Buenaventura EBITDA Doubles but EPS Misses by 8.7%
Buenaventura Mining posted 43.2% revenue growth and a doubling of EBITDA in Q2 2026, but EPS of $0.9381 came in 8.7% below the $1.03 consensus, snapping three consecutive beats of 61.0%, 159.3%, and 1
Buenaventura Q2 EBITDA Doubles, EPS Still Misses
NEW YORK, August 24 —
The capex cycle, not the mine operations, is the story.
- San Gabriel is described as 'nearing' in recent analyst coverage, drawing investor attention as a near-term catalyst.
Three Beats, Then a Wall
The path to Q2's miss matters as much as the miss itself. Buenaventura Mining Company Inc explores and operates polymetallic mines across Peru and the Americas, extracting gold, silver, copper, zinc, and lead. Trailing twelve-month revenue is $2.21 billion at a 61.2% gross margin. That business quality underpinned three consecutive EPS beats, including a 159.3% outperformance in Q4 2025 that pulled consensus expectations sharply higher into Q2. A first miss following such a streak says as much about elevated analyst assumptions as it does about the quarter's underlying results.
Where the Cash Went
The $1.04 billion gap between trailing operating cash flow and free cash flow defines the quarter. The gap tracks the San Gabriel project reaching its final capital-intensive construction phase before production, recently described as "nearing" in analyst coverage. With $760 million in cash against $690 million in debt, BVN's balance sheet can sustain the spend, but the timeline for capital returns depends on a production ramp investors cannot yet date.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| BVN | $9.0B | 10.1x | +91.7% |
| GFI | $42.2B | 8.8x | +47.9% |
| AU | $60.5B | 12.0x | +122.6% |
| HMY | $14.4B | 6.8x | +49.7% |
| EGO | $12.1B | 8.6x | +96.0% |
| IAG | $12.4B | 9.1x | +139.4% |
What the Next Quarter Must Answer
The forward P/E of 10.1x and trailing EPS of $4.12 put BVN at a multiple where execution timing is everything. The number that matters next quarter is free cash flow: if FCF moves toward operating cash flow levels, the investment cycle is a peak-spend moment, not a structural drag. Investors modeling BVN can assess the San Gabriel timeline sensitivity in the DCF calculator. A continued gap at that level or wider would point to a longer capex horizon than the current valuation implies. Run the free Buenaventura Mining Company Inc deep-dive →
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Frequently Asked Questions
Did Buenaventura beat or miss earnings in Q2 2026?
Buenaventura missed. EPS of $0.9381 came in 8.7% below the $1.03 consensus, snapping three consecutive beats that included outperformance of 61.0%, 159.3%, and 15.7%. Revenue rose 43.2% and EBITDA doubled, so the miss was not driven by weak mine operations.
Why did Buenaventura miss EPS if EBITDA doubled?
The capex cycle is the explanation. Trailing operating cash flow is $1.181 billion while free cash flow is $140 million, a $1.04 billion gap consistent with the San Gabriel project reaching its final capital-intensive stage before production. The article frames this as the capex cycle, not mine operations, being the real story.
What is Buenaventura's San Gabriel project?
San Gabriel is described as "nearing" in recent analyst coverage and is cited as a near-term catalyst drawing investor focus. The $1.04 billion capex drain on the cash flow statement is consistent with this project reaching its final capital-intensive stage before production. The timeline for the production ramp is one investors cannot yet date.
How is Buenaventura's balance sheet positioned?
Buenaventura holds $760 million in cash against $690 million in debt. The article notes this balance sheet can sustain the current capital spend, though the timeline for capital returns depends on when the San Gabriel production ramp begins.
What forward P/E is Buenaventura trading at?
Buenaventura trades at a forward P/E of 10.1x, with trailing EPS of $4.12. At that multiple, the article notes, much depends on execution timing, specifically whether free cash flow moves materially toward operating cash flow levels in the next quarter.
Buenaventura Mining reported Q2 2026 revenue up 43.2% year-over-year and a doubling of EBITDA — yet earnings per share of $0.9381 missed the $1.03 consensus estimate by 8.7%, snapping three consecutive quarters of sharp outperformance. The gap between operational acceleration and per-share results is the contradiction investors must now reconcile.