First Quantum Minerals Ltd. (FM.TO) stock analysis

In our weekly check, First Quantum Minerals Ltd. is graded D (A to F). Of 22 checks on debt, profit, cash flow and trend: 10 pass, warnings: 0, red flags: 12.

About First Quantum Minerals Ltd.

First Quantum Minerals Ltd. is a Basic Materials company (Copper) based in Canada, listed on TSX as FM.TO.

What our checks show for FM.TO

Red flags

• Operating profit covers interest only 1.6 times: a weak year could make the payments hard.
• The net margin fell by 13 points over 5 years, to -1.4%: the company keeps less of each sale as profit.
• The gross margin fell by 12.2 points, to 23.3%: costs are rising faster than prices.
• Revenue fell 9.1% a year over the last 3 years.
• Earnings per share fell 58.5% a year over the last 3 years.
• The company is losing money: the net margin is -1.4%.
• The price swings a lot: 55.4% annual volatility. Expect large ups and downs.
• The stock has fallen as much as 91% from a peak. Would you have held through that?
• Recovering from its deepest fall took about 4.9 years.
• Beta 2.06: the stock usually moves more than the market, both up and down.
• The share count grew by 20.5% in 2 years: each shareholder owns a smaller slice.
• Return on capital (ROCE) is only 4.3%.

Strengths

• Operating cash flow is 17.81x net profit: the profit arrives as real cash.
• Analysts expect earnings per share to grow about 289% a year over the next years.
• Analysts expect revenue to grow about 31.9% a year over the next years.
• Analysts expect the net margin to improve by 19.7 points from today's -1.4%.
• A large company: market value $19.92 billion.
• Actively traded: about 2.6 million shares a day.

Next earnings report: 2026-10-28

Similar companies

TECK · ANTO.L · LUN.TO · KGH.WA · FCX · NDA.DE

Questions

What grade does First Quantum Minerals Ltd. (FM.TO) have?

In our weekly check, First Quantum Minerals Ltd. is graded D (A to F). Of 22 checks on debt, profit, cash flow and trend: 10 pass, warnings: 0, red flags: 12. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of FM.TO stock?

This week's biggest flags for First Quantum Minerals Ltd.: Weak interest cover, Margins falling, Gross margin falling. In total 12 of 22 checks show a warning or a red flag.

What does First Quantum Minerals Ltd. do?

First Quantum Minerals Ltd. is a Basic Materials company (Copper) based in Canada, listed on TSX as FM.TO.

When does First Quantum Minerals Ltd. report earnings next?

The next earnings report is expected on 2026-10-28. We re-run the checks every week, so the grade can change after it.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-24

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