Is FSM or HMY more undervalued in 2026?

CirclFi compares Fortuna Mining Corp. (FSM) and Harmony Gold Mining Company Lim (HMY) using 13 institutional-grade valuation models. FSM has a Quality of Company score of 8.8/10 while HMY scores 9.2/10.

Which is a better buy — FSM or HMY?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do FSM and HMY valuations compare?

FSM at $9.81 and HMY at $18.26 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

FSM vs HMY Valuation Comparison 2026 — Intrinsic Value Analysis

FSM

Gold

Fortuna Mining Corp.

Quality

8.8

out of 10

Value Trap

SAFE

Price

$9.81

Last close

Models

13/13

Active

HMY

Gold

Harmony Gold Mining Company Lim

Quality

9.2

out of 10

Value Trap

—

Price

$18.26

Last close

Models

13/13

Active

Model-by-Model Comparison

Model	Type	FSM Fair Value	FSM Upside	HMY Fair Value	HMY Upside
Bayesian DCF	Intrinsic	$15.78	+60.9%	$6.17	-66.2%
Earnings Power Value	Intrinsic	$10.93	+11.4%	$17.80	-2.5%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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FSM vs HMY — Which Stock Is More Undervalued?

HMY scores higher with a 9.2/10 quality rating vs FSM's 8.8/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Fortuna Mining Corp. (FSM) and Harmony Gold Mining Company Lim (HMY) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

FSM currently trades at $9.81 with a QOC of 8.8/10, while HMY trades at $18.26 with a QOC of 9.2/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).