First Quantum Minerals Ltd. FM

MaterialsMetals & MiningCanada

Last close 32.38 CAD on Nov 2, 2026, −12.0% year to date

Quant rating

Quant rating B Rank 57 of 154 in Materials

Growth B 27 of 154
Valuation C 90 of 154
Quality B 59 of 154
Revisions B 59 of 154
Momentum C 85 of 154

Wall Street consensus Buy (2.05)Average target 51.20 CAD +58.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 27.0B
Enterprise value: 36.9B
52-week range: 27.06 – 49.27
3-year range: 9.65 – 49.27
Dividend yield: –
Beta (5 years): 1.97
Shares outstanding: 834M
Next earnings: Feb 8, 2027

About the company

First Quantum Minerals Ltd. is a mining company. The Company is engaged in the production of copper, nickel and gold, and related activities including exploration and development. It has operating mines located in Zambia, Turkiye and Mauritania. Its projects include Kansanshi, Cobre Panama, Sentinel, Enterprise, Las Cruces, Guelb Moghrein, Cayeli, Ravensthorpe, and others. Its development projects include Haquira, Taca Taca, and La Granja. Taca Taca, located in the Salta province of Argentina, consists of an open-pit copper mine and ore processing plant that produces up to 275 kilotons(kt) of copper per year along with gold and molybdenum by-products. La Granja is in the district of Querocoto in the northern region of Cajamarca, Peru, approximately 90 kilometers northeast of Chiclayo. Haquira is in the Apurimac region of Peru is a longer-dated greenfield project.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	7,187	6,905	8,551	10,332	9,112	–
Revenue growth	4.1%	−19.2%	−17.2%	13.4%	41.2%	2.2%
EPS (basic, normalized)	0.01	−0.03	0.51	2.05	1.50	–
EPS growth	–	–	−75.0%	36.7%	–	–
Gross margin	27.8%	28.1%	20.0%	28.8%	35.5%	28.1%
Net margin	−0.5%	0.0%	−14.8%	13.6%	11.5%	2.0%
ROE	−0.2%	0.0%	−9.0%	9.9%	8.8%	1.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,133
Current ratio	1.79x
Long-term debt (mil)	9,980
Net debt (mil)	9,998
Total equity (mil)	16,358
Net debt / equity	0.61x
Net debt / EBITDA	4.40x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	7,187	+4.1%	5.1x	2,271	+9.0%	16.2x	0.01	+147.4%	2,389.7x
2026	9,676	+34.6%	3.8x	3,154	+38.9%	11.7x	0.29	+2,065.6%	110.3x
2027	12,740	+31.7%	2.9x	5,727	+81.6%	6.4x	2.39	+715.6%	13.5x
2028	16,698	+31.1%	2.2x	8,540	+49.1%	4.3x	4.22	+76.5%	7.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	9,676	+2.9%	+3.0%	+8.8%	0.29	+38.3%	+48.2%	−41.8%
2027	12,740	−1.6%	−2.9%	−0.6%	2.39	−2.4%	−6.0%	−6.1%
2028	16,698	+4.4%	+1.0%	+8.0%	4.22	+2.2%	−1.5%	+9.2%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,036	1,231	1,279	1,256	1,190	1,226	1,346	1,475	1,404	1,522
Sales mean (mil)	905	1,051	1,126	1,189	1,034	1,159	1,429	1,357	1,354	1,415
Surprise	+14.5%	+17.1%	+13.6%	+5.7%	+15.1%	+5.7%	−5.8%	+8.7%	+3.7%	+7.5%
EPS reported	−0.20	−0.02	0.14	0.04	0.00	0.02	−0.02	0.01	−0.18	−0.13
EPS mean	−0.11	−0.03	0.01	0.03	−0.06	−0.02	0.08	0.06	0.06	0.05
Surprise	−74.6%	+41.4%	+1,033.6%	+36.4%	+100.0%	−212.0%	−126.2%	−84.6%	−406.1%	−368.5%

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FM First Quantum Minerals Ltd.	27.0B	4.40x	−0.5%	1.68x	110.3x	13.5x	11.7x	6.4x
AEM Agnico Eagle Mines Limited	120.6B	−0.43x	37.5%	2.91x	14.6x	14.9x	7.6x	7.4x
ABX Barrick Mining Corporation	87.5B	1.05x	29.4%	2.29x	10.4x	8.7x	5.1x	4.3x
WPM Wheaton Precious Metals Corp.	75.8B	1.09x	63.6%	5.59x	25.8x	25.0x	18.4x	17.1x
FNV Franco-Nevada Corporation	62.0B	–	61.0%	5.37x	27.4x	25.2x	19.2x	18.0x
TECKb Teck Resources Ltd	43.1B	0.94x	13.0%	1.48x	13.5x	15.7x	5.8x	6.0x
Mean		1.41x	34.0%	3.22x	33.7x	17.2x	11.3x	9.9x
Median		1.05x	33.5%	2.60x	20.2x	15.3x	9.6x	6.9x

Technical analysis

1M−17.7%
3M−16.7%
1Y+11.2%
3Y+106.0%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, First Quantum Minerals Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	7,187	6,905	8,551	10,332	9,112	6,454
Cost of revenue	5,186	4,964	6,840	7,352	5,875	5,083
Gross profit	2,001	1,941	1,711	2,981	3,237	1,371
Selling, general & administrative expenses	537	577	188	184	149	126
Research & development	41.2	34.5	39.7	35.2	25.3	19.1
Interest expense (income), operating	98.8	116	113	−309	−296	344
Unusual expense (income)	−254	−129	1,257	–	82.1	6.4
Other operating expenses	28.8	−79.1	10.6	33.9	20.2	−2.5
Operating income	1,549	1,422	103	3,036	3,256	878
Net interest income (expense)	−707	−848	−709	−683	−739	−844
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−217	−171	−38.4	−363	−115	6.4
Net income before taxes	626	403	−644	1,990	2,402	40.7
Provision for taxes	715	558	1,003	434	1,026	326
Minority interest	50.8	158	383	−156	−325	56.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−38.4	2.9	−1,264	1,401	1,051	−229
Extraordinary items	–	–	–	–	–	–
Net income	−38.4	2.9	−1,264	1,401	1,051	−229
EBIT, normalized	1,394	1,409	1,473	2,727	3,042	1,228
EBITDA, normalized	2,380	2,335	2,987	4,394	4,525	2,778
Basic EPS, normalized	0.01	−0.03	0.51	2.05	1.50	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, First Quantum Minerals Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	983	1,212	1,532	2,287	2,349	1,209
Receivables	2,019	732	776	1,206	786	938
Total inventory	2,109	2,235	2,110	1,975	1,660	1,697
Prepaid expenses	–	–	–	–	–	–
Other current assets	250	447	163	180	174	112
Total current assets	5,361	4,626	4,581	5,649	4,969	3,956
Property, plant & equipment	27,135	27,600	24,613	25,815	24,362	24,783
Goodwill	325	341	314	321	299	302
Intangibles	–	–	–	–	–	–
Long-term investments	641	805	854	898	782	693
Note receivable	570	741	690	703	814	444
Other long-term assets	605	554	415	595	700	675
Total assets	34,637	34,666	31,467	33,981	31,926	30,852
Liabilities
Accounts payable	810	797	1,101	–	–	–
Payable/accrued	–	–	–	1,045	908	970
Accrued expenses	–	–	–	–	–	–
Short-term debt	98.8	44.6	262	0	0	45.8
Current portion of long-term debt	1,084	762	1,019	779	395	1,109
Other current liabilities	1,784	618	277	531	816	975
Total current liabilities	3,777	2,222	2,658	2,355	2,120	3,100
Long-term debt	8,864	10,362	10,554	9,259	9,601	9,486
Minority interest	509	623	703	1,810	1,865	1,484
Other liabilities	6,163	4,967	3,980	5,787	5,684	5,492
Total liabilities	19,314	18,173	17,895	19,211	19,269	19,562
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	8,989	9,417	7,167	7,441	8,450	7,182
Additional paid-in capital	–	–	–	–	−1,175	129
Retained earnings (accumulated deficit)	6,700	7,025	6,483	7,409	5,713	4,704
Treasury stock	–	–	–	–	−240	−145
Other equity	−366	50.3	−78.1	−79.9	−91.0	−579
Total equity	15,323	16,492	13,572	14,770	12,657	11,290
Total liabilities & shareholders' equity	34,637	34,666	31,467	33,981	31,926	30,852

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, First Quantum Minerals Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−89.2	−155	−1,646	1,557	1,376	−285
Depreciation, depletion & amortization	985	910	1,485	1,667	1,483	1,549
Deferred taxes	–	–	–	–	–	–
Non-cash items	3,146	2,161	2,936	1,146	1,502	1,446
Changes in working capital	−1,188	−542	−885	−1,207	−716	−657
Cash from operations	2,853	2,374	1,890	3,162	3,645	2,053
Investing activities
Capital expenditures	−1,556	−1,849	−1,722	−1,581	−1,257	−777
Other investing cash flows	−92.0	−11.5	−106	−4.1	−130	−80.2
Cash from investing	−1,648	−1,861	−1,828	−1,585	−1,387	−857
Financing activities
Financing cash flow items	−660	−775	−738	−905	−402	−834
Cash dividends paid	–	0	−123	−102	−6.3	−6.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−777	54.6	−167	−797	−654	149
Cash from financing	−1,437	−720	−1,028	−1,803	−1,063	−691
Foreign exchange effects	1.4	−4.3	0	−2.7	−1.3	−7.6
Net change in cash	−231	−211	−966	−229	1,194	498
Free cash flow	1,297	525	168	1,581	2,388	1,277

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.