Fortuna Silver Mines Inc. (FSM) Balance Sheet
FSM balance sheet, 2025
December 31, 2025 · U.S. dollars$2.41B assets = $682.7M liabilities + $1.73B equity
Both columns are drawn to the same scale: what FSM owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FSM financial health
Current ratio2.98
Comfortable · current assets cover current liabilities 2.98×
Debt / equity0.16
Low leverage · $0.16 of debt for each $1 of equity
Equity / assets69.3%
Equity-funded · of assets funded by shareholders
Cash / debt210.0%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
FSM balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $562.9M2016 | $2.41B2025 | +17.6%/yr | |
| Total liabilities | $139.8M2016 | $682.7M2025 | +19.3%/yr | |
| Shareholders’ equity | $423.2M2016 | $1.67B2025 | +16.5%/yr | |
| Cash & short-term investments | $125.2M2016 | $559.7M2025 | +18.1%/yr | |
| Total debt | $42.8M2016 | $266.5M2025 | +22.5%/yr | |
| Net cash (debt) | $82.4M2016 | $293.2M2025 | +$210.9M | |
| Working capital | $108.8M2016 | $507.2M2025 | +$398.4M | |
| Book value per share | $3.072016 | $5.002025 | +5.6%/yr | |
| Current ratio | 2.872016 | 2.982025 | +0.11 | |
| Debt / equity | 0.102016 | 0.162025 | +0.06 | |
| Shares outstanding | 138.1M2016 | 334.9M2025 | +10.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FSM assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
FSM liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
FSM debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FSM balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $559.7M | $231.3M | $128.1M | $80.5M | $107.5M | $133.0M | $83.4M | $163.3M | $213.1M | $125.2M |
| Cash & equivalents | $553.0M | $231.3M | $128.1M | $80.5M | $107.1M | $131.9M | $83.4M | $90.5M | $183.1M | $82.5M |
| Short-term investments | $6.7M | $63,000 | $655,644 | $78,000 | $416,000 | $1.1M | $0 | $72.8M | $30.1M | $42.7M |
| Receivables | $74.2M | $104.1M | $74.6M | $24.0M | $78.2M | $76.6M | $50.3M | $31.3M | $35.5M | $24.3M |
| Inventory | $122.5M | $134.5M | $115.8M | $92.0M | $85.8M | $35.3M | $15.0M | $14.4M | $17.8M | $13.6M |
| Other current assets | $6.7M | $16.3M | $14.7M | $56.2M | $9.6M | $3.3M | $4.0M | $9.9M | $6.1M | $3.9M |
| Total current assets | $763.1M | $486.2M | $333.3M | $252.7M | $281.1M | $248.1M | $152.6M | $218.9M | $272.5M | $166.9M |
| Property, plant & equipment (net) | $1.52B | $1.54B | $1.57B | $1.57B | $1.71B | $791.1M | $729.2M | $505.0M | $430.3M | $394.4M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $1.3M | $4.3M | $2.7M | $562,000 |
| Other non-current assets | $135.8M | $90.1M | $60.3M | $55.9M | $28.5M | $16.1M | $52.9M | $58.3M | $1.2M | $1.0M |
| Total assets | $2.41B | $2.12B | $1.97B | $1.88B | $2.02B | $1.06B | $936.1M | $786.5M | $706.6M | $562.9M |
| Liabilities | ||||||||||
| Accounts payable | $77.8M | $91.2M | $100.4M | $72.6M | $82.5M | $31.6M | $41.0M | $14.1M | $13.7M | $15.3M |
| Short-term debt | $21.2M | $19.8M | $58.8M | $9.4M | $10.5M | $7.0M | $8.8M | $3.4M | $906,000 | $2.1M |
| Deferred revenue | — | — | −$31.1M | — | $70.6M | $58.6M | $39.1M | $33.5M | $43.8M | $40.5M |
| Total current liabilities | $255.9M | $256.0M | $243.8M | $135.1M | $166.8M | $96.4M | $89.8M | $61.3M | $60.6M | $58.1M |
| Long-term debt | $134.4M | $126.0M | $162.9M | $219.2M | $176.4M | $171.1M | $161.6M | $74.7M | $39.9M | $40.7M |
| Lease obligations | $76.9M | $68.0M | $57.4M | $21.3M | $29.4M | $19.5M | $23.9M | $8.8M | $906,000 | $3.0M |
| Other long-term liabilities | $292.4M | $267.4M | $273.0M | $233.3M | $249.2M | $62.0M | $49.3M | $47.7M | $42.6M | $41.0M |
| Total liabilities | $682.7M | $649.5M | $679.7M | $587.5M | $592.4M | $329.6M | $300.6M | $183.7M | $143.1M | $139.8M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.12B | $1.13B | $1.13B | $1.08B | $1.08B | $492.3M | $422.1M | $420.5M | $418.2M | $344.0M |
| Retained earnings (deficit) | $487.2M | $216.4M | $87.6M | $138.5M | $266.6M | $208.7M | $187.2M | $163.4M | $129.4M | $63.1M |
| Accumulated other comprehensive income | $63.6M | $20.7M | $20.5M | $29.9M | $24.0M | $24.7M | $26.1M | $18.9M | $16.0M | $16.1M |
| Minority interest | $58.3M | $62.2M | $49.8M | $43.9M | — | — | — | — | — | — |
| Total shareholders' equity | $1.67B | $1.40B | $1.24B | $1.24B | $1.38B | $725.8M | $635.4M | $602.8M | $563.6M | $423.2M |
| Key figures | ||||||||||
| Total debt | $266.5M | $194.0M | $264.2M | $240.5M | $186.9M | $178.1M | $170.4M | $78.1M | $40.8M | $42.8M |
| Net cash (debt) | $293.2M | $37.3M | −$136.1M | −$160.0M | −$79.4M | −$45.2M | −$87.0M | $85.3M | $172.4M | $82.4M |
| Working capital | $507.2M | $230.2M | $89.6M | $117.6M | $114.3M | $151.6M | $62.9M | $157.6M | $211.9M | $108.8M |
| Tangible book value | $1.67B | $1.40B | $1.24B | $1.24B | $1.38B | $725.8M | $635.4M | $602.8M | $563.6M | $423.2M |
| Book value per share | $5.00 | $4.52 | $4.20 | $4.27 | $5.51 | $3.90 | $3.86 | $3.73 | $3.56 | $3.07 |
| Shares outstanding | 334.9M | 310.7M | 295.1M | 291.3M | 249.4M | 186.1M | 164.5M | 161.6M | 158.3M | 138.1M |
| Current ratio | 2.98 | 1.90 | 1.37 | 1.87 | 1.69 | 2.57 | 1.70 | 3.57 | 4.50 | 2.87 |
| Quick ratio | 2.48 | 1.31 | 0.83 | 0.77 | 1.11 | 2.17 | 1.49 | 3.17 | 4.10 | 2.57 |
| Debt / equity | 0.16 | 0.14 | 0.21 | 0.19 | 0.14 | 0.25 | 0.27 | 0.13 | 0.07 | 0.10 |
| Equity / assets | 69.3% | 66.4% | 62.9% | 66.3% | 68.0% | 68.8% | 67.9% | 76.6% | 79.8% | 75.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $614.4M | $675.8M | $559.7M | $444.2M | $394.0M | $309.4M | $231.3M | $180.6M | $105.6M | $87.7M | $128.1M | $117.8M |
| Cash & equivalents | $606.7M | $665.9M | $553.0M | $438.3M | $378.4M | $305.0M | $231.3M | $180.6M | $105.6M | $87.7M | $128.1M | $117.8M |
| Short-term investments | $7.7M | $9.9M | $6.7M | $5.9M | $15.6M | $4.4M | $63,000 | — | −$46.1M | — | — | — |
| Receivables | $65.1M | $73.0M | $74.2M | $83.4M | $67.4M | $96.0M | $104.1M | $105.2M | $84.4M | $81.3M | $74.6M | $22.1M |
| Inventory | $138.9M | $121.1M | $122.5M | $110.7M | $120.4M | $135.9M | $134.5M | $125.2M | $130.6M | $125.1M | $115.8M | $132.7M |
| Other current assets | $17.1M | $22.0M | $6.7M | $8.6M | $5.7M | $36.1M | $16.3M | $19.5M | $63.5M | $17.9M | $14.7M | $57.6M |
| Total current assets | $835.5M | $891.9M | $763.1M | $647.0M | $587.5M | $577.4M | $486.2M | $430.5M | $384.1M | $312.0M | $333.3M | $330.3M |
| Property, plant & equipment (net) | $1.59B | $1.52B | $1.52B | $1.52B | $1.47B | $1.52B | $1.54B | $1.56B | $1.56B | $1.57B | $1.57B | $1.66B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $73.1M | $80.7M | $135.8M | $73.3M | $78.3M | $92.8M | $90.1M | $93.4M | $81.0M | $68.3M | $60.3M | $55.5M |
| Total assets | $2.50B | $2.49B | $2.41B | $2.24B | $2.14B | $2.19B | $2.12B | $2.08B | $2.02B | $1.95B | $1.97B | $2.05B |
| Liabilities | ||||||||||||
| Accounts payable | $81.8M | $75.0M | $77.8M | $58.6M | $78.2M | $96.0M | $91.2M | $92.8M | $97.2M | $102.9M | $100.4M | $78.3M |
| Short-term debt | $30.8M | $21.5M | $21.2M | $21.4M | $22.1M | $20.5M | $19.8M | $18.1M | $59.4M | $58.6M | $58.8M | $12.8M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$37,216 | $41.5M | $31.6M | — |
| Total current liabilities | $278.2M | $281.1M | $255.9M | $196.2M | $217.0M | $283.2M | $256.0M | $222.0M | $253.8M | $246.3M | $243.8M | $155.8M |
| Long-term debt | $138.9M | $136.6M | $134.4M | $132.2M | $130.0M | $128.0M | $126.0M | $124.1M | $122.2M | $123.2M | $162.9M | $246.6M |
| Lease obligations | $95.3M | $72.8M | $76.9M | $81.2M | $86.0M | $69.9M | $68.0M | $64.8M | $57.0M | $53.8M | $57.4M | $53.1M |
| Other long-term liabilities | $261.3M | $234.6M | $292.4M | $241.3M | $248.9M | $246.6M | $267.4M | $258.6M | $258.7M | $264.6M | $273.0M | $263.2M |
| Total liabilities | $678.4M | $652.3M | $682.7M | $569.6M | $595.9M | $657.8M | $649.5M | $604.7M | $634.6M | $634.0M | $679.7M | $665.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.09B | $1.12B | $1.12B | $1.13B | $1.13B | $1.13B | $1.13B | $1.16B | $1.12B | $1.12B | $1.13B | $1.12B |
| Retained earnings (deficit) | $612.7M | $586.9M | $487.2M | $428.5M | $304.9M | $274.9M | $216.4M | $205.0M | $154.5M | $113.9M | $87.6M | $180.0M |
| Accumulated other comprehensive income | $28.2M | $28.4M | $63.6M | $24.5M | $23.8M | $19.4M | $20.7M | $18.0M | $18.5M | $19.6M | $20.5M | $28.8M |
| Minority interest | $52.0M | $67.2M | $58.3M | $52.4M | $47.7M | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.77B | $1.77B | $1.67B | $1.62B | $1.49B | $1.46B | $1.40B | $1.42B | $1.33B | $1.26B | $1.24B | $1.33B |
| Key figures | ||||||||||||
| Total debt | $234.2M | $209.4M | $266.5M | $213.4M | $216.0M | $197.9M | $194.0M | $188.9M | $224.1M | $221.4M | $264.2M | $299.7M |
| Net cash (debt) | $380.2M | $466.4M | $293.2M | $230.8M | $178.0M | $111.5M | $37.3M | −$8.3M | −$118.5M | −$133.7M | −$136.1M | −$181.9M |
| Working capital | $557.3M | $610.8M | $507.2M | $450.8M | $370.5M | $294.2M | $230.2M | $208.4M | $130.3M | $65.8M | $89.6M | $174.4M |
| Tangible book value | $1.77B | $1.77B | $1.67B | $1.62B | $1.49B | $1.46B | $1.40B | $1.42B | $1.33B | $1.26B | $1.24B | $1.33B |
| Book value per share | $5.38 | $5.33 | $5.47 | $4.83 | $4.84 | $4.74 | $4.49 | $4.51 | $4.21 | $4.09 | $4.04 | $4.52 |
| Shares outstanding | 328.6M | 332.8M | 305.8M | 335.1M | 309.0M | 308.1M | 312.4M | 314.7M | 316.9M | 308.2M | 306.6M | 294.9M |
| Current ratio | 3.00 | 3.17 | 2.98 | 3.30 | 2.71 | 2.04 | 1.90 | 1.94 | 1.51 | 1.27 | 1.37 | 2.12 |
| Quick ratio | 2.44 | 2.66 | 2.48 | 2.69 | 2.13 | 1.43 | 1.31 | 1.29 | 0.75 | 0.69 | 0.83 | 0.90 |
| Debt / equity | 0.13 | 0.12 | 0.16 | 0.13 | 0.14 | 0.14 | 0.14 | 0.13 | 0.17 | 0.18 | 0.21 | 0.22 |
| Equity / assets | 70.8% | 71.1% | 69.3% | 72.2% | 69.9% | 66.8% | 66.4% | 68.2% | 65.9% | 64.7% | 62.9% | 65.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 26, 2026); data from EODHD.
FSM financial position
At the end of fiscal 2025 (December 31, 2025), Fortuna Silver Mines had total assets of $2.4 billion (up 14.2% from a year earlier), total liabilities of $682.7 million and shareholders' equity of $1.7 billion. It held $559.7 million in cash and short-term investments against $266.5 million of debt, a net cash position of $293.2 million. Its current ratio was 2.98. In the latest quarter (ended June 30, 2026) total assets were $2.5 billion and equity $1.8 billion.
Related: FSM income statement, FSM cash flow statement, FSM key metrics. See the FSM stock overview for the latest quote and news.
FSM balance sheet FAQ
What are Fortuna Silver Mines's total assets?
Fortuna Silver Mines reported total assets of $2.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.1 billion a year earlier.
How much debt does Fortuna Silver Mines have?
Fortuna Silver Mines had $266.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.16.
How much cash does Fortuna Silver Mines have?
Fortuna Silver Mines held $559.7 million in cash and short-term investments at the end of fiscal 2025; with $266.5 million of debt that is net cash of $293.2 million.
What is Fortuna Silver Mines's book value?
Fortuna Silver Mines's shareholders' equity (book value) was $1.7 billion at the end of fiscal 2025, or $5.00 per share.
What is Fortuna Silver Mines's current ratio?
Fortuna Silver Mines had current assets of $763.1 million and current liabilities of $255.9 million, a current ratio of 2.98 (it can cover its short-term obligations).