One-glance verdict
Overvalued
$31.00 our estimate vs market $36.61
Wall Street consensus: $42.20 (36.1% higher than our fair-value estimate)
Fundamentals snapshot
SSR Mining Inc.
SSRM · NMS · Basic Materials · Gold
Current price
$36.61
52-week range
$18.19 - $39.44
Market cap
$7.47B
Balance sheet
Healthy
32.21x Strong cushion
Net cash $1.83B. 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 18.6% last year.
- Reward Returns 14.3% 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 operates mines in several countries, including the US and Turkey, to dig up and sell precious metals like gold and silver. The company’s revenue (the total money it makes from sales) comes directly from selling these metals on the global market. This means its financial success is closely tied to the fluctuating prices of gold and silver, making it more profitable when those prices are high.
How the company got here
SSR Mining began in 1946 as Silver Standard Resources, primarily focused on silver. A major shift occurred in the 2010s when it began acquiring gold mines, including Marigold in the U.S. (2014) and Seabee in Canada (2016). [5] In 2020, it merged with Alacer Gold, adding the highly productive Çöpler mine in Türkiye to its portfolio. [5, 15] However, a significant operational failure and landslide at Çöpler in 2024 forced the company to suspend operations there and re-evaluate its strategy. [5, 20] This led to the eventual sale of its Turkish assets, transforming SSR Mining into a company focused exclusively on its mines in North and South America. [5, 21]
What it actually does
SSR Mining finds, develops, and operates mines to extract precious metals from the ground. Its main products are gold and silver, along with some lead and zinc. [14, 27] The company doesn't sell shiny gold bars or jewelry to the public; instead, it produces unrefined gold bars called 'doré' and mineral 'concentrates' (a condensed ore powder rich in silver, lead, and zinc). [2, 3, 10] These initial products are then sold to other specialized companies, called refiners and smelters, who process them into pure metals for the global market. [14]
Marigold
Located in Nevada, this is a large-scale, long-running mine that scoops ore from giant open pits. [10] It uses a method called heap leaching, where a solution is used to separate gold from the rock, to produce unrefined gold bars. This mine has been operating since 1989 and is a cornerstone of the company, contributing about a third of its revenue. [8, 10, 13] Customers for this gold are third-party refineries that purify it for sale on the world market. [10, 12]
Cripple Creek & Victor (CC&V)
This is another major U.S. gold mine, located in Colorado, that was acquired in 2025. [5, 21] The purchase of this asset was a key move that helped make SSR Mining one of the top three gold producers in the United States. [8] Like Marigold, it is an open-pit mine that generates a significant portion of the company's income and cash. [5, 27] Its production helps solidify the company's focus on stable and long-lived assets in North America.
Seabee
This is a high-grade underground gold mine located in a remote part of Saskatchewan, Canada. [2, 17] Unlike the open-pit mines, miners go deep underground to extract the ore, which is then processed at a nearby mill into gold doré bars. [2, 6] While smaller than the company's U.S. operations, Seabee is an important part of the portfolio, providing geographic diversity within North America. [4]
Puna
Located in the Jujuy Province of Argentina, this is the company's primary silver operation and the largest producing silver mine in the country. [3] It consists of an open-pit mine where ore is extracted and then sent to a processing facility. [3] Instead of pure metal, Puna produces silver-lead and zinc concentrates, which are sold to international smelters for final processing. [3] This segment provides the company with important diversification away from gold and is a major contributor to revenue. [4, 27]
What management is betting on now
After selling its Turkish mine, management's strategy is now focused on the relative stability of North and South America. [5, 21] The main priority is to run its existing four mines safely and efficiently to generate strong free cash flow (cash left after paying for operating costs and equipment spending). [21, 22] The company is also investing heavily in exploration near its current mines to find more gold and silver, hoping to extend their operational lives. [7, 8] With a significant amount of cash on its balance sheet (the company's statement of what it owns and owes), management is also looking for opportunities to acquire other promising mines in the Americas. [21, 25]
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 Q3
$-33.06M
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
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
Revenue
$257.36M
Net income
$10.56M
Diluted EPS
0.05
Operating cash flow
$-1.35M
Free cash flow
$-33.06M
Fetching…
Sources
Is it cheap or expensive?
Fair value $31.00 vs current price $36.61
Wall Street consensus is the average analyst price target: $42.20 (36.1% higher than our fair-value estimate).
Our most-likely fair value is $31.00 a share — about 15.3% below today's price of $36.61, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Healthy
Net cash $1.8B - more cash than debt. Interest coverage 32.2x.
Net debt
$-1.83B
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 $2.30M 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 $216.30M 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 $583.46M Interest coverage 14.49x -55% vs SSRM Carries about 2.2x less debt cushion than SSRM.
What you should know
The case for and against SSRM
3 Rewards
0 Risks
Rewards
-
Revenue grew 18.6% last year.
-
Returns 14.3% 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)
13.76x
Forward P/E
7.92x
P/B
2.23x
P/S
3.86x
EV/EBITDA
6.52x
PEG ratio
0.02x
Profitability
How much profit each dollar creates
Gross margin
55.0%
Operating margin
43.7%
Net margin
12.3%
ROE
14.3%
ROA
9.2%
Health
Liquidity and balance-sheet strength
Debt / equity
0.00x
Current ratio
9.79x
Quick ratio
7.65x
Total debt
$2.30M
Total cash
$1.83B
Growth
How the business has been compounding
Revenue TTM
$1.93B
Revenue 5Y CAGR
2.5%
EPS TTM
2.66
EPS 5Y CAGR
27.6%
Cash flow
How much cash the business throws off
Operating CF TTM
$594.00M
Free CF TTM
$241.65M
FCF margin
12.5%
Dividend
Shareholder payout
Yield
0.1%
Payout ratio
0.0%
Last ex-div date
2026-08-14