# First Quantum Minerals Ltd. (FM.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Basic Materials / Metals & Mining. Price C$44.58, market value C$37.2 billion.

## Valuation
- **P/E (trailing): n/a** (negative earnings). First Quantum Minerals Ltd. reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 4.7×**. Each dollar of revenue is priced at 4.7×.
- **Price / book: 2.4×**. The shares trade at 2.4× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 16.6×**. Enterprise value is 16.6× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 1.4%** (5-yr avg 4.1%). Free cash flow equals 1.4% of the market value, below its five-year average of 4.1%, so the shares are pricier on cash than usual.

## Profitability
- **Gross margin: 23.3%**. First Quantum Minerals Ltd. keeps 23.3% of revenue after the direct cost of what it sells, a thin margin typical of retail, distribution and commodity businesses.
- **Operating margin: 17.3%**. 17.3% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: -0.5%**. The company reported a net loss over the last twelve months.
- **Return on equity: -0.3%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: 3.0%**. Return on all capital, debt included, is 3.0%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -0.3%**. Each dollar of assets produces -0.3% of profit.

## Growth
- **Revenue growth (1 yr): 9.1%** (3-yr -11.8%/yr, 5-yr 0.7%/yr). Revenue grew 9.1% over the last year, against 0.7% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): -1525.0%**. Earnings per share fell 1525.0%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): -26.5%/yr**. Free cash flow has compounded at -26.5% a year over three years.

## Financial health
- **Debt to equity: 0.53**. Debt is 0.53 times equity, moderate leverage.
- **Net debt / EBITDA: 2.7×**. It would take 2.7 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 1.6×**. Operating profit covers interest 1.6×, thin but manageable.
- **Current ratio: 1.42** (quick 0.86). Current assets cover the next year's liabilities 1.42 times.
- **Altman Z-score: 2.64**. A Z-score of 2.64 is in the grey zone; not distressed, not clearly safe.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. First Quantum Minerals Ltd. does not currently pay a dividend.

## Analyst view
- **Analyst consensus: buy** (22 analysts). 22 analysts cover First Quantum Minerals Ltd.; the consensus is buy, with an average price target of C$48.26 (+8% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 83.5%** (YTD 21.1%, 3-mo 11.4%). The shares are up 83.5% over twelve months including dividends.
- **From 52-week high: -9.5%** (80.0% above the low). Trading 10% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 51**. An RSI of 51 is neutral.
- **Beta (1 yr): 2.44** (volatility 51%). Beta of 2.44 against the S&P/TSX Composite: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=FM.TO · Page: https://foliofundamentals.com/stocks/fm.to

Not investment advice.