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What this page is: Delvantic's full research page for Ero Copper Corp. (ERO) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.

Page map (sections in order; each card carries a stable reference-name attribute you can cite):

  • profile-header / price-overview — company profile, live quote, market cap
  • extended-analysis — the core: three AI lens reads with findings, scores, and the analyst memo
  • future-predictions — our forward price-band predictions
  • market-narrative / ai-findings / gpt-critique — narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)
  • Members-only sections (render as login gates for anonymous readers): price-history, income-trend, key-metrics, financials (statement tables), insider-trading. The analysis above is public; the raw data tables require a free account.

More for machine readers: site briefing at /llms.txt · any ticker resolves at delvantic.com/stock/TICKER · raw inputs are public-company filings and market data (via licensed data feeds); every model, score, lens read, and prediction on this page is Delvantic's own analysis.

Ero Copper Corp.

ERO NYSE GICS Category PDF
Basic Materials · Copper
Vancouver, BC V6C 2T6, Canada erocopper.com Updated Aug 11, 10:02am
Price
$36.39
Market Cap
$3.8B
Employees
3,690
Beta
1.59
Avg Volume
987,943
CEO
Mr. Makko DeFilippo

Ero Copper Corp. is a Canada-based base metals mining company focused on the production and sale of copper, with gold and silver as by-products. Its primary operations are in Brazil, centered on the Caraiba Operations in northeastern Bahia State, which include the Pilar and Vermelhos underground mines, the Surubim open pit mine, and associated processing facilities. The company also manages the Xavantina Operations, a gold and silver mine in Mato Grosso, and the Tucuma Project, a development-stage copper initiative in Para State. Ero Copper Corp. engages in the exploration, development, and mining of mineral properties, emphasizing clean copper production through its majority interest in Mineracao Caraiba S.A. These segments contribute to its role in the global copper supply chain, serving the basic materials sector within the specialty mining and metals industry. Headquartered in Vancouver, Canada, the company operates as a key player in Brazil's copper mining landscape.

Runs with full report
Earnings Schedule
Checked daily · calendar updated Aug 11
No upcoming print on the calendar yet — companies typically confirm a few weeks ahead. Last print was Aug 5, 2026.
EPS surprise history — vs analyst consensus · 5 prints of vendor history
-15.6%
Nov '25
+3.9%
Feb '26
-1.0%
Mar '26
+32.7%
May '26
+16.9%
Aug '26
Print date EPS est. EPS actual Revenue est. Revenue actual
Aug 5, 2026 $0.71 $0.83 +16.9% — —
May 4, 2026 $0.52 $0.69 +32.7% — —
Mar 5, 2026 $1.05 $1.04 -1.0% — —
Feb 12, 2026 $1.03 $1.07 +3.9% — —
Nov 4, 2025 $0.32 $0.27 -15.6% — —

Green = beat the estimate, red = missed. An earnings print is the fastest way a thesis changes — our designations should be re-read after each one.

Recent SEC Filings
Filed Form Document
Aug 6, 2026 SCHEDULE 13G/A View
Aug 6, 2026 SCHEDULE 13G/A View
Aug 5, 2026 6-K View
Jul 2, 2026 6-K View
Jun 30, 2026 6-K View
Jun 22, 2026 SD View
Jun 10, 2026 6-K View
May 20, 2026 6-K View
May 6, 2026 SCHEDULE 13G/A View
May 6, 2026 SCHEDULE 13G/A View
May 4, 2026 6-K View
Apr 9, 2026 6-K View

Filings link to the SEC’s EDGAR system. Annual/quarterly reports (10-K, 10-Q, 20-F) carry the full story; 8-K/6-K current reports are the fastest signal that something material happened.

Price Overview
Last updated: Aug 11, 2026 10:02am (just now)
Current data · timestamped when a report runs
$36.39
Change · Aug 11
-0.15 (-0.41%)
Day Range
$35.47 – $36.41
52-Week Range
$13.37 – $39.80
50-Day MA
$27.76
200-Day MA
$27.59
Volume
8,863.00
Share Structure
Outstanding 104,302,633.00
Float 101,190,242.00
Free Float 97.0%
High free float — 97.0% of shares trade freely, ~3% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Last updated: Aug 11, 2026 10:02am (just now)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Last updated: Aug 6, 2026 5:02am (5d ago)
Why there are no quarterly figures for Ero Copper Corp.

This company does not file structured financial statements with the U.S. SEC, so quarterly figures aren't available from our filings-based data engine. Annual figures shown here come from the sources that do cover it.

Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
TD Twelve Data statement HEX SEC filing
P/E Ratio (Price per dollar of earnings)
HEX
Stock Price / EPS (Diluted)
14.38
Stock Price: $36.39
EPS (Diluted): 2.53
P/B Ratio (Price vs net asset value)
HEX
Stock Price / Book Value Per Share
4.04
Stock Price: $36.39
Total Equity: $937.86M
Shares: 104,132,269
EV/EBITDA (Total value vs operating profit)
HEX
Enterprise Value / EBITDA
15.71
Market Cap: $3.81B
Total Debt: $607.11M
Cash: $105.44M
EBITDA: $272.14M
Enterprise Value (Takeover price (cap + debt - cash))
HEX
Market Cap + Total Debt - Cash
$4.3B
Market Cap: $3.81B
Total Debt: $607.11M
Cash: $105.44M
Gross Margin (Revenue left after direct costs)
HEX
Gross Profit / Revenue
43.9%
Gross Profit: $344.63M
Revenue: $785.84M
Operating Margin (Revenue left after all operations)
HEX
Operating Income / Revenue
34.4%
Operating Income: $270.60M
Revenue: $785.84M
Net Margin (Revenue left as actual profit)
HEX
Net Income / Revenue
33.6%
Net Income: $263.72M
Revenue: $785.84M
ROE (Profit from shareholder equity)
HEX
Net Income / Total Equity
28.1%
Net Income: $263.72M
Total Equity: $937.86M
ROIC (Profit from all invested capital)
HEX
NOPAT / Invested Capital
15.2%
Operating Income: $270.60M
Tax Rate: 19.4%
Equity: $937.86M
Total Debt: $607.11M
Cash: $105.44M
Current Ratio (Can it pay short-term bills)
HEX
Current Assets / Current Liabilities
1.06
Current Assets: $276.21M
Current Liabilities: $260.72M
Debt/Equity (Leverage — debt vs equity)
HEX
Total Debt / Total Equity
0.65
Short-Term Debt: $55.71M
Long-Term Debt: $551.40M
Total Debt: $607.11M
Total Equity: $937.86M
Rev/Share (Top-line per share)
HEX
Revenue / Shares Outstanding
$7.55
Revenue: $785.84M
Shares: 104,132,269
Book Value/Share (Net assets per share)
HEX
(Total Assets - Total Liabilities) / Shares
$9.01
Total Equity: $937.86M
Shares: 104,132,269
FCF/Share (Real cash generated per share)
HEX
(Operating Cash Flow + CapEx) / Shares
$1.27
Operating CF: $395.14M
CapEx: -$262.75M
Shares: 104,132,269
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
TD
Last Annual Dividend / Stock Price
—
Last Dividend: $0.00
Stock Price: $36.39
Payout Ratio (Earnings paid out as dividends)
HEX
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $263.72M
Dividends paid not available in cash flow statement
Income Statement (Annual)
Last updated: Aug 6, 2026 5:02am (5d ago)
Metric 2021 2022 2023 2024 2025
Revenue $489.9M $426.4M $427.5M $470.3M $785.8M
Cost of Revenue $171.1M $239.2M $270.6M $289.7M $441.2M
Gross Profit $318.9M $187.2M $156.8M $180.6M $344.6M
Operating Expenses $46.7M $57.4M $61.6M $71.6M $74.0M
Operating Income $272.2M $129.8M $95.2M $108.9M $270.6M
Net Income $201.1M $101.8M $92.8M -$68.5M $263.7M
EBITDA $272.5M $130.1M $96.7M $110.6M $272.1M
EPS $2.27 $1.12 $0.99 $-0.66 $2.54
EPS (Diluted) $2.21 $1.10 $0.98 $-0.66 $2.53
Balance Sheet (Annual)
Last updated: Aug 6, 2026 5:02am (5d ago)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $130.1M $177.7M $111.7M $50.4M $105.4M
Total Current Assets $208.7M $392.4M $199.5M $141.8M $276.2M
Total Assets $689.8M $1.2B $1.5B $1.5B $1.9B
Current Liabilities $122.7M $129.1M $173.8M $211.7M $260.7M
Long-Term Debt $54.9M $402.4M $405.9M $556.3M $551.4M
Total Liabilities $294.3M $645.9M $702.4M $867.0M $986.0M
Total Equity $395.5M $542.2M $809.3M $591.1M $937.9M
Retained Earnings $354.9M $456.7M $549.5M $481.1M $744.8M
Cash Flow (Annual)
Last updated: Aug 6, 2026 5:02am (5d ago)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow $364.6M $143.4M $163.1M $145.4M $395.1M
Capital Expenditure -$169.2M -$282.8M -$447.2M -$329.0M -$262.8M
Free Cash Flow $195.4M -$139.4M -$284.1M -$183.5M $132.4M
Acquisitions (net) — — — — —
Net Debt Issued / (Repaid) -$107.8M $345.8M $7.1M -$40.0M -$54.7M
Dividends Paid — — — — —
Stock Buybacks — — — — —
Net Change in Cash $67.6M $47.6M -$66.0M -$61.3M $55.0M
Growth Trends (YoY %)
Last updated: Aug 6, 2026 5:02am (5d ago)
Metric 2022 2023 2024 2025
Revenue Growth -13.0% +0.3% +10.0% +67.1%
Gross Profit Growth -41.3% -16.2% +15.1% +90.9%
Operating Income Growth -52.3% -26.6% +14.4% +148.4%
Net Income Growth -49.4% -8.9% -173.8% +485.1%
EBITDA Growth -52.2% -25.7% +14.4% +146.1%
Industry Benchmarks
Compares ERO against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Narrative Economics
The story the market is telling about this stock — the intangible X-factor (founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for ERO — it's generated by the pipeline (market-narrative step).
Claude Reading
Claude Opus reviews the pipeline's raw data + every prior verdict, then writes an independent take.
No AI findings yet for ERO — they're generated by the pipeline (ai-findings step) when a report is run on this ticker.
GPT Reading
GPT reads the identical raw briefing blind — one of the Big-3 independent readings — and commits to its own verdict.
No GPT reading yet for ERO — it's generated by the pipeline (gpt-critique step) after the other Big-3 seats, when a report is run on this ticker.
Grok Reading
Grok (xAI) reads the identical raw briefing blind — one of the Big-3 independent readings — and commits to its own verdict.
No Grok reading yet for ERO — it's generated by the pipeline (grok-critique step) alongside the other Big-3 seats, when a report is run on this ticker.
Advanced Analysis Forensic deep-dive · four lenses
A separate, manually-run forensic pipeline (dilution, earnings quality, liquidity → two scored lenses → the play). Hasn't been run for this ticker yet.
Community AI Feedback
No community reviews yet for ERO. Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes personal — only you see this
Data via Financial Modeling Prep · Cached for performance · twelvedata
v1.1.525 · a5aac093 · 2026-08-10 20:52:14