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Ero Copper Corp. (ERO) stock

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NYSE: ERO NYSE Copper

B Fundamentals grade

Ero Copper Corp. is a US-listed company in the copper industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$40

Valuation models combined (5)

Base case. Range ~$31–$54. Weighted average of 5 models (growth cash-flow model, forward price-to-earnings vs peers, residual income, justified price-to-book, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Ero Copper Corp. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds121 adding, 90 cuttingOf 43 active managers that changed their stake, 22 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Ero Copper files

Where Ero Copper stands after its latest Filing

Revenue for the twelve months was $786m, up 67.1% on a year earlier, faster than the 10.0% growth a quarter earlier. That growth ranks 17 of 170 among the materials companies we cover. Free-cash-flow margin fell to 16.8% from 39.9% a year earlier. Operating margin narrowed to 34.4% from 55.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 4 of our 7 financial-health checks. Our valuation models combined value is $39.82 a share, against a share price of $29.05.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Ero Copper Corp.'s trailing-twelve-month revenue grew 67.1% year on year, with a free-cash-flow margin of 16.8%. Where it stands out: change in growth rate of +57.1pp ranks 10 of 168 materials companies we cover. Where it lags: stock pay as % of revenue of 3.1% ranks 117 of 137 materials companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 67.1% (+57.1pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 67.1% over the last 12 months, against a median of 8.3% for materials companies we cover.
  • Growth speeding up. The growth rate is 57.1 points higher than a quarter earlier.
  • High operating margin. 34.4% of revenue is left as operating profit, against a median of 7.0% for materials companies we cover.
  • Margins widening. Operating margin is up 11.3 points on a year ago.

Things to watch

  • Weak cash conversion. Free cash flow was 50% of net income over the last 12 months.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 3.1% ranks 117 of 137 materials companies we cover (median 0.7%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results

Earnings per share
$0.83 against an average estimate of $0.71: beat by 16.8%
Next report
November 2, 2026; average EPS estimate $1.01

Ero Copper's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.4%
  • 1 week-6.6%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$786M
Operating margin
34.4%
Net margin
33.6%
EPS (TTM, diluted)
$2.53

Growth

Revenue growth
+67.1%
Change in growth rate
+57.1 pts
Share count change
+1.0%

Cash

Free cash flow (TTM)
$132M
FCF margin
16.8%
Stock pay % of revenue
3.1%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for ERO from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Ero Copper Corp. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Ero Copper Corp. as an operating company, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.97 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$36 ~$23–$47 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$51 ~$42–$110 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$54 ~$38–$79 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$32 ~$27–$38 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$31 ~$25–$38 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$40 ~$31–$54 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ero Copper Corp. with Materials sector in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.00 +89% $1.8bn +65%
Next $4.93 +23% $1.9bn +9%

Next year's EPS estimate has moved +4.3% in 90 days, across 13 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +6.2% on 90 days ago. In the last 30 days, 2 analysts raised Ero Copper Corp.'s forecast and 1 cut it.

Consensus EPS forecast Ero Copper Corp., last 90 days
$3.50 $4.00 $4.50 $5.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.77 Current fiscal year, 60 days ago: $4.02 Current fiscal year, 30 days ago: $4.14 Current fiscal year, 7 days ago: $4.08 Current fiscal year, Now: $4.00 $4.00 Next fiscal year, 90 days ago: $4.72 Next fiscal year, 60 days ago: $4.78 Next fiscal year, 30 days ago: $4.79 Next fiscal year, 7 days ago: $4.98 Next fiscal year, Now: $4.93 $4.93

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.77$4.72
60 days ago $4.02$4.78
30 days ago $4.14$4.79
7 days ago $4.08$4.98
Now $4.00$4.93

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.71 $0.83 +16.8%
Mar 2026 $0.52 $0.69 +32.0%
Dec 2025 $1.05 $1.04 −1.4%
Sept 2025 $0.32 $0.27 −16.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

18 analysts, Nov 2026
Buy739%
Hold1161%
Sell00%

Monthly trend

  1. Nov 2026341118
  2. Oct 2026441018
  3. Sep 202656718

Counts of recommendations published by analysts covering Ero Copper Corp., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
—
of tradable shares
Days to cover
5.32
at average volume
Short interest, 1 month
+9%
to October 15, 2026
Held by institutions
76%
of shares
Held by insiders
2.3%
of shares

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Ero Copper Corp. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Ero Copper Corp.
$200M $400M $600M $800M FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY20 Q4: $324.1M Revenue (TTM), FY21 Q4: $489.9M Revenue (TTM), FY22 Q4: $426.4M Revenue (TTM), FY23 Q4: $427.5M Revenue (TTM), FY24 Q4: $470.3M Revenue (TTM), FY25 Q4: $785.8M $785.8M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY20 Q4 $324.1M
FY21 Q4 $489.9M
FY22 Q4 $426.4M
FY23 Q4 $427.5M
FY24 Q4 $470.3M
FY25 Q4 $785.8M
Revenue growth, TTM YoY Ero Copper Corp.
-50% 0% 50% 100% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY21 Q4: 51.2% Revenue growth, TTM YoY, FY22 Q4: -13.0% Revenue growth, TTM YoY, FY23 Q4: 0.3% Revenue growth, TTM YoY, FY24 Q4: 10.0% Revenue growth, TTM YoY, FY25 Q4: 67.1% 67.1%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY21 Q4 51.2%
FY22 Q4 -13.0%
FY23 Q4 0.3%
FY24 Q4 10.0%
FY25 Q4 67.1%
Operating margin (TTM) Ero Copper Corp.
20% 30% 40% 50% 60% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Operating margin (TTM), FY20 Q4: 46.6% Operating margin (TTM), FY21 Q4: 55.6% Operating margin (TTM), FY22 Q4: 30.4% Operating margin (TTM), FY23 Q4: 22.3% Operating margin (TTM), FY24 Q4: 23.2% Operating margin (TTM), FY25 Q4: 34.4% 34.4%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY20 Q4 46.6%
FY21 Q4 55.6%
FY22 Q4 30.4%
FY23 Q4 22.3%
FY24 Q4 23.2%
FY25 Q4 34.4%
FCF margin (TTM) Ero Copper Corp.
-100% -50% 0% 50% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY20 Q4: 14.0% FCF margin (TTM), FY21 Q4: 39.9% FCF margin (TTM), FY22 Q4: -32.7% FCF margin (TTM), FY23 Q4: -66.5% FCF margin (TTM), FY24 Q4: -39.0% FCF margin (TTM), FY25 Q4: 16.8% 16.8%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY20 Q4 14.0%
FY21 Q4 39.9%
FY22 Q4 -32.7%
FY23 Q4 -66.5%
FY24 Q4 -39.0%
FY25 Q4 16.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 40-F. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Ero Copper took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $786M
  2. Other income $57.2M · 7.3%
  3. Cost of revenue $441M · 56.1%
  4. Gross profit $345M · 43.9%
  5. Selling, general and admin $9.8M · 1.2%
  6. Other operating costs $64.2M · 8.2%
  7. Operating income $271M · 34.4%
  8. Income tax $64M · 8.2%
  9. Net income $264M · 33.6%

Shares of revenue. Source: Ero Copper's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 324 490 426 427 470 786
Gross profit 188 319 187 157 181 345
EBITDA 151 272 130 97 111 272
Operating income 151 272 130 95 109 271
Net income 52 201 102 93 −68 264
Diluted EPS $0.56 $2.21 $1.10 $0.98 −$0.66 $2.53
Growth (year on year)
Revenue — +51.2% −13.0% +0.3% +10.0% +67.1%
EBITDA — +80.1% −52.2% −25.7% +14.4% +146.1%
Operating income — +80.1% −52.3% −26.6% +14.4% +148.4%
Net income — +289.5% −49.4% −8.9% −173.8% —
Diluted EPS — +294.6% −50.2% −10.9% −167.3% —
Margins
Gross margin 58.1% 65.1% 43.9% 36.7% 38.4% 43.9%
EBITDA margin 46.7% 55.6% 30.5% 22.6% 23.5% 34.6%
Operating margin 46.6% 55.6% 30.4% 22.3% 23.2% 34.4%
Net margin 15.9% 41.0% 23.9% 21.7% −14.6% 33.6%
Free-cash-flow margin 14.0% 39.9% −32.7% −66.5% −39.0% 16.8%
Cash flow
Cash from operations 163 365 143 163 145 395
Capital spending 118 169 283 447 329 263
Free cash flow 45 195 −139 −284 −184 132
Stock-based pay 9 8 8 9 10 25
Free cash flow after stock pay 36 188 −147 −293 −194 108
Balance sheet
Cash 63 130 178 112 50 105
Total debt 168 59 418 426 556 551
Net debt (negative = net cash) 106 −71 240 314 506 446
Diluted shares 92m 91m 92m 95m 103m 104m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · December 31, 2025
What it owns · $1.9bn
Short-term assets $276mLonger-term assets $1.6bn
What it owes, and who funded it · $1.9bn
Short-term liabilities $261mLonger-term liabilities $725mShareholders' equity $936m
  • Short-term assets cover short-term liabilities $276m of assets due within a year against $261m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $276m short-term assets against $725m of longer-dated liabilities.
  • More cash than debt $105m of cash against $551m of debt.
  • Debt below 40% of shareholders' equity Debt is 59% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 73% to 59% over five years.
  • A year's operating cash flow covers at least 20% of debt $395m of operating cash flow against $551m of debt.
  • Operating profit covers interest at least five times over Operating income of $271m against $3m of interest.

From Ero Copper Corp.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+1.0%
year over year

Competitors: side by side with peers

Closest by revenue in copper
Last 12 months unless stated ERO HBM SCCO FCX Median
Revenue, last 12 months $786m $2.2bn $17.1bn $25.9bn $9.7bn
Revenue growth, last 12 months 67.1% 9.4% 38.7% 0.2% 24.0%
Revenue growth, 3-year average — — 18.0% 5.7% 11.8%
Revenue growth, latest quarter — — 39.1% −7.3% 15.9%
Gross margin 43.9% 33.6% 65.2% 27.1% 38.7%
Operating margin 34.4% 41.5% 58.6% 26.8% 37.9%
Operating margin, 3-year average — 22.6% 51.9% 27.2% 27.2%
Net margin 33.6% 25.7% 37.2% 11.4% 29.6%
Cash from operations / revenue 50.3% 32.0% 43.3% 22.8% 37.6%
Free-cash-flow margin 16.8% 10.9% 32.7% 14.5% 15.7%
Free-cash-flow margin, 3-year average — 11.2% 28.1% 9.0% 11.2%
Stock pay / revenue 3.1% 2.8% — 0.5% 2.8%
Change in share count 1.0% 5.1% −1.6% −0.1% 0.4%

Median of all 4 companies we cover in copper. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

171 materials companies
Measure Company Peer median Rank
Revenue growth Growth 67.1% 8.3% 17 of 170
Change in growth rate Growth +57.1pp +2.4pp 10 of 168
Gross margin Profitability 43.9% 26.1% 32 of 151
Operating margin Profitability 34.4% 7.0% 21 of 140
Net margin Profitability 33.6% 3.8% 14 of 170
Free-cash-flow margin Cash generation 16.8% 5.0% 26 of 167
Stock pay as % of revenue Cash generation 3.1% 0.7% 117 of 137
Long-term debt as % of assets Balance sheet 28.7% 22.8% 89 of 147
Change in share count Balance sheet 1.0% 0.4% 98 of 161

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$1.9B
Institutions reporting
208
Shares held vs prior quarter
▲ 1.5%
Positions opened / closed
45 / 29

Top buyers and sellers, Q2 2026: 121 institutions bought and 90 sold ; the biggest buyer was Franklin Resources Inc (+1.3M shares) and the biggest seller FMR LLC (−5.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Fil Ltd $249M 9.3M 13.2% ▼ 11.0%
Mirae Asset Global Etfs Holdings Ltd. $127M 4.8M 6.8% ▲ 9.8%
FMR LLC $120M 4.5M 6.4% ▼ 53.2%
Invesco Ltd. $109M 4.1M 5.8% ▼ 16.2%
Vanguard Capital Management LLC $79.3M 3.0M 4.2% ▲ 8.0%
Gmt Capital Corp $75.5M 2.8M 4.0% ▼ 22.5%
Cape Ann Asset Management Ltd $54.9M 2.1M 2.9% ▲ 5.4%
Jennison Associates LLC $47.4M 1.8M 2.5% ▲ 7.4%
American Century Companies Inc $44.9M 1.7M 2.4% ▲ 83.2%
Massachusetts Financial Services Co $43.7M 1.5M 2.3% ▲ 613.3%
Frontier Capital Management Co LLC $41.2M 1.5M 2.2% ▲ 23.1%
Franklin Resources Inc $38.4M 1.4M 2.0% ▲ 1374.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ero Copper Corp.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Ero Copper Corp. was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Ero Copper Corp. in brief

What does Ero Copper Corp. do?
Ero Copper Corp. is a US-listed company in the copper industry. Its financial year ends in December.
What is Ero Copper Corp.'s stock ticker?
Ero Copper Corp. trades under the ticker ERO on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ero Copper Corp.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ero Copper Corp. reported revenue of $786M, 67.1% higher than a year earlier, according to its SEC filings.
What is Ero Copper Corp.'s free cash flow?
Ero Copper Corp.'s free-cash-flow margin is 16.8% of revenue over the trailing twelve months, ranking 26 of the 167 materials companies we cover.
Who are Ero Copper Corp.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Fil Ltd, Mirae Asset Global Etfs Holdings Ltd. and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
How much debt does Ero Copper Corp. have?
Ero Copper Corp.'s debt-to-equity ratio is 58.9%, from its latest balance sheet (73.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Ero Copper Corp.'s competitors?
In our Copper peer group, the companies closest to Ero Copper Corp. are Hudbay Minerals Inc., Southern Copper Corp/ and Freeport-McMoRan. The side-by-side comparison below sets their revenue, margins and growth against Ero Copper Corp.'s.