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World's largest primary silver producer, also mining gold, operating mines in Mexico.
World's largest primary silver producer, also mining gold, operating mines in Mexico.
Digs ore, concentrates it, and sells the concentrates and bars to smelters and refiners at market prices for silver and gold, with lead and zinc as by-products that help cover costs. Industrias Penoles, the Mexican group controlled by the Baillères family, owns most of the shares.
In one line: A Mexican silver/gold miner, like a smaller Pan American Silver.
Moat: narrow (scale, installed base). Owns some of the world's largest silver deposits in Mexico, but remains a price-taker on global silver/gold prices.
Headquarters: Mexico City, Mexico · Founded: 1887 · Employees: 18,273
Size Fresnillo (FRES.L) is a United Kingdom Materials company (Precious Metals) with a market value of $24.9B, the 32nd largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £2,513 on 6 Nov 2026.
Performance Over six months the shares fell 31.0%, against -11.5% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 47.7% over the last twelve months (peer median +38.8%); the operating margin is 59.5% (peer median 47.2%).
Valuation It trades at 11.8× forward earnings against a peer median of 12.8× (10th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -21 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 52.4 points above its cost of capital (9.3% WACC).
Credit Fresnillo has 2 bonds outstanding ($1.20B), rated BBB by the agencies and trading like BBB- at a weighted spread of 139 bp.
Next results Next results expected around 9 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £4.50B | £3.42B | £2.74B | £2.18B | £1.98B |
| Revenue growth | — | +25% | +26% | +10% | — |
| Gross profit | £2.84B | £1.84B | £833M | £258M | £295M |
| EBITDA | £3.04B | £2.08B | £1.21B | £550M | £612M |
| Net income | £1.70B | £1.05B | £110M | £188M | £221M |
| Free cash flow | £1.72B | £1.47B | £728M | -£55.4M | -£95.0M |
| Capital expenditure | £353M | £304M | £290M | £389M | £481M |
| Total debt | n/a | £633M | £681M | £744M | £1.06B |
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 |
|---|---|---|---|---|---|---|
| Fresnillo FRES.L | $24.9B | -31% | +48% | 59% | 11.8× | -8.2% |
| Lundin Gold LUG.TO | $17.0B | +7% | +36% | 65% | 16.0× | 9.9% |
| Hecla Mining HL | $9.90B | -21% | +30% | 48% | 18.1× | 8.0% |
| Newmont NEM | $126B | +4% | +23% | 55% | 12.7× | -8.9% |
| First Majestic Silver AG.TO | $7.52B | -27% | +96% | 44% | 18.1× | 9.2% |
| Coeur Mining CDE | $15.9B | -17% | +117% | 35% | 12.1× | 10.9% |
| Endeavour Silver EDR.TO | $2.34B | -20% | +198% | 26% | 10.9× | n/a |
| Hochschild Mining HOC.L | $3.37B | -27% | +37% | 44% | 9.8× | -10.7% |
| Fortuna Mining FVI.TO | $2.87B | -5% | +6% | 49% | 6.4× | -4.6% |
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 | FRES.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.5% | +1.4% | 3rd lowest of 21 |
| 6-month return | -31.0% | -11.5% | lowest of 21 |
| Distance from 52-week high | -43.8% | -32.3% | 5th lowest of 21 |
| Revenue growth (TTM) | +47.7% | +38.8% | 10th highest of 21 |
| Operating margin | 59.5% | 47.2% | 5th highest of 21 |
| Forward P/E | 11.8× | 12.8× | 10th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -8.2% | 4.4% | 2nd least demanding of 20 |
| Growth delivered (Del g) | +12.6% | +19.1% | 4th lowest of 20 |
| Hurdle (Req g minus delivered) | -20.8 pp | -16.3 pp | 8th least demanding of 20 |
| ROIC minus cost of capital | +52.4 pp | +11.9 pp | highest of 20 |
| EV / EBITDA | 5.8× | 8.7× | 5th cheapest of 16 |
| Net debt / EBITDA | -0.4× | -0.2× | 3rd least indebted of 16 |
| Bond spread | 139 bp | 189 bp | 2nd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fresnillo FRES.L | United Kingdom | $24.9B | -31% | +48% | 59% | 11.8× | -8.2% | +12.6% |
| Northern Star Resources NST.AX | Australia | $25.3B | +19% | +19% | 35% | 17.8× | 17.5% | +22.5% |
| Kinross Gold K.TO | Canada | $26.4B | -25% | +30% | 51% | 8.5× | -3.9% | +11.8% |
| Royal Gold RGLD | United States | $22.5B | +11% | +94% | 63% | 20.9× | 10.9% | +15.6% |
| Gold Fields Limited Sponsored ADR GFI | United States | $31.5B | -13% | +71% | 53% | 9.2× | -14.1% | +17.7% |
| Evolution Mining EVN.AX | Australia | $18.3B | -4% | +28% | 42% | 13.4× | 10.8% | +24.4% |
| Pan American Silver PAAS.TO | Canada | $17.2B | -26% | +37% | 39% | 9.5× | 4.4% | +23.0% |
| Lundin Gold LUG.TO | Canada | $17.0B | +7% | +36% | 65% | 16.0× | 9.9% | +39.0% |
| Shandong Gold Mining 600547.SS | China | $16.5B | -24% | +12% | 13% | 18.9× | -5.6% | +10.6% |
| Coeur Mining CDE | United States | $15.9B | -17% | +117% | 35% | 12.1× | 10.9% | +21.6% |
| Zhongjin Gold 600489.SS | China | $15.1B | -20% | +25% | 13% | 11.4× | -5.9% | +10.5% |
| Endeavour Mining EDV.TO | Canada | $13.7B | -10% | +27% | 47% | 9.3× | -6.5% | +25.4% |
| Equinox Gold EQX.TO | Canada | $13.5B | -17% | +63% | 36% | 9.7× | 21.0% | +17.5% |
| Alamos Gold AGI.TO | Canada | $13.4B | -22% | +41% | 57% | 11.3× | 7.8% | +20.3% |
| Zijin Gold International 2259.HK | Hong Kong | $46.6B | -19% | +106% | 54% | 15.7× | 17.3% | +43.4% |
| Anglogold Ashanti AU | United States | $47.0B | -13% | +139% | 51% | 11.7× | -7.7% | +17.4% |
| Franco-Nevada FNV.TO | Canada | $49.6B | +16% | +72% | 75% | 31.5× | 17.7% | +13.3% |
| Chifeng Jilong Gold Mining 600988.SS | China | $11.6B | -2% | +23% | 43% | 17.4× | -5.7% | +22.6% |
| IAMGOLD IMG.TO | Canada | $10.8B | +6% | +83% | 48% | 9.1× | 1.4% | +19.1% |
| Shanjin International Gold 000975.SZ | China | $10.2B | -6% | -4% | 36% | 15.2× | -5.7% | +16.7% |
| G Mining Ventures GMIN.TO | Canada | $9.98B | -10% | +72% | 66% | 19.4× | n/a | n/a |
Fresnillo has 2 bonds outstanding with $1.20B face value. The agencies rate it BBB; its bonds trade like BBB-. Weighted yield 6.29%, a spread of 139 bp over government bonds.