Ssr Mining (TSE:SSRM)
NASDAQ:SSRM
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SSR Mining
(NASDAQ:SSRM)
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Rating:74Outperform
Price Target:
C$51.00
▲(18.99% Upside)
Action:UpgradedDate: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 / low leverage
Low leverage and a large equity base provide durable financial flexibility through commodity cycles. This structural strength reduces refinancing and interest-rate risk, supports capital allocation to growth or returns, and enables the company to fund multi-year projects or absorb operational setbacks without forced asset sales.
Negative Factors
Cash-conversion quality weakness
Earnings not fully converting to cash signals recurring working-capital swings, provisional pricing or non-cash items that can make reported profits less dependable for funding operations. Over the medium term this raises the risk that earnings volatility will not translate into predictable free cash to fund capex or dividends.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet / low leverage
Low leverage and a large equity base provide durable financial flexibility through commodity cycles. This structural strength reduces refinancing and interest-rate risk, supports capital allocation to growth or returns, and enables the company to fund multi-year projects or absorb operational setbacks without forced asset sales.
Read all positive factors
SSR Mining (SSRM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$8.78B
Dividend YieldN/A
Average Volume (3M)507.58K
Price to Earnings (P/E)11.0
Beta (1Y)2.78
Revenue Growth33.74%
EPS GrowthN/A
CountryCA
Employees2,300
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)1.20
Shares Outstanding204,782,530
10 Day Avg. Volume388,065
30 Day Avg. Volume507,584
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)1.27
Price to Sales (P/S)2.68
P/FCF Ratio18.07
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$58.49Price Target Upside36.47% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)5.88
Revenue Forecast (FY)C$3.48B
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 de...
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, an...
SSR Mining Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call highlighted multiple material operational and financial achievements: production above guidance, strong free cash flow, a robust balance sheet (>$1B liquidity), high‑value technical studies (Hod Maden and CC&V TRSs), and significant reserve expansion (~+40% YoY). These positives were tempered by cost pressures (royalties and share‑based compensation), ongoing care & maintenance costs at Çöpler, operational scheduling and blending issues at Marigold, a weak quarter at Seabee, and timing/phasing shifts at Puna. Management provided constructive 2026 guidance and reiterated capital allocation priorities (growth CapEx, Hod Maden pre-construction spend, and a $300M buyback). Overall, the highlights materially outweigh the lowlights, indicating a positive outlook albeit with execution and timing risks on certain assets.Positive Updates
Strong Free Cash Flow Generation
Q4 free cash flow of $106 million and full-year free cash flow of $252 million; excluding changes in working capital, full-year free cash flow exceeded $400 million, providing strong internal funding for growth and returns.
Negative Updates
Higher-Than-Forecast Costs Impacting AISC
Full-year consolidated AISC reached the top end of guidance due to higher-than-forecast royalty costs linked to higher gold prices and increased share-based compensation; this pushed AISC higher despite solid production.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Free Cash Flow Generation
Q4 free cash flow of $106 million and full-year free cash flow of $252 million; excluding changes in working capital, full-year free cash flow exceeded $400 million, providing strong internal funding for growth and returns.
Read all positive updates
Company Guidance
SSR provided detailed 2026 guidance and context: consolidated production of 450,000–535,000 gold‑equivalent ounces, AISC $2,360–$2,440/oz (or $2,180–$2,260/oz excluding Çöpler care & maintenance), Çöpler cash care & maintenance costs $20–$25M/quarter, and total gross spend of ~$150M in 2026; Marigold guidance 170,000–200,000 oz Au at AISC $2,320–$2,390/oz (55–60% H2 weighted) with $108M sustaining capex (70% H1 weighted); CC&V 125,000–150,000 oz at AISC $1,780–$1,850/oz (50–55% H2 weighted); Seabee 60,000–70,000 oz at AISC $2,170–$2,240/oz (≈60% H2 weighted); Puna 6.25–7.0M oz Ag at AISC $20–$22/oz; Hod Maden pre‑construction spend up to ~$15M/month with a 2.5–3 year build after a positive decision (TRS: 2,200 tpd plant, LOM grades 7.6 g/t Au and 1.3% Cu, recoveries ~87% Au/97% Cu, ~240k GEO p.a. first 3 years and 220k GEO p.a. first 5 years, ~$328M annual FCF at consensus or ~ $500M at $4,900/oz Au, $1.7B NPV and 39% IRR, SSR remaining investment ~$470M). Guidance is underpinned by Q4/2025 results: 120k GEO produced, 117k GEO sold at an average realized gold price of $4,142/oz, Q4 net income $181M ($0.84/sh) and adjusted net income $190M ($0.88/sh), Q4 free cash flow $106M and FY free cash flow $252M (>$400M ex‑working capital), year‑end cash $535M and total liquidity >$1B, and a Board‑approved share buyback program of up to $300M.SSR Mining Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
84
Very Positive
Cash Flow
63
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
Positive
42.86
Price Trends
39.46
Positive
35.53
Positive
30.82
Positive
Market Momentum
1.92
Negative
53.51
Neutral
38.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SSRM, the sentiment is Positive. The current price of 42.86 is above the 20-day moving average (MA) of 40.06, above the 50-day MA of 39.46, and above the 200-day MA of 30.82, indicating a bullish trend. The MACD of 1.92 indicates Negative momentum. The RSI at 53.51 is Neutral, neither overbought nor oversold. The STOCH value of 38.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:SSRM.
SSR Mining Risk Analysis
SSR Mining disclosed 61 risk factors in its most recent earnings report. SSR Mining reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SSR Mining Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | C$6.39B | 14.52 | 41.72% | ― | 81.13% | 234.33% | |
74 Outperform | C$8.78B | 11.03 | 12.03% | ― | 33.74% | ― | |
73 Outperform | C$6.06B | 10.24 | 20.98% | ― | 5.33% | 143.67% | |
70 Outperform | C$7.67B | 40.65 | 22.94% | ― | 151.45% | 1224.07% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
48 Neutral | C$6.01B | -89.65 | -42.54% | ― | ― | -92.71% | |
44 Neutral | C$4.59B | -77.21 | -5.07% | ― | ― | -267.06% |
* Basic Materials Sector Average
TSE:SSRM
SSR Mining
42.86
27.87
185.92%
TSE:NG
Novagold Resources New
13.69
9.57
232.28%
TSE:SEA
Seabridge Gold
42.76
25.40
146.31%
TSE:KNT
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26.07
13.09
100.85%
TSE:OLA
Orla Mining
22.20
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42.37%
TSE:TXG
Torex Gold Resources
63.51
16.47
35.02%
SSR Mining Corporate Events
Business Operations and StrategyM&A Transactions
SSR Mining Agrees to Sell 80% Çöpler Mine Stake for $1.5 Billion
Positive
Mar 25, 2026
SSR Mining has signed a definitive share purchase agreement to sell its 80% stake in the Çöpler gold mine and related properties in Türkiye to Cengiz Holding for $1.5 billion in cash. The deal follows an earlier memorandum of unders...
Business Operations and StrategyStock BuybackPrivate Placements and Financing
SSR Mining to Redeem $227.5 Million of Convertible Notes Ahead of Maturity
Positive
Mar 18, 2026
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,...
Business Operations and StrategyStock BuybackFinancial Disclosures
SSR Mining Lifts Reserves, Sets Higher 2026 Output and $300 Million Buyback
Positive
Feb 18, 2026
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 ...
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.