.4M+332.1%	$45.2M
Investing Cash Flow	-$278.6M+16.9%	-$335.4M-8.8%	-$308.2M+27.6%	-$425.8M-137.2%	-$179.5M-54.0%	-$116.6M
Financing Cash Flow	-$59.7M-145.5%	$131.2M+68.7%	$77.8M-76.2%	$327.3M+383.5%	-$115.4M-40179.9%	$288K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ERO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	34.0%+48.4pp	-14.4%-36.5pp	22.1%-2.1pp	24.2%-17.2pp	41.4%+25.2pp	16.2%
Return on Equity	28.5%+39.9pp	-11.5%-23.1pp	11.7%-7.4pp	19.0%-32.2pp	51.2%+26.7pp	24.5%
Return on Assets	13.9%+18.5pp	-4.7%-10.9pp	6.2%-2.4pp	8.7%-20.7pp	29.4%+18.8pp	10.6%
Current Ratio	1.06+0.4	0.67-0.5	1.15-1.9	3.04+1.3	1.70+0.3	1.39
Debt-to-Equity	0.010.0	0.010.0	0.010.0	0.010.0	0.010.0	0.00
FCF Margin	16.9%+55.9pp	-39.0%+27.4pp	-66.5%-33.8pp	-32.7%-72.6pp	39.9%+25.9pp	14.0%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.06+0.4	0.67-0.5	1.15-1.9	3.04+1.3	1.70+0.3	1.39	N/A
Debt-to-Equity	0.010.0	0.010.0	0.010.0	0.010.0	0.010.0	0.00-0.8	0.80
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Ero Copper's annual revenue?

Ero Copper (ERO) reported $785.8M in total revenue for fiscal year 2025. This represents a 67.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Ero Copper's revenue growing?

Ero Copper (ERO) revenue grew by 67.1% year-over-year, from $470.3M to $785.8M in fiscal year 2025.

Is Ero Copper profitable?

Yes, Ero Copper (ERO) reported a net income of $266.9M in fiscal year 2025, with a net profit margin of 34.0%.

How much debt does Ero Copper have?

As of fiscal year 2025, Ero Copper (ERO) had $105.4M in cash and equivalents against $8.9M in long-term debt.

What is Ero Copper's net profit margin?

Ero Copper (ERO) had a net profit margin of 34.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Ero Copper's return on equity (ROE)?

Ero Copper (ERO) has a return on equity of 28.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Ero Copper's free cash flow?

Ero Copper (ERO) generated $132.4M in free cash flow during fiscal year 2025. This represents a 172.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Ero Copper's operating cash flow?

Ero Copper (ERO) generated $395.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Ero Copper's total assets?

Ero Copper (ERO) had $1.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Ero Copper's capital expenditures?

Ero Copper (ERO) invested $262.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Ero Copper have outstanding?

Ero Copper (ERO) had 104M shares outstanding as of fiscal year 2025.

What is Ero Copper's current ratio?

Ero Copper (ERO) had a current ratio of 1.06 as of fiscal year 2025, which is considered adequate.

What is Ero Copper's debt-to-equity ratio?

Ero Copper (ERO) had a debt-to-equity ratio of 0.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Ero Copper's return on assets (ROA)?

Ero Copper (ERO) had a return on assets of 13.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Ero Copper's Piotroski F-Score?

Ero Copper (ERO) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Ero Copper's earnings high quality?

Ero Copper (ERO) has an earnings quality ratio of 1.48x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Ero Copper?

Ero Copper (ERO) scores 42 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.