Reading the annual reports…

First time this company is opened: we are analysing its official reports. This can take up to a minute; after that the page loads instantly.

Ero Copper Corp. (ERO) financial health, profit and balance sheet · Scorvest

ERO · NYSE · United States · Metal Mining

Ero Copper Corp.

Vancouver · Fiscal year ends in December · Figures in USD

+ Add to watchlist Compare

In shortEro Copper Corp. is profitable, generates cash and carries moderate debt, with revenue growing (+67.1% last year).

Financial health

Solid

Built from five areas over the last five annual reports. Tap an area to see the figures behind it.

How is this score calculated? →

Profitability99

Operating marginShare of each sale left after running the business, before interest and tax.	34.4%	100/100
Net marginShare of each sale left as profit after every cost, interest and tax.	33.6%	100/100
Return on equityProfit earned on the money shareholders put in. Above 15% is strong.	34.6%	100/100
Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge.	14.1%	94/100

Weight in the score: 25%

Balance sheet55

Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash.	1.06×	22/100
Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted.	0.65×	75/100
Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable.	1.84×	62/100
Interest coverageHow many times operating profit covers interest. Below 2 is risky.	8.11×	63/100
Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress.	3.26	55/100

Weight in the score: 25%

Cash generation46

Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt.	16.8%	87/100
Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy.	0.50×	25/100
Years with positive free cash flow (last 5)	2 of 5	25/100

Weight in the score: 20%

Stability37
Profitable years (last 5) 4 of 5 80/100
Years of revenue decline (last 5) 1 of 5 67/100
Revenue growth volatility 34.3% 0/100
Operating margin volatility 13.5% 0/100
Weight in the score: 20%
Growth100
Revenue growth, 3-year average 22.6% 100/100
EPS growth, 3-year average 32.0% 100/100
Weight in the score: 10%

Profitable years (last 5)	4 of 5	80/100
Years of revenue decline (last 5)	1 of 5	67/100
Revenue growth volatility	34.3%	0/100
Operating margin volatility	13.5%	0/100

Revenue growth, 3-year average	22.6%	100/100
EPS growth, 3-year average	32.0%	100/100

Fiscal year 2025 · change vs prior year

Revenue: $785.8M; ▲ 67.1%
Net income: $263.7M; ▲ 485.1%
Free cash flow: $132.4M; ▲ 172.1%
Operating margin: 34.4%; +11.3 pts
Cash & investments: $105.4M; –
Total debt: $607.1M; ▲ 0.8%
Diluted EPS: $2.53; ▲ 483.3%
Return on equity: 34.6%; –

Trends

Annual figures as reported. Hover a bar or point for the exact value.

1 older year available with the 10-year history. Essential plan, from €8.25/month →

Revenue and net income

RevenueNet income

Margins

Statements

The last 5 fiscal years from the company's annual reports.

USD millions; negative values in parentheses.

Fiscal year	FY21	FY22	FY23	FY24	FY25
Revenue	490	426	427	470	786
Cost of revenue	171	239	271	290	441
Gross profit	319	187	157	181	345
Operating income	272	130	95	109	271
Interest expense	12	33	26	17	33
Pre-tax income	237	126	112	(75)	331
Income tax	34	23	18	(7.7)	64
Net income	201	102	93	(68)	264
Diluted EPS	$2.21	$1.10	$0.98	−$0.66	$2.53
Diluted shares (millions)	91	92	95	103	104

1 older year available with the 10-year history. Essential plan, from €8.25/month →

🔒 Export to Excel · Investor plan

Risk checks

Altman Z'' score

3.26 Safe zone

Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.

Piotroski F-score

8/9

Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.

Positive net income: passed
Positive operating cash flow: passed
Return on assets improved: passed
Cash flow exceeds net income: passed
Long-term debt ratio fell: passed
Current ratio improved: passed
No share dilution: failed
Gross margin improved: passed
Asset turnover improved: passed

Sources

40-FPeriod ending Dec 31, 2025Filed Mar 30, 2026Open the report ↗
40-FPeriod ending Dec 31, 2024Filed Mar 6, 2025Open the report ↗
40-FPeriod ending Dec 31, 2023Filed Mar 7, 2024Open the report ↗
40-FPeriod ending Dec 31, 2022Filed Mar 8, 2023Open the report ↗
40-FPeriod ending Dec 31, 2021Filed Mar 11, 2022Open the report ↗

All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works

Latest annual report: Dec 31, 2025 · Data updated Mar 30, 2026