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Fortuna Mining Financials

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

This page shows Fortuna Mining (FSM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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 FSM FY2025

Cash has accumulated faster than obligations as profitability rebounded sharply, revealing an asset-heavy business that now finances itself conservatively.

Even in a loss year, operating cash flow outpaced reported earnings; a -$135.9M net loss still came with $194.2M of operating cash flow, pointing to a depreciation-heavy cost structure rather than a simple cash drain. By the latest year, that earlier cash generation had compounded into $554.0M of cash against just $55.7M of long-term debt, so the recovery strengthened financial flexibility instead of leaning on leverage.

Total liabilities stayed contained at $625.3M while equity expanded to $1.74B, which means the balance sheet improved mainly through retained profit, not fresh borrowing. That matters because an earnings rebound is sturdier when it does not arrive with a matching rise in fixed obligations.

Liquidity has changed shape: the current ratio reached 3.0x, and cash alone was more than twice current liabilities, leaving far more room to absorb inventory build or receivable delays. With revenue at $947.1M and assets at $2.36B, this still looks like a capital-intensive operation, but one whose funding pressure has eased materially.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 39 / 100
Financial Profile 39/100

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 Fortuna Mining'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
43

Fortuna Mining's revenue surged 39.8% year-over-year to $947.1M, reflecting rapid business expansion. This strong growth earns a score of 43/100.

Leverage
100

Fortuna Mining carries a low D/E ratio of 0.03, meaning only $0.03 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
57

Fortuna Mining's current ratio of 2.98 indicates adequate short-term liquidity, earning a score of 57/100. The company can meet its near-term obligations, though with limited headroom.

Returns
36

Fortuna Mining's ROE of 17.9% shows moderate profitability relative to equity, earning a score of 36/100. This is up from 9.7% the prior year.

Piotroski F-Score Neutral
5/9

Fortuna Mining passes 5 of 9 financial strength tests. All 2 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Key Financial Metrics

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Earnings & Revenue

Revenue
$947.1M
YoY+39.8%
5Y CAGR+27.7%

Fortuna Mining generated $947.1M in revenue in fiscal year 2025. This represents an increase of 39.8% from the prior year.

EBITDA
N/A
Net Income
$311.1M
YoY+119.2%
5Y CAGR+70.6%

Fortuna Mining reported $311.1M in net income in fiscal year 2025. This represents an increase of 119.2% from the prior year.

EPS (Diluted)
$0.85
YoY+214.8%

Fortuna Mining earned $0.85 per diluted share (EPS) in fiscal year 2025. This represents an increase of 214.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$554.0M
YoY+139.5%
5Y CAGR+33.2%

Fortuna Mining held $554.0M in cash against $55.7M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
306M
YoY-0.2%

Fortuna Mining had 306M shares outstanding in fiscal year 2025. This represents a decrease of 0.2% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
N/A
Net Margin
32.9%
YoY+11.9pp
5Y CAGR+25.1pp

Fortuna Mining's net profit margin was 32.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 11.9 percentage points from the prior year.

Return on Equity
17.9%
YoY+8.2pp
5Y CAGR+15.0pp

Fortuna Mining's ROE was 17.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 8.2 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
N/A

FSM Income Statement

Metric Q4'25 Q4'24 Q4'23 Q4'22 Q4'21 Q4'20 Q4'19 Q4'18
Revenue N/A 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 N/A
Gross Profit N/A 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 N/A
SG&A Expenses N/A 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 N/A
Interest Expense N/A 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 N/A
Net Income N/A 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 N/A

FSM Balance Sheet

Metric Q4'25 Q4'24 Q4'23 Q4'22 Q4'21 Q4'20 Q4'19 Q4'18
Total Assets $2.4B+11.6% $2.1B+7.5% $2.0B+4.9% $1.9B-7.2% $2.0B+91.6% $1.1B+12.7% $936.1M+19.0% $786.5M
Current Assets $764.5M+57.2% $486.2M+45.9% $333.3M+31.9% $252.7M-10.1% $281.1M+13.3% $248.1M+62.5% $152.6M-30.3% $218.9M
Cash & Equivalents $554.0M+139.5% $231.3M+80.5% $128.1M+59.2% $80.5M-24.8% $107.1M-18.8% $131.9M+58.1% $83.4M-7.8% $90.5M
Inventory $122.7M-8.8% $134.5M+16.1% $115.8M+25.9% $92.0M+7.2% $85.8M+143.3% $35.3M+135.6% $15.0M+4.1% $14.4M
Accounts Receivable $74.4M-25.6% $100.0M+43.8% $69.5M+2.0% $68.2M-10.9% $76.5M-0.1% $76.6M+60.5% $47.7M+45.6% $32.8M
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $625.3M-3.7% $649.5M-4.5% $679.7M+15.7% $587.5M-0.8% $592.4M+79.7% $329.6M+9.6% $300.6M+63.6% $183.7M
Current Liabilities $256.4M+0.1% $256.0M+5.0% $243.8M+80.5% $135.1M-19.0% $166.8M+72.9% $96.4M+7.4% $89.8M+46.4% $61.3M
Long-Term Debt $55.7M+15.5% $48.2M+13.6% $42.5M+255.9% $11.9M-36.8% $18.9M+50.8% $12.5M-16.8% $15.0M+51.0% $10.0M
Total Equity $1.7B+18.4% $1.5B+13.8% $1.3B0.0% $1.3B-9.9% $1.4B+97.0% $725.8M+14.2% $635.4M+5.4% $602.8M
Retained Earnings $488.1M+125.6% $216.4M+146.9% $87.6M-36.7% $138.5M-48.1% $266.6M+27.7% $208.7M+11.5% $187.2M+14.6% $163.4M

FSM Cash Flow Statement

Metric Q4'25 Q4'24 Q4'23 Q4'22 Q4'21 Q4'20 Q4'19 Q4'18
Operating Cash Flow N/A 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 N/A
Free Cash Flow N/A 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 N/A
Financing Cash Flow N/A 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 N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

FSM Financial Ratios

Metric Q4'25 Q4'24 Q4'23 Q4'22 Q4'21 Q4'20 Q4'19 Q4'18
Gross Margin N/A 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 N/A
Net Margin N/A 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 N/A
Return on Assets N/A N/A N/A N/A N/A N/A N/A N/A
Current Ratio 2.98+1.1 1.90+0.5 1.37-0.5 1.87+0.2 1.69-0.9 2.57+0.9 1.70-1.9 3.57
Debt-to-Equity 0.030.0 0.030.0 0.03+0.0 0.010.0 0.010.0 0.020.0 0.020.0 0.02
FCF Margin N/A N/A N/A N/A N/A N/A N/A N/A

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Frequently Asked Questions

Fortuna Mining (FSM) reported $947.1M in total revenue for fiscal year 2025. This represents a 39.8% 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.

Fortuna Mining (FSM) revenue grew by 39.8% year-over-year, from $677.2M to $947.1M in fiscal year 2025.

Yes, Fortuna Mining (FSM) reported a net income of $311.1M in fiscal year 2025, with a net profit margin of 32.9%.

Fortuna Mining (FSM) reported diluted earnings per share of $0.85 for fiscal year 2025. This represents a 214.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

As of fiscal year 2025, Fortuna Mining (FSM) had $554.0M in cash and equivalents against $55.7M in long-term debt.

Fortuna Mining (FSM) had a net profit margin of 32.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Fortuna Mining (FSM) has a return on equity of 17.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Fortuna Mining (FSM) had $2.4B in total assets as of fiscal year 2025, including both current and long-term assets.

Fortuna Mining (FSM) had 306M shares outstanding as of fiscal year 2025.

Fortuna Mining (FSM) had a current ratio of 2.98 as of fiscal year 2025, which is generally considered healthy.

Fortuna Mining (FSM) had a debt-to-equity ratio of 0.03 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Fortuna Mining (FSM) had a return on assets of 13.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Fortuna Mining (FSM) has a Piotroski F-Score of 5 out of 9, indicating neutral 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.

Fortuna Mining (FSM) scores 39 out of 100 on our Financial Profile, indicating weak 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.

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