--- title: "Andean Precious Metals Q3 EPS Surge Reinforces Bullish Narrative On Earnings Power" type: "News" locale: "en" url: "https://longbridge.com/en/news/280605760.md" description: "Andean Precious Metals (TSX:APM) reported Q3 FY 2025 revenue of US$90.4 million and EPS of US$0.29, with a five-year earnings growth rate of 16.9%. Despite a one-off gain of US$31.7 million, net profit margins remained stable at 25.9%. While bullish investors see strong earnings potential, bears caution against operational risks and forecast declines in revenue and earnings. The stock trades at a low P/E of 9.1x compared to industry peers, raising questions about future profitability and market valuation." datetime: "2026-03-26T09:56:31.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280605760.md) - [en](https://longbridge.com/en/news/280605760.md) - [zh-HK](https://longbridge.com/zh-HK/news/280605760.md) --- # Andean Precious Metals Q3 EPS Surge Reinforces Bullish Narrative On Earnings Power Andean Precious Metals (TSX:APM) has reported third quarter FY 2025 revenue of US$90.4 million and basic EPS of US$0.29, with earnings over the past five years growing 16.9% per year and 31.3% in the last year. Over recent periods, total revenue has moved from US$68.3 million in Q3 2024 to US$73.7 million in Q2 2025 and US$90.4 million in Q3 2025. Trailing twelve month basic EPS has progressed from US$0.13 in Q4 2024 to US$0.52 by Q3 2025. Together, these figures present a picture of solid profitability and margins that investors will weigh against the quality and sustainability of these results. See our full analysis for Andean Precious Metals. With the headline numbers on the table, the next step is to see how this earnings profile lines up against the prevailing narratives around Andean Precious Metals and where those stories might be reinforced or challenged. See what the community is saying about Andean Precious Metals TSX:APM Earnings & Revenue History as at Mar 2026 ## Margins stay firm at 25.9% despite one off boost - Trailing net profit margin sits at 25.9%, only slightly above last year’s 25.6%, even though the last 12 months include a sizeable one off gain of US$31.7 million. - Bears argue that future profitability is at risk. However, this margin stability contrasts with their concern that operational issues at Golden Queen and dependence on Bolivian ore sourcing will quickly pressure net margins, especially given San Bartolomé’s current gross margin ratio of 43.8% and cash gross operating margin of US$16.13 per silver equivalent ounce. - The bearish narrative points to heap leach execution risk and potential higher costs. The reported 25.9% margin shows that, for now, those issues have not driven margins meaningfully below last year’s 25.6% level. - Critics also highlight reliance on community and third party ore agreements. Current margins suggest that, up to this point, those arrangements have supported mill utilization rather than dragging overall profitability lower. Bears warn that a comfortable margin today could mask operational headaches at Golden Queen and San Bartolomé. It can be useful to see how that argument is laid out in full before deciding how much weight to give it.**🐻 Andean Precious Metals Bear Case** ## Record US$43.7m quarterly profit meets mixed growth stories - Net income excluding extra items reached US$43.7 million in Q3 2025 on US$90.4 million of revenue, compared with US$17.4 million in Q2 2025 and US$14.6 million in Q1 2025, contributing to trailing 12 month net income of US$77.5 million. - Bullish investors point to this strong earnings base and record quarter as a platform for future moves. The consensus narrative expects revenue to grow 13.6% per year and earnings to reach US$94.5 million by about 2029. This contrasts with the separate forecast set that calls for a 13.3% annual revenue decline and a 35.3% annual earnings decline over the next three years. - The 5 year earnings growth rate of 16.9% per year and last year’s 31.3% earnings growth support the idea that the business has produced solid profits recently. This lines up more closely with the bullish and consensus expectations than with steep near term decline forecasts. - At the same time, the presence of a US$31.7 million one off gain in the trailing period is a concrete reason why some analysts are more cautious about extrapolating the current US$77.5 million earnings run rate too far into the future. ## P/E of 9.1x versus targets and DCF fair value - The shares trade on a P/E of 9.1x against peers at 27.9x and the Canadian Metals & Mining industry at 16.4x. The current share price of CA$6.50 sits well below the analyst price target of CA$15.05 and the DCF fair value of CA$90.41. - Bulls see this valuation gap as an opportunity, arguing that strong trailing earnings and margins justify a higher multiple. The bearish narrative questions whether forecasts for declining earnings of about 35.3% per year and revenue declining 13.3% per year over the next three years will keep the market from closing that gap quickly. - Analyst targets implying large upside and a DCF fair value of CA$90.41 rely on the company continuing to generate healthy profits. The forecasted earnings decline highlights why some investors may hesitate to re rate the stock closer to peer or industry P/Es. - What stands out is the tension between a low 9.1x P/E on a trailing margin of 25.9% and the expectation that those earnings could fall meaningfully. This helps explain the wide range of views embedded in current targets around CA$15.05. Supporters of the bullish view often point to this combination of a low 9.1x P/E and strong recent margins. Getting the full bullish narrative can help you judge whether that valuation gap to their thesis still looks appealing on your own terms.**🐂 Andean Precious Metals Bull Case** ## Next Steps To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Andean Precious Metals on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves. Curious whether the balance of risks and rewards in this article matches your own read of the numbers and narratives? Act while the information is fresh and pressure test both sides by reviewing the 4 key rewards and 3 important warning signs ## See What Else Is Out There The mixed stories around potential 35.3% yearly earnings declines, reliance on a US$31.7 million one off gain, and operational concerns leave plenty of valuation questions. If those uncertainties around earnings durability and a low 9.1x P/E bother you, compare this setup with companies screened for 8 resilient stocks with low risk scores to find ideas with potentially steadier profiles. _This article by Simply Wall St is general in nature. **We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.** It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned._ ### **New:** Manage All Your Stock Portfolios in One Place We've created the **ultimate portfolio companion** for stock investors, **and it's free.** • Connect an unlimited number of Portfolios and see your total in one currency • Be alerted to new Warning Signs or Risks via email or mobile • Track the Fair Value of your stocks Try a Demo Portfolio for Free ### Related Stocks - [NUGT.US](https://longbridge.com/en/quote/NUGT.US.md) - [SGOL.US](https://longbridge.com/en/quote/SGOL.US.md) - [UGL.US](https://longbridge.com/en/quote/UGL.US.md) - [GDX.US](https://longbridge.com/en/quote/GDX.US.md) - [GLTR.US](https://longbridge.com/en/quote/GLTR.US.md) - [GOEX.US](https://longbridge.com/en/quote/GOEX.US.md) - [GOAU.US](https://longbridge.com/en/quote/GOAU.US.md) - [SIVR.US](https://longbridge.com/en/quote/SIVR.US.md) - [SGDJ.US](https://longbridge.com/en/quote/SGDJ.US.md) - [SLVR.US](https://longbridge.com/en/quote/SLVR.US.md) - [XME.US](https://longbridge.com/en/quote/XME.US.md) - [SILV.US](https://longbridge.com/en/quote/SILV.US.md) - [GDXY.US](https://longbridge.com/en/quote/GDXY.US.md) - [GDXJ.US](https://longbridge.com/en/quote/GDXJ.US.md) - [APM.US](https://longbridge.com/en/quote/APM.US.md) - [NIKI.US](https://longbridge.com/en/quote/NIKI.US.md) ## Related News & Research - [Nord Precious Metals Closes Unit Financings](https://longbridge.com/en/news/282910492.md) - [Silver is picking up steam. 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