Santacruz Silver Mining Ltd (TSE:SCZ)
:SCZ
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Santacruz Silver Mining
(SCZ)
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Rating:70Outperform
Price Target:
C$12.50
▼(-0.95% Downside)
Action:Upgraded
Date:05/22/26
The score is driven primarily by strong recent financial performance (solid margins, revenue growth, and low TTM leverage), supported by a low valuation (P/E ~7). This is tempered by weaker technicals (trading below key moving averages) and financial consistency risks, including historically volatile capital structure and only moderate cash conversion with declining TTM free cash flow.
Positive Factors
Improved profitability and margins
Sustained gross and operating margins near the low‑30% and mid‑20% levels indicate the company earns healthy spreads on mined output. Durable margins support internal funding of sustaining capex, buffer profitability through metal-price cycles, and improve odds of consistent cash generation over months to years.
Negative Factors
Historical capital-structure volatility
Past episodes of negative equity and very high leverage show the capital structure can shift rapidly under stress. That history implies a recurring risk of dilutive equity raises, costly refinancing, or covenant pressure if operations or prices weaken, reducing predictability for investors.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved profitability and margins
Sustained gross and operating margins near the low‑30% and mid‑20% levels indicate the company earns healthy spreads on mined output. Durable margins support internal funding of sustaining capex, buffer profitability through metal-price cycles, and improve odds of consistent cash generation over months to years.
Read all positive factors
Santacruz Silver Mining (SCZ) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.06B
Dividend YieldN/A
Average Volume (3M)1.74M
Price to Earnings (P/E)7.0
Beta (1Y)3.69
Revenue Growth17.40%
EPS Growth-74.00%
CountryCA
Employees455
SectorGeneral
Sector StrengthN/A
IndustrySilver
Share Statistics
EPS (TTM)0.68
Shares Outstanding92,490,700
10 Day Avg. Volume1,827,079
30 Day Avg. Volume1,735,448
Financial Highlights & Ratios
PEG Ratio-0.28
Price to Book (P/B)4.83
Price to Sales (P/S)2.65
P/FCF Ratio17.85
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$21.77Price Target Upside72.53% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1.32
Revenue Forecast (FY)C$506.15M
Santacruz Silver Mining Business Overview & Revenue Model
Company Description
Santacruz Silver Mining Ltd., together with its subsidiaries, engages in the acquisition, exploration, development, and operation of mineral properties in Mexico. The company primarily explores for silver and zinc, as well as lead and copper depos...
How the Company Makes Money
Santacruz Silver Mining makes money primarily by producing and selling refined metal (or concentrate) derived from ore mined at its operations. Its core revenue stream is the sale of silver, with additional revenue coming from by-product metals re...
Santacruz Silver Mining Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
78
Positive
Cash Flow
72
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 326.38M | 282.99M | 251.26M | 278.59M | 53.33M |
| Gross Profit | 109.40M | 76.93M | 63.98M | 22.87M | 10.30M |
| EBITDA | 99.01M | 52.52M | 50.70M | 4.91M | -815.00K |
| Net Income | 42.22M | 164.48M | 16.15M | -18.51M | -11.56M |
Balance Sheet | |||||
| Total Assets | 445.77M | 374.02M | 339.04M | 337.52M | 60.91M |
| Cash, Cash Equivalents and Short-Term Investments | 60.93M | 35.72M | 5.01M | 7.38M | 5.04M |
| Total Debt | 1.56M | 3.35M | 17.77M | 22.21M | 12.34M |
| Total Liabilities | 266.71M | 242.68M | 333.62M | 350.56M | 58.18M |
| Stockholders Equity | 179.06M | 131.35M | 5.42M | -13.04M | 2.74M |
Cash Flow | |||||
| Free Cash Flow | 48.49M | 31.81M | 8.10M | 13.60M | -25.07M |
| Operating Cash Flow | 79.11M | 54.43M | 29.77M | 29.37M | -1.47M |
| Investing Cash Flow | -92.44M | -20.92M | -23.13M | -2.34M | -21.10M |
| Financing Cash Flow | 21.74M | -2.55M | -6.30M | -23.34M | 22.90M |
Santacruz Silver Mining Technical Analysis
Negative
12.62
Price Trends
11.62
Negative
13.69
Negative
11.29
Negative
Market Momentum
0.04
Positive
44.05
Neutral
15.00
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SCZ, the sentiment is Negative. The current price of 12.62 is above the 20-day moving average (MA) of 11.77, above the 50-day MA of 11.62, and above the 200-day MA of 11.29, indicating a bearish trend. The MACD of 0.04 indicates Positive momentum. The RSI at 44.05 is Neutral, neither overbought nor oversold. The STOCH value of 15.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:SCZ.
Santacruz Silver Mining Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | C$1.04B | 5.08 | 20.32% | ― | 67.83% | 342.70% | |
70 Outperform | C$1.06B | 7.04 | 25.34% | ― | 17.40% | -74.00% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
44 Neutral | C$443.30M | -3.33 | -212.48% | ― | 6.36% | -45.99% | |
43 Neutral | C$202.18M | -9.59 | -54.88% | ― | ― | -199.69% | |
42 Neutral | C$452.22M | -43.68 | -41.51% | ― | ― | -322.58% |
* General Sector Average
TSE:SCZ
Santacruz Silver Mining
11.22
8.84
371.43%
TSE:SVRS
Silver Storm Mining
0.59
0.46
372.00%
TSE:APGO
Apollo Gold
3.25
1.53
88.41%
TSE:GSVR
Guanajuato Silver Company
0.60
0.43
252.94%
TSE:APM
Andean Precious Metals
6.83
4.92
257.59%
Santacruz Silver Mining Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Santacruz Silver’s San Lucas Unit Fully Places Oversubscribed Bs 70M Note Issue in Bolivia
Positive
Apr 9, 2026
Santacruz Silver’s Bolivian subsidiary Empresa Minera San Lucas S.A. has completed a Bs 70 million unsecured promissory note issuance in the Bolivian capital markets, the third offering under its Bs 140 million program. The notes, which carr...
Business Operations and StrategyFinancial Disclosures
Santacruz Silver Doubles Profitability Metrics in 2025 Despite Lower Output and One-Off 2024 Gain
Positive
Apr 1, 2026
Santacruz Silver Mining reported 2025 revenue of $326.4 million, up 15% year over year, with gross profit nearly doubling and adjusted EBITDA almost doubling as well, driven by higher silver-equivalent prices and operational efficiencies that wide...
Business Operations and Strategy
Santacruz Silver Grants Stock Options to Adelaide Capital to Bolster Market Outreach
Positive
Feb 27, 2026
Santacruz Silver Mining has granted 45,000 stock options to Adelaide Capital, an investor relations and capital markets advisory firm, as part of a broader agreement to enhance its presence in the capital markets. The options, issued under the com...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.