SSR Mining (SSRM) AI Stock Analysis

• Market Cap: C$6.72B
• Dividend Yield: N/A
• Average Volume (3M): 544.39K
• Price to Earnings (P/E): 11.0
• Beta (1Y): 2.40
• Revenue Growth: 33.74%
• EPS Growth: N/A
• Country: CA
• Employees: 2,300
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 1.20
• Shares Outstanding: 203,326,280
• 10 Day Avg. Volume: 543,016
• 30 Day Avg. Volume: 544,395
• PEG Ratio: -0.04
• Price to Book (P/B): 1.27
• Price to Sales (P/S): 2.68
• P/FCF Ratio: 18.07
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$56.60
• Price Target Upside: 79.79% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 11
• EPS Forecast (FY): 6.25
• Revenue Forecast (FY): C$3.50B

• Rating: 74 Outperform
• Price Target: C$35.00 ▲(11.18% Upside)
• Action: Upgraded Date: 02/19/26
• Date: Action: Upgraded 02/19/26

The score is driven primarily by solid overall financial health (low leverage) and a strong 2025 profitability recovery, supported by constructive technical trend signals. Positive earnings-call takeaways (strong free cash flow, liquidity, reserve growth, and a sizable buyback) further support the rating, while cash-conversion quality, cost pressures/Çöpler cash drag, and execution risk across multiple operations keep the score from moving higher.

Positive Factors

Conservative balance sheet and low leverage

Low leverage and a large equity base give SSR Mining durable financial flexibility to fund multiyear projects, absorb commodity cycles, and pursue buybacks or opportunistic M&A without immediate reliance on external debt, supporting multi-quarter capital allocation resilience.

Material free cash flow generation

Substantial and improving free cash flow provides an internally funded runway for sustaining capital, development activity, and the $300M buyback program. Strong FCF supports long-term reinvestment and shareholder returns even if metal-price volatility persists.

Expanded reserve and resource base

A materially larger reserve base increases visibility on future production, underpins multi-year output and free cash flow potential, and de-risks the growth pipeline by supporting development projects and sustaining future conversion of resources into production.

Negative Factors

Earnings and cash-flow volatility / conversion quality

Earnings and cash conversion have been inconsistent across recent years, meaning reported profits may not reliably translate into cash. This reduces predictability for funding sustained capex, dividends or buybacks and raises execution risk over the coming quarters.

Çöpler care & maintenance creates recurring cash drag

Until Çöpler restarts or is resolved, quarterly care-and-maintenance outflows are a multi-quarter structural drag on consolidated free cash flow, lowering available internal capital for growth and returns and increasing sensitivity to weaker metal-price periods.

Hod Maden requires large remaining investment and decision risk

Hod Maden offers high prospective returns but needs a multi-hundred-million-dollar commitment and partner approvals. The remaining funding and timing create multi-year execution and capital-allocation risk that could constrain flexibility or delay expected cash flows.

SSR Mining Business Overview & Revenue Model

Company Description

SSR Mining Inc., together with its subsidiaries, engages in the acquisition, exploration, development, and operation of precious metal resource properties in Turkey and the Americas. The company explores for gold, silver, copper, lead, and zinc deposits. Its projects include the Çöpler Gold mine located in Erzincan, Turkey; the Marigold mine located in Humboldt County, Nevada, the United States; the Seabee Gold Operation located in Saskatchewan, Canada; and the Puna Operations in Jujuy, Argentina. The company was formerly known as Silver Standard Resources Inc. and changed its name to SSR Mining Inc. in August 2017. SSR Mining Inc. was incorporated in 1946 and is based in Denver, Colorado.

How the Company Makes Money

SSR Mining primarily makes money by producing and selling precious metals—mainly gold and silver—from its operated mines. Revenue is generated when mined ore is processed into saleable product (typically doré bars containing gold and/or silver, and in some cases concentrates depending on the operation) and then sold to refineries/traders, with final pricing generally linked to prevailing market prices for the underlying metals (subject to applicable treatment/refining terms and payability). Key revenue streams therefore include (1) gold sales and (2) silver sales, with the mix depending on the production profile of its operating assets in a given period. The company’s earnings are influenced by metal prices, production volumes, ore grades, metallurgical recoveries, operating costs, sustaining capital, and royalties/taxes. Additional contributors to cash flow can include by-product metal credits where applicable, gains/losses from metal sales timing and provisional pricing adjustments, and the effects of any hedging or other risk-management activities if used (specific hedging details: null). Significant partnerships (e.g., streaming/royalty agreements or joint ventures) contributing to earnings: null.

SSR Mining Financial Statement Overview

Summary

Strong 2025 rebound with higher revenue and solid margins, supported by a conservatively financed balance sheet (low leverage and healthy 2025 ROE). However, earnings and cash flows have been notably volatile (losses in 2023–2024), and 2025 cash conversion lagged net income, which tempers confidence in sustainability.

Income Statement

Profitability rebounded strongly in 2025, with revenue up ~16% and solid margins (gross margin ~36%, net margin ~24%), recovering from losses in 2023–2024. However, results have been volatile across the cycle (positive profits in 2020–2022, losses in 2023–2024), which tempers confidence in earnings stability despite the strong latest year.

Balance Sheet

The balance sheet looks conservatively financed with low leverage (debt-to-equity ~0.10–0.15 across the period, ~0.12 in 2025) and a large equity base relative to total assets. Returns on equity are healthy again in 2025 (~11.5%) after turning negative in 2023–2024, suggesting underlying earning power but with notable recent variability.

Cash Flow

Cash generation improved materially in 2025 (operating cash flow ~$480M; free cash flow ~$246M; free cash flow up ~28%), following a weak 2024 (low operating cash flow and negative free cash flow). A key watch item is conversion quality: 2025 operating cash flow was below net income (about 0.78x), and free cash flow was about half of net income, indicating earnings are not fully translating into cash in the latest year even though absolute cash flow is positive.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.66B	995.62M	1.43B	1.15B	1.47B
Gross Profit	592.53M	351.39M	408.77M	498.29M	878.35M
EBITDA	687.17M	-175.51M	28.22M	441.40M	661.81M
Net Income	402.68M	-261.28M	-98.01M	194.14M	368.08M
Balance Sheet
Total Assets	6.08B	5.19B	5.39B	5.25B	5.21B
Cash, Cash Equivalents and Short-Term Investments	574.57M	417.35M	513.34M	695.73M	1.06B
Total Debt	411.89M	345.18M	327.22M	406.59M	487.63M
Total Liabilities	1.78B	1.24B	1.08B	1.13B	1.16B
Stockholders Equity	3.50B	3.11B	3.37B	3.58B	3.54B
Cash Flow
Free Cash Flow	245.88M	-103.40M	198.30M	23.38M	444.18M
Operating Cash Flow	480.11M	40.13M	421.73M	160.90M	608.99M
Investing Cash Flow	-345.64M	-143.12M	-339.26M	-236.28M	-129.14M
Financing Cash Flow	26.63M	6.92M	-182.26M	-271.78M	-319.77M

SSR Mining Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 31.48
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SSRM, the sentiment is Negative. The current price of 31.48 is below the 20-day moving average (MA) of 40.31, below the 50-day MA of 36.95, and above the 200-day MA of 28.79, indicating a neutral trend. The MACD of -0.76 indicates Positive momentum. The RSI at 33.70 is Neutral, neither overbought nor oversold. The STOCH value of 6.69 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:SSRM.

SSR Mining Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KNT	80 Outperform	C$5.01B	14.52	46.21%	―	81.13%	234.33%
SSRM	74 Outperform	C$6.72B	11.03	12.03%	―	33.74%	―
TXG	69 Neutral	C$5.22B	10.24	20.98%	―	5.33%	143.67%
OLA	62 Neutral	C$6.56B	25.03	10.55%	―	151.45%	1224.07%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SEA	52 Neutral	C$3.51B	-26.61	-5.12%	―	―	-267.06%
NG	48 Neutral	C$4.65B	-40.32	-84.13%	―	―	-92.71%

SSR Mining Corporate Events

SSR Mining to Redeem $227.5 Million of Convertible Notes Ahead of Maturity

SSR Mining Inc. has issued a notice of redemption for all $227.5 million outstanding of its 2.50% Convertible Senior Notes due 2039, setting March 19, 2026, as the redemption date. The company will pay holders the full principal, accrued interest, and a make-whole premium representing the present value of remaining interest payments to April 1, 2026.

Noteholders may convert their securities into common shares at an adjusted rate of 56.7931 shares per $1,000 principal until 5:00 p.m. New York time on March 19, 2026, after which interest will cease to accrue. If fully converted, about 13 million shares would be issued, a figure already included in SSR Mining’s fully diluted share count, and the move aligns with the company’s active capital management, including repurchasing roughly 20 million shares since 2021 and launching a new $300 million buyback program in February 2026.

The most recent analyst rating on (TSE:SSRM) stock is a Buy with a C$48.00 price target. To see the full list of analyst forecasts on SSR Mining stock, see the TSE:SSRM Stock Forecast page.

SSR Mining Lifts Reserves, Sets Higher 2026 Output and $300 Million Buyback

SSR Mining reported 2025 production of 447,207 gold equivalent ounces, slightly above guidance midpoint, alongside net income of $395.8 million and free cash flow of $241.6 million, supported by a year-end cash balance of $534.8 million and total liquidity exceeding $1 billion. The miner sharply expanded Proven and Probable reserves to 11 million gold equivalent ounces, an almost 40% annual increase boosted by the addition of CC&V and Hod Maden and higher price assumptions, issued 2026 guidance for up to 535,000 gold equivalent ounces, and authorized a new share buyback of up to $300 million, underscoring confidence in future cash generation and growth pipeline.

The most recent analyst rating on (TSE:SSRM) stock is a Buy with a C$50.00 price target. To see the full list of analyst forecasts on SSR Mining stock, see the TSE:SSRM Stock Forecast page.