Ero Copper - Public Comps and Valuation Multiples

Ero Copper Overview

About Ero Copper

Ero Copper Corp is a base metals mining company. It is predominantly focused on the production and sale of copper with gold and silver produced and sold as by-products. Ero's operations are segmented between its mines in Brazil, the Caraiba Operations and the Xavantina Operations, its development project, the Tucuma Project in Brazil and corporate. Majority of its revenue is generated from its Caraiba Operations segment which consists of mining operations and processing facilities including the Pilar and Vermelhos underground mines and the Surubim open pit mine.

Founded

2016

HQ

Employees

3.7K+

Website

erocopper.com

Sectors

Metals & Mining

Financials

LTM Revenue $683M

LTM EBITDA $351M

EV

$2.3B

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Ero Copper Financials

As of August 2025, Ero Copper reported last 12-month revenue of $683M and EBITDA of $351M.

In the same period, Ero Copper generated $396M in LTM gross profit and $163M in net income.

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Ero Copper P&L

In the most recent fiscal year, Ero Copper reported revenue of $470M and EBITDA of $13.8M.

Ero Copper expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$683M	XXX	$470M	XXX	XXX	XXX
Gross Profit	$396M	XXX	$181M	XXX	XXX	XXX
Gross Margin	58%	XXX	38%	XXX	XXX	XXX
EBITDA	$351M	XXX	$13.8M	XXX	XXX	XXX
EBITDA Margin	51%	XXX	3%	XXX	XXX	XXX
EBIT	$244M	XXX	$119M	XXX	XXX	XXX
EBIT Margin	36%	XXX	25%	XXX	XXX	XXX
Net Profit	$163M	XXX	-$68.5M	XXX	XXX	XXX
Net Margin	24%	XXX	-15%	XXX	XXX	XXX
Net Debt	XXX	XXX	$552M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Ero Copper including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $683M. EBITDA for the last twelve months was $351M. In the most recent fiscal year, Ero Copper achieved $470M in revenue and $13.8M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$683M	Analyst estimates available to subscribers	$470M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$396M	Analyst estimates available to subscribers	$181M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	58.0% gross margin	Analyst estimates available to subscribers	38.4% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$351M	Analyst estimates available to subscribers	$13.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	51.5% EBITDA margin	Analyst estimates available to subscribers	2.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$244M	Analyst estimates available to subscribers	$119M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	35.7% EBIT margin	Analyst estimates available to subscribers	25.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$163M	Analyst estimates available to subscribers	-$68.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	23.9% net profit margin	Analyst estimates available to subscribers	-14.6% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$552M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Ero Copper

This financial data table provides comprehensive performance metrics for Ero Copper, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Ero Copper generated $683M in revenue over the last twelve months.
The company achieved $351M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $396M.
Net income over the last twelve months reached $163M.

Fiscal Year Performance

In the most recent fiscal year, Ero Copper reported $470M in total revenue.
Fiscal year EBITDA was $13.8M.
The company maintained a gross profit margin of 38.4% in the most recent fiscal year.
EBITDA margin for the fiscal year was 2.9%.
Net profit margin reached -14.6% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Ero Copper. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Ero Copper Stock Performance

Ero Copper has current market cap of $1.7B, and EV of $2.3B.

Market Cap Evolution

Ero Copper Stock Data

As of September 12, 2025, Ero Copper's stock price is $17.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.3B	$1.7B	XXX	XXX	XXX	XXX	$1.74

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Ero Copper Valuation Multiples

Ero Copper's trades at 5.0x EV/Revenue multiple, and 169.3x EV/EBITDA.

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Ero Copper Financial Valuation Multiples

As of September 12, 2025, Ero Copper has market cap of $1.7B and EV of $2.3B.

Equity research analysts estimate Ero Copper's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Ero Copper has a P/E ratio of 10.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$1.7B	XXX	$1.7B	XXX	XXX	XXX
EV (current)	$2.3B	XXX	$2.3B	XXX	XXX	XXX
EV/Revenue	3.4x	XXX	5.0x	XXX	XXX	XXX
EV/EBITDA	6.6x	XXX	169.3x	XXX	XXX	XXX
EV/EBIT	9.6x	XXX	19.7x	XXX	XXX	XXX
EV/Gross Profit	5.9x	XXX	n/a	XXX	XXX	XXX
P/E	10.7x	XXX	-25.5x	XXX	XXX	XXX
EV/FCF	127.6x	XXX	-12.1x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Ero Copper Margins & Growth Rates

Ero Copper's last 12 month revenue growth is 37%

Ero Copper's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $17K for the same period.

Ero Copper's rule of 40 is 86% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Ero Copper's rule of X is 144% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Ero Copper Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	37%	XXX	46%	XXX	XXX	XXX
EBITDA Margin	51%	XXX	3%	XXX	XXX	XXX
EBITDA Growth	47%	XXX	40%	XXX	XXX	XXX
Rule of 40	86%	XXX	40%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	144%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$17K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	13%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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