Fortuna Silver Mines Inc
NYSE: FSM · BASIC MATERIALS · GOLD
Updated 2026-06-12
Fortuna Silver Mines Inc (FSM) Financial statements
SEC filings — annual and quarterly data.
Margin trends — annual
| Year | Revenue | Net income | Gross margin | Op. margin | Profit margin |
|---|---|---|---|---|---|
| 2005 | — | $-520907.00 | — | — | — |
| 2007 | $31.98M | $-2.82M | 41.75% | 0.34% | -8.81% |
| 2008 | $21.64M | $-792111.00 | 15.68% | -22.50% | -3.66% |
| 2009 | $51.43M | $623000.00 | 53.92% | 27.97% | 1.21% |
| 2010 | $74.06M | $12.96M | 60.67% | 40.66% | 17.49% |
| 2011 | $110.10M | $19.53M | 55.38% | 34.57% | 17.74% |
| 2012 | $161.02M | $31.46M | 43.88% | 28.05% | 19.54% |
| 2013 | $137.39M | $-19.10M | 30.41% | -7.01% | -13.90% |
| 2014 | $174.01M | $15.60M | 34.63% | 19.40% | 8.97% |
| 2015 | $154.73M | $-10.61M | 28.21% | -1.19% | -6.86% |
| 2016 | $210.25M | $17.86M | 38.34% | 23.09% | 8.49% |
| 2017 | $268.11M | $66.31M | 40.86% | 41.15% | 24.73% |
| 2018 | $263.30M | $33.99M | 36.68% | 23.39% | 12.91% |
| 2019 | $257.19M | $23.80M | 32.89% | 13.30% | 9.25% |
| 2020 | $278.97M | $21.55M | 39.51% | 20.52% | 7.73% |
| 2021 | $599.85M | $57.88M | 34.25% | 22.82% | 9.65% |
| 2022 | $681.49M | $-128.13M | 21.54% | -16.66% | -18.80% |
| 2023 | $842.43M | $-50.84M | 22.56% | -0.05% | -6.03% |
| 2024 | $1.06B | $128.74M | 32.35% | 21.47% | 12.12% |
| 2025 | $960.06M | $302.13M | 48.74% | 38.52% | 31.47% |
Frequently asked questions
What is Fortuna Silver Mines Inc's revenue?
Fortuna Silver Mines Inc's trailing twelve-month revenue is $1.09B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is FSM?
In its most recent fiscal year, FSM ran a gross margin of 48.74%, an operating margin of 38.52%, and a net margin of 31.47%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does FSM generate?
FSM produced $294.41M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is FSM's balance sheet healthy?
FSM holds $552.98M in cash and equivalents against $134.41M in long-term debt, on $1.67B of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.