First Quantum Minerals (TSX:FM) Net Margin %: -13.96% (As of Mar. 2026)


TSX:FM First Quantum Minerals Ltd TSX:FM
76 GF Score
Price C$37.44
GF Value C$22.23
Valuation Significantly Overvalued
! 3 Warning Signs
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What is First Quantum Minerals Net Margin %?

First Quantum Minerals TSX:FM +1.88% 76 Net Margin % is -13.96% as of Mar. 2026. GuruFocus rates TSX:FM with a GF Score™ of 76/100 and a GF Value™ of C$22.23 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 843 Metals & Mining companies, First Quantum Minerals ranks worse than 66.31% on this metric.

Net margin is calculated as Net Income divided by its Revenue. First Quantum Minerals's Net Income for the three months ended in Mar. 2026 was C$-269 Mil. First Quantum Minerals's Revenue for the three months ended in Mar. 2026 was C$1,926 Mil. Therefore, First Quantum Minerals's net margin for the quarter that ended in Mar. 2026 was -13.96%.

The historical rank and industry rank for First Quantum Minerals's Net Margin % or its related term are showing as below:

TSX:FM' s Net Margin % Range Over the Past 10 Years
Min: -14.78   Med: -0.97   Max: 13.56
Current: -3.68


TSX:FM's Net Margin % is ranked worse than
66.31% of 843 companies
in the Metals & Mining industry
Industry Median: 3.41 vs TSX:FM: -3.68

First Quantum Minerals  (TSX:FM) Net Margin % Explanation

Although Net Income and Earnings-per-Share (EPS) are the most widely used parameter in measuring a company's profitability and valuation, it is the least reliable. The reason is that reported earnings can be manipulated easily by adjusting any numbers such as Depreciation, Depletion and Amotorization and non-recurring items.

But the long term trend of the net margin is a good indicator of the competitiveness and health of the business.


First Quantum Minerals Net Margin % Related Terms


First Quantum Minerals Net Margin % Historical Data

* Premium members only.

The historical data trend for First Quantum Minerals's Net Margin % can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

First Quantum Minerals Net Margin % Chart

First Quantum Minerals Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Net Margin %
Get a 7-Day Free Trial Premium Member Only Premium Member Only 11.54 13.56 -14.78 0.04 -0.53

First Quantum Minerals Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Net Margin % Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.93 1.47 -3.57 1.69 -13.96

TSX:FM vs SCCO, FCX: Net Margin % Comparison

For the Copper subindustry, First Quantum Minerals's Net Margin %, along with its competitors' market caps and Net Margin % data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


First Quantum Minerals Net Margin % vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, First Quantum Minerals's Net Margin % distribution charts can be found below:

* The bar in red indicates where First Quantum Minerals's Net Margin % falls into.


TSX:FM
76GF Score
First Quantum Minerals Ltd TSX:FM
Net Margin % is just one metric. See GF Score™, valuation, warning signs, and more.
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First Quantum Minerals Net Margin % Calculation

Net margin - also known as net profit margin is the ratio of Net Income divided by net sales or Revenue, usually presented in percent.

First Quantum Minerals's Net Margin for the fiscal year that ended in Dec. 2025 is calculated as

Net Margin=Net Income (A: Dec. 2025 )/Revenue (A: Dec. 2025 )
=-38.626/7224.442
=-0.53 %

First Quantum Minerals's Net Margin for the quarter that ended in Mar. 2026 is calculated as

Net Margin=Net Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=-268.912/1926.288
=-13.96 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Net Margin % →
What does a Net Margin % of -13.96% mean?
First Quantum Minerals (TSX:FM) has a Net Margin % of -13.96% as of Mar. 2026. Net margin is the ratio of total net income to net sales. View historical data on First Quantum Minerals and its competitors. According to the industry distribution chart, First Quantum Minerals ranks #559 out of 843 companies in the Metals & Mining industry, placing it in the top 66.3%.
Is First Quantum Minerals' Net Margin % too high?
First Quantum Minerals' current Net Margin % is -13.96%. Based on the distribution chart, First Quantum Minerals ranks #559 out of 843 companies in the Metals & Mining industry, which is below the industry midpoint. Overall, First Quantum Minerals has a GF Score™ of 76/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does First Quantum Minerals' Net Margin % compare to SCCO and FCX?
According to the Metals & Mining industry distribution chart, First Quantum Minerals ranks #559 out of 843 companies for Net Margin %. This places First Quantum Minerals in the lower half of its industry. The industry median Net Margin % is 3.41. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net Margin % for a Metals & Mining company?
The median Net Margin % among Metals & Mining companies is 3.41, based on 843 companies in the industry. Companies in the top quartile (top 25%) have a Net Margin % significantly above this median, while those in the bottom quartile fall well below. However, Net Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net Margin % mean?
A high Net Margin % can signal that a stock is expensive relative to its fundamentals. Net margin is the ratio of total net income to net sales. View historical data on First Quantum Minerals and its competitors. For the Metals & Mining industry, the median Net Margin % is 3.41 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. First Quantum Minerals's current Net Margin % is -13.96%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Quantum Minerals stock overvalued right now?
Based on GuruFocus' analysis, First Quantum Minerals (TSX:FM) is currently considered Significantly Overvalued. The stock's GF Value™ is C$22.23, compared to a current price of C$37.44 — trading 68.4% above its estimated fair value. The current Net Margin % is -13.96%. First Quantum Minerals' overall GF Score™ is 76/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Margin % calculated?
Net Margin % is calculated from a company's financial statements. For First Quantum Minerals (TSX:FM), the current Net Margin % is -13.96% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is First Quantum Minerals (TSX:FM) Overvalued in 2026?

Based on GuruFocus' analysis, First Quantum Minerals stock appears to be overvalued. The current stock price of C$37.44 is trading 68.4% above its estimated GF Value™ of C$22.23. GuruFocus considers First Quantum Minerals to be Significantly Overvalued.

Key valuation signals for TSX:FM:

  • Net Margin %: -13.96%
  • GF Value™: C$22.23 vs. price of C$37.44 (68.4% above fair value)
  • GF Score™: 76/100 with 3 warning signs

No single metric tells the full story. See the TSX:FM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


First Quantum Minerals Business Description

Other Exchanges FQVLF:USAIZ1:Germany
Address 330 Bay Street, Suite 1101, Toronto, ON, CAN, M5H 2S8
First Quantum Minerals Ltd is a diversified mining company. The company's principal activities include mineral exploration, mine engineering and construction, and development and mining operations. The firm produces copper in concentrate, copper anode, copper cathode, nickel, gold, zinc, silver, acid, and pyrite. It has operating mines located in Zambia, Panama, Turkey, Spain, Australia, and Mauritania. The company's reportable operating segments are Cobre Panama, Kansanshi, and Trident.
76GF Score

Get the complete analysis for TSX:FM

Net Margin % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

C$37.44
Price
C$22.23
GF Value