TFPM
Triple Flag Precious Metals Corp.
TFPM's fundamentals are strong: revenue grew 51% and its operating margin rose 12 points to 64%, though free cash flow turned negative. Its PE of 15x looks cheaper than it really is, because one-off gains boosted its recent earnings. Analysts expect earnings to hold roughly steady.
TFPM Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Weak | |
| Healthy |
TFPM's revenue, profitability and balance sheet are currently healthy, but its cash flow is weak.
TFPM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 15x | $30.46 | — |
| Forward | 24x | $30.46 | — |
| Cheap | 25x | $50.96 | +67% |
| Fair | 38x | $76.82 | +152% |
| Expensive | 82x | $164 | +438% |
Historical ranges are pointers, not guarantees.
TFPM's PE is in its cheap range at 15x, but its recent earnings include one-off gains. On analysts' estimates for next year's earnings, today's price would be 24x.
TFPM Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect TFPM's revenue to grow, but its profitability to weaken.
TFPM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.26 | -37% |
| Q2 2026 | $2.00 | +130% |
| Q1 2026 | $1.52 | +3700% |
| Q4 2025 | $1.19 | +$1.29 |
| Q3 2025 | $1.02 | +$1.28 |
| Q2 2025 | $0.87 | +$1.31 |
| Q1 2025 | $0.04 | -79% |
| Q4 2024 | -$0.10 | -153% |
| Q3 2024 | -$0.26 | -208% |
TFPM earned $2.00 per share over the past year, up 130% from the year before. Its recent earnings include one-off gains.
TFPM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $129.2M | +37% |
| Q1 2026 | $145M | +76% |
| Q4 2025 | $120.7M | +63% |
| Q3 2025 | $93.5M | +27% |
| Q2 2025 | $94.1M | +48% |
| Q1 2025 | $82.2M | +43% |
| Q4 2024 | $74.2M | +43% |
| Q3 2024 | $73.7M | +49% |
TFPM's revenue has grown year over year for 15 quarters in a row: $129M last quarter, up 37% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 65% | +7.4 points |
| Q1 2026 | 67% | +13 points |
| Q4 2025 | 63% | +7.6 points |
| Q3 2025 | 60% | +19 points |
| Q2 2025 | 58% | +232 points |
| Q1 2025 | 54% | +18 points |
| Q4 2024 | 56% | +33 points |
| Q3 2024 | 42% | +58 points |
TFPM's operating margin was 65% last quarter, up 7.4 points from the same quarter a year ago, near the top of its range since 2018.
TFPM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$320.3M | -544% |
| Q1 2026 | $82M | +3398% |
| Q4 2025 | $90M | +49% |
| Q3 2025 | -$69.5M | -213% |
| Q2 2025 | $72.1M | +53% |
| Q1 2025 | $2.3M | -94% |
| Q4 2024 | $60.2M | +106% |
| Q3 2024 | $61.8M | +68% |
TFPM's free cash flow has turned negative after years in the green: −$218M over the past year.
TFPM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -338K shares |
| 1 year | +2.7% | +5.5M shares |
| 3 years | +2.2% | +4.5M shares |
| 5 years | +44% | +63.4M shares |
| Available history | +202% | +138M shares |
TFPM has 207M diluted shares, up 2.7% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $19.4M |
| Q1 2026 | — |
| Q4 2025 | $1M |
| Q3 2025 | — |
| Q2 2025 | $1,000 |
| Q1 2025 | $8M |
| Q4 2024 | $3.7M |
| Q3 2024 | $1.5M |
TFPM spent $20M buying back its own shares over the past year, up 55% from the year before.
TFPM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.4x | Very low |
| Q1 2026 | -0.4x | Net Cash |
| Q4 2025 | -0.1x | Net Cash |
| Q3 2025 | 0.0x | Very low |
| Q2 2025 | -0.3x | Net Cash |
| Q1 2025 | -0.1x | Net Cash |
| Q4 2024 | -0.2x | Net Cash |
| Q3 2024 | 0.1x | Very low |
TFPM's net debt is less than a year of its operating earnings (EBITDA), after holding more cash than debt a year ago.
TFPM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 47.7 | Neutral |
| Stochastic | 29.4 | Neutral |
TFPM's weekly RSI is 48 (neutral) and its Stochastic is 29 (neutral).
TFPM PE vs Basic Materials Sector
| Metric | TFPM | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 19x | 18% below |
| PE % | 1 | 45 | 44 pts below |
TFPM is trading at 15x earnings, a 18% discount to the Basic Materials sector's median of 19x, though its recent earnings include one-off gains.
TFPM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $30.5 | 0% above |
| 20 week MA | $31.1 | 1.9% below |
| 50 week MA | $32.8 | 7.2% below |
| 100 week MA | $27.9 | 9.4% above |
| 200 week MA | $21.2 | 44% above |
TFPM has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 44% above its 200-week average.
TFPM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $9.08 | $10.9 | +20% |
| 2022 | $10.9 | $14.1 | +29% |
| 2023 | $14.1 | $13.3 | -5.8% |
| 2024 | $13.3 | $15.2 | +14% |
| 2025 | $15.2 | $35.5 | +133% |
| 2026 YTD | $35.5 | $30.5 | -14% |
TFPM has finished higher in four of the last five years. It's down 14% so far in 2026.