How does ssr mining inc. make money?

ssr mining inc. generates $1.6B in annual revenue (annual revenue · their business grew +62.4% last year).

What is SSRM's XVARY composite score?

ssr mining inc. (SSRM) has an XVARY composite score of 41/100, rated below average. This combines growth, value, risk, and momentum factors.

SSRM — ssr mining inc. stock analysis

Start here if you're new

what it is

SSRM digs gold, silver, lead, and zinc out of the ground and sells them into global metal markets.

how it gets paid

Last year Ssr Mining made $1.6B in revenue. Gold was the main engine at $950.6M, or 59% of sales.

why it's growing
Revenue grew 62.4% last year. Thus, the fourth quarter is shaping up to be a strong period for the company.

what just happened

Last earnings came in at $0.88 per share versus a $0.53 estimate, a 66.0% beat.

At a glance

C++ balance sheet — some cracks in the foundation

40/100 earnings predictability — expect surprises

13.2x trailing p/e — the market's not buying it — or you found a deal

14.5% return on capital — nothing to write home about

xvary composite: 41/100 — below average

What they do

SSRM digs gold, silver, lead, and zinc out of the ground and sells them into global metal markets.

This is a scale-and-grade business. SSRM produced 399,267 ounces of gold in 2024 and still ran a 28.8% operating margin. If gold stays elevated, each extra ounce drops hard to profit, so your upside rides metal prices and steady mine output.

materials mid-cap miner gold precious-metals

How they make money

$1.6B annual revenue · their business grew +62.4% last year

Gold

$950.6M

Silver

$306.2M

Lead

$321.4M

Zinc

$21.8M

The products that matter

extracts and sells precious metals

Gold and Silver Mining

$1.6B revenue · +62.4% growth

it's the entire $1.6B business. that simplicity helps you see the thesis fast: if the mines run well, the earnings power is real. if they do not, there is nowhere else to hide.

100% of revenue

Key numbers

$2.90

fy2026 eps est

$2B

fy2028 rev est

13.2x

trailing p/e

n/a

dividend yield

Financial health

C++

strength

balance sheet grade C++ — below average — limited financial resources
risk rank 4 — safer than 20% of stocks
price stability 15 / 100
long-term debt $120M (3% of capital)
net profit margin 28.1% — keeps 28 cents of every dollar in revenue
return on equity 15% — $0.15 profit for every $1 investors have put in

C++ — net profit margin looks solid but balance sheet grade needs watching.

Total return vs. market

You invested $10,000 in SSRM 3 years ago → it's now worth $15,100.

The index would have given you $13,920.

same period. same starting point. SSRM beat the market by $1,180.

source: institutional data · total return

What just happened

beat estimates

Last earnings came in at $0.88 per share versus a $0.53 estimate, a 66.0% beat.

That result landed well above expectations, even after a messy 2024 when full-year EPS was just $0.28. The bigger story is the rebound path: quarterly EPS steps from $0.29 to $0.51 to $0.32 to $0.53 through 2025.

$1.6B

ttm revenue

$0.88

last EPS

66.0%

surprise

the number that mattered

The $0.88 EPS print mattered because it beat the $0.53 estimate by 66.0%, which tells you operations recovered faster than the market expected.

ssr mining inc.’s third-quarter operating results were a mixed bag.

the company reported september-period earnings of $0.32 a share, well below our aggressive estimate and the consensus.
production of 102,673 ounces of gold was nearly 15% lower on a quarter-over-quarter basis.
unforeseen operational issues at the seabee mine in canada, coupled with lower gold grades at the u.s. mines led to the shortfall.

the reduced production also led to a loss of economies of scale, so the operating margin was softer than expected, as well. looking ahead, management guided to higher ore grades at both the marigold and cripple creek mines in the fourth quarter. meanwhile forest fires north of the seabee mine are now out and power has been restored to the mine and operations have been restarted.
thus, the fourth quarter is shaping up to be a strong period for the company.
we expect healthy from a year ago production growth to extend through to the first half of 2026.

source: company earnings report, 2026

What could go wrong

the top risk is another operational shutdown or incident at a key mine. SSRM already showed you what that looks like — the stock fell more than 50%.

∘

med

mine disruption

This is the obvious one. A past operational incident cut the stock by more than 50%. In a business with $1.6B of annual revenue and one main line of income, downtime matters fast.

A 15–25% hit to output would put roughly $240M–$400M of annual revenue at risk, based on the current revenue base.

∘

med

legal proceedings and claims

Ongoing investigations, claims, and lawsuits keep a legal overhang on the story. Even if operating results improve, unresolved legal noise can delay the market's willingness to pay a higher multiple.

The damage here is less about a single quarter and more about duration — a stock already swinging between $4 and $26 does not need more uncertainty.

∘

med

grade and production volatility

Production fell to 102,673 ounces in the latest quarter, nearly 15% below the prior quarter, because of operational issues and lower grades. That is mining in one sentence.

When volume slips, scale slips too. The latest quarterly margin was 24.7%, well below the 38.3% operating margin the business produced over the full year.

The combined risk picture is simple: the multiple looks low because the business can make a lot of money in good conditions and lose market trust very quickly in bad ones.

source: institutional data · regulatory filings · risk analysis

Pay attention to

key metric

production rebound after 102,673 ounces

The latest quarter came in nearly 15% below the prior quarter. If volumes do not rebound after the restart, the recovery case weakens fast.

calendar

fourth-quarter grade improvement

Management pointed to higher ore grades at Marigold and Cripple Creek in the fourth quarter. You want to see that show up in production and margin, not just in commentary.

risk

legal overhang

Track whether investigations, claims, and lawsuits begin to narrow or expand. Cheap stocks stay cheap when the legal file keeps getting thicker.

trend

whether $2B revenue is actually reachable

The FY2026 revenue estimate implies another step up from $1.6B. That is the number tying together production recovery, stable operations, and the bull case.

Analyst rankings

short-term outlook

average

momentum score 3 — in human-speak, analysts do not see a strong near-term price signal either way.

risk profile

elevated

stability score 4 means the stock is safer than only about 20% of names in the database. That is not defensive.

chart momentum

average

technical score 3 — the chart is not flashing a major signal. You are mostly trading the operating story, not the tape.

earnings predictability

40 / 100

Low predictability means exactly what it sounds like: quarterly earnings are harder to model here than at steadier businesses.

source: institutional data

Institutional activity

institutions have been net buying for 3 consecutive quarters — 163 buyers vs. 135 sellers in 3q2025. total institutional holdings: 0.1B shares. net buying for 3 quarters.

source: institutional data · 1q2025-3q2025

source: institutional data

Price targets

3-5 year target range

$7 $28

$22 current price

$18 target midpoint · 18% from current · 3-5yr high: $60 (+175% · 29% ann'l return)

source: institutional data · analyst targets

The deep dive

SSRM

xvary deep dive

ssrm

the full analysis is in the works.

what you'll get

dcf valuation model

bull / base / bear scenarios

competitive moat breakdown

quarterly earnings tracker

operating model projections

risk matrix with kill criteria

original price target + conviction

updated with every earnings

free · no spam · you'll be first to read it

ssrm

Get this snapshot in your inbox

Want the deeper analysis?