FSM
Fortuna Mining Corp.
FSM's fundamentals are strong and it looks cheap: trading at 7.7x earnings, about half its usual 16x. Analysts expect strong earnings growth.
FSM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
FSM's revenue, profitability, cash flow and balance sheet are all currently healthy.
FSM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 6x | $9.11 | — |
| Current | 7.7x | $9.11 | — |
| Cheap | 11x | $13.35 | +47% |
| Fair | 16x | $19.09 | +110% |
| Expensive | 65x | $77.26 | +748% |
Historical ranges are pointers, not guarantees.
FSM's PE is in its cheap range at 7.7x. If earnings grow as analysts expect, today's price would be 6.0x next year's earnings.
FSM Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for FSM, with profitability improving.
FSM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.51 | +28% |
| Q2 2026 | $1.18 | +131% |
| Q1 2026 | $1.06 | +104% |
| Q4 2025 | $0.90 | +120% |
| Q3 2025 | $0.71 | +1083% |
| Q2 2025 | $0.51 | +$0.51 |
| Q1 2025 | $0.52 | +$0.64 |
| Q4 2024 | $0.41 | +$0.58 |
| Q3 2024 | $0.06 | +$0.47 |
FSM's earnings per share have climbed steadily: $1.18 over the past year, up 131% from the year before, and higher year over year for 11 quarters in a row.
FSM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $318.4M | +38% |
| Q1 2026 | $342.5M | +18% |
| Q4 2025 | $272M | -10% |
| Q3 2025 | $251.4M | -8.6% |
| Q2 2025 | $230.4M | +47% |
| Q1 2025 | $290.1M | +44% |
| Q4 2024 | $302.2M | +14% |
| Q3 2024 | $274.9M | +13% |
FSM's revenue is growing: $318M last quarter, up 38% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 51% | +15 points |
| Q1 2026 | 53% | +22 points |
| Q4 2025 | 45% | +27 points |
| Q3 2025 | 62% | +35 points |
| Q2 2025 | 36% | +17 points |
| Q1 2025 | 32% | +7.6 points |
| Q4 2024 | 17% | +47 points |
| Q3 2024 | 26% | +7.8 points |
FSM's operating margin was 51% last quarter, up 15 points from the same quarter a year ago.
FSM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $70.4M | +247% |
| Q1 2026 | $164.1M | +90% |
| Q4 2025 | $119.8M | +35% |
| Q3 2025 | $62.2M | +45% |
| Q2 2025 | $20.3M | -57% |
| Q1 2025 | $86.6M | +1043% |
| Q4 2024 | $88.4M | +63% |
| Q3 2024 | $42.8M | -38% |
FSM generated $416M in free cash flow over the past year, up 75% from the year before.
FSM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.2% | -4.1M shares |
| 1 year | +6.4% | +19.7M shares |
| 3 years | +12% | +35.5M shares |
| 5 years | +68% | +133M shares |
| Available history | +105% | +168M shares |
FSM has 329M diluted shares, up 6.4% from a year ago, despite $113M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $82.1M |
| Q1 2026 | $24.5M |
| Q4 2025 | $6.2M |
| Q3 2025 | $32,571 |
| Q2 2025 | $78,512 |
| Q1 2025 | $4.2M |
| Q4 2024 | $30.6M |
| Q3 2024 | $189 |
FSM spent $113M buying back its own shares over the past year, about three times what it spent the year before.
FSM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -0.5x | Net Cash |
| Q1 2026 | -0.6x | Net Cash |
| Q4 2025 | -0.4x | Net Cash |
| Q3 2025 | -0.4x | Net Cash |
| Q2 2025 | -0.3x | Net Cash |
| Q1 2025 | -0.2x | Net Cash |
| Q4 2024 | -0.1x | Net Cash |
| Q3 2024 | 0.0x | Very low |
FSM has more cash than debt.
FSM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.9 | Neutral |
| Stochastic | 18.1 | Oversold |
FSM's weekly RSI is 43 (neutral) and its Stochastic is 18 (oversold).
FSM PE vs Basic Materials Sector
| Metric | FSM | Sector median | Relative |
|---|---|---|---|
| PE | 7.7x | 19x | 59% below |
| PE % | 1 | 40 | 39 pts below |
FSM is trading at 7.7x earnings, a 59% discount to the Basic Materials sector's median of 19x.
FSM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.2 | 10% below |
| 20 week MA | $10.3 | 11% below |
| 50 week MA | $10.2 | 11% below |
| 100 week MA | $8.36 | 9% above |
| 200 week MA | $6.14 | 48% above |
FSM has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 48% above its 200-week average.
FSM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $3.96 | $7.55 | +91% |
| 2021 | $7.55 | $3.99 | -47% |
| 2022 | $3.99 | $3.84 | -3.8% |
| 2023 | $3.84 | $3.86 | +0.5% |
| 2024 | $3.86 | $4.32 | +12% |
| 2025 | $4.32 | $10.3 | +139% |
| 2026 YTD | $10.3 | $9.11 | -12% |
FSM's yearly returns have swung widely, from +139% in 2025 to −47% in 2021. It's down 12% so far in 2026.