Fresnillo Balance Sheet Health
Financial Health criteria checks 6/6
Fresnillo has a total shareholder equity of $5.1B and total debt of $839.9M, which brings its debt-to-equity ratio to 16.6%. Its total assets and total liabilities are $7.3B and $2.2B respectively. Fresnillo's EBIT is $2.1B making its interest coverage ratio -42.8. It has cash and short-term investments of $2.8B.
Key information
16.55%
Debt to equity ratio
US$839.93m
Debt
| Interest coverage ratio | -42.8x |
| Cash | US$2.76b |
| Equity | US$5.07b |
| Total liabilities | US$2.20b |
| Total assets | US$7.28b |
Recent financial health updates
Analysis Article • Dec 23
These 4 Measures Indicate That Fresnillo (LON:FRES) Is Using Debt Safely
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Analysis Article • Sep 18
Is Fresnillo (LON:FRES) Using Too Much Debt?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Recent updates
Narrative Update • May 04
FRES: Production Slippage And Mixed Street Views Will Pressure Future Returns
Fresnillo’s analyst fair value estimate has been adjusted from £23.88 to £24.72. The change reflects recent mixed price target revisions across the Street and updated assumptions on long term revenue growth, profit margins and future P/E expectations.Narrative Update • Apr 20
FRES: Execution Risks Around Multi Year Production Guidance Will Likely Intensify
The analyst price target for Fresnillo has increased to £23.88 from £21.82, with analysts citing adjusted expectations for revenue growth, profit margins and future P/E, along with mixed recent target changes from major banks, as support for the new fair value. Analyst Commentary Recent research shows a split in sentiment on Fresnillo, with some major banks lifting targets while others have taken a more cautious stance on valuation and execution.Narrative Update • Feb 22
FRES: Mixed Rating Shifts Will Likely Expose Mounting Execution Risk
The Fresnillo analyst price target has been reduced by about £0.17 per share, as analysts factor in slightly higher projected revenue growth and profit margins, together with a modestly lower P/E and discount rate following recent mixed rating and target changes across the Street. Analyst Commentary Recent Street research on Fresnillo shows a split view, with some firms lifting targets while others trim expectations or ratings.Narrative Update • Feb 07
FRES: Higher Revenue Hopes Will Likely Mask Growing Execution Risk
Analysts have lifted their fair value estimate for Fresnillo from £16.62 to £21.99 per share, reflecting updated assumptions around higher revenue growth, slightly stronger profit margins, a lower future P/E multiple, and recent mixed but generally higher Street price targets. Analyst Commentary Recent Street research on Fresnillo has sent mixed signals, with several firms adjusting price targets in different directions and one downgrade in the mix.Narrative Update • Jan 24
FRES: Higher Metal Price Optimism Will Likely Mask Execution And Margin Risks
Analysts have modestly revised their fair value estimate for Fresnillo to £16.62 per share, reflecting updated assumptions around revenue, profit margins and a slightly lower future P/E multiple following recent price target increases from several banks. Analyst Commentary Recent Street research on Fresnillo points to a mixed stance, with some high profile price target adjustments sitting alongside more cautious views on the shares.Analysis Article • Jan 16
Fresnillo plc (LON:FRES) Looks Just Right With A 28% Price Jump
Fresnillo plc ( LON:FRES ) shares have continued their recent momentum with a 28% gain in the last month alone. The...
Narrative Update • Jan 09
FRES: Elevated Gold Price Forecasts Will Likely Drive Future Multiple Compression
Fresnillo’s updated fair value estimate has moved from £24.12 to £28.64 per share. This reflects analysts’ higher price targets and refreshed assumptions around revenue growth, profit margins and future P/E levels.Narrative Update • Dec 23
FRES: Higher Precious Metal Price Hopes Will Likely Overstate Future Earnings Potential
Fresnillo's analyst price target has been lifted sharply, rising from about 950 GBp to a range of 3,000 to 4,300 GBp, as analysts factor in stronger expected revenue growth, higher profit margins and a more constructive long-term precious metals price outlook. Analyst Commentary Recent target price revisions for Fresnillo highlight a wide dispersion in analyst expectations, reflecting divergent views on the sustainability of the company’s earnings recovery and leverage to higher precious metals prices.Analysis Article • Dec 23
These 4 Measures Indicate That Fresnillo (LON:FRES) Is Using Debt Safely
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Narrative Update • Dec 09
FRES: Elevated Gold Price Assumptions Will Likely Expose Downside If Metals Normalize
Our analyst price target for Fresnillo has been raised in line with the Street, which has lifted targets as high as 4,300 GBp per share. This reflects analysts' increasingly optimistic assumptions for revenue growth, margins, and long term precious metal pricing.Analysis Article • Dec 02
Fresnillo plc (LON:FRES) Looks Just Right With A 27% Price Jump
Despite an already strong run, Fresnillo plc ( LON:FRES ) shares have been powering on, with a gain of 27% in the last...Narrative Update • Nov 25
FRES: Higher Gold Price Forecasts Will Drive Moderate Upside Amid Ongoing Market Risks
Fresnillo's analyst price target has increased from £24.10 to £24.24 per share. Analysts cite improving revenue growth, stronger profit margins, and positive sector sentiment as key drivers for the upward revision.Analysis Article • Nov 20
Here's Why We Think Fresnillo (LON:FRES) Is Well Worth Watching
The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...Narrative Update • Nov 10
FRES: Increased Gold Price Forecasts Will Influence Share Performance Amid Sector Volatility
Analysts have sharply increased their price target on Fresnillo, with estimates rising from approximately £22.64 to £24.10 per share. They cite stronger revenue growth, higher profit margins, and optimism from higher long-term gold price forecasts.Narrative Update • Oct 27
Long-Term Gold Price Strength Will Drive Profitability And Earnings Outlook
Fresnillo's analyst price target has been raised significantly, increasing from £18.36 to £22.64, as analysts anticipate stronger revenue growth and improved profit margins. This change is driven by higher long-term gold price forecasts.Narrative Update • Oct 13
Exploration Efforts At Ciénega And San Julian Will Extend Mine Life
The analyst price target for Fresnillo has been raised significantly from £16.26 to £18.36. Analysts cite expectations for improved revenue growth and sector tailwinds that may support higher future valuations.Narrative Update • Sep 29
Exploration Efforts At Ciénega And San Julian Will Extend Mine Life
Analysts have raised Fresnillo’s price target to £16.26, driven by bullish views on sustained higher silver prices and improved operating outlook, though some caution that current valuations already reflect lofty silver price assumptions. Analyst Commentary Bullish analysts cite a substantially improved silver price backdrop, raising expectations for Fresnillo's earnings and cash flows.Analysis Article • Sep 18
Is Fresnillo (LON:FRES) Using Too Much Debt?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Narrative Update • Sep 14
Exploration Efforts At Ciénega And San Julian Will Extend Mine Life
Fresnillo’s analyst price target has been revised higher to £14.56 amid improved silver market fundamentals and a strengthened production outlook, though some caution that valuation now assumes an optimistic silver price scenario with limited downside protection. Analyst Commentary Bullish analysts cite improved silver market fundamentals and strengthening price outlook as key drivers for raising targets.Narrative Update • Aug 30
Exploration Efforts At Ciénega And San Julian Will Extend Mine Life
Fresnillo's consensus analyst price target was raised to £14.18 as analysts anticipate stronger earnings and cash flows on higher silver price forecasts, though concerns remain that the current share price already reflects overly optimistic long-term silver assumptions and presents a less compelling risk-reward, limiting further upside at current valuation. Analyst Commentary Bullish analysts are raising price targets based on a substantially improved silver price outlook and more favorable sector backdrop.Analysis Article • Aug 28
After Leaping 26% Fresnillo plc (LON:FRES) Shares Are Not Flying Under The Radar
Fresnillo plc ( LON:FRES ) shares have continued their recent momentum with a 26% gain in the last month alone. The...Narrative Update • Aug 15
Exploration Efforts At Ciénega And San Julian Will Extend Mine Life
Despite improved silver price outlooks and operational momentum underpinning bullish sentiment, analysts note that current valuation already prices in optimistic assumptions and offers limited upside, resulting in the consensus price target for Fresnillo holding steady at £13.70. Analyst Commentary Bullish analysts cite a substantially improved outlook for silver prices, supporting upward revisions in price targets.Analysis Article • Aug 06
If EPS Growth Is Important To You, Fresnillo (LON:FRES) Presents An Opportunity
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...Analysis Article • Jun 20
There's Reason For Concern Over Fresnillo plc's (LON:FRES) Massive 37% Price Jump
Fresnillo plc ( LON:FRES ) shares have continued their recent momentum with a 37% gain in the last month alone. The...
New Narrative • Mar 09
Exploration Efforts At Ciénega And San Julian Will Extend Mine Life
Operational discipline and infrastructure improvements are set to enhance production efficiency, lower costs, and potentially boost future net margins and earnings.Financial Position Analysis
Short Term Liabilities: FRES's short term assets ($4.1B) exceed its short term liabilities ($932.7M).
Long Term Liabilities: FRES's short term assets ($4.1B) exceed its long term liabilities ($1.3B).
Debt to Equity History and Analysis
Debt Level: FRES has more cash than its total debt.
Reducing Debt: FRES's debt to equity ratio has reduced from 33.8% to 16.6% over the past 5 years.
Debt Coverage: FRES's debt is well covered by operating cash flow (272.6%).
Interest Coverage: FRES earns more interest than it pays, so coverage of interest payments is not a concern.
Balance Sheet
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/15 00:15 |
| End of Day Share Price | 2026/05/15 00:00 |
| Earnings | 2025/12/31 |
| 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
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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
Fresnillo plc is covered by 28 analysts. 11 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 |
|---|---|
| David Simon Butler | Barclays |
| Amos Fletcher | Barclays |
| Richard Hatch | Berenberg |