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Santacruz Silver Mining
(TSX:SCZ)
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Rating:70Outperform
Price Target:
C$13.50
▲(1.81% Upside)
Action:Reiterated
Date:08/27/26
The score is primarily supported by improved TTM profitability and a generally solid balance sheet, alongside strong upward technical trends with bullish momentum. Offsetting these positives are weaker cash-flow momentum and only moderate cash conversion, plus a valuation that is not especially compelling given the stock’s very high beta and lack of dividend yield data.
Positive Factors
Revenue Scale
Meaningful revenue expansion indicates that Santacruz has increased the scale of its operating business versus 2022–2023. A larger production and sales base can support stronger operating earnings, improve fixed-cost absorption, and provide a more substantial platform for future growth.
Negative Factors
Margin Volatility
Profitability has not been consistent across recent periods, with current net margin below 2025 and well below the unusually strong 2024 result. This volatility makes earnings power less predictable and could reduce the durability of profits if operating or commodity conditions weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Scale
Meaningful revenue expansion indicates that Santacruz has increased the scale of its operating business versus 2022–2023. A larger production and sales base can support stronger operating earnings, improve fixed-cost absorption, and provide a more substantial platform for future growth.
Read all positive factors
Santacruz Silver Mining (SCZ) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.19B
Dividend YieldN/A
Average Volume (3M)178.92K
Price to Earnings (P/E)19.5
Beta (1Y)3.70
Revenue Growth38.31%
EPS Growth-37.20%
CountryCA
Employees455
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)0.46
Shares Outstanding92,994,580
10 Day Avg. Volume135,884
30 Day Avg. Volume178,918
Financial Highlights & Ratios
PEG Ratio-0.28
Price to Book (P/B)4.83
Price to Sales (P/S)2.65
P/FCF Ratio17.85
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$24.17Price Target Upside82.29% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1.01
Revenue Forecast (FY)C$489.55M
Santacruz Silver Mining Business Overview & Revenue Model
Company Description
Santacruz Silver Mining Ltd. engages in the acquisition, exploration, and development of mineral properties. It operates through the following segments: Bolivar, Porco, Caballo Blanco Group, San Lucas Group, Zimapan, and Corporate and Other. The B...
How the Company Makes Money
Santacruz Silver Mining primarily makes money by producing and selling metal output from its mining operations. Its main revenue stream is the sale of silver, typically in the form of concentrates and/or dore (depending on the specific operation a...
Santacruz Silver Mining Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
73
Positive
Cash Flow
64
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 420.83M | 326.38M | 282.99M | 251.26M | 278.59M | 53.33M |
| Gross Profit | 148.21M | 109.40M | 76.93M | 63.98M | 22.87M | 10.30M |
| EBITDA | 144.07M | 99.01M | 52.52M | 50.70M | 4.91M | -815.00K |
| Net Income | 42.22M | 42.22M | 164.48M | 16.15M | -18.51M | -11.56M |
Balance Sheet | ||||||
| Total Assets | 489.38M | 445.77M | 374.02M | 339.04M | 337.52M | 60.91M |
| Cash, Cash Equivalents and Short-Term Investments | 66.91M | 60.93M | 35.72M | 5.01M | 7.38M | 5.04M |
| Total Debt | 45.09M | 1.56M | 3.35M | 17.77M | 22.21M | 12.34M |
| Total Liabilities | 276.64M | 266.71M | 242.68M | 333.62M | 350.56M | 58.18M |
| Stockholders Equity | 212.74M | 179.06M | 131.35M | 5.42M | -13.04M | 2.74M |
Cash Flow | ||||||
| Free Cash Flow | 36.64M | 48.49M | 31.81M | 8.10M | 13.60M | -25.07M |
| Operating Cash Flow | 75.89M | 79.11M | 54.43M | 29.77M | 29.37M | -1.47M |
| Investing Cash Flow | -77.77M | -92.44M | -20.92M | -23.13M | -2.34M | -21.10M |
| Financing Cash Flow | 12.20M | 21.74M | -2.55M | -6.30M | -23.34M | 22.90M |
Santacruz Silver Mining Technical Analysis
Positive
13.26
Price Trends
12.36
Positive
11.13
Positive
12.43
Positive
Market Momentum
0.03
Positive
50.76
Neutral
43.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SCZ, the sentiment is Positive. The current price of 13.26 is above the 20-day moving average (MA) of 12.76, above the 50-day MA of 12.36, and above the 200-day MA of 12.43, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 50.76 is Neutral, neither overbought nor oversold. The STOCH value of 43.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:SCZ.
Santacruz Silver Mining Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | C$868.72M | 7.56 | 13.59% | ― | 62.75% | 181.92% | |
70 Outperform | C$1.19B | 19.46 | 21.53% | ― | 38.31% | -37.20% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
48 Neutral | C$426.47M | -15.63 | -42.64% | ― | ― | -42.53% | |
46 Neutral | C$292.22M | -5.11 | -59.58% | ― | 59.54% | -45.48% | |
42 Neutral | C$169.96M | -9.07 | -39.97% | ― | ― | -125.32% |
* Basic Materials Sector Average
TSE:SCZ
Santacruz Silver Mining
12.74
2.50
24.41%
TSE:SVRS
Silver Storm Mining
0.50
0.26
104.08%
TSE:APGO
Apollo Gold
2.61
-1.40
-34.91%
TSE:GSVR
Guanajuato Silver Company
0.39
-0.04
-10.47%
TSE:APM
Andean Precious Metals
5.90
-2.61
-30.67%
Santacruz Silver Mining Corporate Events
Business Operations and StrategyDelistings and Listing Changes
Santacruz Silver Wins Conditional TSX Approval in Bid to Elevate Market Profile
Positive
Sep 8, 2026
Santacruz Silver Mining Ltd., a Latin American-focused silver and base metals producer, operates a suite of underground mines and projects in Bolivia, including Bolivar, Porco, Caballo Blanco, Reserva and Soracaya, alongside the Zimapan mine in Me...
Business Operations and StrategyExecutive/Board Changes
Santacruz Silver Awards New Equity Incentives to Management and Staff
Positive
Aug 6, 2026
Santacruz Silver Mining has granted a total of 304,000 performance share units, 296,000 restricted share units and 60,000 deferred share units to directors, officers and employees under its Omnibus Equity Incentive Plan. The PSUs vest based on per...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.