Ero Copper Corp. key statistics and ratios

In fiscal 2025, Ero Copper Corp. had return on equity of 34.6%, an operating margin of 34.4%, debt equal to 58.9% of equity and a current ratio of 1.06. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Ero Copper Corp.: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	58.1%	65.1%	43.9%	36.7%	38.4%	43.9%
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%
Return on equity	24.3%	66.4%	21.9%	13.8%	−9.8%	34.6%
Return on assets	10.4%	33.9%	10.8%	6.9%	−4.6%	15.6%
Asset turnover	0.65	0.83	0.45	0.32	0.32	0.46
Current ratio	1.39	1.70	3.04	1.15	0.67	1.06
Debt to equity	79.0%	15.1%	77.6%	53.0%	94.7%	58.9%
Interest cover (operating income ÷ interest)	14.9x	48.7x	4.7x	64.5x	60.0x	102.0x
Effective tax rate	14.5%	14.5%	18.4%	16.1%	—	19.4%
Capital spending as % of revenue	36.3%	34.5%	66.3%	104.6%	70.0%	33.4%
Free cash flow ÷ net income	87.6%	97.2%	−136.9%	−306.1%	—	50.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: ERO vs HBM ERO vs SCCO ERO vs FCX

More: Copper stocks compared, Materials sector, rankings of US companies

Figures from Ero Copper Corp.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ero Copper Corp.