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Upturn AI Summary - About
Fortuna Silver Mines Inc(FSM)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for FSM
11/10/2026: FSM (3-star) is currently NOT-A-BUY. Pass it for now.
Fortuna Silver Mines is a mid-tier precious metals mining company with operations in the Americas and West Africa. The company has a diversified portfolio of gold and silver assets, which provides some balance against commodity-specific price volatility. Its primary growth opportunity lies in the ongoing optimization and potential exploration upside of its established mines. However, the company faces significant risks from geopolitical instability in its operating regions, operational execution challenges, and fluctuating precious metal prices. It is generally better suited for investors interested in resource exposure who can tolerate high volatility, though it may not appeal to those seeking steady dividend income.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
Company fundamentals, valuation, risks, and news provide supporting context about the business.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Mixed fit | Growth is tied to commodity cycles and successful project development rather than consistent organic revenue growth. |
| Momentum investor | Mixed fit | The stock often follows trends in gold and silver prices rather than internal company-specific momentum. |
| Value investor | Strong fit | The company is often traded based on asset valuation and reserve life, which may appeal to resource-focused value investors. |
| Dividend investor | Weak fit | The company currently does not offer a significant or consistent dividend yield. |
| Low-risk investor | Weak fit | The inherent volatility of mining and exposure to geopolitical risks make this unsuitable for low-risk portfolios. |
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Price volatility | High | Revenue is highly sensitive to fluctuations in global gold and silver prices. |
| Valuation risk | Medium / high | Equity valuations in the mining sector are subject to sudden shifts based on reserve estimates and commodity outlooks. |
| Competition risk (Precious Metals Mining) | Medium | Access to high-quality deposits is limited, creating competition for acquisitions and exploration licenses. |
| Business quality | Medium | Operational success is heavily dependent on technical execution and local site stability. |
| Dividend income | Low / none | The company does not prioritize returning capital through dividends. |
| Execution risk | Medium / high | Mining projects carry significant risks related to construction, permitting, and operational ramp-up. |
Price Behavior
Rolling Over
The price momentum is slowing down and beginning to turn downward.
Choppy
The stock has experienced frequent reversals and pronounced short-term price swings.
Analysis of Past Performance
Type Stock | Historic Profit 25.24% | Avg. Invested days 35 | Today’s Advisory PASS |
Upturn Advisory Rating  | Upturn Advisory Performance  3.0 | Stock Returns Performance  3.0 |
| Profits based on simulation | Last Close 11/10/2026 |
Upturn Scorecard
Upturn Star Rating 
Company Fundamentals
Financial Health Rating
Growth Momentum Score
Ownership
Top 5 Institutional Investors
Unit Economics (Per $1K Revenue)
Economic Dimensions
Quantitative Style Profile
Style Classification
Quality Focused
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 2.98B USD | Price to earnings Ratio 10.6 | 1Y Target Price 14.5 |
Price to earnings Ratio 10.6 | 1Y Target Price 14.5 | ||
Volume (30-day avg) 5.8M shares | Beta 2.04 | 52 Weeks Range 7.90 - 13.85 | Updated Date 11/09/2026 |
52 Weeks Range 7.90 - 13.85 | Updated Date 11/09/2026 | ||
Dividends yield (FY) - | Basic EPS (TTM) 0.95 |
How Company Makes Money
| Business area | What it includes | Retail investor read |
|---|---|---|
| Gold Sales | Gold dore bars produced from mines in Burkina Faso and Côte d'Ivoire. | Gold production is currently the primary revenue driver for the company. |
| Silver/Base Metals Sales | Silver, lead, and zinc concentrates from mines in Peru and Mexico. | Silver and base metals provide a secondary income stream and diversification. |
| Geographic Exposure | Operations in Latin America and West Africa. | The company's earnings depend on the political and economic stability of these specific regions. |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Earnings Date
Report Date 2026-11-04 | When After Market | Estimate 0.14 | Actual 0.17 |
Profitability
Profit Margin 24.7% | Operating Margin (TTM) 35.49% |
Management Effectiveness
Return on Assets (TTM) 14.68% | Return on Equity (TTM) 18.64% |
Valuation
Trailing PE 10.6 | Forward PE 6.53 | Enterprise Value 2.66B | Price to Sales(TTM) 2.43 |
Enterprise Value 2.66B | Price to Sales(TTM) 2.43 | ||
Enterprise Value to Revenue 2.17 | Enterprise Value to EBITDA 3.48 | Shares Outstanding 295.96M | Shares Floating 292.81M |
Shares Outstanding 295.96M | Shares Floating 292.81M | ||
Percent Insiders 0.62 | Percent Institutions 79.94 |
Financial Metrics
🧭 Investment Snapshot
Total Revenue (Scale)
Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.
Net Income (Profit)
Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.
Free Cash Flow (Cash Strength)
Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.
📈 Growth & Strength
Operating Income (Core Profit)
Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.
EBITDA (Cash Earnings)
Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.
Gross Profit (Unit Profitability)
Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.
🛡️ Financial Safety
Cash (Liquidity Buffer)
Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.
Total Debt (Leverage Risk)
Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.
Net Working Capital (Short-Term Health)
Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.
🧱 Balance Sheet Strength
Stockholder Equity (Net Worth)
Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.
Total Assets (Asset Base)
The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.
Income Before Tax (Pre-Tax Earnings)
Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.
⚙️ Cost & Drag Factors
Cost of Revenue (Production Cost)
Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.
Total Operating Expenses (Operating Cost)
Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.
Income Tax Expense (Tax Drag)
Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.
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