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Canadian copper miner with major mines in Zambia and Panama, where its flagship Cobre Panama mine has faced political suspension.
Canadian copper miner with major mines in Zambia and Panama, where its flagship Cobre Panama mine has faced political suspension.
Sells copper in concentrate (a crushed-ore product) to smelters on contracts priced off the London Metal Exchange copper price, with processing fees deducted; gold comes as a by-product. The Zambian mines are the producing core, while Cobre Panama has been stopped since late 2023 when Panama's court voided its contract. Jiangxi Copper of China is a major shareholder.
In one line: A Canada-based copper miner with significant Latin America/Africa exposure.
Moat: narrow (installed base, scale). Large-scale copper mines built over decades, though offset by significant political/regulatory risk.
Headquarters: Vancouver, Canada · Founded: 1996 · Employees: 28,049
Size First Quantum Minerals (FM.TO) is a Canada Materials company (Other Metals/Minerals) with a market value of $19.5B, the 45th largest of 420 Canada companies the cockpit tracks. Shares closed at C$32.78 on 6 Nov 2026.
Performance Over six months the shares fell 0.7%, against -19.7% for the median peer and +5.2% for the Canada market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 28.4% over the last twelve months (peer median +24.9%); the operating margin is 23.5% (peer median 16.0%).
Valuation It trades at 15.2× forward earnings against a peer median of 11.9× (7th most expensive of 21).
Capital Return on invested capital runs 5.1 points below its cost of capital (11.0% WACC).
Credit First Quantum Minerals has 4 bonds outstanding ($4.80B), rated B by the agencies and trading like BB+ at a weighted spread of 243 bp.
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$9.01B | C$7.32B | C$6.58B | C$8.71B | C$9.93B |
| Revenue growth | — | +11% | -25% | -12% | — |
| Gross profit | C$2.25B | C$1.96B | C$1.79B | C$1.68B | C$2.82B |
| EBITDA | C$3.34B | C$2.87B | C$2.60B | C$3.09B | C$4.01B |
| Net income | C$244M | -C$39.1M | C$2.74M | -C$1.29B | C$1.35B |
| Free cash flow | -C$795M | C$636M | -C$237M | -C$506M | C$902M |
| Capital expenditure | C$1.69B | C$1.58B | C$1.76B | C$1.75B | C$1.52B |
| Total debt | C$10.4B | C$9.72B | C$10.9B | C$11.5B | C$11.7B |
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 |
|---|---|---|---|---|---|---|
| First Quantum Minerals FM.TO | $19.5B | -1% | +28% | 23% | 15.2× | n/a |
| Teck Resources TECK-B.TO | $29.9B | +3% | +44% | 34% | 16.2× | 4.6% |
| Freeport-McMoRan FCX | $85.3B | -4% | 0% | 24% | 14.3× | 16.3% |
| Glencore GLEN.L | $78.0B | -14% | +27% | 2% | 10.9× | 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 | FM.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.9% | -13.9% | 11th highest of 21 |
| 6-month return | -0.7% | -19.7% | 3rd highest of 21 |
| Distance from 52-week high | -33.5% | -39.0% | 8th highest of 21 |
| Revenue growth (TTM) | +28.4% | +24.9% | 10th highest of 21 |
| Operating margin | 23.5% | 16.0% | 6th highest of 21 |
| Forward P/E | 15.2× | 11.9× | 7th most expensive of 21 |
| ROIC minus cost of capital | -5.1 pp | +4.1 pp | 2nd lowest of 21 |
| EV / EBITDA | 11.1× | 8.5× | 5th most expensive of 15 |
| Net debt / EBITDA | 2.8× | 0.6× | most indebted of 16 |
| Bond spread | 243 bp | 161 bp | widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| First Quantum Minerals FM.TO | Canada | $19.5B | -1% | +28% | 23% | 15.2× | n/a | n/a |
| Lundin Mining LUN.TO | Canada | $18.1B | -18% | +29% | 36% | 14.1× | 15.2% | +13.9% |
| China National Uranium 001280.SZ | China | $17.9B | -29% | +15% | 14% | 47.7× | n/a | n/a |
| Hindalco Industries HINDALCO.NS | India | $22.7B | -9% | +20% | 11% | 8.6× | n/a | n/a |
| ATI ATI | United States | $23.9B | +11% | +9% | 18% | 28.0× | 20.6% | +9.0% |
| Hindustan Zinc HINDZINC.NS | India | $25.4B | -11% | +57% | 51% | 11.8× | 1.4% | +11.7% |
| JX Advanced Metals 5016.T | Japan | $14.6B | -49% | +30% | 11% | 12.7× | 22.2% | -18.6% |
| Boliden BOL.ST | Sweden | $14.6B | -4% | +23% | 16% | 11.3× | 0.6% | +10.7% |
| Korea Zinc 010130.KS | South Korea | $14.4B | -39% | +53% | 8% | 16.2× | n/a | n/a |
| Jiangxi Copper 0358.HK | Hong Kong | $14.3B | -36% | +22% | 4% | 4.7× | n/a | n/a |
| KGHM Polska Miedz KGH.WA | Poland | $14.1B | -27% | +27% | 20% | 6.4× | 1.6% | +9.2% |
| Carpenter Technology CRS | United States | $13.8B | -35% | +10% | 23% | 20.0× | 17.4% | +16.2% |
| South32 S32.AX | Australia | $13.7B | -1% | -4% | 15% | 12.7× | 6.3% | +3.2% |
| China Tungsten & Hightech Materials 000657.SZ | China | $13.2B | -34% | +66% | 16% | 21.0× | n/a | n/a |
| Sumitomo Metal Mining 5713.T | Japan | $13.2B | -19% | +22% | 14% | 8.1× | 8.5% | +13.5% |
| Teck Resources TECK-B.TO | Canada | $29.9B | +3% | +44% | 34% | 16.2× | 4.6% | +3.7% |
| MMG 1208.HK | Hong Kong | $11.2B | -27% | +48% | 43% | 6.3× | -11.3% | +15.6% |
| Western Mining 601168.SS | China | $9.85B | -7% | +18% | 17% | 8.2× | -5.6% | +16.5% |
| Tongling Nonferrous Metals 000630.SZ | China | $9.83B | -20% | +46% | 6% | 10.5× | n/a | n/a |
| Hudbay Minerals HBM.TO | Canada | $9.35B | -10% | +13% | 32% | 12.0× | 18.1% | +15.8% |
| Zhejiang Huayou Cobalt 603799.SS | China | $9.30B | -50% | +38% | 12% | 9.3× | n/a | n/a |
First Quantum Minerals has 4 bonds outstanding with $4.80B face value. The agencies rate it B; its bonds trade like BB+. Weighted yield 7.17%, a spread of 243 bp over government bonds.