Southern Copper Corporation

Name: Southern Copper Corporation financial statements and ratios
Creator: Annalist

SCCO · NYSE · Materials, metals and mining · United States · US GAAP · Fiscal year ends December

Latest report: Q3 FY2026, the quarter ended 30 September 2026, released 30 October 2026. Snapshot FY2026Q3_b947f65c.

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Overview

Revenue, quarter

+39.1% year on year

Operating income, quarter

+59.2% year on year

Net income, quarter

+62.7% year on year

Diluted EPS, quarter

+62.9% year on year

Operating margin, last 4 quarters

+8.4pp year on year

Return on equity, last 4 quarters

+13.6pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest quarter, with their history over earlier quarters.

Revenue for the quarter ended 30 September 2026 was US$4.7 billion, 39.1% higher than in the same quarter a year earlier.
Weakenedin Q3 FY2026 · stated since Q3 FY202539.1% from 40.6% in Q2 FY2026
Rule: Revenue against a year earlier · Sources 10-Q 2026-09
History of this finding, 11 records
1. Q3 FY2026 WeakenedRevenue for the quarter ended 30 September 2026 was US$4.7 billion, 39.1% higher than in the same quarter a year earlier.Recorded from FY2026Q3_b947f65c · data update
2. Q2 FY2026 StrengthenedRevenue for the quarter ended 30 June 2026 was US$4.3 billion, 40.6% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q1 FY2026 WeakenedRevenue for the quarter ended 31 March 2026 was US$4.3 billion, 36.2% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q4 FY2025 StrengthenedRevenue for the quarter ended 31 December 2025 was US$3.9 billion, 39.0% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q3 FY2025 NewRevenue for the quarter ended 30 September 2025 was US$3.4 billion, 15.2% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q3 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
7. Q2 FY2025 NewRevenue for the quarter ended 30 June 2025 was US$3.1 billion, 2.2% lower than in the same quarter a year earlier.Reconstructed · data update
8. Q2 FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
9. Q1 FY2025 WeakenedRevenue for the quarter ended 31 March 2025 was US$3.1 billion, 20.1% higher than in the same quarter a year earlier.Reconstructed · data update
10. Q4 FY2024 StrengthenedRevenue for the quarter ended 31 December 2024 was US$2.8 billion, 21.3% higher than in the same quarter a year earlier.Reconstructed · data update
11. Q3 FY2024 NewRevenue for the quarter ended 30 September 2024 was US$2.9 billion, 17.0% higher than in the same quarter a year earlier.Reconstructed · initial
Net income attributable to the company was US$1.8 billion, 62.7% higher than in the same quarter a year earlier.
Weakenedin Q3 FY2026 · stated since Q3 FY202462.7% from 71.6% in Q2 FY2026
Rule: Net income against a year earlier · Sources 10-Q 2026-09
History of this finding, 9 records
1. Q3 FY2026 WeakenedNet income attributable to the company was US$1.8 billion, 62.7% higher than in the same quarter a year earlier.Recorded from FY2026Q3_b947f65c · data update
2. Q2 FY2026 StrengthenedNet income attributable to the company was US$1.7 billion, 71.6% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q1 FY2026 StrengthenedNet income attributable to the company was US$1.6 billion, 66.7% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q4 FY2025 StrengthenedNet income attributable to the company was US$1.3 billion, 64.7% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q3 FY2025 StrengthenedNet income attributable to the company was US$1.1 billion, 23.5% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q2 FY2025 WeakenedNet income attributable to the company was US$973 million, 2.4% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q1 FY2025 WeakenedNet income attributable to the company was US$946 million, 28.5% higher than in the same quarter a year earlier.Reconstructed · data update
8. Q4 FY2024 StrengthenedNet income attributable to the company was US$794 million, 78.4% higher than in the same quarter a year earlier.Reconstructed · data update
9. Q3 FY2024 NewNet income attributable to the company was US$897 million, 44.7% higher than in the same quarter a year earlier.Reconstructed · initial
The operating margin over the last 4 quarters was 58.6%, 8.4 percentage points higher than a year earlier.
Strengthenedin Q3 FY2026 · stated since Q3 FY2024
Rule: Operating margin against a year earlier · Sources 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03 and 2 more
History of this finding, 9 records
1. Q3 FY2026 StrengthenedThe operating margin over the last 4 quarters was 58.6%, 8.4 percentage points higher than a year earlier.Recorded from FY2026Q3_b947f65c · data update
2. Q2 FY2026 StrengthenedThe operating margin over the last 4 quarters was 56.9%, 7.4 percentage points higher than a year earlier.Reconstructed · data update
3. Q1 FY2026 StrengthenedThe operating margin over the last 4 quarters was 54.6%, 5.3 percentage points higher than a year earlier.Reconstructed · data update
4. Q4 FY2025 ConfirmedThe operating margin over the last 4 quarters was 52.2%, 3.6 percentage points higher than a year earlier.Reconstructed · data update
5. Q3 FY2025 WeakenedThe operating margin over the last 4 quarters was 50.3%, 3.5 percentage points higher than a year earlier.Reconstructed · data update
6. Q2 FY2025 WeakenedThe operating margin over the last 4 quarters was 49.5%, 4.5 percentage points higher than a year earlier.Reconstructed · data update
7. Q1 FY2025 StrengthenedThe operating margin over the last 4 quarters was 49.4%, 7.8 percentage points higher than a year earlier.Reconstructed · data update
8. Q4 FY2024 StrengthenedThe operating margin over the last 4 quarters was 48.6%, 6.2 percentage points higher than a year earlier.Reconstructed · data update
9. Q3 FY2024 NewThe operating margin over the last 4 quarters was 46.7%, 1.7 percentage points higher than a year earlier.Reconstructed · initial
Return on equity over the last 4 quarters was 53.0%, against 39.4% a year earlier.
Strengthenedin Q3 FY2026 · stated since Q4 FY2024
Rule: Return on equity against a year earlier · Sources 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12 and 3 more
History of this finding, 10 records
1. Q3 FY2026 StrengthenedReturn on equity over the last 4 quarters was 53.0%, against 39.4% a year earlier.Recorded from FY2026Q3_b947f65c · data update
2. Q2 FY2026 StrengthenedReturn on equity over the last 4 quarters was 50.1%, against 39.1% a year earlier.Reconstructed · data update
3. Q1 FY2026 StrengthenedReturn on equity over the last 4 quarters was 46.5%, against 41.9% a year earlier.Reconstructed · data update
4. Q4 FY2025 WeakenedReturn on equity over the last 4 quarters was 42.9%, against 40.7% a year earlier.Reconstructed · data update
5. Q3 FY2025 WeakenedReturn on equity over the last 4 quarters was 39.4%, against 36.3% a year earlier.Reconstructed · data update
6. Q2 FY2025 WeakenedReturn on equity over the last 4 quarters was 39.1%, against 33.6% a year earlier.Reconstructed · data update
7. Q1 FY2025 StrengthenedReturn on equity over the last 4 quarters was 41.9%, against 30.0% a year earlier.Reconstructed · data update
8. Q4 FY2024 NewReturn on equity over the last 4 quarters was 40.7%, against 31.3% a year earlier.Reconstructed · data update
9. Q4 FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
10. Q3 FY2024 NewReturn on equity over the last 4 quarters was 36.3%, against 37.7% a year earlier.Reconstructed · initial
Free cash flow over the last 4 quarters was US$5.6 billion, and operating cash flow was 1.2 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Strengthenedin Q3 FY2026 · stated since Q3 FY2024
Rule: Free cash flow · Sources 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03 and 2 more
History of this finding, 9 records
1. Q3 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$5.6 billion, and operating cash flow was 1.2 times net income attributable to the company.Recorded from FY2026Q3_b947f65c · data update
2. Q2 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$5.1 billion, and operating cash flow was 1.2 times net income attributable to the company.Reconstructed · data update
3. Q1 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$4.3 billion, and operating cash flow was 1.2 times net income attributable to the company.Reconstructed · data update
4. Q4 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$3.4 billion, and operating cash flow was 1.1 times net income attributable to the company.Reconstructed · data update
5. Q3 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$3.5 billion, and operating cash flow was 1.2 times net income attributable to the company.Reconstructed · data update
6. Q2 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$3.5 billion, and operating cash flow was 1.2 times net income attributable to the company.Reconstructed · data update
7. Q1 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$3.4 billion, and operating cash flow was 1.3 times net income attributable to the company.Reconstructed · data update
8. Q4 FY2024 StrengthenedFree cash flow over the last 4 quarters was US$3.4 billion, and operating cash flow was 1.3 times net income attributable to the company.Reconstructed · data update
9. Q3 FY2024 NewFree cash flow over the last 4 quarters was US$2.6 billion, and operating cash flow was 1.2 times net income attributable to the company.Reconstructed · initial
Cash and short-term investments exceeded total debt by US$67 million at 30 September 2026.
Newin Q3 FY2026 · first stated
Rule: Net debt or net cash · Sources 10-Q 2026-09
History of this finding, 10 records
1. Q3 FY2026 NewCash and short-term investments exceeded total debt by US$67 million at 30 September 2026.Recorded from FY2026Q3_b947f65c · data update
2. Q3 FY2026 RetiredThe finding changed to net cash.Recorded from FY2026Q3_b947f65c · data update
3. Q2 FY2026 WeakenedNet debt was US$664 million at 30 June 2026, 0.1 times EBITDA over the last 4 quarters.Reconstructed · data update
4. Q1 FY2026 WeakenedNet debt was US$1.4 billion at 31 March 2026, 0.2 times EBITDA over the last 4 quarters.Reconstructed · data update
5. Q4 FY2025 WeakenedNet debt was US$1.8 billion at 31 December 2025, 0.2 times EBITDA over the last 4 quarters.Reconstructed · data update
6. Q3 FY2025 WeakenedNet debt was US$2.2 billion at 30 September 2025, 0.3 times EBITDA over the last 4 quarters.Reconstructed · data update
7. Q2 FY2025 WeakenedNet debt was US$2.7 billion at 30 June 2025, 0.4 times EBITDA over the last 4 quarters.Reconstructed · data update
8. Q1 FY2025 StrengthenedNet debt was US$2.9 billion at 31 March 2025, 0.4 times EBITDA over the last 4 quarters.Reconstructed · data update
9. Q4 FY2024 WeakenedNet debt was US$2.8 billion at 31 December 2024, 0.4 times EBITDA over the last 4 quarters.Reconstructed · data update
10. Q3 FY2024 NewNet debt was US$3.3 billion at 30 September 2024, 0.6 times EBITDA over the last 4 quarters.Reconstructed · initial

Records before Q3 FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents27 documents, latest Form 10-Q, period ended 30 September 2026List

DownloadsExcel workbook · JSON

SnapshotFY2026Q3_b947f65c

Corporate Events

No corporate event found in the filings since 2020.

Earnings, Returns and Balance Sheet

Revenue

By quarter, US dollars

Operating Income

By quarter, US dollars

Net Income Attributable to the Company

By quarter, US dollars

Margins

Last 4 quarters at each quarter end, per cent

Returns

Last 4 quarters, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by quarter, US dollars

Net Debt

Total debt less cash and short-term investments, at quarter end, US dollars

Diluted Earnings per Share

By quarter, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

Q3 FY2026

Form 10-Q, period ended 30 September 2026, filed 30 October 2026. Changes are against the previous report, and each figure shows its period.

7changes0thresholds crossed

Changes in This Report 7

WeakenedRevenue Against a Year Earlier10-Q 2026-09
Revenue for the quarter ended 30 September 2026 was US$4.7 billion, 39.1% higher than in the same quarter a year earlier.
Earlier record, Q2 FY2026
Revenue for the quarter ended 30 June 2026 was US$4.3 billion, 40.6% higher than in the same quarter a year earlier.
WeakenedNet Income Against a Year Earlier10-Q 2026-09
Net income attributable to the company was US$1.8 billion, 62.7% higher than in the same quarter a year earlier.
Earlier record, Q2 FY2026
Net income attributable to the company was US$1.7 billion, 71.6% higher than in the same quarter a year earlier.
StrengthenedOperating Margin Against a Year Earlier10-Q 2026-09
The operating margin over the last 4 quarters was 58.6%, 8.4 percentage points higher than a year earlier.
Earlier record, Q2 FY2026
The operating margin over the last 4 quarters was 56.9%, 7.4 percentage points higher than a year earlier.
StrengthenedReturn on Equity Against a Year Earlier10-Q 2026-09
Return on equity over the last 4 quarters was 53.0%, against 39.4% a year earlier.
Earlier record, Q2 FY2026
Return on equity over the last 4 quarters was 50.1%, against 39.1% a year earlier.

3 more changes

StrengthenedFree Cash Flow10-Q 2026-09
Free cash flow over the last 4 quarters was US$5.6 billion, and operating cash flow was 1.2 times net income attributable to the company.
Earlier record, Q2 FY2026
Free cash flow over the last 4 quarters was US$5.1 billion, and operating cash flow was 1.2 times net income attributable to the company.
NewNet Debt or Net Cash10-Q 2026-09
Cash and short-term investments exceeded total debt by US$67 million at 30 September 2026.
Earlier record, Q2 FY2026
Net debt was US$664 million at 30 June 2026, 0.1 times EBITDA over the last 4 quarters.
RetiredLiquidity Cover
The rule did not apply to the figures as at Q3 FY2026.
Earlier record, Q1 FY2025
Cash, short-term investments and operating cash flow over the 4 quarters ended 31 March 2025 equalled 2.8 times the sum of debt due within 12 months, capital expenditure and dividends.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.

Credit MetricsDebt to EBITDA, reported 0.73x · Q3 FY2026

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Debt was 0.7 times EBITDA over the last 4 quarters on reported figures, within the minimal band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the minimal band is number 1 of 6, and a higher number means more debt against earnings.
Confirmedin Q3 FY2026 · stated since Q3 FY20240.73x from 0.81x in Q2 FY2026
Rule: Debt against the S&P benchmark bands · Sources 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09 and 2 more
History of this finding, 9 records
1. Q3 FY2026 ConfirmedDebt was 0.7 times EBITDA over the last 4 quarters on reported figures, within the minimal band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Recorded from FY2026Q3_b947f65c · data update
2. Q2 FY2026 ConfirmedDebt was 0.8 times EBITDA over the last 4 quarters on reported figures, within the minimal band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
3. Q1 FY2026 ConfirmedDebt was 0.8 times EBITDA over the last 4 quarters on reported figures, within the minimal band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
4. Q4 FY2025 ConfirmedDebt was 0.9 times EBITDA over the last 4 quarters on reported figures, within the minimal band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
5. Q3 FY2025 ConfirmedDebt was 1.0 times EBITDA over the last 4 quarters on reported figures, within the minimal band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
6. Q2 FY2025 ConfirmedDebt was 1.0 times EBITDA over the last 4 quarters on reported figures, within the minimal band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
7. Q1 FY2025 ConfirmedDebt was 1.1 times EBITDA over the last 4 quarters on reported figures, within the minimal band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
8. Q4 FY2024 ConfirmedDebt was 1.0 times EBITDA over the last 4 quarters on reported figures, within the minimal band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
9. Q3 FY2024 NewDebt was 1.1 times EBITDA over the last 4 quarters on reported figures, within the minimal band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Total debt	$6.5bn	$6.3bn	$6.3bn	$6.3bn	$6.8bn	$8.0bn
Operating lease liabilities	$916m	$851m	$775m	$740m	$663m	$602m
Lease-adjusted debt	$7.5bn	$7.1bn	$7.0bn	$7.0bn	$7.4bn	$8.6bn

Method

Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
The filings of Southern Copper Corporation do not report operating lease cost, so the lease-adjusted ratios are empty and debt to EBITDA on reported figures takes their place.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Findings No Longer Stated

Rules whose findings applied in earlier quarters but not in the latest one.

Liquidity cover · retired in Q3 FY2026
1. Q3 FY2026 RetiredThe rule did not apply to the figures as at Q3 FY2026.Recorded from FY2026Q3_b947f65c · data update
2. Q1 FY2025 ConfirmedCash, short-term investments and operating cash flow over the 4 quarters ended 31 March 2025 equalled 2.8 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · restatement
3. Q1 FY2025 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 2.8 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
4. Q4 FY2024 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 2.5 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
5. Q3 FY2024 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.9 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Fiscal 2024

Sources	Amount
Cash and short-term investments	$3.5bn
Operating cash flow	$4.4bn
Sources	$7.9bn

Uses	Amount
Debt due within 12 months	$500m
Capital expenditure	$1.0bn
Dividends paid	$1.6bn
Uses	$3.2bn

Liquidity cover 2.50x

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202431 Dec 2024
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −4.5%, Operating cash flow to EBITDA 0.68x · Q3 FY2026

Accruals and the cash backing of reported earnings.

Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.5% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Confirmedin Q3 FY2026 · stated since Q3 FY2024−4.5% from −4.9% in Q2 FY2026
Rule: Cash backing of earnings · Sources 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12 and 2 more
History of this finding, 9 records
1. Q3 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.5% of average total assets.Recorded from FY2026Q3_b947f65c · data update
2. Q2 FY2026 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.9% of average total assets.Reconstructed · data update
3. Q1 FY2026 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.6% of average total assets.Reconstructed · data update
4. Q4 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.1% of average total assets.Reconstructed · data update
5. Q3 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.1% of average total assets.Reconstructed · data update
6. Q2 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.8% of average total assets.Reconstructed · data update
7. Q1 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.9% of average total assets.Reconstructed · data update
8. Q4 FY2024 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 5.9% of average total assets.Reconstructed · data update
9. Q3 FY2024 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.2% of average total assets.Reconstructed · initial

Net Income and Operating Cash Flow

Last 4 quarters at each quarter end, US dollars

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company
Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 6.12, Beneish −2.08 · Piotroski 8 of 9 · Last 4 quarters 6.63 at Q3 FY2026 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 6.12, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Strengthenedin FY2025 · stated since FY20236.12 from 5.59 in FY2024
Rule: Altman Z'' zone · Sources 10-Q 2026-09, 10-K 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedThe Altman Z'' score for fiscal 2025 was 6.12, above the safe threshold of 2.60.Reconstructed · data update
2. FY2024 StrengthenedThe Altman Z'' score for fiscal 2024 was 5.59, above the safe threshold of 2.60.Reconstructed · data update
3. FY2023 NewThe Altman Z'' score for fiscal 2023 was 5.10, above the safe threshold of 2.60.Reconstructed · initial
The Beneish M-score for fiscal 2025 was minus 2.08, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Weakenedin FY2025 · stated since FY2023−2.08 from −2.72 in FY2024
Rule: Beneish M-score against its threshold · Sources 10-K 2025-12, 10-Q 2026-09
History of this finding, 3 records
1. FY2025 WeakenedThe Beneish M-score for fiscal 2025 was minus 2.08, below the model threshold of minus 1.78.Reconstructed · data update
2. FY2024 WeakenedThe Beneish M-score for fiscal 2024 was minus 2.72, below the model threshold of minus 1.78.Reconstructed · data update
3. FY2023 NewThe Beneish M-score for fiscal 2023 was minus 2.97, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2025 was 8 of 9. The signal not met was long-term debt to assets lower than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 7 to 9 is the strongest group: Piotroski (2000) placed 0 to 3 in the weakest.
Confirmedin FY2025 · stated since FY20248.00 from 8.00 in FY2024
Rule: Piotroski F-score · Sources 10-K 2024-12, 10-K 2025-12, 10-Q 2026-09
History of this finding, 4 records
1. FY2025 ConfirmedThe Piotroski F-score for fiscal 2025 was 8 of 9. The signal not met was long-term debt to assets lower than a year earlier.Reconstructed · data update
2. FY2024 NewThe Piotroski F-score for fiscal 2024 was 8 of 9. The signal not met was current ratio higher than a year earlier.Reconstructed · data update
3. Q4 FY2024 RetiredThe finding changed to a high score.Reconstructed · data update
4. FY2023 NewThe Piotroski F-score for fiscal 2023 was 5 of 9. The 4 signals not met were return on assets higher than a year earlier, long-term debt to assets lower than a year earlier, current ratio higher than a year earlier and margin higher than a year earlier.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	safe zone	safe zone	safe zone	safe zone	safe zone	safe zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	below threshold	below threshold	below threshold	below threshold	n/a
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a					n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a					n/a

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

6.12Safe zone, above 2.60

The score of 6.12 is in the safe zone of the model, above 2.60. The largest part is operating profit, at 2.20.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.290	6.560	1.904
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.271	3.260	0.884
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.327	6.720	2.201
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	1.081	1.050	1.135
Score			6.124

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2025

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−2.08Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.08 is below the model threshold of minus 1.78. Of the 8 measures, receivables against sales raises the score most.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	1.397	0.920	1.286
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	0.960	0.528	0.507
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	0.908	0.404	0.367
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.174	0.892	1.047
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	1.011	0.115	0.116
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	0.900	−0.172	−0.155
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.020	4.679	−0.091
Leverage indexDebt against total assets, against a year earlier.	0.972	−0.327	−0.318
Score			−2.081

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2025

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.60 means a probability of a misstatement 0.60 times the average rate in the Dechow sample: 0.22% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	0.041	0.790	0.032
Change in receivables / average total assetsThe growth of receivables against average assets.	0.038	2.518	0.096
Change in inventories / average total assetsThe growth of stock against average assets.	0.000	1.191	0.001
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.318	1.979	0.630
Change in cash salesThe growth of sales collected in cash.	0.112	0.171	0.019
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.026	−0.932	−0.024
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	1.000	1.029	1.029
Predicted value			−6.110
Probability of a misstatement			0.22%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2025

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

8 of the 9 tests are met, in the high group of 7 to 9.

Signal	FY2025	FY2024
Return on assets above zero	Met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Met	Met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Not met	Met
Current ratio higher than a year earlier	Met	Not met
No common equity issued	Met	Met
Margin higher than a year earlier	Met	Met
Asset turnover higher than a year earlier	Met	Met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
Form 10-Q, period ended 30 September 2026	30 Oct 2026	10-Q:0001104659-26-120639
Form 10-Q, period ended 30 June 2026	31 Jul 2026	10-Q:0001104659-26-089169
Form 10-Q, period ended 31 March 2026	30 Apr 2026	10-Q:0001104659-26-052647
Form 10-K, period ended 31 December 2025	27 Feb 2026	10-K:0001104659-26-021492
Form 10-Q, period ended 30 September 2025	31 Oct 2025	10-Q:0001104659-25-104914
Form 10-Q, period ended 30 June 2025	31 Jul 2025	10-Q:0001558370-25-009879
Form 10-Q, period ended 31 March 2025	30 Apr 2025	10-Q:0001558370-25-005975
Form 10-K, period ended 31 December 2024	3 Mar 2025	10-K:0001558370-25-002017
Form 10-Q, period ended 30 September 2024	31 Oct 2024	10-Q:0001558370-24-014045
Form 10-Q, period ended 30 June 2024	2 Aug 2024	10-Q:0001558370-24-010710
Form 10-Q, period ended 31 March 2024	30 Apr 2024	10-Q:0001558370-24-006251
Form 10-K, period ended 31 December 2023	29 Feb 2024	10-K:0001558370-24-002119
Form 10-Q, period ended 30 September 2023	1 Nov 2023	10-Q:0001558370-23-017203
Form 10-Q, period ended 30 June 2023	1 Aug 2023	10-Q:0001558370-23-012746
Form 10-Q, period ended 31 March 2023	2 May 2023	10-Q:0001558370-23-007689
Form 10-K, period ended 31 December 2022	28 Feb 2023	10-K:0001558370-23-002328
Form 10-Q, period ended 30 September 2022	31 Oct 2022	10-Q:0001558370-22-015661
Form 10-Q, period ended 30 June 2022	27 Jul 2022	10-Q:0001558370-22-011154
Form 10-Q, period ended 31 March 2022	5 May 2022	10-Q:0001558370-22-007434
Form 10-K, period ended 31 December 2021	7 Mar 2022	10-K:0001558370-22-002968
Form 10-Q, period ended 30 September 2021	1 Nov 2021	10-Q:0001558370-21-013931
Form 10-Q, period ended 30 June 2021	27 Jul 2021	10-Q:0001558370-21-009358
Form 10-Q, period ended 31 March 2021	30 Apr 2021	10-Q:0001558370-21-005441
Form 10-K, period ended 31 December 2020	26 Feb 2021	10-K:0001558370-21-001894
Form 10-Q, period ended 30 September 2020	28 Oct 2020	10-Q:0001558370-20-011919
Form 10-Q, period ended 30 June 2020	30 Jul 2020	10-Q:0001558370-20-008790
Form 10-Q, period ended 31 March 2020	4 May 2020	10-Q:0001558370-20-005051

Checks

279279 checks, all passed

Fiscal calendar70 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.

Quarters and fiscal year121 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level.

Filer identity1 passedThe documents are those of the company of this page. Checked at error level.

Balance sheet identity27 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Lease liabilities27 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.

Quarters and 9 months21 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.

Earnings per share6 passedNet income divided by average shares agrees with reported basic earnings per share. Checked at warning level.

Primary statements6 passedEach key figure of the latest fiscal year is a line of the income statement, the balance sheet or the cash flow statement of the annual report. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	1,476
Confirmed by other figures	45.3%, 668 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	8.8%, 130 values
Values withheld	0
Restated figures tracked	29
Changes compared on one basis	6
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Southern Copper Corporation, snapshot southern-copper/FY2026Q3_b947f65c (as of FY2026 Q3); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026Q3_b947f65c · dataset SHA-256 b947f65c06a7abdccbced104da89aa8b3d97952b11ab2a4195a4e0e9e1d5c0ec · findings rules 0.5

Data: info.json · dataset.json · validation.json · documents.json