FSM vs SVM: How Fortuna Mining Corp and Silvercorp Metals Compare (2026)
Last updated August 2026
Short answer
FSM and SVM are similarly sized, but FSM trades noticeably cheaper on forward earnings (5.08x vs 6.87x): the market is paying up for SVM's profile and pricing FSM more conservatively, or for faster growth. Which you prefer comes down to the drivers you believe, and whether adding either over-concentrates what you already own.
FSM vs SVM: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | FSM | SVM | What it tells you |
|---|---|---|---|
| Market cap | $2.55B | $2.53B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 5.08 | 6.87 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Beta | 2.12 | 1.98 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 29% of range | 62% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 1.45 | 2.69 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: FSM is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how FSM and SVM affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. FSM and SVM share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined FSM and SVM exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Fortuna Mining Corp (FSM) do?
Fortuna Mining Corp. (formerly Fortuna Silver Mines) is a Canada-based, mid-tier precious and base metals producer that trades on the NYSE and TSX. Its ongoing operations are the Seguela gold mine in Cote d'Ivoire (its flagship, lowest-cost asset), the Lindero gold heap-leach mine in Argentina, and the Caylloma silver, zinc and lead mine in Peru. Over 2025 the company reshaped its portfolio, selling the San Jose silver mine in Mexico and the Yaramoko gold mine in Burkina Faso to shed higher-cost, shorter-life assets and concentrate on lower-cost gold ounces. It is also advancing the Diamba Sud gold project in Senegal as its next growth engine.
What does Silvercorp Metals (SVM) do?
Silvercorp Metals is a Canadian-listed miner (NYSE American and TSX, both under SVM) that produces silver, gold, lead and zinc from underground operations in China. The Ying Mining District in Henan Province is the core asset and supplies most of the silver, with the GC mine in Guangdong and the newer Kuanping project adding volume. Fiscal 2026 output was roughly 6.8 million ounces of silver, ~8,700 ounces of gold, ~60.0 million pounds of lead and ~21.7 million pounds of zinc. Because lead and zinc are sold alongside the silver, by-product credits push the reported cash cost per silver ounce below zero (~negative $0.94 in fiscal 2026), with all-in sustaining cost around ~$14.25 per ounce. Outside China the company is building El Domo, a copper-gold-silver volcanogenic massive sulphide deposit in Ecuador, and holds the earlier-stage Condor gold project in the same country.
FSM vs SVM: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- FSM drivers: Gold price leverage and record cash flow; Seguela as the low-cost flagship.
- SVM drivers: Silver and gold price leverage; El Domo construction and first production.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: FSM's mines sit in jurisdictions with meaningful political, tax and regulatory risk, including Argentina, Peru, Cote d'Ivoire and Senegal, where currency controls, permitting delays or fiscal changes can hit economics. For SVM, the concentration risk is geographic: the producing mines are in China, so policy changes, permitting, tax treatment, capital controls and renminbi moves all sit upstream of the cash flow, and that discount is the main reason SVM trades below many silver peers on the same production.
FSM or SVM: which should you pick?
FSM vs SVM: the full fundamentals
FSM. FSM trades at a low single-digit to high single-digit earnings multiple, a discount to the roughly 14x average for US metals and mining, reflecting both jurisdictional risk and the market's tendency to price gold miners cautiously into a high gold-price cycle. The company carries net cash of about ~$493 million and generates strong free cash flow, but pays no dividend, so returns depend on the gold price and execution of its production growth plan. Valuation multiples for gold miners can compress fast if gold prices fall, so the low multiple reflects cyclicality rather than a simple bargain.
SVM. The gap between a ~$150.8 million adjusted profit and a ~$9.9 million reported loss is the single most important thing to understand about SVM's financials: the difference is a ~$178.5 million non-cash mark on convertible note derivatives, not operations. Operating cash flow of ~$310.6 million is the cleaner read on the business. Valuation multiples look modest against silver peers, and the persistent gap is generally attributed to the China operating base rather than to mine quality.
Headline figures (approximate, JULY 2026): FSM shows revenue (ttm) ~$1.09 billion, q1 2026 revenue ~$342 million (record), net income (ttm) ~$340 million, market cap ~$2.5 billion; SVM shows revenue (fiscal 2026) ~$438.1 million, up ~47% year over year, silver / gold production ~6.8 million oz silver and ~8,723 oz gold, all-in sustaining cost ~$14.25 per silver ounce (cash cost ~negative $0.94 after by-products), adjusted net income ~$150.8 million (~$0.69 per share); GAAP net loss of ~$9.9 million on derivative marks.
The bottom line: FSM vs SVM
FSM and SVM are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined FSM and SVM exposure against your real portfolio. It is not an investment adviser.
Wondering how FSM or SVM fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Fortuna Mining Corp with AI
Connect the broker you already use and ask Walnut's AI how FSM fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between FSM and SVM?
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Fortuna Mining Corp. Silvercorp Metals is a Canadian-listed miner (NYSE American and TSX, both under SVM) that produces silver, gold, lead and zinc from underground operations in China. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is FSM or SVM the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, FSM or SVM?
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On forward P/E (as of August 2026), FSM trades at 5.08x and SVM at 6.87x, so FSM is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both FSM and SVM?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of FSM vs SVM?
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FSM: FSM's mines sit in jurisdictions with meaningful political, tax and regulatory risk, including Argentina, Peru, Cote d'Ivoire and Senegal, where currency controls, permitting delays or fiscal changes can hit economics. The stock is highly sensitive to the gold price, so a sustained pullback in gold would compress margins and cash flow quickly. Mine depletion is an ongoing concern; each asset has a finite reserve life, and the growth plan depends on successful exploration and project execution. Concentration in a small number of mines means a single operational disruption, strike or grade shortfall can move consolidated results materially. As a metals producer, it also faces rising labor, energy and input costs that can erode the benefit of high gold prices. SVM: The concentration risk is geographic: the producing mines are in China, so policy changes, permitting, tax treatment, capital controls and renminbi moves all sit upstream of the cash flow, and that discount is the main reason SVM trades below many silver peers on the same production. El Domo is a single-project execution risk in Ecuador, a jurisdiction with a history of community opposition and shifting mining politics, and the budget has already moved up once with the commissioning date slipping. Grades at Ying declined in parts of fiscal 2026 even as throughput rose, which is the pattern to watch in a maturing underground mine. Reported earnings are distorted by non-cash convertible-note derivative marks that swung the company to a GAAP net loss despite strong operating cash flow, so headline earnings-based screens can misread the business in either direction. Finally, the equity portfolio adds mark-to-market volatility that has nothing to do with mining performance.
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Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell FSM or SVM; figures are approximate and dated (as of August 2026). Verify current data before investing.