Recent News
On November 4, 2025 Ero Copper published third-quarter 2025 operating and financial results that highlighted record consolidated copper production of 16,664 tonnes in concentrate and disclosed blended C1 cash costs of $2.00 per pound; the release also announced a conference call on November 5.
On October 7, 2025 the company announced the November 4 release date for Q3 2025 results and confirmed the webcast and conference call details.
Investor’s Business Daily published data-driven pieces in late September showing an improvement in Ero Copper’s Relative Strength ratings and stronger price performance signals during that period.
Technical Analysis
Directional indicators present conflicting directional pressure while trend strength stays modest: ADX at 21.08 signals an emerging trend, DI+ at 29.30 shows a peak & reversal (bearish), and DI- at 22.95 shows a peak & reversal (bullish); that combination produces directional contention that favors choppy price action near current levels.
MACD sits at 0.38 below its signal line at 0.47 and shows a peak & reversal; the indicator therefore signals declining bullish momentum and contributes downward pressure on near-term price movement.
MRO registers 16.09 with a dip & reversal; the positive MRO implies price currently trades above the regression target and carries potential for reversion toward that target despite the MRO having reversed from a dip.
RSI at 58.22 with a peak & reversal points away from overbought extremes while indicating recent loss of upward momentum, aligning with the MACD signal for softer short-term momentum.
Price sits above the 200-day average ($15.43) and near the 20-day average ($21.52); the 12-day EMA shows a peak & reversal and the SuperTrend lower band at $20.29 provides a proximal technical support reference. Together, moving-average relationships and the Bollinger band boundaries ($19.83–$23.20 at two standard deviations) imply limited immediate upside breadth while leaving room for pullbacks toward short-term support levels.
Fundamental Analysis
Top-line and margin dynamics: total revenue reached $177,092,000 with YoY revenue growth of 25.56% and QoQ revenue growth of -72.96%, reflecting a strong year-over-year expansion but a large sequential slowdown. Gross margin stood at 32.41% and return on sales at 20.99%, while EBIT margin equaled 32.00%; EBIT margin declined QoQ by -38.25% and declined YoY by -20.35%.
Earnings and cash flow: reported EPS came to $0.27 against an estimate of $0.32, a negative surprise of $0.05 (‑15.6% surprise ratio). Net income totaled $35,978,000 and operating cash flow reached $110,313,000 with free cash flow of $33,685,000 and a free cash flow yield of 1.72%.
Capital structure and leverage: total debt measured $638,381,000 with net debt of $545,479,000 and debt-to-EBITDA at 7.25x, indicating materially higher leverage relative to typical low-single-digit mining peers; debt-to-assets equaled 34.02% and debt-to-equity equaled 72.12%.
Efficiency and liquidity: current ratio at 0.82 and quick ratio at 0.46 signal constrained near-term liquidity despite $66,257,000 in cash and short-term investments; receivables turnover at 14.84 indicates strong collection efficiency, while inventory days (~73 days) and payable days (~76 days) show working-capital timing roughly balanced.
Valuation context: price-to-earnings stands at 69.81 while price-to-book sits at 2.21. The P/B ratio lies below the industry peer mean of 3.50759, and the P/E ratio sits below the industry peer mean of 76.79824. The current valuation as determined by WMDST values the stock as over-valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-04 |
| NEXT REPORT DATE: | 2026-02-03 |
| CASH FLOW | Begin Period Cash Flow | $ 68.3 M |
| Operating Cash Flow | $ 110.3 M | |
| Capital Expenditures | $ -76.63 M | |
| Change In Working Capital | $ 30.8 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -2.05 M | |
| End Period Cash Flow | $ 66.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 177.1 M | |
| Forward Revenue | $ 2.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 119.7 M | |
| Depreciation | $ 31.4 M | |
| Depreciation and Amortization | $ 31.4 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 139.9 M | |
| PROFITABILITY | ||
| Gross Profit | $ 57.4 M | |
| EBITDA | $ 88.0 M | |
| EBIT | $ 56.7 M | |
| Operating Income | $ 37.2 M | |
| Interest Income | $ 1.2 M | |
| Interest Expense | $ 7.4 M | |
| Net Interest Income | $ -9.22 M | |
| Income Before Tax | $ 49.3 M | |
| Tax Provision | $ 12.8 M | |
| Tax Rate | 25.918 % | |
| Net Income | $ 36.0 M | |
| Net Income From Continuing Operations | $ 36.5 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.32 | |
| EPS Actual | $ 0.27 | |
| EPS Difference | $ -0.05 | |
| EPS Surprise | -15.625 % | |
| Forward EPS | $ 0.02 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.9 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 885.1 M | |
| Total Current Assets | $ 207.4 M | |
| Cash and Short-Term Investments | $ 66.3 M | |
| Cash | $ 66.3 M | |
| Net Receivables | $ 11.1 M | |
| Inventory | $ 91.6 M | |
| Long-Term Investments | $ 4.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 91.3 M | |
| Short-Term Debt | $ 50.6 M | |
| Total Current Liabilities | $ 252.6 M | |
| Net Debt | $ 545.5 M | |
| Total Debt | $ 638.4 M | |
| Total Liabilities | $ 984.8 M | |
| EQUITY | ||
| Total Equity | $ 885.1 M | |
| Retained Earnings | $ 667.8 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 8.53 | |
| Shares Outstanding | 103.794 M | |
| Revenue Per-Share | $ 1.71 | |
| VALUATION | Market Capitalization | $ 2.0 B |
| Enterprise Value | $ 2.5 B | |
| Enterprise Multiple | 28.72 | |
| Enterprise Multiple QoQ | 53.073 % | |
| Enterprise Multiple YoY | -1.847 % | |
| Enterprise Multiple IPRWA | high: 126.423 mean: 40.953 median: 37.064 ERO: 28.72 low: -309.977 |
|
| EV/R | 14.278 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.12 | |
| Asset To Liability | 1.905 | |
| Debt To Capital | 0.419 | |
| Debt To Assets | 0.34 | |
| Debt To Assets QoQ | -7.689 % | |
| Debt To Assets YoY | 1206.567 % | |
| Debt To Assets IPRWA | high: 0.582 ERO: 0.34 median: 0.151 mean: 0.126 low: 0.001 |
|
| Debt To Equity | 0.721 | |
| Debt To Equity QoQ | -9.103 % | |
| Debt To Equity YoY | 1203.724 % | |
| Debt To Equity IPRWA | high: 1.987 ERO: 0.721 mean: 0.284 median: 0.231 low: 0.001 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.21 | |
| Price To Book QoQ | 23.118 % | |
| Price To Book YoY | -24.323 % | |
| Price To Book IPRWA | high: 14.404 mean: 3.508 median: 3.286 ERO: 2.21 low: -3.208 |
|
| Price To Earnings (P/E) | 69.813 | |
| Price To Earnings QoQ | 120.785 % | |
| Price To Earnings YoY | 36.303 % | |
| Price To Earnings IPRWA | high: 161.804 mean: 76.798 median: 73.629 ERO: 69.813 low: -370.354 |
|
| PE/G Ratio | -1.69 | |
| Price To Sales (P/S) | 11.048 | |
| Price To Sales QoQ | 22.214 % | |
| Price To Sales YoY | -33.671 % | |
| Price To Sales IPRWA | high: 165.292 mean: 30.024 median: 17.453 ERO: 11.048 low: 0.0 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 691.232 | |
| Forward PE/G | -16.735 | |
| Forward P/S | 680.79 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -3.987 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.097 | |
| Asset Turnover Ratio QoQ | 2.644 % | |
| Asset Turnover Ratio YoY | 14.483 % | |
| Asset Turnover Ratio IPRWA | high: 0.453 mean: 0.128 median: 0.104 ERO: 0.097 low: 0.0 |
|
| Receivables Turnover | 14.842 | |
| Receivables Turnover Ratio QoQ | 246.459 % | |
| Receivables Turnover Ratio YoY | 117.335 % | |
| Receivables Turnover Ratio IPRWA | ERO: 14.842 high: 12.247 mean: 4.052 median: 2.959 low: 0.022 |
|
| Inventory Turnover | 1.555 | |
| Inventory Turnover Ratio QoQ | -4.765 % | |
| Inventory Turnover Ratio YoY | -15.77 % | |
| Inventory Turnover Ratio IPRWA | high: 4.817 ERO: 1.555 mean: 1.032 median: 0.789 low: 0.043 |
|
| Days Sales Outstanding (DSO) | 6.148 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 2.959 | |
| Cash Conversion Cycle Days QoQ | -83.422 % | |
| Cash Conversion Cycle Days YoY | -119.248 % | |
| Cash Conversion Cycle Days IPRWA | high: 3855.429 median: 49.851 mean: 39.616 ERO: 2.959 low: -6048.571 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -3.921 | |
| CapEx To Revenue | -0.433 | |
| CapEx To Depreciation | -2.443 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.4 B | |
| Net Invested Capital | $ 1.5 B | |
| Invested Capital | $ 1.5 B | |
| Net Tangible Assets | $ 885.1 M | |
| Net Working Capital | $ -45.17 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.262 | |
| Current Ratio | 0.821 | |
| Current Ratio QoQ | -2.478 % | |
| Current Ratio YoY | 21.555 % | |
| Current Ratio IPRWA | high: 19.039 mean: 3.394 median: 2.455 ERO: 0.821 low: 0.053 |
|
| Quick Ratio | 0.458 | |
| Quick Ratio QoQ | -16.341 % | |
| Quick Ratio YoY | 2.578 % | |
| Quick Ratio IPRWA | high: 8.339 mean: 1.895 median: 1.306 ERO: 0.458 low: 0.092 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 7.251 | |
| Cost Of Debt | 0.847 % | |
| Interest Coverage Ratio | 7.672 | |
| Interest Coverage Ratio QoQ | -94.287 % | |
| Interest Coverage Ratio YoY | -92.918 % | |
| Interest Coverage Ratio IPRWA | high: 118.727 mean: 26.877 median: 18.542 ERO: 7.672 low: -44.689 |
|
| Operating Cash Flow Ratio | 0.243 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 76.198 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 5.863 % | |
| Revenue Growth | 8.307 % | |
| Revenue Growth QoQ | -72.955 % | |
| Revenue Growth YoY | 25.559 % | |
| Revenue Growth IPRWA | high: 71.112 % ERO: 8.307 % mean: 5.618 % median: -0.235 % low: -48.97 % |
|
| Earnings Growth | -41.304 % | |
| Earnings Growth QoQ | -231.42 % | |
| Earnings Growth YoY | -76.544 % | |
| Earnings Growth IPRWA | high: 200.0 % mean: 2.124 % median: -0.943 % ERO: -41.304 % low: -150.0 % |
|
| MARGINS | ||
| Gross Margin | 32.411 % | |
| Gross Margin QoQ | -21.239 % | |
| Gross Margin YoY | -24.666 % | |
| Gross Margin IPRWA | high: 73.534 % median: 44.066 % mean: 43.197 % ERO: 32.411 % low: -32.53 % |
|
| EBIT Margin | 32.003 % | |
| EBIT Margin QoQ | -38.249 % | |
| EBIT Margin YoY | -20.353 % | |
| EBIT Margin IPRWA | high: 100.0 % mean: 35.704 % ERO: 32.003 % median: 29.131 % low: -109.663 % |
|
| Return On Sales (ROS) | 20.991 % | |
| Return On Sales QoQ | -27.13 % | |
| Return On Sales YoY | -47.759 % | |
| Return On Sales IPRWA | high: 100.0 % mean: 32.314 % median: 29.289 % ERO: 20.991 % low: -122.514 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 33.7 M | |
| Free Cash Flow Yield | 1.722 % | |
| Free Cash Flow Yield QoQ | 34.112 % | |
| Free Cash Flow Yield YoY | -242.314 % | |
| Free Cash Flow Yield IPRWA | high: 6.951 % ERO: 1.722 % median: 1.009 % mean: 0.331 % low: -10.292 % |
|
| Free Cash Growth | 77.504 % | |
| Free Cash Growth QoQ | -65.024 % | |
| Free Cash Growth YoY | -232.633 % | |
| Free Cash Growth IPRWA | high: 347.761 % ERO: 77.504 % median: -13.117 % mean: -15.03 % low: -294.65 % |
|
| Free Cash To Net Income | 0.936 | |
| Cash Flow Margin | 34.73 % | |
| Cash Flow To Earnings | 1.709 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.972 % | |
| Return On Assets QoQ | -51.667 % | |
| Return On Assets YoY | -28.937 % | |
| Return On Assets IPRWA | high: 18.174 % median: 2.562 % mean: 2.102 % ERO: 1.972 % low: -15.435 % |
|
| Return On Capital Employed (ROCE) | 3.49 % | |
| Return On Equity (ROE) | 0.041 | |
| Return On Equity QoQ | -52.562 % | |
| Return On Equity YoY | -29.169 % | |
| Return On Equity IPRWA | high: 0.208 ERO: 0.041 median: 0.04 mean: 0.03 low: -0.313 |
|
| DuPont ROE | 4.212 % | |
| Return On Invested Capital (ROIC) | 2.805 % | |
| Return On Invested Capital QoQ | -43.138 % | |
| Return On Invested Capital YoY | -98.713 % | |
| Return On Invested Capital IPRWA | high: 5.118 % median: 4.117 % mean: 3.329 % ERO: 2.805 % low: -11.207 % |
|