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Operates gold and silver mines across the Americas and West Africa, including Seguela and Lindero.
Operates gold and silver mines across the Americas and West Africa, including Seguela and Lindero.
Sells gold and silver doré and concentrate to refiners at spot prices, so profit depends on metal prices and the cost of each ounce produced. Its mines sit in several countries across Latin America and West Africa, spreading political and mining-tax risk. This is the Toronto listing of the company also traded as FSM.
Moat: narrow (installed base, scale). Geographically diversified portfolio of permitted, producing mines reduces single-asset risk.
Headquarters: Vancouver, Canada · Founded: 1990 · Employees: 4,294
Size Fortuna Mining (FVI.TO) is a Canada Materials company (Precious Metals) with a market value of $2.87B, the 161st largest of 420 Canada companies the cockpit tracks. Shares closed at C$13.60 on 6 Nov 2026.
Performance Over six months the shares fell 4.6%, against -16.8% for the median peer and +5.2% for the Canada market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 6.5% over the last twelve months (peer median +56.6%); the operating margin is 48.6% (peer median 43.8%).
Valuation It trades at 6.4× forward earnings against a peer median of 8.7× (4th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +29%, so the hurdle is -34 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.3 points above its cost of capital (13.5% WACC).
Next results Next results expected around 10 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$1.63B | C$1.32B | C$926M | C$1.14B | C$889M |
| Revenue growth | — | +42% | -19% | +28% | — |
| Gross profit | C$926M | C$643M | C$311M | C$249M | C$187M |
| EBITDA | C$1.06B | C$778M | C$465M | C$467M | C$336M |
| Net income | C$522M | C$415M | C$176M | -C$68.6M | -C$167M |
| Free cash flow | C$554M | C$404M | C$280M | C$107M | -C$74.2M |
| Capital expenditure | C$305M | C$249M | C$221M | C$293M | C$327M |
| Total debt | C$332M | C$290M | C$279M | C$348M | C$326M |
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 |
|---|---|---|---|---|---|---|
| Fortuna Mining FVI.TO | $2.87B | -5% | +6% | 49% | 6.4× | -4.6% |
| Endeavour Mining EDV.TO | $13.7B | -10% | +27% | 47% | 9.3× | -6.5% |
| B2Gold BTO.TO | $7.19B | +13% | +72% | 46% | 6.1× | -7.0% |
| Alamos Gold AGI.TO | $13.4B | -22% | +41% | 57% | 11.3× | 7.8% |
| Lundin Gold LUG.TO | $17.0B | +7% | +36% | 65% | 16.0× | 9.9% |
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 | FVI.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.8% | -2.4% | 8th lowest of 21 |
| 6-month return | -4.6% | -16.8% | 8th highest of 21 |
| Distance from 52-week high | -28.4% | -32.7% | 8th highest of 21 |
| Revenue growth (TTM) | +6.5% | +56.6% | 2nd lowest of 16 |
| Operating margin | 48.6% | 43.8% | 7th highest of 16 |
| Forward P/E | 6.4× | 8.7× | 4th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -4.6% | -6.1% | 6th most demanding of 13 |
| Growth delivered (Del g) | +29.0% | +24.6% | 5th highest of 13 |
| Hurdle (Req g minus delivered) | -33.6 pp | -28.7 pp | 5th least demanding of 13 |
| ROIC minus cost of capital | +14.3 pp | +18.9 pp | 10th lowest of 20 |
| EV / EBITDA | 3.4× | 5.2× | 3rd cheapest of 13 |
| Net debt / EBITDA | -0.5× | -0.3× | 5th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fortuna Mining FVI.TO | Canada | $2.87B | -5% | +6% | 49% | 6.4× | -4.6% | +29.0% |
| Seabridge Gold SEA.TO | Canada | $2.87B | -8% | n/a | n/a | n/a | n/a | n/a |
| Wesdome Gold Mines WDO.TO | Canada | $2.92B | +6% | +49% | 57% | 7.8× | -10.7% | +33.5% |
| Novagold Resources NG | United States | $2.81B | -27% | n/a | n/a | n/a | n/a | n/a |
| Lingbao Gold 3330.HK | Hong Kong | $2.94B | -28% | -10% | 22% | 8.0× | -5.6% | +17.8% |
| West African Resources WAF.AX | Australia | $2.74B | +4% | +194% | 57% | 4.4× | -18.5% | +37.7% |
| Emerald Resources NL EMR.AX | Australia | $3.04B | +6% | +40% | 61% | 15.2× | 1.5% | +26.4% |
| Predictive Discovery PDI.AX | Australia | $3.08B | -13% | n/a | -28% | n/a | n/a | n/a |
| Allied Gold AAUC.TO | Canada | $3.24B | -19% | +54% | 32% | 3.9× | n/a | n/a |
| Aris Mining ARIS.TO | Canada | $3.24B | -15% | +94% | 46% | 5.5× | 2.1% | +19.8% |
| Sichuan Gold 001337.SZ | China | $2.52B | -25% | +57% | 56% | n/a | 17.7% | +13.6% |
| Western Region Gold 601069.SS | China | $3.29B | -26% | +118% | n/a | 11.2× | 11.7% | +19.5% |
| Hochschild Mining HOC.L | United Kingdom | $3.37B | -27% | +37% | 44% | 9.8× | -10.7% | +14.1% |
| Perpetua Resources PPTA | United States | $2.44B | -35% | n/a | n/a | n/a | n/a | n/a |
| Shandong Humon Smelting 002237.SZ | China | $2.44B | -32% | +25% | 1% | 11.2× | n/a | n/a |
| Regis Resources RRL.AX | Australia | $3.49B | -3% | +43% | 43% | 8.5× | -9.5% | +23.5% |
| Endeavour Silver EDR.TO | Canada | $2.34B | -20% | +198% | 26% | 10.9× | n/a | n/a |
| Westgold Resources WGX.AX | Australia | $3.64B | -2% | +79% | 32% | 8.8× | -7.6% | +33.7% |
| Aya Gold & Silver AYA.TO | Canada | $3.68B | +40% | +265% | 53% | 19.2× | 17.9% | +72.4% |
| Pan African Resources PAF.L | United Kingdom | $3.79B | -25% | +106% | 54% | 7.2× | -6.7% | +25.7% |
| Skeena Resources SKE.TO | Canada | $3.90B | +6% | n/a | n/a | n/a | n/a | n/a |