One-glance verdict
Undervalued
$35.99 our estimate vs market $27.92
Wall Street consensus: $41.00 (13.9% higher than our fair-value estimate)
22% below our estimate, below the bear case
Fundamentals snapshot
SSR Mining Inc.
SSRM · NMS · Basic Materials · Gold
Current price
$27.92
52-week range
$19.56 - $39.44
Market cap
$5.57B
Balance sheet
Healthy
32.21x Strong cushion
Net cash $1.62B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
0 Risks
3 rewards · 0 risks
- Reward Revenue grew 22.4% last year.
- Reward Returns 14.4% on equity, ahead of 16% of its peers.
- Reward Free cash flow was positive in 6/10 years.
What this company does
SSR Mining Inc.
SSR Mining Inc. digs up and processes precious metals like gold and silver, primarily from mines in Turkey, the United States, Canada, and Argentina. This means their main income comes from selling these valuable metals. Understanding where they find these metals and how much they can extract is key to knowing how much money they can make.
How the company got here
SSR Mining Inc. has a long history, tracing its roots back to 1946 when it was founded as Silver Standard Mines, initially focusing on silver. Over the decades, the company has evolved through strategic acquisitions and a shift in focus towards gold. Key milestones include the acquisition of the Marigold mine in Nevada in 2014, which significantly boosted its gold production, and the acquisition of Claude Resources in 2016, adding the Seabee operation. In 2017, the company officially changed its name to SSR Mining Inc. to reflect its broader precious metals portfolio. A significant event in its recent history was the merger with Alacer Gold in 2020, which further strengthened its position as a diversified gold producer. However, the company has also faced challenges, most notably a heap leach pad incident at its Çöpler mine in Türkiye in February 2024, which led to the suspension of operations there and significant remediation efforts.
What it actually does
SSR Mining is in the business of digging precious metals out of the ground and selling them. Think of them as a wholesaler for gold and silver, rather than a retailer selling jewelry. They operate mines in different parts of the world, extract gold and silver ore (rock containing the metals), and then process this ore to produce 'doré' bars (a semi-pure form of gold and silver) or concentrates. These products are then sold to larger refiners, banks, or industrial customers who further process them into the pure metals used in everything from jewelry and electronics to investments. The company doesn't sell directly to consumers; instead, it sells to other businesses in the precious metals supply chain.
Marigold
The Marigold mine, located in Nevada, USA, is a significant part of SSR Mining's operations and is one of the largest gold mines in the United States. It's an open-pit mine, meaning large areas of land are excavated to access the gold-bearing rock. The gold is extracted using a process called heap leaching, where crushed ore is piled up and a chemical solution is used to dissolve the gold, which is then collected. This mine has been in continuous production since 1989 and has a substantial amount of gold reserves, meaning there's a good amount of gold still in the ground that the company expects to mine for many years to come. SSR Mining has outlined a long-term operating plan for Marigold, extending its expected life for about 20 years.
Seabee
The Seabee Gold Operation is located in Saskatchewan, Canada, and is the province's only gold producer. This operation includes the Santoy underground mine, where miners access the gold-bearing rock from beneath the surface, and the Seabee mill, where the ore is processed. Seabee has been in operation since 1991 and has consistently achieved record production in recent years. The company has been actively exploring around Seabee to find more gold deposits and extend the mine's life. The gold doré produced here is sent to a third-party refinery for further processing.
Puna Operations
Located in Argentina, Puna Operations is SSR Mining's primary source of silver production, though it also yields lead and zinc. This operation includes the Chinchillas mine and the Pirquitas processing facilities. The Chinchillas mine is an open-pit operation, and its ore is transported to the Pirquitas facilities for processing into silver-lead and zinc concentrates. These concentrates are then sold to international smelters. Puna Operations adds diversity to SSR Mining's portfolio by providing exposure to silver and other base metals alongside its gold production.
What management is betting on now
SSR Mining's current strategy is focused on maximizing value from its existing operations in the Americas, particularly in the United States and Canada, while simplifying its business. Following the sale of its stake in the Çöpler mine in Türkiye, the company is now a 'pure-play' Americas producer. Management is prioritizing operational excellence, disciplined capital allocation, and extending the life of its mines through exploration. They are also looking for opportunities to grow through strategic acquisitions, aiming to acquire assets at good prices and improve their performance, as they have done in the past. The company aims to leverage its strong financial position to generate free cash flow (cash generated after operating expenses and investments) and return value to shareholders.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$56.41M
FY2025 Q1
$39.30M
FY2025 Q2
$95.37M
FY2025 Q3
$-591.00K
FY2025 Q4
$106.37M
FY2026 Q1
$175.66M
FY2026 Q2
$67.77M
FY2026 Q3
$-8.12M
Revenue
$447.65M
Net income
$79.88M
Diluted EPS
0.39
Operating cash flow
$92.08M
Free cash flow
$-8.12M
Fetching…
Sources
Revenue
$443.80M
Net income
$97.29M
Diluted EPS
0.47
Operating cash flow
$100.30M
Free cash flow
$67.77M
Fetching…
Sources
Revenue
$581.78M
Net income
$-106.45M
Diluted EPS
-0.52
Operating cash flow
$264.49M
Free cash flow
$175.66M
Fetching…
Sources
Revenue
$521.73M
Net income
$181.46M
Diluted EPS
0.84
Operating cash flow
$172.05M
Free cash flow
$106.37M
Fetching…
Sources
Revenue
$385.84M
Net income
$65.44M
Diluted EPS
0.31
Operating cash flow
$57.16M
Free cash flow
$-591.00K
Fetching…
Sources
Revenue
$405.45M
Net income
$90.08M
Diluted EPS
0.42
Operating cash flow
$157.84M
Free cash flow
$95.37M
Fetching…
Sources
Revenue
$316.62M
Net income
$58.78M
Diluted EPS
0.28
Operating cash flow
$84.81M
Free cash flow
$39.30M
Fetching…
Sources
Revenue
$323.19M
Net income
$5.55M
Diluted EPS
0.03
Operating cash flow
$94.98M
Free cash flow
$56.41M
Fetching…
Sources
Is it cheap or expensive?
Fair value $35.99 vs current price $27.92
Wall Street consensus is the average analyst price target: $41.00 (13.9% higher than our fair-value estimate).
Our most-likely fair value is $35.99 a share — about 28.9% above today's price of $27.92, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $1.6B - more cash than debt. Interest coverage 32.2x.
Net debt
$-1.62B
Interest coverage
32.21x
SSR Mining Inc.'s profit covers its interest bill about 32.2 times over. which is stronger than most peers shown here.
Healthy
Worse cushion
Baseline
Better cushion
SSRM
BASELINE
SSR Mining Inc.
Total debt $2.37M Interest coverage 32.21x This is the baseline the peer rows are being compared against.
Total debt $456.09M Interest coverage 37.25x +16% vs SSRM Carries about 1.2x more debt cushion than SSRM.
Total debt $839.05M Interest coverage 2.41x -93% vs SSRM Carries about 13.4x less debt cushion than SSRM.
Total debt $226.50M Interest coverage 82.90x +157% vs SSRM Carries about 2.6x more debt cushion than SSRM.
Total debt $841.00M Interest coverage 20.69x -36% vs SSRM Carries about 1.6x less debt cushion than SSRM.
Total debt $573.53M Interest coverage 21.62x -33% vs SSRM Carries about 1.5x less debt cushion than SSRM.
What you should know
The case for and against SSRM
3 Rewards
0 Risks
Rewards
-
Revenue grew 22.4% last year.
-
Returns 14.4% on equity, ahead of 16% of its peers.
-
Free cash flow was positive in 6/10 years.
Risks
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)
8.86x
Forward P/E
8.14x
P/B
1.71x
P/S
2.79x
EV/EBITDA
4.61x
PEG ratio
0.02x
Profitability
How much profit each dollar creates
Gross margin
55.3%
Operating margin
27.6%
Net margin
12.6%
ROE
14.4%
ROA
9.0%
Health
Liquidity and balance-sheet strength
Debt / equity
0.00x
Current ratio
7.54x
Quick ratio
5.59x
Total debt
$2.37M
Total cash
$1.62B
Growth
How the business has been compounding
Revenue TTM
$1.99B
Revenue 5Y CAGR
2.5%
EPS TTM
3.15
EPS 5Y CAGR
27.6%
Cash flow
How much cash the business throws off
Operating CF TTM
$628.92M
Free CF TTM
$241.65M
FCF margin
12.1%
Dividend
Shareholder payout
Yield
0.1%
Payout ratio
1.1%
Last ex-div date
2026-08-14