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What this page is: Delvantic's full research page for Fortuna Mining Corp (FSM) — 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
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-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.
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any ticker resolves at delvantic.com/stock/TICKER ·
raw inputs are public-company filings and market data (via licensed data feeds);
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Basic Materials · Gold
Vancouver, BC V6E 3V6, Canada
fortunamining.com
Price
$10.86
Market Cap
$3.2B
Employees
0
Beta
2.12
Avg Volume
5,174,000
CEO
Mr. Jorge A. Ganoza Durant B.Sc., Eng
Fortuna Mining Corp is a precious metals mining company focused on the exploration, extraction, and processing of gold and silver, with additional exposure to lead and zinc by-products. The company operates a portfolio of producing mines and development projects across Latin America and West Africa, including assets in Argentina, Côte d’Ivoire, Peru, Senegal, and other mining jurisdictions. Its business is organized around operating mines, mineral exploration, and project development, supporting a mix of current production and resource growth. Fortuna Mining Corp serves the global metals market through the supply of mined commodities used in industry, refining, and bullion channels. Headquartered in Vancouver, Canada, Fortuna Mining Corp is a diversified mining operator with a strong presence in politically and geologically varied regions.
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
+0.0%
Feb '26
+445.5%
Mar '26
-14.3%
Apr '26
-7.9%
May '26
-17.2%
Aug '26
| Print date | EPS est. | EPS actual | Revenue est. | Revenue actual |
|---|---|---|---|---|
| Aug 5, 2026 | $0.29 | $0.24 -17.2% | — | — |
| May 7, 2026 | $0.38 | $0.35 -7.9% | — | — |
| Apr 9, 2026 | $-0.07 | $-0.08 -14.3% | — | — |
| Mar 6, 2026 | $-0.22 | $0.76 +445.5% | — | — |
| Feb 19, 2026 | $0.23 | $0.23 +0.0% | — | — |
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 11, 2026 | 6-K | View |
| Aug 6, 2026 | 6-K | View |
| Jul 30, 2026 | 6-K | View |
| Jul 23, 2026 | 6-K | View |
| Jul 13, 2026 | 6-K | View |
| Jul 13, 2026 | 6-K | View |
| Jul 9, 2026 | 6-K | View |
| Jun 30, 2026 | 6-K | View |
| Jun 26, 2026 | 6-K | View |
| Jun 15, 2026 | 6-K | View |
| May 28, 2026 | 6-K | View |
| May 20, 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 10:41am (just now)
Current data · timestamped when a report runs
$10.86
Change · Aug 11
+0.13 (+1.16%)
Day Range
$10.58 – $10.88
52-Week Range
$6.35 – $13.85
50-Day MA
$8.85
200-Day MA
$9.75
Volume
39,704.00
Share Structure
Outstanding
295,957,387.00
Float
292,189,849.00
Free Float
98.7%
High free float
— 98.7% of shares trade freely, ~1.3% 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)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Why there are no quarterly figures for Fortuna Mining 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)
HEXStock Price / EPS (Diluted)
12.06
Stock Price: $10.86
EPS (Diluted): 0.90
EPS (Diluted): 0.90
P/B Ratio (Price vs net asset value)
HEXStock Price / Book Value Per Share
2.09
Stock Price: $10.86
Total Equity: $1.74B
Shares: 334,896,000
Total Equity: $1.74B
Shares: 334,896,000
EV/EBITDA (Total value vs operating profit)
HEXEnterprise Value / EBITDA
—
Market Cap: $3.18B
Total Debt: $0.00
Cash: $553.99M
EBITDA: N/A
Total Debt: $0.00
Cash: $553.99M
EBITDA: N/A
EBITDA not available
Enterprise Value (Takeover price (cap + debt - cash))
HEXMarket Cap + Total Debt - Cash
$2.8B
Market Cap: $3.18B
Total Debt: $0.00
Cash: $553.99M
Total Debt: $0.00
Cash: $553.99M
Gross Margin (Revenue left after direct costs)
HEXGross Profit / Revenue
49.3%
Gross Profit: $466.90M
Revenue: $947.06M
Revenue: $947.06M
Operating Margin (Revenue left after all operations)
HEXOperating Income / Revenue
43.1%
Operating Income: $408.39M
Revenue: $947.06M
Revenue: $947.06M
Net Margin (Revenue left as actual profit)
HEXNet Income / Revenue
30.4%
Net Income: $287.47M
Revenue: $947.06M
Revenue: $947.06M
ROE (Profit from shareholder equity)
HEXNet Income / Total Equity
16.6%
Net Income: $287.47M
Total Equity: $1.74B
Total Equity: $1.74B
ROIC (Profit from all invested capital)
HEXNOPAT / Invested Capital
24.9%
Operating Income: $408.39M
Tax Rate: 27.8%
Equity: $1.74B
Total Debt: $0.00
Cash: $553.99M
Tax Rate: 27.8%
Equity: $1.74B
Total Debt: $0.00
Cash: $553.99M
Zero debt — invested capital = equity minus cash (very efficient)
Current Ratio (Can it pay short-term bills)
HEXCurrent Assets / Current Liabilities
2.98
Current Assets: $764.53M
Current Liabilities: $256.38M
Current Liabilities: $256.38M
Debt/Equity (Leverage — debt vs equity)
HEXTotal Debt / Total Equity
0.00
Short-Term Debt: $0.00
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $1.74B
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $1.74B
Zero debt — this company carries no debt obligations. Strongest possible score.
Rev/Share (Top-line per share)
HEXRevenue / Shares Outstanding
$2.83
Revenue: $947.06M
Shares: 334,896,000
Shares: 334,896,000
Book Value/Share (Net assets per share)
HEX(Total Assets - Total Liabilities) / Shares
$5.18
Total Equity: $1.74B
Shares: 334,896,000
Shares: 334,896,000
FCF/Share (Real cash generated per share)
HEX(Operating Cash Flow + CapEx) / Shares
—
Operating CF: N/A
CapEx: $0.00
Shares: 334,896,000
CapEx: $0.00
Shares: 334,896,000
Missing from API: Operating CF
Div Yield (Annual income from holding)
TDLast Annual Dividend / Stock Price
—
Last Dividend: $0.00
Stock Price: $10.86
Stock Price: $10.86
Payout Ratio (Earnings paid out as dividends)
HEXDividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $287.47M
Net Income: $287.47M
Dividends paid not available in cash flow statement
Income Statement (Annual)
Last updated: Aug 6, 2026 10:24pm (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $599.9M | $681.5M | $842.4M | $1.1B | $947.1M |
| Cost of Revenue | $394.4M | $534.7M | $652.4M | $718.4M | $480.2M |
| Gross Profit | $205.5M | $146.8M | $190.0M | $343.6M | $466.9M |
| Operating Expenses | $68.6M | $260.3M | $190.4M | $115.6M | $58.5M |
| Operating Income | $136.9M | -$113.6M | $-407,000 | $228.0M | $408.4M |
| Net Income | $57.9M | -$128.1M | -$50.8M | $128.7M | $287.5M |
| EBITDA | $258.0M | $57.9M | $215.8M | $454.8M | — |
| EPS | $0.24 | $-0.44 | $-0.17 | $0.42 | $0.94 |
| EPS (Diluted) | $0.23 | $-0.44 | $-0.17 | $0.41 | $0.90 |
Balance Sheet (Annual)
Last updated: Aug 6, 2026 10:24pm (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $107.1M | $80.5M | $128.1M | $231.3M | $554.0M |
| Total Current Assets | $281.1M | $252.7M | $333.3M | $486.2M | $764.5M |
| Total Assets | $2.0B | $1.9B | $2.0B | $2.1B | $2.4B |
| Current Liabilities | $166.8M | $135.1M | $243.8M | $256.0M | $256.4M |
| Long-Term Debt | — | — | — | — | — |
| Total Liabilities | $592.4M | $587.5M | $679.7M | $649.5M | $625.3M |
| Total Equity | $1.4B | $1.3B | $1.3B | $1.5B | $1.7B |
| Retained Earnings | $266.6M | $138.5M | $87.6M | $216.4M | $488.1M |
Cash Flow (Annual)
Last updated: Aug 6, 2026 10:24pm (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $147.1M | $194.2M | $296.9M | $365.7M | — |
| Capital Expenditure | — | — | — | — | — |
| Free Cash Flow | — | — | — | — | — |
| Acquisitions (net) | -$25.3M | — | -$13.3M | — | — |
| Net Debt Issued / (Repaid) | -$32.3M | $60.0M | -$15.0M | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | — | — | — | — | — |
| Net Change in Cash | -$24.8M | -$26.6M | $47.7M | $103.2M | $251.9M |
Growth Trends (YoY %)
Last updated: Aug 6, 2026 10:24pm (4d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +13.6% | +23.6% | +26.1% | -10.8% |
| Gross Profit Growth | -28.6% | +29.4% | +80.8% | +35.9% |
| Operating Income Growth | -183.0% | +99.6% | +56,131.0% | +79.1% |
| Net Income Growth | -321.4% | +60.3% | +353.2% | +123.3% |
| EBITDA Growth | -77.6% | +272.8% | +110.7% | — |
Industry Benchmarks
Compares FSM 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 FSM — it's generated by the pipeline (
market-narrative step).
Claude Reading
No AI findings yet for FSM — they're generated by the
pipeline (
ai-findings step) when a report is run on this ticker.
GPT Reading
No GPT reading yet for FSM — 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
No Grok reading yet for FSM — 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
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Data via Financial Modeling Prep · Cached for performance · twelvedata
v1.1.525 · a5aac093 · 2026-08-10 20:52:14