Loading…
Copper miner operating the Vale do Curaçá mining complex in Brazil, also developing the Tucuma copper project.
Copper miner operating the Vale do Curaçá mining complex in Brazil, also developing the Tucuma copper project.
Copper concentrate shipped to smelters carries the company, priced off copper benchmarks after treatment and refining charges, with gold from a separate Brazilian mine as a smaller second metal. Tucuma in Para is a newer operation alongside the long-running Curaca Valley complex.
In one line: A Brazil-focused mid-cap copper producer.
Moat: narrow (installed base). Long-life, established Brazilian copper mining complex provides operating cost advantages versus newer/higher-cost peers.
Headquarters: Vancouver, Canada · Founded: 2011
Size Ero Copper (ERO.TO) is a Canada Materials company (Other Metals/Minerals) with a market value of $3.03B, the 156th largest of 420 Canada companies the cockpit tracks. Shares closed at C$40.72 on 6 Nov 2026.
Performance Over six months the shares gained 10.0%, against -32.8% for the median peer and +5.2% for the Canada market (cap-weighted) — 2nd highest of 19 in its peer set.
Growth Revenue grew 105.6% over the last twelve months (peer median +24.6%); the operating margin is 39.7% (peer median 12.3%).
Valuation It trades at 5.9× forward earnings against a peer median of 16.8× (cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.3 points above its cost of capital (10.8% WACC).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$1.69B | C$1.10B | C$644M | C$577M | C$555M |
| Revenue growth | — | +70% | +12% | +4% | — |
| Gross profit | C$773M | C$474M | C$242M | C$206M | C$240M |
| EBITDA | C$907M | C$564M | C$271M | C$241M | C$241M |
| Net income | C$543M | C$368M | -C$93.8M | C$125M | C$133M |
| Free cash flow | C$338M | C$125M | -C$296M | -C$420M | -C$201M |
| Capital expenditure | C$423M | C$395M | C$462M | C$622M | C$385M |
| Total debt | C$693M | C$867M | C$892M | C$588M | C$581M |
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 |
|---|---|---|---|---|---|---|
| Ero Copper ERO.TO | $3.03B | +10% | +106% | 40% | 5.9× | 0.4% |
| Lundin Mining LUN.TO | $18.1B | -18% | +29% | 36% | 14.1× | 15.2% |
| Hudbay Minerals HBM.TO | $9.35B | -10% | +13% | 32% | 12.0× | 18.1% |
| Ivanhoe Mines IVN.TO | $8.43B | -26% | +109% | 7% | 18.9× | n/a |
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 | ERO.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -22.3% | -17.5% | 8th lowest of 21 |
| 6-month return | +10.0% | -32.8% | 2nd highest of 19 |
| Distance from 52-week high | -28.1% | -60.0% | highest of 21 |
| Revenue growth (TTM) | +105.6% | +24.6% | 3rd highest of 20 |
| Operating margin | 39.7% | 12.3% | 3rd highest of 20 |
| Forward P/E | 5.9× | 16.8× | cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 0.4% | 15.0% | 4th least demanding of 11 |
| Growth delivered (Del g) | +20.4% | +9.7% | 4th highest of 11 |
| Hurdle (Req g minus delivered) | -19.9 pp | +7.7 pp | 4th least demanding of 11 |
| ROIC minus cost of capital | +9.3 pp | -0.9 pp | 3rd highest of 20 |
| EV / EBITDA | 5.3× | 6.8× | 2nd cheapest of 6 |
| Net debt / EBITDA | 0.6× | 0.2× | 3rd most indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ero Copper ERO.TO | Canada | $3.03B | +10% | +106% | 40% | 5.9× | 0.4% | +20.4% |
| Ningxia Orient Tantalum Industry 000962.SZ | China | $3.08B | -11% | +43% | 12% | 54.0× | n/a | n/a |
| North Copper 000737.SZ | China | $2.97B | -28% | +54% | 9% | n/a | -3.9% | +26.8% |
| China Rare Earth Nonferrous Metals 600259.SS | China | $3.13B | -33% | -43% | 4% | 34.1× | n/a | n/a |
| Chongyi Zhangyuan Tungsten 002378.SZ | China | $3.18B | -48% | +105% | 12% | n/a | n/a | n/a |
| Hunan Silver 002716.SZ | China | $3.19B | -35% | +50% | 4% | n/a | n/a | n/a |
| Zhuzhou Smelter 600961.SS | China | $2.85B | -33% | +23% | 12% | 6.7× | -1.6% | +8.5% |
| Chengxin Lithium 002240.SZ | China | $2.79B | -66% | +226% | 20% | 11.3× | n/a | n/a |
| Dowa 5714.T | Japan | $2.78B | -22% | +29% | 6% | 6.9× | n/a | n/a |
| Western Metal Materials 002149.SZ | China | $2.76B | -41% | +3% | 0% | 139.8× | 54.3% | +9.7% |
| Zhejiang Wazam New Material 603186.SS | China | $3.33B | +79% | +60% | 14% | 58.0× | 24.9% | +13.9% |
| Shengda Resources 000603.SZ | China | $2.75B | -27% | +25% | 47% | 15.8× | 12.8% | +8.5% |
| NGEx Minerals NGEX.TO | Canada | $3.37B | -15% | n/a | n/a | n/a | n/a | n/a |
| Uranium Energy UEC | United States | $3.43B | -54% | -44% | -358% | n/a | n/a | n/a |
| Shenzhen Zhongjin Lingnan Nonfemet 000060.SZ | China | $3.43B | -24% | +16% | 3% | 17.8× | n/a | n/a |
| Sanxiang Advanced Materials 603663.SS | China | $2.65B | -10% | +5% | 18% | 44.4× | 48.1% | +9.7% |
| Suzhou Kematek 301611.SZ | China | $3.48B | -36% | +18% | 15% | 128.5× | n/a | n/a |
| Lygend Resources And Technology 001246.SZ | China | $3.48B | n/a | +28% | 19% | 8.9× | -5.9% | +39.8% |
| IGO IGO.AX | Australia | $2.60B | -45% | -12% | -31% | 8.9× | 17.2% | -6.5% |
| Changyu 603407.SS | China | $2.59B | n/a | +9% | 16% | n/a | 51.8% | +2.2% |
| GuoCheng Mining 000688.SZ | China | $3.57B | -60% | +193% | 50% | 11.2× | 3.3% | +39.6% |