Fortuna Silver Mines (FSM) financial statements
Fortuna Silver Mines reported revenue of $947M in fiscal 2025, up 18.2% a year over 9 years.
Net income was $287M and the operating margin 43.1%, against 23.1% in 2016.
The diluted share count rose 143% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Fortuna Silver Mines's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $210M | $268M | $263M | $257M | $279M | $600M | $681M | $842M | $677M | $947M |
| Cost of revenue | $130M | $159M | $167M | $173M | $169M | $394M | $535M | $652M | $444M | $480M |
| Gross profit | $81M | $110M | $97M | $85M | $110M | $205M | $147M | $190M | $233M | $467M |
| Selling, general and admin | $31M | $25M | $26M | $30M | $35M | $45M | $61M | $64M | $68M | $98M |
| Operating income | $49M | $110M | $62M | $34M | $57M | $137M | -$114M | -$407,000 | $156M | $408M |
| Interest expense | $2M | $2M | $1M | $857,000 | $2M | $10M | $9M | $18M | — | — |
| Pre-tax income | $47M | $105M | $67M | $44M | $59M | $107M | -$125M | -$11M | $142M | $400M |
| Income tax | $29M | $39M | $33M | $20M | $37M | $48M | $11M | $33M | $51M | $111M |
| Net income | $18M | $66M | $34M | $24M | $22M | $58M | -$128M | -$51M | $129M | $287M |
| EPS (diluted) | $0.13 | $0.42 | $0.21 | $0.14 | $0.12 | $0.23 | -$0.44 | -$0.17 | $0.41 | $0.90 |
| Diluted shares | 138M | 158M | 162M | 165M | 186M | 249M | 291M | 295M | 311M | 335M |
| Gross margin | 38.3% | 40.9% | 36.7% | 32.9% | 39.5% | 34.3% | 21.5% | 22.6% | 34.5% | 49.3% |
| Operating margin | 23.1% | 41.1% | 23.4% | 13.3% | 20.5% | 22.8% | -16.7% | -0.0% | 23.1% | 43.1% |
| Net margin | 8.5% | 24.7% | 12.9% | 9.3% | 7.7% | 9.6% | -18.8% | -6.0% | 19.0% | 30.4% |
Balance sheet
Fiscal years, from Fortuna Silver Mines's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $124M | $213M | $163M | $83M | $132M | $107M | $80M | $128M | $231M | $554M |
| Receivables | $25M | $36M | $33M | $48M | $77M | $76M | $68M | $70M | $100M | $74M |
| Inventory | $14M | $18M | $14M | $15M | $35M | $86M | $92M | $116M | $134M | $123M |
| Total current assets | $167M | $272M | $219M | $153M | $248M | $281M | $253M | $333M | $486M | $765M |
| Property, plant and equipment | $131M | $134M | $192M | $376M | $791M | $1.7B | $1.6B | $1.6B | $1.5B | $1.5B |
| Total assets | $563M | $707M | $787M | $936M | $1.1B | $2.0B | $1.9B | $2.0B | $2.1B | $2.4B |
| Total current liabilities | $58M | $61M | $61M | $90M | $96M | $167M | $135M | $244M | $256M | $256M |
| Total liabilities | $140M | $143M | $184M | $301M | $330M | $592M | $588M | $680M | $649M | $625M |
| Shareholders' equity | $423M | $564M | $603M | $635M | $726M | $1.4B | $1.2B | $1.2B | $1.4B | $1.7B |
| Net debt | -$82M | -$183M | -$91M | -$83M | -$132M | -$107M | -$80M | -$128M | -$231M | -$554M |
Cash flow
Fiscal years, from Fortuna Silver Mines's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $53M | $70M | $83M | $60M | $93M | $147M | $194M | $297M | $366M | — |
| Share buybacks (net) | — | — | — | — | — | — | -$6M | — | -$34M | -$10M |
| Net borrowing | — | — | $30M | $40M | $10M | -$32M | $60M | -$15M | — | — |
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What was Fortuna Silver Mines's revenue in 2025?
$947M in fiscal 2025, from its 10-K filing.
From Fortuna Silver Mines's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.