Detailed financial statements for Capstone Copper Corp. (CS.TO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Capstone Copper Corp. specializes in copper mining, with its operations primarily concentrated across the Americas. Its asset base includes the Pinto Valley copper mine located in Arizona, USA, and the Cozamin copper-silver mine situated in Zacatecas, Mexico. In Chile, the company manages the Mantos Blancos copper-silver mine in the Antofagasta region and holds a 70% stake in the Mantoverde copper-gold mine, found in the Atacama region.
Analysis Summary
Capstone Copper Corp. reported revenue of $2.40B in the most recent fiscal year, growing at a 5-year CAGR of 39.5%. Net income reached $321.4M, with a 91.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 38.9%, operating margin 32.5%, net margin 11.6%. Free cash flow grew at 11.2% CAGR over 5 years.
At 11.00 CAD (closing price, October 30, 2026), CS.TO trades at a P/E of 18.55 and an ROE of 9.18%. Market capitalisation stands at CAD 8.4B.
Balance sheet quality for CS.TO: debt-to-equity ratio of 0.33, current ratio of 0.96 over the last 12 months, net debt of $1.24B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $68.4M represents 21% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $529.4M | $430.5M | $415.9M | $418.7M | $453.8M | $794.8M | $1.30B | $1.35B | $1.60B | $2.40B |
| Cost of Revenue | $338.4M | $269.5M | $271.7M | $296.7M | $291.2M | $342.4M | $914.2M | $1.03B | $1.08B | $1.85B |
| Gross Profit | $191.0M | $160.9M | $144.2M | $121.9M | $162.6M | $452.4M | $381.9M | $319.4M | $522.5M | $548.7M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $33.0M | $31.4M | $14.6M | $26.6M | $43.8M | $98.1M | $67.6M | $50.1M | $48.7M | $55.2M |
| Operating Expenses | $332.1M | $71.6M | $86.8M | $107.7M | $125.3M | $96.1M | $241.6M | $286.4M | $359.6M | $54.5M |
| Operating Income | -$141.1M | $89.4M | $57.4M | $14.2M | $37.3M | $356.2M | $140.2M | $32.9M | $162.9M | $494.2M |
| EBITDA | -$52.4M | $104.8M | $129.1M | $97.9M | $118.8M | $447.8M | $390.6M | $257.5M | $459.1M | $1.12B |
| Interest Expense | $19.6M | $16.9M | $16.4M | $16.7M | $15.5M | $18.4M | $11.9M | $17.6M | $45.3M | $125.4M |
| Pre-tax Income | -$188.0M | $61.2M | $40.6M | -$4.3M | $25.8M | $333.8M | $193.7M | -$91.0M | $133.4M | $493.9M |
| Income Tax | $9.4M | $16.7M | $33.2M | -$15.2M | $13.4M | $80.9M | $57.6M | $33.7M | $47.5M | $138.0M |
| Net Income | -$140.0M | $55.2M | -$22.7M | -$16.0M | $12.6M | $226.8M | $122.2M | -$101.7M | $82.9M | $321.4M |
| EPS | -$0.37 | $0.14 | $0.02 | $0.03 | $0.03 | $0.56 | $0.20 | -$0.15 | $0.11 | $0.42 |
| EPS (Diluted) | -$0.37 | $0.14 | $0.02 | $0.03 | $0.03 | $0.55 | $0.19 | -$0.15 | $0.11 | $0.42 |
| Shares Outstanding (Diluted) | 382.8 M | 389.0 M | 392.3 M | 395.2 M | 398.7 M | 414.1 M | 630.2 M | 693.5 M | 752.2 M | 764.4 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $695.5M | $641.8M | $739.7M | $712.0M |
| Gross Profit | $232.3M | $227.7M | $364.7M | $259.7M |
| Operating Income | $219.6M | $212.0M | $234.3M | $239.9M |
| EBITDA | $281.8M | $310.4M | $346.0M | $369.3M |
| Net Income | $51.4M | $100.8M | $74.3M | $98.5M |
| EPS | $0.07 | $0.13 | $0.10 | $0.13 |
| EPS (Diluted) | $0.07 | $0.13 | $0.10 | $0.13 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $129.3M | $114.5M | $30.2M | $38.9M | $56.5M | $259.6M | $172.0M | $125.1M | $131.5M | $303.6M |
| Short-term Investments | 0 | $360,549 | $36.1M | $4.4M | $3.4M | $2.2M | $1.6M | $798,217 | $752,551 | 0 |
| Receivables | $47.9M | $38.6M | $22.3M | $27.8M | $26.6M | $28.2M | $193.8M | $146.3M | $147.7M | $352.6M |
| Inventory | $76.6M | $88.1M | $66.7M | $46.6M | $58.1M | $62.2M | $144.9M | $148.5M | $209.3M | $269.6M |
| Total Current Assets | $256.2M | $245.5M | $207.7M | $120.2M | $157.6M | $358.3M | $577.8M | $483.4M | $545.9M | $938.7M |
| Property, Plant & Equipment | $1.06B | $1.08B | $1.09B | $1.10B | $1.15B | $1.30B | $4.75B | $5.25B | $5.71B | $6.11B |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $1.38B | $1.38B | $1.34B | $1.30B | $1.39B | $1.71B | $5.43B | $5.83B | $6.36B | $7.18B |
| Accounts Payable | $53.1M | $53.1M | $50.1M | $51.1M | $74.7M | $96.5M | $287.7M | $270.3M | $330.0M | $385.6M |
| Short-term Debt | $95,227 | 0 | 0 | $748,955 | $1.6M | $3.4M | $29.2M | $64.7M | $138.8M | $75.0M |
| Total Current Liabilities | $86.5M | $58.9M | $103.6M | $53.9M | $93.7M | $228.1M | $412.5M | $428.7M | $693.7M | $784.1M |
| Long-term Debt | $322.3M | $266.7M | $217.6M | $201.7M | $182.9M | 0 | $706.3M | $1.20B | $976.0M | $1.26B |
| Total Liabilities | $571.7M | $504.9M | $485.2M | $448.0M | $501.4M | $704.8M | $2.22B | $2.79B | $2.90B | $3.36B |
| Retained Earnings | -$117.4M | -$62.1M | -$93.2M | -$106.9M | -$97.3M | $126.8M | $265.1M | $167.7M | $253.9M | $568.9M |
| Total Equity | $701.5M | $765.1M | $744.1M | $741.3M | $777.5M | $1.01B | $2.78B | $2.64B | $3.05B | $3.38B |
| Total Debt | $322.4M | $266.7M | $217.6M | $207.5M | $192.7M | $15.9M | $811.2M | $1.36B | $1.32B | $1.54B |
| Net Debt | $193.1M | $151.8M | $151.3M | $164.2M | $132.9M | -$246.0M | $637.7M | $1.24B | $1.18B | $1.24B |
| Working Capital | $169.7M | $186.6M | $104.1M | $66.2M | $63.9M | $130.2M | $165.3M | $54.6M | -$147.7M | $154.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $303.6M | $394.4M | $367.1M | $263.4M |
| Total Assets | $7.18B | $7.24B | $7.30B | $7.48B |
| Total Liabilities | $3.36B | $3.29B | $3.25B | $3.27B |
| Total Equity | $3.38B | $3.50B | $3.57B | $3.70B |
| Total Debt | $1.54B | $1.60B | $1.49B | $1.22B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$137.2M | $45.6M | $7.9M | $11.0M | $13.2M | $223.0M | $118.6M | -$103.3M | $78.9M | $321.4M |
| Depreciation & Amortization | $110.7M | $56.9M | $68.4M | $83.1M | $81.5M | $93.2M | $176.2M | $238.2M | $316.2M | $501.5M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$31.0M | -$17.6M | $29.2M | $13.0M | $12.1M | $21.4M | -$132.9M | -$89.4M | -$15.4M | -$215.5M |
| Operating Cash Flow | $107.4M | $100.3M | $109.9M | $77.0M | $142.7M | $540.6M | $54.7M | $49.5M | $292.6M | $596.6M |
| Capital Expenditure | -$73.3M | -$76.0M | -$92.1M | -$96.4M | -$102.5M | -$131.2M | -$543.1M | -$626.7M | -$426.5M | -$528.2M |
| Acquisitions | $304,788 | $25.3M | $178,945 | $681,658 | $87,208 | -$16.9M | $213.1M | $2.2M | $1.4M | -$35.2M |
| Stock Repurchased | -$1.9M | -$5.5M | -$4.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $34.1M | $24.3M | $17.8M | -$19.4M | $40.2M | $409.4M | -$488.3M | -$577.3M | -$133.9M | $68.4M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $178.6M | $189.8M | $278.7M | $226.6M |
| Capital Expenditure | -$160.2M | -$153.1M | -$180.8M | -$227.7M |
| Free Cash Flow | $18.4M | $36.7M | $97.9M | -$1.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | $5.7M | $4.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -18.7% | -3.4% | +0.7% | +8.4% | +75.2% | +63.1% | +3.8% | +18.9% | +50.1% | |
| Net Income Growth (YoY) | +139.4% | -141.0% | +29.2% | +178.3% | +1,706.4% | -46.1% | -183.2% | +181.5% | +287.7% | |
| EPS Growth (YoY) | +137.8% | -86.4% | +45.0% | +8.3% | +1,766.7% | -64.3% | -175.0% | +173.3% | +281.8% | |
| Shares Change (YoY) | +1.6% | +0.8% | +0.7% | +0.9% | +3.9% | +52.2% | +10.1% | +8.5% | +1.6% | |
| FCF Growth (YoY) | -28.7% | -26.9% | -209.3% | +306.8% | +918.9% | -219.3% | -18.2% | +76.8% | +151.1% | |
| Gross Margin | 36.1% | 37.4% | 34.7% | 29.1% | 35.8% | 56.9% | 29.5% | 23.7% | 32.7% | 22.8% |
| Operating Margin | -26.6% | 20.8% | 13.8% | 3.4% | 8.2% | 44.8% | 10.8% | 2.4% | 10.2% | 20.6% |
| EBITDA Margin | -9.9% | 24.4% | 31.1% | 23.4% | 26.2% | 56.3% | 30.1% | 19.1% | 28.7% | 46.7% |
| Net Margin | -26.5% | 12.8% | -5.5% | -3.8% | 2.8% | 28.5% | 9.4% | -7.6% | 5.2% | 13.4% |
| FCF Margin | 6.4% | 5.6% | 4.3% | -4.6% | 8.9% | 51.5% | -37.7% | -42.9% | -8.4% | 2.8% |
| Effective Tax Rate | -5.0% | 27.2% | 81.8% | 352.1% | 52.0% | 24.2% | 29.7% | -37.1% | 35.6% | 27.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.09 | $0.06 | $0.05 | -$0.05 | $0.10 | $0.99 | -$0.77 | -$0.83 | -$0.18 | $0.09 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 378.5 M | 382.4 M | 386.7 M | 391.3 M | 393.9 M | 405.8 M | 625.4 M | 677.8 M | 752.2 M | 762.4 M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | 9.18% |
| Return on Invested Capital | 7.25% |
| Return on Assets | 4.34% |
| Gross Margin | 38.88% |
| Operating Margin | 32.48% |
| Net Margin | 11.65% |
Financial Health
| Debt / Equity | 0.33 |
| Current Ratio | 0.96 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 2.06 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -2.53 | 8.42 | 23.40 | 21.11 | 62.26 | 7.88 | 18.22 | -32.32 | 56.16 | 23.89 |
| P/B | 0.51 | 0.59 | 0.23 | 0.31 | 0.95 | 1.78 | 0.82 | 1.24 | 1.52 | 2.26 |
| P/S | 0.67 | 1.05 | 0.42 | 0.55 | 1.62 | 2.25 | 1.76 | 2.44 | 2.91 | 3.19 |
| Gross Margin | 36.1% | 37.4% | 34.7% | 29.1% | 35.8% | 56.9% | 29.5% | 23.7% | 32.7% | 22.8% |
| Operating Margin | -26.6% | 20.8% | 13.8% | 3.4% | 8.2% | 44.8% | 10.8% | 2.4% | 10.2% | 20.6% |
| Net Margin | -26.5% | 12.8% | -5.5% | -3.8% | 2.8% | 28.5% | 9.4% | -7.6% | 5.2% | 13.4% |
Related companies: LUN.TO · ERO.TO · SCCO · 0L8B.L · 0R2O.L · FCX · TECK-A.TO · TECK-B.TO
Explore sector: Basic Materials · Copper
More sections of CS.TO: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method · Companies that pass the Lynch method · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks