Fortuna Silver Mines Inc. (FSM) Key Metrics
FSM valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.17B
- Enterprise value
- $3.08B
- P/E (TTM)
- 9.2 10-yr median 17.1
- Forward P/E
- 6.9
- PEG ratio
- —
- Price / sales
- 2.7 10-yr median 2.4
- Price / book
- 2.0 10-yr median 1.0
- EV / EBITDA
- 3.8 10-yr median 5.1
- Dividend yield
- —
- Beta
- 2.18
FSM key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsFSM valuation Price multiples at each fiscal year-end price.
FSM returns How much profit the business earns on the capital it uses.
FSM per-share figures Results divided by the shares outstanding at year-end.
FSM financial health Debt, liquidity and how easily interest is covered.
FSM efficiency & capital use Working capital cycle and where the cash goes.
FSM valuation history
FSM returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FSM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FSM cash returned to shareholders
FSM price vs earnings per share
FSM key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $3.29B | $1.33B | $1.14B | $1.09B | $972.8M | $1.53B | $671.3M | $588.4M | $826.4M | $780.0M |
| Enterprise value | $2.99B | $1.30B | $1.28B | $1.25B | $1.05B | $1.58B | $758.3M | $503.1M | $654.0M | $697.6M |
| P/E ratio | 10.9 | 10.4 | — | — | 16.8 | 71.1 | 28.2 | 17.3 | 12.5 | 43.7 |
| Price / sales | 3.4 | 1.3 | 1.4 | 1.6 | 1.6 | 5.5 | 2.6 | 2.2 | 3.1 | 3.7 |
| Price / book | 2.0 | 0.9 | 0.9 | 0.9 | 0.7 | 2.1 | 1.1 | 1.0 | 1.5 | 1.8 |
| Price / free cash flow | 11.2 | 8.2 | 14.1 | — | — | — | — | — | 35.7 | 62.5 |
| Price / operating cash flow | 6.9 | 3.6 | 3.8 | 5.6 | 6.6 | 16.4 | 10.7 | 7.0 | 11.8 | 14.8 |
| EV / sales | 3.1 | 1.2 | 1.5 | 1.8 | 1.8 | 5.7 | 2.9 | 1.9 | 2.4 | 3.3 |
| EV / EBITDA | 4.8 | 3.1 | 5.5 | 21.2 | 4.3 | 14.8 | 8.1 | 4.5 | 4.3 | 8.5 |
| EV / free cash flow | 10.2 | 8.0 | 15.7 | — | — | — | — | — | 28.3 | 55.9 |
| Earnings yield | 9.2% | 9.7% | −4.5% | −11.7% | 5.9% | 1.4% | 3.5% | 5.8% | 8.0% | 2.3% |
| Free cash flow yield | 9.0% | 12.1% | 7.1% | −5.2% | −0.5% | 0.0% | −24.0% | −2.5% | 2.8% | 1.6% |
| Shareholder yield (dividends + buybacks) | 0.3% | 2.6% | 0.0% | 0.5% | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.0% |
| Share price at fiscal year-end | $9.81 | $4.29 | $3.86 | $3.75 | $3.90 | $8.24 | $4.08 | $3.64 | $5.22 | $5.65 |
| Per share | ||||||||||
| Revenue per share | $2.87 | $3.42 | $2.86 | $2.34 | $2.40 | $1.50 | $1.56 | $1.63 | $1.69 | $1.52 |
| Earnings per share | $0.90 | $0.41 | −$0.17 | −$0.44 | $0.23 | $0.12 | $0.14 | $0.21 | $0.42 | $0.13 |
| Operating cash flow per share | $1.42 | $1.18 | $1.02 | $0.67 | $0.59 | $0.50 | $0.38 | $0.52 | $0.44 | $0.38 |
| Free cash flow per share | $0.88 | $0.52 | $0.27 | −$0.20 | −$0.02 | $0.00 | −$0.98 | −$0.09 | $0.15 | $0.09 |
| Cash per share | $1.67 | $0.74 | $0.43 | $0.28 | $0.43 | $0.71 | $0.51 | $1.01 | $1.35 | $0.91 |
| Book value per share | $5.00 | $4.52 | $4.20 | $4.27 | $5.51 | $3.90 | $3.86 | $3.73 | $3.56 | $3.07 |
| Tangible book value per share | $5.00 | $4.52 | $4.20 | $4.27 | $5.51 | $3.90 | $3.86 | $3.73 | $3.56 | $3.07 |
| Capex per share | $0.54 | $0.66 | $0.75 | $0.86 | $0.61 | $0.50 | $1.36 | $0.61 | $0.30 | $0.29 |
| Debt per share | $0.80 | $0.62 | $0.90 | $0.83 | $0.75 | $0.96 | $1.04 | $0.48 | $0.26 | $0.31 |
| Shares outstanding | 334.9M | 310.7M | 295.1M | 291.3M | 249.4M | 186.1M | 164.5M | 161.6M | 158.3M | 138.1M |
| Change in shares outstanding | +7.8% | +5.3% | +1.3% | +16.8% | +34.1% | +13.1% | +1.8% | +2.1% | +14.7% | +7.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 19.6% | 9.7% | −4.1% | −9.8% | 5.5% | 3.2% | 3.8% | 5.8% | 13.4% | 5.2% |
| Return on invested capital (ROIC) | 19.4% | 11.1% | −0.0% | −6.3% | 6.8% | 3.8% | 3.0% | 6.8% | 19.0% | 9.0% |
| Return on assets (ROA) | 13.3% | 6.3% | −2.6% | −6.6% | 3.8% | 2.2% | 2.8% | 4.6% | 10.4% | 3.8% |
| Return on tangible assets | 12.5% | 6.1% | −2.6% | −6.8% | 2.9% | 2.0% | 2.5% | 4.3% | 9.4% | 3.2% |
| Free cash flow margin | 30.7% | 15.2% | 9.6% | −8.4% | −0.9% | 0.1% | −62.6% | −5.5% | 8.6% | 5.9% |
| Income quality (OCF / net income) | 1.57 | 2.84 | — | — | 2.54 | 4.33 | 2.65 | 2.46 | 1.06 | 2.95 |
| Financial health | ||||||||||
| Total debt | $266.5M | $194.0M | $264.2M | $240.5M | $186.9M | $178.1M | $170.4M | $78.1M | $40.8M | $42.8M |
| Cash & short-term investments | $559.7M | $231.3M | $128.1M | $80.5M | $107.5M | $133.0M | $83.4M | $163.3M | $213.1M | $125.2M |
| Net debt | −$293.2M | −$37.3M | $136.1M | $160.0M | $79.4M | $45.2M | $87.0M | −$85.3M | −$172.4M | −$82.4M |
| Debt / equity | 0.16 | 0.14 | 0.21 | 0.19 | 0.14 | 0.25 | 0.27 | 0.13 | 0.07 | 0.10 |
| Debt / assets | 0.11 | 0.09 | 0.13 | 0.13 | 0.09 | 0.17 | 0.18 | 0.10 | 0.06 | 0.08 |
| Net debt / EBITDA | −0.47 | −0.09 | 0.59 | 2.71 | 0.33 | 0.42 | 0.93 | −0.76 | −1.13 | −1.01 |
| Current ratio | 2.98 | 1.90 | 1.37 | 1.87 | 1.69 | 2.57 | 1.70 | 3.57 | 4.50 | 2.87 |
| Quick ratio | 2.50 | 1.37 | 0.89 | 1.19 | 1.17 | 2.21 | 1.53 | 3.34 | 4.20 | 2.64 |
| Interest coverage | 14.8 | 9.4 | -0.0 | -10.2 | 13.4 | 28.9 | 26.3 | 32.0 | 63.6 | 22.6 |
| Working capital | $507.2M | $230.2M | $89.6M | $117.6M | $114.3M | $151.6M | $62.9M | $157.6M | $211.9M | $108.8M |
| Invested capital | $1.38B | $1.37B | $1.37B | $1.40B | $1.45B | $770.9M | $722.4M | $517.5M | $391.2M | $340.8M |
| Tangible asset value | $1.73B | $1.47B | $1.29B | $1.29B | $1.43B | $725.8M | $635.4M | $602.8M | $563.6M | $423.2M |
| Net current asset value | $80.4M | −$163.2M | −$346.4M | −$334.8M | −$311.3M | −$81.5M | −$148.0M | $35.2M | $129.4M | $27.1M |
| Graham number | $10.07 | $6.49 | — | — | $5.36 | $3.19 | $3.55 | $4.20 | $5.79 | $2.99 |
| Graham net-net per share | −$0.02 | −$0.88 | −$1.48 | −$1.52 | −$1.54 | −$0.65 | −$1.05 | $0.06 | $0.67 | $0.08 |
| Capital allocation | ||||||||||
| Share buybacks (net) | $10.4M | $34.1M | $0 | $5.9M | $0 | $0 | — | $0 | $0 | $0 |
| Dividends + buybacks / free cash flow | 3.5% | 21.1% | 0.0% | — | — | 0.0% | — | — | 0.0% | 0.0% |
| Capex / revenue | 18.9% | 19.2% | 26.3% | 36.9% | 25.4% | 33.3% | 87.1% | 37.2% | 17.6% | 19.1% |
| Capex / operating cash flow | 38.1% | 55.7% | 73.2% | 129.3% | 103.5% | 99.6% | 355.7% | 117.3% | 67.0% | 76.3% |
| Capex / depreciation | 0.92 | 1.16 | 1.01 | 1.45 | 1.25 | 2.05 | 4.70 | 2.26 | 1.05 | 1.21 |
| Stock-based compensation / revenue | — | 1.1% | 0.2% | −0.0% | −0.5% | 4.4% | 1.8% | −0.8% | −0.0% | 0.2% |
| SG&A / revenue | 10.2% | 7.3% | 7.9% | 9.0% | 7.6% | 12.6% | 11.6% | 9.9% | 9.3% | 14.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 33.9 | 30.7 | 21.4 | 27.4 | 47.1 | 83.0 | 57.9 | 46.3 | 40.7 | 27.9 |
| Days of inventory on hand | 95.3 | 63.6 | 58.1 | 60.7 | 56.0 | 54.3 | 31.0 | 35.2 | 36.1 | 33.8 |
| Days payables outstanding | 62.7 | 48.7 | 48.4 | 52.9 | 52.8 | 78.5 | 58.2 | 30.4 | 33.3 | 47.1 |
| Cash conversion cycle (days) | 66.5 | 45.6 | 31.1 | 35.1 | 50.3 | 58.8 | 30.7 | 51.0 | 43.4 | 14.6 |
| Receivables turnover | 10.76 | 11.88 | 17.08 | 13.34 | 7.75 | 4.40 | 6.31 | 7.88 | 8.97 | 13.09 |
| Payables turnover | 5.82 | 7.50 | 7.54 | 6.89 | 6.91 | 4.65 | 6.27 | 11.99 | 10.95 | 7.76 |
| Inventory turnover | 3.83 | 5.74 | 6.28 | 6.01 | 6.51 | 6.72 | 11.76 | 10.38 | 10.12 | 10.80 |
| Asset turnover | 0.42 | 0.52 | 0.44 | 0.35 | 0.39 | 0.28 | 0.30 | 0.35 | 0.42 | 0.45 |
| Average receivables | $89.2M | $89.4M | $49.3M | $51.1M | $77.4M | $63.4M | $40.8M | $33.4M | $29.9M | $16.1M |
| Average payables | $84.5M | $95.8M | $86.5M | $77.6M | $57.1M | $36.3M | $27.5M | $13.9M | $14.5M | $16.7M |
| Average inventory | $128.5M | $125.2M | $103.9M | $88.9M | $60.5M | $25.1M | $14.7M | $16.1M | $15.7M | $12.0M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from FSM's annual financial statements (latest annual report filed March 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FSM valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Fortuna Silver Mines traded at 10.9 times earnings, against a 10-year median of 17.1. Based on the latest twelve months, the trailing P/E is 9.2 and the forward P/E is 6.9. Fortuna Silver Mines earned a return on equity of 19.6% and a return on invested capital of 19.4% in fiscal 2025. It ended the year with $266.5 million of debt and $559.7 million in cash and short-term investments, a net cash position of $293.2 million. It returned $10.4 million to shareholders: $0 in dividends and $10.4 million in share buybacks, 4% of free cash flow. The share count rose 142.6% from 138.1M to 334.9M over 9 years.
See the FSM income statement, the FSM chart for price history, or the FSM stock overview for the latest quote and news.
FSM key metrics FAQ
What is Fortuna Silver Mines's P/E ratio?
Fortuna Silver Mines's trailing P/E ratio is 9.2 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 6.9. At the end of fiscal 2025 it was 10.9, compared with a 10-year median of 17.1.
What is Fortuna Silver Mines's EV/EBITDA?
Fortuna Silver Mines's enterprise value was 4.8 times EBITDA at the end of fiscal 2025 (enterprise value $3.0 billion, EBITDA $628.8 million); the current EV/EBITDA is 3.8.
What is Fortuna Silver Mines's return on equity?
Fortuna Silver Mines's return on equity (ROE) was 19.6% in fiscal 2025: net income of $302.1 million on average shareholders' equity of $1.5 billion.
What is Fortuna Silver Mines's ROIC?
Fortuna Silver Mines's return on invested capital was 19.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Fortuna Silver Mines have?
Fortuna Silver Mines had total debt of $266.5 million at the end of fiscal 2025, a debt-to-equity ratio of 0.16 and more cash than debt.
Does Fortuna Silver Mines buy back its shares?
Yes. Fortuna Silver Mines spent $10.4 million on net share repurchases in fiscal 2025 Shares outstanding changed +7.8% over the year, to 334.9M..
What is Fortuna Silver Mines's free cash flow yield?
Fortuna Silver Mines generated $294.4 million of free cash flow in fiscal 2025, a free cash flow yield of 9.0% on its market value at year-end ($3.3 billion).
What is Fortuna Silver Mines's current ratio?
Fortuna Silver Mines's current ratio was 2.98 at the end of fiscal 2025: current assets were 2.98 times current liabilities.