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Copper-focused miner operating and developing mines in the United States, Mexico and Chile.
Copper-focused miner operating and developing mines in the United States, Mexico and Chile.
Sells copper concentrate to smelters, and cathode from Mantoverde's oxide ore as metal, at London-market prices less smelting charges, with by-product silver and zinc from Mexico adding income. It became a three-country miner by merging with Mantos Copper in 2022.
In one line: A smaller, pure-play copper Freeport-McMoRan..
Moat: none (installed base). Pure-play copper producer without a structural cost or resource edge versus larger diversified miners.
Headquarters: Vancouver, Canada · Employees: 8,152
Size Capstone Copper (CS.TO) is a Canada Materials company (Other Metals/Minerals) with a market value of $6.01B, the 109th largest of 420 Canada companies the cockpit tracks. Shares closed at C$10.99 on 6 Nov 2026.
Performance Over six months the shares fell 8.0%, against -21.0% for the median peer and +5.2% for the Canada market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 30.5% over the last twelve months (peer median +31.6%); the operating margin is 32.4% (peer median 27.3%).
Valuation It trades at 9.4× forward earnings against a peer median of 13.2× (3rd cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +40%, so the hurdle is -30 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.1 points below its cost of capital (13.0% WACC).
Credit Capstone Copper has 1 bond outstanding ($600M), rated BB- by the agencies and trading like BB- at a weighted spread of 237 bp.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$3.87B | C$3.30B | C$2.19B | C$1.82B | C$1.69B |
| Revenue growth | — | +51% | +21% | +8% | — |
| Gross profit | C$1.34B | C$753M | C$275M | C$92.7M | C$250M |
| EBITDA | C$1.86B | C$1.37B | C$672M | C$288M | C$411M |
| Net income | C$452M | C$441M | C$114M | -C$137M | C$159M |
| Free cash flow | C$154M | C$93.9M | -C$193M | -C$767M | -C$655M |
| Capital expenditure | C$1,000M | C$725M | C$614M | C$832M | C$739M |
| Total debt | C$1.79B | C$2.12B | C$1.89B | C$1.81B | C$1.09B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Capstone Copper CS.TO | $6.01B | -8% | +30% | 32% | 9.4× | 9.8% |
| Hudbay Minerals HBM.TO | $9.35B | -10% | +13% | 32% | 12.0× | 18.1% |
| First Quantum Minerals FM.TO | $19.5B | -1% | +28% | 23% | 15.2× | n/a |
| Freeport-McMoRan FCX | $85.3B | -4% | 0% | 24% | 14.3× | 16.3% |
| Lundin Mining LUN.TO | $18.1B | -18% | +29% | 36% | 14.1× | 15.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CS.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.1% | -12.4% | 6th lowest of 21 |
| 6-month return | -8.0% | -21.0% | 7th highest of 21 |
| Distance from 52-week high | -39.1% | -46.4% | 8th highest of 21 |
| Revenue growth (TTM) | +30.5% | +31.6% | 10th lowest of 20 |
| Operating margin | 32.4% | 27.3% | 8th highest of 20 |
| Forward P/E | 9.4× | 13.2× | 3rd cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 9.8% | 3.5% | 3rd most demanding of 13 |
| Growth delivered (Del g) | +40.2% | +22.4% | 4th highest of 12 |
| Hurdle (Req g minus delivered) | -30.4 pp | -16.6 pp | 5th least demanding of 12 |
| ROIC minus cost of capital | -1.1 pp | +6.4 pp | 5th lowest of 21 |
| EV / EBITDA | 5.7× | 7.0× | 3rd cheapest of 9 |
| Net debt / EBITDA | 0.8× | -0.5× | most indebted of 10 |
| Bond spread | 237 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Capstone Copper CS.TO | Canada | $6.01B | -8% | +30% | 32% | 9.4× | 9.8% | +40.2% |
| Nanya New Material Technology 688519.SS | China | $5.90B | -5% | +104% | 17% | 55.2× | n/a | n/a |
| Sandfire Resources SFR.AX | Australia | $6.20B | -4% | +32% | 32% | 13.3× | 9.2% | +25.8% |
| Inner Mongolia Xingye Silver and Tin Mining 000426.SZ | China | $6.23B | -42% | +38% | 49% | 13.1× | 7.8% | +42.6% |
| Yunnan Chihong Zinc & Germanium 600497.SS | China | $5.76B | -15% | +29% | 10% | 13.8× | 4.4% | +4.6% |
| China Nonferrous Mining 1258.HK | Hong Kong | $5.73B | -19% | +11% | 28% | 7.4× | -14.6% | +5.8% |
| MP Materials MP | United States | $6.31B | -47% | +72% | -17% | 248.7× | n/a | n/a |
| PLS PLS.AX | Australia | $6.33B | -56% | +152% | 43% | 10.6× | 2.5% | +61.6% |
| Xinjiang Daqo New Energy 688303.SS | China | $5.69B | -20% | -23% | -62% | n/a | n/a | n/a |
| Yunnan Tin 000960.SZ | China | $5.66B | -34% | +19% | 8% | 10.8× | 1.9% | -0.5% |
| Discovery Mining DSV.TO | Canada | $6.44B | +19% | +684% | 38% | 17.6× | 19.9% | n/a |
| NexGen Energy NXE.TO | Canada | $5.57B | -31% | n/a | n/a | n/a | n/a | n/a |
| Aura Minerals AUGO | United States | $6.52B | -5% | +89% | 53% | 10.6× | -6.0% | +25.2% |
| NMDC NMDC.NS | India | $6.55B | -22% | +27% | 27% | 7.4× | 5.2% | +15.8% |
| Baiyin Nonferrous 601212.SS | China | $5.49B | -35% | 0% | 5% | n/a | n/a | n/a |
| Aurubis NDA.DE | Germany | $6.73B | -35% | +23% | 6% | 15.1× | n/a | n/a |
| Yunnan Lincang Xinyuan Germanium Industry 002428.SZ | China | $7.09B | +3% | +54% | 13% | 230.8× | n/a | n/a |
| Asia-Potash International Investment (Guangzhou) 000893.SZ | China | $5.08B | -32% | +40% | 36% | 11.6× | -3.3% | +72.1% |
| Yunnan Copper 000878.SZ | China | $5.01B | -28% | +10% | 2% | 11.9× | n/a | n/a |
| Luoyang Shenglong Mining 001257.SZ | China | $5.00B | -19% | +22% | 34% | n/a | 13.4% | +22.4% |
| Wanguo Gold 3939.HK | Hong Kong | $7.31B | +6% | +79% | 67% | 20.2× | 1.7% | +17.0% |
Capstone Copper has 1 bond outstanding with $600M face value. The agencies rate it BB-; its bonds trade like BB-. Weighted yield 7.08%, a spread of 237 bp over government bonds.