First Quantum Minerals Ltd.

FM.TOTSXBasic Materials● Active

$40.49

+$0.47(+1.17%)

Market Cap$33.5B

P/E Ratio—

52W High$46.31

52W Low$20.46

Avg Volume3.3M

Open$40.98

Beta1.98

Free Cash Flow Financials Revenue

First Quantum Minerals Ltd. (FM.TO) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

FM.TO · free cash flow · updated Jun 8, 2026

Core FCF metrics

FM.TO · FCF · TTM · margin & CAGR

Free cash flow was $463.0M for FY2025 (fiscal year ending 2025-12-31), up 26.8% year-over-year The FCF margin was 8.8%. Five-year CAGR stands at -14.3%.

FY2025 Free Cash Flow$463.0M▲ +26.8% YoY

Trailing 12M (TTM)$1.05Btrailing 4 quarters sum

FCF Margin8.8%$463.0M ÷ revenue

3-Year CAGR-26.5%FY2022 → FY2025

5-Year CAGR-14.3%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

FM.TO · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$1.62B(1.15B)$463.0M▲ +26.8%8.8%

FY2024$1.65B(1.29B)$365.0M▲ +187.4%7.6%

FY2023$1.43B(1.30B)$127.0M▼ 89.1%2.0%

FY2022$2.33B(1.17B)$1.17B▼ 38.4%15.3%

FY2021$2.88B(995M)$1.89B▲ +88.4%26.2%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

FM.TO · P/FCF · FCF yield · FCF per share

First Quantum Minerals Ltd. (FM.TO) trades at a FCF yield of 4.34% and a price-to-free-cash-flow ratio of 32.1x. FCF per share stands at $1.26, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

4.34%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$1.26

TTM FCF ÷ Shares Outstanding

Price / FCF

x32.1

Share Price ÷ FCF per Share

EV / FCF (TTM)

x28.1

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

FM.TO · cash flow statement · operating / investing / financing

For FY2025, First Quantum Minerals Ltd. generated $1.62B in operating cash flow and spent 1.15B in capital expenditures, yielding $463.0M in free cash flow.

Operating Activities

+$1.62B

Cash from core business operations

2025-12-31

Investing Activities

−$1.16B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$621.7M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($1.62B) − |CapEx| (1.15B) = FCF ($463.0M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Basic Materials)

FM.TO vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

First Quantum Minerals Ltd.YOU

FM.TO

$463.0M+26.8%8.8%

Southern Copper Corporation

Basic Materials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

First Quantum Minerals Ltd. (FM.TO) reported free cash flow of $463.0M for FY2025 (fiscal year ending 2025-12-31), up 26.8% year-over-year. The FCF margin was 8.8%.

Based on available data, First Quantum Minerals Ltd. has maintained positive free cash flow for at least 6 fiscal year(s). FCF peaked at $1.89B in FY2021. The 5-year CAGR stands at -14.3%.

First Quantum Minerals Ltd.'s FCF yield is 4.34% and price-to-FCF ratio is 32.1x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

FM.TO free cash flow · 8 questions

First Quantum Minerals Ltd. free cash flow was $463.0M for FY2025, up 26.8% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $1.05B.

FM.TO free cash flowFM.TO FCFFM.TO FCF 2025FM.TO free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · First Quantum Minerals Ltd. · First Quantum Minerals Ltd. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026