The company's competitive edge comes from large, high-grade reserves, integrated underground and open-pit operations, and proximity to established infrastructure in Mexico, giving it scale-based cost leadership but concentrated country and commodity risk. Fresnillo is positioned for robust H2 2025 performance driven by surging silver and gold prices and strong production guidance. The company operates as a subsidiary of Industrias Peñoles, S.A.B. de C.V.
Cyborg Score Rationale
Fresnillo shares gained 460% year-to-date in 2025 in US dollar terms, driven by gold up more than 70% and silver rising more than 170%. Free cash flow surged to $1,026.1 million in H1 2025 from $187.4 million in H1 2024. However, valuation metrics appear stretched with a trailing P/E of 80.2x and forward P/E of 24.8x, trading at a premium to silver peers.
Top Insights
H1 2025 free cash flow reached $700M with full-year 2025 projected at $1.4–1.5B
Fresnillo competes with Pan American Silver, Hecla Mining, and First Majestic Silver, differentiating through large high-grade reserves and integrated operations
2024 revenue was $3.50 billion, representing 29.25% growth from 2023's $2.71 billion
Strong balance sheet with quick ratio of 4.34, current ratio of 5.09, and debt-to-equity of 0.20
Named Competitors
Pan American Silver — Major silver and gold producer with diversified operations
Hecla Mining — Primary silver producer with multiple mining operations
First Majestic Silver — Pure-play silver mining company
Recent Developments
(January 2026) JPMorgan reiterated Overweight rating as silver surged past $79/oz and gold exceeded $4,500/oz
(January 2026) Stock gained 507% over past 12 months, significantly outperforming S&P 500's 16.2% gain
(December 2025) Analyst consensus remains "Hold" with 1 strong buy, 1 buy, 6 holds, 2 sells from 10 analysts
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