One-glance verdict
Overvalued
$1.65 our estimate vs market $10.15
514% above our estimate, beyond the bull case
Fundamentals snapshot
Capstone Copper Corp.
CSCCF · PNK · Basic Materials · Copper
Current price
$10.15
52-week range
$6.80 - $13.32
Market cap
$7.75B
Balance sheet
Watch
4.24x Stretched
Net debt $1.20B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 47.6% last year.
- Reward Returns 14.2% on equity, ahead of 16% of its peers.
- Reward Free cash flow was positive in 1/10 years.
- Risk Net debt grew 93.6% over 3 years.
What this company does
Capstone Copper Corp.
Capstone Copper Corp. makes its money by mining and selling copper from its operations in the Americas. Because copper is essential for everything from electrical wiring and plumbing to electric cars, the company's success is closely tied to global demand for construction and new technology. Capstone also sells smaller amounts of other metals like silver and gold found alongside the copper.
How the company got here
Capstone Copper as it exists today was formed in March 2022 through a merger of two existing mining companies, Capstone Mining and Mantos Copper. This combination created a larger, more diversified copper producer with operations across North and South America. The goal of the merger was to create a leading copper company with a strong portfolio of operating mines and a pipeline of future growth projects. Before the merger, Capstone Mining operated mines in the United States and Mexico, while Mantos Copper had operations in Chile. The new combined company, headquartered in Vancouver, Canada, now manages all of these assets under one umbrella.
What it actually does
Capstone Copper's main business is finding, digging up, and processing copper ore to produce copper, a metal essential for everything from electrical wiring and plumbing to electric vehicles and renewable energy systems. The company's job is early in the supply chain (the network of companies involved in creating and distributing a product); it turns rock from the ground into a more refined metal product that other companies can process further. In addition to its primary product, copper, the company also produces other valuable metals that are found alongside copper deposits, such as silver, gold, zinc, and molybdenum. These are known as by-products, which are secondary products generated from the main production process.
Pinto Valley Mine
Located in Arizona, this is a large open-pit mine where copper and molybdenum are extracted from the earth. This mine has a long history of production and is a significant contributor to the company's overall copper output. The customers for the copper produced here are typically smelters, refiners, and large industrial buyers who use it in construction, transportation, and manufacturing. Pinto Valley represents a key part of Capstone's operations in the United States.
Mantos Blancos Mine
This is an open-pit mine in Chile that produces copper and silver. The operation processes two types of ore to extract the metals. Mantos Blancos was one of the key assets brought into the company through the merger with Mantos Copper. This mine is a major revenue generator for the company, with Chile being its largest source of revenue geographically.
Mantoverde Mine
Also located in Chile, Capstone has a 70% ownership stake in this open-pit copper mine which also produces gold as a by-product. This mine is a significant part of Capstone's Chilean operations and a top-performing segment in terms of revenue. The company has been investing in expanding the processing capabilities at this site to increase production. This mine is a crucial component of the company's growth strategy in South America.
Cozamin Mine
This is an underground copper and silver mine located in Mexico. It has historically been a very profitable mine for the company, generating positive free cash flow (cash left after paying for operating expenses and capital expenditures) consistently. However, in September 2026, Capstone announced an agreement to sell the Cozamin mine to another company. This sale is part of a strategy to streamline their portfolio and focus on other growth projects.
What management is betting on now
The company's current strategy is heavily focused on growth, particularly through the development of the Santo Domingo project in Chile. This is a large, undeveloped copper, iron, and gold deposit that has the potential to significantly increase the company's future production. Management is also investing in expanding and optimizing its existing mines, like Mantoverde and Mantos Blancos, to make them more efficient and increase their output. By selling off some assets, like the Cozamin mine, the company is raising money to reinvest in these larger growth projects, which they believe will create more value for their shareholders in the long run.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $1.65 vs current price $10.15
Our most-likely fair value is $1.65 a share — about 83.7% below today's price of $10.15, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Watch
Net debt $1.2B. Interest coverage 4.2x.
Net debt
$1.20B
Interest coverage
4.24x
Capstone Copper Corp.'s profit covers its interest bill about 4.2 times over.
Watch
Worse cushion
Baseline
Better cushion
CSCCF
BASELINE
Capstone Copper Corp.
Total debt $1.57B Interest coverage 4.24x This is the baseline the peer rows are being compared against.
Total debt $10.36B Interest coverage 17.62x +316% vs CSCCF Carries about 4.2x more debt cushion than CSCCF.
Total debt $8.62B Interest coverage 18.96x +347% vs CSCCF Carries about 4.5x more debt cushion than CSCCF.
Total debt $6.93B Interest coverage 2.12x -50% vs CSCCF Carries about 2.0x less debt cushion than CSCCF.
Total debt $1.04B Interest coverage 6.27x +48% vs CSCCF Carries about 1.5x more debt cushion than CSCCF.
Total debt $573.36M Interest coverage 17.38x +310% vs CSCCF Carries about 4.1x more debt cushion than CSCCF.
What you should know
The case for and against CSCCF
3 Rewards
1 Risk
Rewards
-
Revenue grew 47.6% last year.
-
Returns 14.2% on equity, ahead of 16% of its peers.
-
Free cash flow was positive in 1/10 years.
Risks
-
Net debt grew 93.6% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
16.37x
Forward P/E
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P/B
2.17x
P/S
2.90x
EV/EBITDA
9.68x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
48.7%
Operating margin
31.1%
Net margin
17.8%
ROE
14.2%
ROA
8.8%
Health
Liquidity and balance-sheet strength
Debt / equity
0.39x
Current ratio
1.24x
Quick ratio
0.79x
Total debt
$1.57B
Total cash
$371.17M
Growth
How the business has been compounding
Revenue TTM
$2.68B
Revenue 5Y CAGR
22.1%
EPS TTM
0.62
EPS 5Y CAGR
29.2%
Cash flow
How much cash the business throws off
Operating CF TTM
$685.21M
Free CF TTM
$166.11M
FCF margin
6.2%
Dividend
Shareholder payout
Yield
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Payout ratio
0.0%
Last ex-div date
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