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Santacruz Silver Mining
(SCZ)
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Rating:70Outperform
Price Target:
C$9.50
▼(-24.72% 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
Margin Sustainability
Sustained gross and operating margins (TTM ~32% and ~24%) indicate durable cost control and processing economics across the mining chain. Improved profitability versus prior loss years suggests the company can generate healthy operating cash across commodity cycles, supporting reinvestment and resilience.
Negative Factors
Capital Structure Volatility
A history of negative equity and past episodes of very high leverage signal the capital structure can swing sharply with commodity cycles. That volatility increases the likelihood of dilutive financings or costly borrowing in downturns, undermining long-term strategic predictability.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin Sustainability
Sustained gross and operating margins (TTM ~32% and ~24%) indicate durable cost control and processing economics across the mining chain. Improved profitability versus prior loss years suggests the company can generate healthy operating cash across commodity cycles, supporting reinvestment and resilience.
Read all positive factors
Santacruz Silver Mining (SCZ) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$791.08M
Dividend YieldN/A
Average Volume (3M)1.74M
Price to Earnings (P/E)8.8
Beta (1Y)3.82
Revenue Growth26.70%
EPS Growth31.54%
CountryCA
Employees455
SectorGeneral
Sector StrengthN/A
IndustrySilver
Share Statistics
EPS (TTM)0.68
Shares Outstanding92,740,700
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$20.52Price Target Upside62.59% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1.11
Revenue Forecast (FY)C$507.95M
Santacruz Silver Mining Business Overview & Revenue Model
Company Description
Santacruz Silver Mining Ltd., operating through its various subsidiaries, specializes in the complete lifecycle of mineral properties within Mexico, from their initial acquisition and exploration to their development and ongoing operation. The com...
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
10.30
Negative
11.23
Negative
11.71
Negative
Market Momentum
-0.41
Positive
37.30
Neutral
22.35
Neutral
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 9.22, above the 50-day MA of 10.30, and above the 200-day MA of 11.71, indicating a bearish trend. The MACD of -0.41 indicates Positive momentum. The RSI at 37.30 is Neutral, neither overbought nor oversold. The STOCH value of 22.35 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | C$864.19M | 4.22 | 20.32% | ― | 67.83% | 342.70% | |
70 Outperform | C$791.08M | 8.78 | 33.35% | ― | 26.70% | 31.54% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
47 Neutral | C$307.55M | -15.08 | -41.51% | ― | ― | 14.00% | |
45 Neutral | C$331.59M | -4.99 | -97.52% | ― | 25.74% | -78.70% | |
43 Neutral | C$154.80M | -9.00 | -54.88% | ― | ― | -199.69% |
* General Sector Average
TSE:SCZ
Santacruz Silver Mining
8.36
3.00
55.97%
TSE:SVRS
Silver Storm Mining
0.40
0.25
163.33%
TSE:APGO
Apollo Gold
2.63
0.53
25.24%
TSE:GSVR
Guanajuato Silver Company
0.43
0.11
36.51%
TSE:APM
Andean Precious Metals
5.86
2.04
53.40%
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.