Lundin Mining Past Earnings Performance
Past criteria checks 6/6
Lundin Mining has been growing earnings at an average annual rate of 3.4%, while the Metals and Mining industry saw earnings growing at 24.1% annually. Revenues have been growing at an average rate of 6.3% per year. Lundin Mining's return on equity is 22.3%, and it has net margins of 29.2%.
Key information
3.44%
Earnings growth rate
-1.63%
EPS growth rate
| Metals and Mining Industry Growth | 27.39% |
| Revenue growth rate | 6.30% |
| Return on equity | 22.28% |
| Net Margin | 29.23% |
| Next Earnings Update | 04 Nov 2026 |
Recent past performance updates
Analysis Article • May 15
There May Be Underlying Issues With The Quality Of Lundin Mining's (TSE:LUN) Earnings
Lundin Mining Corporation ( TSE:LUN ) just reported some strong earnings, and the market reacted accordingly with a...Analysis Article • Nov 13
Lundin Mining's (TSE:LUN) Earnings Offer More Than Meets The Eye
Shareholders appeared to be happy with Lundin Mining Corporation's ( TSE:LUN ) solid earnings report last week. Looking...Recent updates
Narrative Update • Sep 03
LUN: Future Returns Will Reflect Caserones Recovery And Vicuña Project Progress
The updated analyst price target for Lundin Mining edges lower to CA$41.45 from CA$42.43, reflecting slightly more cautious revenue assumptions and a higher discount rate, partly offset by firm profit margin expectations and mixed Street targets that range from CA$39 to CA$47. Analyst Commentary Recent Street research on Lundin Mining shows a wide range of views on both upside potential and execution risk.
Narrative Update • Aug 20
LUN: Tighter Copper Market And Vicuña Project Will Support Future Upside
The updated analyst price target for Lundin Mining has been revised slightly lower to CA$49.55 from CA$50.86, as analysts factor in more conservative revenue growth assumptions, along with a small adjustment to the discount rate and future P/E expectations. Analyst Commentary Recent Street research on Lundin Mining shows a mix of views, with price targets and ratings spread across the spectrum.Narrative Update • Aug 06
LUN: Tighter Copper Market And Vicuña Approval Will Support Future Upside
The analyst price target for Lundin Mining has moved higher in recent months into the CA$32 to CA$47 range as analysts factor in updated copper price forecasts and a broadly more constructive view on commodities. Analyst Commentary Recent research updates on Lundin Mining show a cluster of higher price targets across both Canadian dollar and Swedish krona listings.
Narrative Update • Jul 23
LUN: Copper Price Optimism Will Likely Mask Weather And Execution Risks
The analyst price target for Lundin Mining has been raised from CA$21.11 to CA$32.96. Analysts attribute this change to updated copper price assumptions, a tighter expected supply backdrop for key metals, and slightly higher projected profitability that is reflected in a higher future P/E multiple.Narrative Update • Jul 09
LUN: Higher Copper Exposure And Vicuña Approval Will Support Future Upside
Analysts have lifted the Lundin Mining fair value estimate from CA$32.48 to CA$52.06, reflecting updated assumptions for higher revenue growth and profit margins, along with a slightly higher discount rate and a modestly lower future P/E multiple in line with a series of recent price target increases across the Street. Analyst Commentary Recent research on Lundin Mining shows a cluster of higher price targets across multiple currencies, with bullish analysts pointing to a mix of company specific drivers and sector support.Narrative Update • Jun 25
LUN: Future Returns Will Reflect Chile Copper Expansion And Vicuña Project Progress
The analyst price target for Lundin Mining has been raised from CA$40.80 to CA$42.43, with analysts pointing to updated assumptions for revenue growth, profit margin, and a slightly lower discount rate as key factors behind the change. Analyst Commentary Recent Street research on Lundin Mining shows a mix of optimism and caution, with several firms updating their price targets and ratings as they refine assumptions around growth, execution, and risk.Analysis Article • Jun 20
Lundin Mining (TSX:LUN) Stock Could Be 9% Undervalued After Vicuña Approval
Lundin Mining (TSX:LUN) is back in focus after its Vicuña Project in Argentina secured RIGI PEELP status and the company used its Capital Markets Day to outline an ambitious copper growth roadmap. See our latest analysis for Lundin Mining. Despite a quiet pullback over the past month, with a 30 day share price return of 2.16% and a 7 day share price return of 1.93% in the red, Lundin Mining’s recent Vicuña approval and growth plans come against a backdrop of strong momentum, including a 90...Narrative Update • Jun 06
LUN: Future Returns Will Reflect Caserones Ownership Increase And Mixed Copper Sentiment
Analysts have slightly raised the Lundin Mining fair value estimate to CA$40.80 from CA$39.80, citing updated assumptions for revenue growth, profit margins, discount rate, and future P/E. These revisions align with a mixed set of recent price target changes and rating actions across the Street.Narrative Update • May 22
LUN: Future Returns Will Reflect Caserones Expansion And Balanced Copper Price Views
Analysts have nudged the implied fair value for Lundin Mining higher to about CA$39.80 from roughly CA$39.06, reflecting a series of recent price target revisions, including Barclays' new CA$42 target alongside upward moves from Deutsche Bank, Morgan Stanley, CIBC, Desjardins, Scotiabank, and TD Securities, partly offset by adjustments from JPMorgan and others. Analyst Commentary Recent research paints a mixed picture for Lundin Mining, with several firms adjusting price targets in both directions and maintaining ratings that generally sit in the middle of the spectrum.Analysis Article • May 15
There May Be Underlying Issues With The Quality Of Lundin Mining's (TSE:LUN) Earnings
Lundin Mining Corporation ( TSE:LUN ) just reported some strong earnings, and the market reacted accordingly with a...Narrative Update • May 08
LUN: Future Returns Will Reflect Caserones Expansion And Mixed Copper Price Scenarios
The updated analyst price target for Lundin Mining rises slightly to CA$39.06 from CA$38.90, with analysts pointing to modestly higher profit margin assumptions and a lower future P/E multiple as key drivers of the change. Analyst Commentary Recent Street research on Lundin Mining offers a mix of optimism and caution, with several firms adjusting price targets and ratings across both Canadian dollar and Swedish krona listings.Narrative Update • Apr 23
LUN: Future Returns Will Balance Caserones Expansion With Copper Price Uncertainty
Analysts have modestly adjusted the Lundin Mining fair value estimate to CA$38.90 from CA$39.14. This reflects updated assumptions for revenue growth, profit margins and a slightly higher discount rate in light of mixed but generally higher recent Street price targets.Narrative Update • Apr 07
LUN: Future Returns Will Reflect Expanded Caserones Stake And Copper Exposure
The analyst price target for Lundin Mining has been raised by CA$0.60 to CA$39.14, with analysts attributing the change to updated assumptions for higher revenue growth, stronger profit margins, and a lower future P/E multiple. Analyst Commentary Recent Street research on Lundin Mining shows a mix of optimism and caution, with several firms adjusting price targets and ratings in different directions.Narrative Update • Mar 24
LUN: Future Returns Will Reflect Copper Exposure And Caserones Expansion
The analyst price target for Lundin Mining is now CA$38.54, up from CA$37.25. This change reflects a series of recent target revisions as analysts factor in updated growth, margin and P/E assumptions.Narrative Update • Mar 08
LUN: Future Returns Will Reflect Copper Cycles And Wider Earnings Uncertainty
The Lundin Mining analyst price target has been revised higher to CA$37.25 from CA$36.05, reflecting updated analyst views that incorporate Street research indicating stronger revenue growth, wider profit margins and a modestly adjusted future P/E outlook. Analyst Commentary Recent Street research presents a mixed but generally constructive view on Lundin Mining, with several firms adjusting price targets and ratings in response to updated revenue, margin and P/E assumptions.Narrative Update • Feb 22
LUN: Future Returns Will Reflect Copper Cycles Legal Overhang And Share Buybacks
Our fair value estimate for Lundin Mining has moved to CA$36.05 from CA$34.26 as analysts adjust price targets, with some cuts alongside several target increases, while also reflecting updated assumptions for revenue growth, profit margins, discount rate and future P/E. Analyst Commentary Recent Street research on Lundin Mining shows a mix of optimism and caution, with several firms adjusting price targets in both directions and updating ratings.Narrative Update • Feb 07
LUN: Future Returns Will Reflect Metals Cycles Legal Overhang And Capital Deployment
The analyst price target for Lundin Mining has been lifted by about $1.93, reflecting updated assumptions around higher revenue growth expectations, a slightly increased discount rate, modestly lower profit margin forecasts, and a small upward adjustment to future P/E that align with recent target changes from several firms. Analyst Commentary Recent Street research on Lundin Mining shows a mix of optimism and caution, with several firms revisiting their models and price targets across both North American dollar and Swedish krona listings.Narrative Update • Jan 23
LUN: Future Returns Will Hinge On Metals Cycles Versus Legal And Macro Risks
The updated analyst price target for Lundin Mining has shifted higher to reflect a fair value move from $28.28 to $32.34, as analysts factor in refreshed commodity price forecasts, a slightly lower discount rate of 7.21% and higher expected future P/E multiples, even as they incorporate more cautious assumptions on revenue growth and profit margins. Analyst Commentary Recent Street research on Lundin Mining shows a mix of optimism and caution, with several firms adjusting price targets in different currencies and maintaining a range of ratings from Buy and Outperform to Neutral and Equal Weight.Analysis Article • Jan 21
Improved Revenues Required Before Lundin Mining Corporation (TSE:LUN) Stock's 26% Jump Looks Justified
Despite an already strong run, Lundin Mining Corporation ( TSE:LUN ) shares have been powering on, with a gain of 26...Narrative Update • Jan 08
LUN: Future Returns Will Depend On Metals Cycles Outweighing Legal Overhang Risks
Analysts have nudged our fair value estimate for Lundin Mining higher from $27.52 to $28.28. This reflects recent target price revisions across U.S., Canadian and European brokers who cite refreshed metals price assumptions and mixed regional demand signals.Narrative Update • Dec 20
LUN: Future Returns Will Weigh Metal Price Cycles Against Legal Overhang Risks
The analyst price target for Lundin Mining has been raised from approximately $24.55 to about $27.52, as analysts factor in stronger expected revenue growth and improved profit margins despite a mixed macro backdrop for metals and mining. Analyst Commentary Analyst sentiment toward Lundin Mining remains broadly constructive, with a series of recent target price revisions reflecting both stronger company specific fundamentals and a still challenging macro backdrop for metals.Narrative Update • Dec 06
LUN: Future Returns Will Balance Metal Price Leverage And Legal Environmental Risks
Our analyst price target for Lundin Mining has edged lower to approximately $24.55 from about $25.28, as analysts factor in a slightly higher discount rate alongside modestly stronger long term revenue growth expectations amid a mixed macro backdrop and a series of both upward and downward target revisions across the Street. Analyst Commentary Recent Street research on Lundin Mining reflects a balanced mix of optimism and caution, with a cluster of target revisions across multiple currencies signaling active debate around the company’s medium term earnings power and appropriate valuation multiple.Narrative Update • Nov 22
LUN: Share Performance Will Reflect Shifting Profit Margins And Market Execution Risks
Lundin Mining's analyst price target has been increased from $23.76 to $25.28, as analysts factor in stronger expected revenue growth and improved market sentiment, despite a moderating profit margin outlook. Analyst Commentary Recent analyst activity for Lundin Mining reflects a mix of optimism about the company’s growth trajectory and caution regarding near-term challenges.Analysis Article • Nov 13
Lundin Mining's (TSE:LUN) Earnings Offer More Than Meets The Eye
Shareholders appeared to be happy with Lundin Mining Corporation's ( TSE:LUN ) solid earnings report last week. Looking...Narrative Update • Nov 06
LUN: Share Price Outlook Will Reflect Improved Profit Margins And Execution Risks
Lundin Mining's analyst price target has been raised notably, from approximately $22.50 to $23.76. Analysts point to improved revenue growth expectations and higher projected profit margins, which are supporting a stronger outlook for the company.Narrative Update • Oct 22
Analyst Commentary Highlights Upgraded Price Targets and Profit Outlook for Lundin Mining
Lundin Mining’s analyst price target has been significantly raised from approximately $18.68 to $22.50. Analysts cited increased revenue growth projections, stronger profit margins, and favorable recent research as supporting factors for the revision.Narrative Update • Oct 08
Vicuña And Brownfield Projects Will Increase Copper And Gold Production
Lundin Mining's analyst price target has been raised from approximately $17.37 to $18.68. Analysts cite improved revenue growth forecasts and strengthening profit margins as the reasons for this adjustment.Analysis Article • Sep 30
Lundin Mining Corporation's (TSE:LUN) Shares Bounce 28% But Its Business Still Trails The Industry
Despite an already strong run, Lundin Mining Corporation ( TSE:LUN ) shares have been powering on, with a gain of 28...Narrative Update • Sep 24
Vicuña And Brownfield Projects Will Increase Copper And Gold Production
Lundin Mining’s consensus price target was modestly raised to CA$17.37 as analysts cited improved copper and zinc production, stronger operational performance, supportive commodity prices, and enhanced management execution, partially offset by cautious views due to limited near-term catalysts. Analyst Commentary Bullish analysts cited stronger-than-expected copper and zinc production profiles, improving operational performance, and robust commodity pricing environments as key factors for raising price targets.Narrative Update • Sep 04
Vicuña And Brownfield Projects Will Increase Copper And Gold Production
Analysts have slightly raised Lundin Mining's price target to CA$17.20, citing improved copper price outlooks, stronger-than-expected operational performance, and continued cost discipline, though some near-term uncertainty from project delays has limited further upside. Analyst Commentary Bullish analysts have cited improving base metal price outlooks, particularly for copper, as a key factor driving upward price target revisions.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Lundin Mining makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 30 Jun 26 | 4,627 | 1,353 | 103 | 0 |
| 31 Mar 26 | 4,292 | 1,190 | 108 | 0 |
| 31 Dec 25 | 4,053 | 1,047 | 107 | 0 |
| 30 Sep 25 | 3,511 | 316 | 106 | 0 |
| 30 Jun 25 | 3,377 | 256 | 108 | 0 |
| 31 Mar 25 | 3,377 | 225 | 102 | 0 |
| 31 Dec 24 | 3,270 | 125 | 100 | 0 |
| 30 Sep 24 | 2,975 | 207 | 97 | 0 |
| 30 Jun 24 | 3,094 | 120 | 109 | 0 |
| 31 Mar 24 | 2,804 | 95 | 108 | 0 |
| 31 Dec 23 | 2,743 | 203 | 111 | 0 |
| 30 Sep 23 | 3,144 | 348 | 119 | 0 |
| 30 Jun 23 | 2,800 | 340 | 169 | 0 |
| 31 Mar 23 | 2,801 | 228 | 208 | 0 |
| 31 Dec 22 | 3,041 | 427 | 198 | 0 |
| 30 Sep 22 | 3,248 | 510 | 197 | 0 |
| 30 Jun 22 | 3,356 | 695 | 130 | 0 |
| 31 Mar 22 | 3,638 | 990 | 94 | 0 |
| 31 Dec 21 | 3,329 | 780 | 97 | 0 |
| 30 Sep 21 | 2,840 | 671 | 91 | 0 |
| 30 Jun 21 | 2,684 | 619 | 93 | 0 |
| 31 Mar 21 | 2,345 | 415 | 86 | 0 |
| 31 Dec 20 | 2,042 | 169 | 88 | 0 |
| 30 Sep 20 | 2,080 | 147 | 95 | 0 |
| 30 Jun 20 | 2,018 | 51 | 101 | 0 |
| 31 Mar 20 | 1,854 | 4 | 115 | 0 |
| 31 Dec 19 | 1,893 | 167 | 122 | 0 |
| 30 Sep 19 | 1,732 | 99 | 125 | 0 |
| 30 Jun 19 | 1,573 | 80 | 136 | 0 |
| 31 Mar 19 | 1,671 | 166 | 135 | 0 |
| 31 Dec 18 | 1,726 | 196 | 135 | 0 |
| 30 Sep 18 | 1,851 | 300 | 137 | 0 |
| 30 Jun 18 | 2,073 | 425 | 131 | 0 |
| 31 Mar 18 | 2,060 | 395 | 128 | 0 |
| 31 Dec 17 | 2,077 | 371 | 120 | 0 |
| 30 Sep 17 | 2,003 | 387 | 112 | 0 |
| 30 Jun 17 | 1,776 | 236 | 95 | 0 |
| 31 Mar 17 | 1,664 | 168 | 88 | 0 |
| 31 Dec 16 | 1,546 | 92 | 83 | 0 |
| 30 Sep 16 | 1,402 | -459 | 82 | 0 |
| 30 Jun 16 | 1,381 | -474 | 89 | 0 |
| 31 Mar 16 | 1,540 | -408 | 88 | 0 |
| 31 Dec 15 | 1,702 | -319 | 87 | 0 |
| 30 Sep 15 | 1,829 | 109 | 83 | 0 |
Quality Earnings: LUN has high quality earnings.
Growing Profit Margin: LUN's current net profit margins (29.2%) are higher than last year (7.6%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: LUN's earnings have grown by 3.4% per year over the past 5 years.
Accelerating Growth: LUN's earnings growth over the past year (427.7%) exceeds its 5-year average (3.4% per year).
Earnings vs Industry: LUN earnings growth over the past year (427.7%) exceeded the Metals and Mining industry 130.3%.
Return on Equity
High ROE: LUN's Return on Equity (22.3%) is considered high.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/17 21:45 |
| End of Day Share Price | 2026/09/17 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Lundin Mining Corporation is covered by 55 analysts. 23 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Stefan Ioannou | ATB Cormark |
| Farooq Hamed | Barclays |
| Richard Garchitorena | Barclays |