Endeavour Silver (EXK)
Market Price (9/12/2026): $10.21 | Market Cap: $3.0 BilSector: Materials | Industry: Silver
Endeavour Silver (EXK)
Market Price (9/12/2026): $10.21Market Cap: $3.0 BilSector: MaterialsIndustry: Silver
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 198% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14% Megatrend and thematic driversMegatrends include Renewable Energy Transition, Electrification of Everything, and Battery Technology & Metals. Themes include Solar Energy Generation, Show more. | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 25x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 29x, P/EPrice/Earnings or Price/(Net Income) is 46x Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.1% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.0% Key risksEXK key risks include [1] operational challenges and execution delays at key projects like Terronera and [2] significant jurisdictional exposure due to its concentration of operations in Mexico. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 198% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Electrification of Everything, and Battery Technology & Metals. Themes include Solar Energy Generation, Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 25x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 29x, P/EPrice/Earnings or Price/(Net Income) is 46x |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.1% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.0% |
| Key risksEXK key risks include [1] operational challenges and execution delays at key projects like Terronera and [2] significant jurisdictional exposure due to its concentration of operations in Mexico. |
Qualitative Assessment
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Endeavour Silver (EXK) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial and Operating Results. Endeavour Silver reported robust financial performance for fiscal Q2 2026 (ended June 30, 2026), which served as a significant catalyst. The company's revenue surged by 149% to $212.1 million compared to the same period in 2025, exceeding consensus estimates. This was driven by a consolidated production increase of 31% in silver and 35% in gold year-over-year, totaling 3.4 million silver equivalent ounces. Mine operating cash flow before taxes also saw a substantial increase of 336% to $99.9 million in Q2 2026.
2. Positive 2026 Production Guidance and Terronera Mine Ramp-Up. The company's optimistic outlook for 2026 production and the successful ramp-up of its Terronera mine fueled investor confidence. Endeavour Silver provided consolidated 2026 production guidance targeting 14.6 million to 15.6 million ounces of silver equivalent, representing approximately 30% growth over 2025 levels. The Terronera mine, which began commissioning in October 2025, continued its ramp-up and optimization activities, with expectations for increased production in the second half of 2026 as higher-grade areas are accessed.
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Endeavour Silver (EXK) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial and Operating Results. Endeavour Silver reported robust financial performance for fiscal Q2 2026 (ended June 30, 2026), which served as a significant catalyst. The company's revenue surged by 149% to $212.1 million compared to the same period in 2025, exceeding consensus estimates. This was driven by a consolidated production increase of 31% in silver and 35% in gold year-over-year, totaling 3.4 million silver equivalent ounces. Mine operating cash flow before taxes also saw a substantial increase of 336% to $99.9 million in Q2 2026.
2. Positive 2026 Production Guidance and Terronera Mine Ramp-Up. The company's optimistic outlook for 2026 production and the successful ramp-up of its Terronera mine fueled investor confidence. Endeavour Silver provided consolidated 2026 production guidance targeting 14.6 million to 15.6 million ounces of silver equivalent, representing approximately 30% growth over 2025 levels. The Terronera mine, which began commissioning in October 2025, continued its ramp-up and optimization activities, with expectations for increased production in the second half of 2026 as higher-grade areas are accessed.
3. Favorable Macroeconomic Environment and Rising Silver Prices. A supportive macroeconomic backdrop for precious metals, particularly silver, contributed to the stock's positive trend. Silver prices extended their rally during this period, climbing towards the mid-$60s per ounce, driven by safe-haven demand stemming from geopolitical tensions and expectations of cooled interest rate hikes. Endeavour Silver realized an average price of $70.16 per ounce for silver in fiscal Q2 2026.
4. Positive Analyst Sentiment and Price Target Revisions. Analyst coverage reflected strong optimism for Endeavour Silver. Firms like H.C. Wainwright reiterated a Buy rating with a US$17.00 price target, while B. Riley Financial initiated coverage with a Buy rating and a $16 price target. The average analyst price target stands at $15.50, suggesting a potential upside from current levels and reinforcing a bullish sentiment for the stock's future performance.
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Stock Movement Drivers
Fundamental Drivers
The 2.1% change in EXK stock from 5/31/2026 to 9/11/2026 was primarily driven by a 20.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9112026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.97 | 10.18 | 2.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 614 | 737 | 20.1% |
| P/S Multiple | 4.6 | 4.1 | -11.1% |
| Shares Outstanding (Mil) | 283 | 296 | -4.4% |
| Cumulative Contribution | 2.1% |
Market Drivers
5/31/2026 to 9/11/2026| Return | Correlation | |
|---|---|---|
| EXK | 2.1% | |
| Market (SPY) | 1.0% | 58.0% |
| Sector (XLB) | -0.4% | 54.3% |
Fundamental Drivers
The -26.8% change in EXK stock from 2/28/2026 to 9/11/2026 was primarily driven by a -66.0% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9112026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.90 | 10.18 | -26.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 337 | 737 | 118.7% |
| P/S Multiple | 12.0 | 4.1 | -66.0% |
| Shares Outstanding (Mil) | 291 | 296 | -1.6% |
| Cumulative Contribution | -26.8% |
Market Drivers
2/28/2026 to 9/11/2026| Return | Correlation | |
|---|---|---|
| EXK | -26.8% | |
| Market (SPY) | 11.7% | 57.4% |
| Sector (XLB) | -4.2% | 57.0% |
Fundamental Drivers
The 63.1% change in EXK stock from 8/31/2025 to 9/11/2026 was primarily driven by a 197.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9112026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.24 | 10.18 | 63.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 248 | 737 | 197.6% |
| P/S Multiple | 7.1 | 4.1 | -42.8% |
| Shares Outstanding (Mil) | 284 | 296 | -4.2% |
| Cumulative Contribution | 63.1% |
Market Drivers
8/31/2025 to 9/11/2026| Return | Correlation | |
|---|---|---|
| EXK | 63.1% | |
| Market (SPY) | 19.5% | 46.6% |
| Sector (XLB) | 12.0% | 50.8% |
Fundamental Drivers
The 257.2% change in EXK stock from 8/31/2023 to 9/11/2026 was primarily driven by a 224.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9112026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.85 | 10.18 | 257.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 227 | 737 | 224.5% |
| Net Income Margin (%) | 5.2% | 8.9% | 70.5% |
| P/E Multiple | 46.0 | 45.9 | -0.2% |
| Shares Outstanding (Mil) | 191 | 296 | -35.3% |
| Cumulative Contribution | 257.2% |
Market Drivers
8/31/2023 to 9/11/2026| Return | Correlation | |
|---|---|---|
| EXK | 257.2% | |
| Market (SPY) | 75.7% | 36.6% |
| Sector (XLB) | 29.7% | 42.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EXK Return | -16% | -23% | -39% | 86% | 157% | 12% | 109% |
| Peers Return | -33% | -18% | -7% | 21% | 199% | 12% | 107% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| EXK Win Rate | 33% | 42% | 42% | 50% | 67% | 44% | |
| Peers Win Rate | 30% | 50% | 45% | 47% | 67% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| EXK Max Drawdown | -48% | -55% | -57% | -46% | -36% | -48% | |
| Peers Max Drawdown | -54% | -53% | -44% | -32% | -28% | -47% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PAAS, HL, AG, CDE, FSM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/11/2026 (YTD)
How Low Can It Go
| Event | EXK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.3% | -18.8% |
| % Gain to Breakeven | 25.4% | 23.1% |
| Time to Breakeven | 10 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -42.5% | -7.8% |
| % Gain to Breakeven | 74.1% | 8.5% |
| Time to Breakeven | 67 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -46.0% | -9.5% |
| % Gain to Breakeven | 85.3% | 10.5% |
| Time to Breakeven | 157 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.5% | -6.7% |
| % Gain to Breakeven | 13.0% | 7.1% |
| Time to Breakeven | 6 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -40.0% | -24.5% |
| % Gain to Breakeven | 66.8% | 32.4% |
| Time to Breakeven | 192 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.3% | -33.7% |
| % Gain to Breakeven | 82.7% | 50.9% |
| Time to Breakeven | 80 days | 140 days |
In The Past
Endeavour Silver's stock fell -20.3% during the 2025 US Tariff Shock. Such a loss loss requires a 25.4% gain to breakeven.
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| Event | EXK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.3% | -18.8% |
| % Gain to Breakeven | 25.4% | 23.1% |
| Time to Breakeven | 10 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -42.5% | -7.8% |
| % Gain to Breakeven | 74.1% | 8.5% |
| Time to Breakeven | 67 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -46.0% | -9.5% |
| % Gain to Breakeven | 85.3% | 10.5% |
| Time to Breakeven | 157 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -40.0% | -24.5% |
| % Gain to Breakeven | 66.8% | 32.4% |
| Time to Breakeven | 192 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.3% | -33.7% |
| % Gain to Breakeven | 82.7% | 50.9% |
| Time to Breakeven | 80 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -21.5% | -19.2% |
| % Gain to Breakeven | 27.4% | 23.8% |
| Time to Breakeven | 94 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -45.1% | -3.7% |
| % Gain to Breakeven | 82.0% | 3.9% |
| Time to Breakeven | 1397 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -45.1% | -12.2% |
| % Gain to Breakeven | 82.2% | 13.9% |
| Time to Breakeven | 44 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -81.9% | -6.8% |
| % Gain to Breakeven | 451.5% | 7.3% |
| Time to Breakeven | 204 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -41.5% | -0.2% |
| % Gain to Breakeven | 70.8% | 0.2% |
| Time to Breakeven | 50 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.4% | -17.9% |
| % Gain to Breakeven | 35.8% | 21.8% |
| Time to Breakeven | 23 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -79.4% | -53.4% |
| % Gain to Breakeven | 386.4% | 114.4% |
| Time to Breakeven | 399 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -36.7% | -8.6% |
| % Gain to Breakeven | 57.9% | 9.5% |
| Time to Breakeven | 1164 days | 47 days |
In The Past
Endeavour Silver's stock fell -20.3% during the 2025 US Tariff Shock. Such a loss loss requires a 25.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Endeavour Silver (EXK)
Endeavour Silver Corp. (EXK) is a Vancouver, Canada-headquartered precious metals mining company with a primary focus on silver, though it also produces significant amounts of gold. The company is engaged in the full spectrum of mining activities, including the acquisition, exploration, development, extraction, processing, refining, and reclamation of mineral properties. Its core business is centered on discovering and exploiting economically viable silver and gold deposits.
The company currently operates two producing silver-gold mines in Mexico: the Guanaceví mine located in Durango and the Bolañitos mine in Guanajuato. Beyond these operational assets, Endeavour Silver is actively advancing two key exploration and development projects within Mexico, namely the Terronera property in Jalisco and the Parral properties in Chihuahua, which are crucial for its future growth pipeline. Additionally, the company holds interests in three early-stage exploration projects in northern Chile, targeting silver, gold, and copper-molybdenum.
As a producer of refined precious metals such as silver and gold, Endeavour Silver's primary customers are typically global refiners, mints, and various industrial users. These entities purchase the metals for a wide array of applications, including investment vehicles, jewelry manufacturing, electronic components, and other industrial processes. The market for Endeavour Silver's products is inherently global, driven by the fluctuating demand for precious metals as both industrial commodities and stores of value.
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Analogy 1: A 'Barrick Gold' for silver and gold mining, primarily in Latin America.
Analogy 2: An independent oil and gas producer, but for precious metals like silver and gold.
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- Silver: A precious metal extracted and refined from its mining operations.
- Gold: A precious metal extracted and refined, often alongside silver, from its mining operations.
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Endeavour Silver (EXK) is a silver mining company that extracts, processes, and sells gold and silver. As a producer of precious metals, its products are commodities sold into the global metals market. Therefore, Endeavour Silver's major customers are not individual consumers but rather other companies within the precious metals supply chain.
The company sells its gold and silver production, typically in the form of dore bars or concentrates, to:
- Precious Metals Refineries: These companies further refine the dore bars or concentrates into pure investment-grade gold and silver.
- Metal Trading Houses/Dealers: These firms act as intermediaries, purchasing metals from producers and then selling them to various industrial users, financial institutions, jewelers, or other participants in the commodities market.
Due to the nature of commodity sales, specific names of these customer companies are generally not disclosed by Endeavour Silver in its public filings. The market for precious metals is global and liquid, with sales typically made under commercial contracts to various reputable refiners and traders.
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Daniel Dickson, Chief Executive Officer
Daniel Dickson was appointed CEO in May 2021, having previously served as Endeavour Silver's Chief Financial Officer since 2011. He joined Endeavour Silver in March 2007 as Controller. With 20 years of experience in the mining industry, he has been instrumental in building the company's financial infrastructure and has assisted in raising over $300 million for Endeavour Silver. Prior to joining Endeavour Silver, Mr. Dickson worked with KPMG LLP in the assurance group, focusing on publicly traded precious metals companies.
Elizabeth Senez, Chief Financial Officer
Elizabeth Senez manages Endeavour Silver's financials and contributes experience and perspective to the finance and accounting functions.
Luis R Castro Valdez, Chief Operating Officer
Luis R Castro Valdez was appointed Chief Operating Officer effective March 1, 2026, transitioning from his previous role as Senior Vice President, Exploration. He joined Endeavour as a Project Geologist in 2004 and has since been instrumental in guiding the company's exploration programs and numerous mineral discoveries. His deep expertise spans geology, exploration, government relations, and mining.
Dale Mah, Vice President, Corporate Development
Dale Mah is a professional geologist with over 25 years of experience in the mining industry. His career includes senior positions in mineral exploration, investment research, and project evaluation. He previously worked for Cominco and BHP Billiton in exploration roles, as a mining analyst for Mackie Research Capital and Dundee Capital Markets, and as Vice President of Geology for Quintana Resources Capital, a private equity group.
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Key Risks to Endeavour Silver (EXK)
Endeavour Silver Corp. (EXK) faces several key risks inherent to the precious metals mining industry and its specific operational footprint, primarily in Mexico. These risks can significantly impact the company's financial performance and operational stability.
- Commodity Price Volatility: Endeavour Silver's financial performance is highly dependent on the market prices of silver and gold. Fluctuations in these commodity prices directly influence the company's revenues, profitability, and the economic viability of its mining projects. The company's efforts to maintain low all-in sustaining costs (AISC) are crucial to mitigate this risk, especially during periods of declining metal prices.
- Geopolitical, Regulatory, and Security Risks in Operating Regions: With a significant concentration of its mining operations and development projects in Mexico, Endeavour Silver is exposed to specific geopolitical, regulatory, and security challenges. Recent Mexican mining law reforms have introduced increased environmental bonds and stricter concession rules, potentially leading to higher compliance costs and longer permitting timelines. Additionally, the company has experienced operational pauses due to security issues in Mexico, and security disruptions remain a concern that could impact production and project development.
- Operational Risks and Project Development Challenges: The successful execution of Endeavour Silver's growth strategy relies heavily on the development and ramp-up of new projects, such as the Terronera property, and the sustained performance of its producing mines. Risks include potential operational disruptions, challenges in effectively managing costs during the ramp-up phases of new mines, and ensuring sufficient high-grade reserves to extend mine life. Delays in bringing projects online or lower-than-expected grades can negatively impact anticipated production levels and profitability. The company also faces the ongoing challenge of responsible tailings and waste management, which, if not properly handled, can present significant environmental and safety risks.
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Endeavour Silver's main products are silver and gold. The addressable markets for these precious metals are global.
Silver Market
- Globally, the silver market size was valued at approximately USD 87.12 billion in 2024 and is projected to grow to USD 202.07 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 9.86%.
- In terms of volume, the global silver market is expected to grow from approximately 37.78 kilotons in 2025 to 49.54 kilotons by 2031.
Gold Market
- Globally, the gold market was valued at approximately USD 291.68 billion in 2024 and is projected to reach a market size of USD 400 billion by the end of 2030.
- In terms of volume, the global gold market stood at approximately 4,890.0 tons in 2025 and is expected to grow to 7,424.4 tons by 2034.
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Endeavour Silver Corp. (EXK) is poised for future revenue growth over the next 2-3 years, driven by several key factors:
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Commissioning and Ramp-Up of the Terronera Mine: The Terronera silver-gold mine in Jalisco, Mexico, commenced commercial production on October 1, 2025, and is frequently highlighted as a "transformational" asset. This project is expected to significantly increase Endeavour Silver's overall silver equivalent production, with forecasts suggesting it could effectively double the company's output once fully operational. Higher-grade zones are anticipated to be accessed by mid-2026, which is expected to further enhance production.
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Increased Production from the Kolpa Mine: The acquisition of the Kolpa polymetallic mine (located in Peru) has added a third producing asset to Endeavour Silver's portfolio. The integration and optimization of Kolpa are expected to contribute to the company's goal of doubling silver-equivalent output in the near to medium term.
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Favorable Precious Metal Prices: Sustained or increasing market prices for silver and gold are a significant driver of revenue. Recent commentary from Endeavour Silver's CEO and analyst reports indicate that higher precious metal prices are expected to enhance cash flow and contribute to strong revenue generation.
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Advancement of the Pitarrilla Project: The Pitarrilla project in Durango, Mexico, is identified as the company's "next major growth project" and one of the world's largest undeveloped silver deposits. Endeavour Silver has allocated a budget to advance exploration, evaluation efforts, and underground development, with a feasibility study targeted for completion by mid-2025. Successful progression of Pitarrilla could provide substantial long-term growth in production and revenue beyond the immediate impact of Terronera and Kolpa.
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Share Issuance
- In December 2025, Endeavour Silver completed a US$350 million offering of 0.25% unsecured convertible senior notes due 2031, intended to repay debt, fund the Pitarrilla project, and for general corporate purposes.
- As part of the acquisition of Compañía Minera Kolpa S.A. in May 2025, Endeavour issued $48.4 million in common shares.
- In Q4 2023, the company raised gross proceeds of $39.3 million through issuances, primarily to fund activities at the Terronera project.
Outbound Investments
- In May 2025, Endeavour Silver acquired Compañía Minera Kolpa S.A. in Peru for approximately $134.3 million, consisting of $78.0 million in cash, $48.4 million in common shares, and up to $10.0 million in contingent payments.
- In April 2021, Endeavour Silver acquired the Guanajuato Silver Company (formerly Vangold Mining Corp) for $15 million plus contingent payments of up to $3 million, and also the Bruner advanced stage exploration project.
Capital Expenditures
- For 2026, Endeavour plans a total capital spending of $157.8 million, including $91.0 million in sustaining capital across its three operating mines and $65.8 million for the Pitarrilla project, which includes $48.0 million in capital expenditures.
- A significant portion of capital expenditures has been directed towards the Terronera project, with $302 million of its $271 million budget spent as of December 31, 2024, achieving 89.4% completion before commercial production commenced on October 1, 2025.
- In 2024, the company planned to invest $30.0 million in sustaining capital at its Guanaceví and Bolañitos mines, with additional significant capital allocated to Terronera's development.
Peer Outperformance in Silver
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 74.5% | 86.3% | 285.6% | COPR 1050% · HBM 329% · TGB 326% |
| Silver ← | 6 | 110.1% | 347.0% | 158.1% | AYA 246% · HL 234% · SVM 193% |
| Gold | 34 | 30.4% | 199.1% | 152.8% | IAG 838% · OGC 493% · CNL 485% |
| Steel | 13 | 24.7% | 51.8% | 149.0% | NWPX 317% · AMR 312% · HCC 309% |
| Aluminum | 3 | 79.6% | 130.8% | 57.1% | CENX 243% · KALU 57% · AA 3% |
| Diversified Metals & Mining | 23 | -3.6% | -4.5% | 45.2% | ATLX 216329% · USAR 52115% · TII 718% |
| Construction Materials | 7 | -21.6% | 19.5% | 44.1% | USLM 345% · CRH 84% · VMC 48% |
| Metal, Glass & Plastic Containers | 10 | -4.7% | 11.5% | 3.8% | KRT 161% · MYE 65% · GEF 48% |
| Paper & Plastic Packaging Products & Materials | 7 | 4.3% | 5.7% | -11.6% | PKG 79% · CCK 12% · SON -8% |
| Specialty Chemicals | 41 | 6.4% | -3.3% | -14.8% | ODC 464% · NEU 194% · CMT 83% |
| Commodity Chemicals | 12 | 16.2% | -13.2% | -24.3% | HWKN 270% · LXU 87% · MEOH 74% |
| Diversified Chemicals | 4 | -4.1% | -26.5% | -29.1% | CBT 75% · ASH -15% · CC -43% |
| Precious Metals & Minerals | 8 | 39.4% | 191.2% | -31.1% | ASM 591% · PPTA 370% · MTA 48% |
| Fertilizers & Agricultural Chemicals | 10 | -2.4% | -3.0% | -32.4% | CF 224% · CTVA 104% · NTR 51% |
| Paper Products | 3 | -23.3% | -51.6% | -96.1% | CLW -40% · MERC -96% · ITP -96% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 19.67 |
| Mkt Cap | 11.5 |
| Rev LTM | 1,626 |
| Op Inc LTM | 739 |
| FCF LTM | 613 |
| FCF 3Y Avg | 270 |
| CFO LTM | 822 |
| CFO 3Y Avg | 446 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 86.5% |
| Rev Chg 3Y Avg | 41.8% |
| Rev Chg Q | 54.5% |
| QoQ Delta Rev Chg LTM | 9.0% |
| Op Inc Chg LTM | 218.1% |
| Op Inc Chg 3Y Avg | 356.1% |
| Op Mgn LTM | 41.5% |
| Op Mgn 3Y Avg | 22.7% |
| QoQ Delta Op Mgn LTM | 2.8% |
| CFO/Rev LTM | 46.0% |
| CFO/Rev 3Y Avg | 30.7% |
| FCF/Rev LTM | 33.3% |
| FCF/Rev 3Y Avg | 11.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Guanaceví | 198 | 147 | 152 | 156 | 108 |
| Kolpa | 111 | 0 | |||
| Terronera | 84 | 0 | 0 | 0 | |
| Bolañitos | 74 | 70 | 54 | 54 | 47 |
| Corporate | 0 | 0 | 0 | 0 | |
| Exploration | 0 | 0 | 0 | 0 | |
| El Compas | 0 | 10 | |||
| Total | 467 | 218 | 205 | 210 | 165 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Guanaceví | 28 | 14 | 24 | 32 | 22 |
| Kolpa | 14 | 0 | |||
| Bolañitos | 13 | 19 | 2 | 1 | 1 |
| Exploration | -20 | -12 | -11 | -9 | -11 |
| Corporate | -31 | -14 | -3 | -9 | 13 |
| Terronera | -124 | -37 | -5 | -8 | -8 |
| El Compas | -1 | -4 | |||
| Total | -119 | -31 | 6 | 6 | 14 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Terronera | 553 | 374 | 187 | 81 | 25 |
| Kolpa | 236 | 0 | |||
| Corporate | 190 | 91 | 35 | 59 | 87 |
| Guanaceví | 117 | 115 | 125 | 127 | 111 |
| Exploration | 91 | 87 | 83 | 84 | 19 |
| Bolañitos | 48 | 53 | 44 | 48 | 47 |
| El Compas | 6 | ||||
| Total | 1,236 | 719 | 475 | 399 | 294 |
Price Behavior
| Market Price | $10.18 | |
| Market Cap ($ Bil) | 3.0 | |
| First Trading Date | 04/26/2006 | |
| Distance from 52W High | -27.9% | |
| 50 Days | 200 Days | |
| DMA Price | $9.25 | $9.87 |
| DMA Trend | up | up |
| Distance from DMA | 10.1% | 3.1% |
| 3M | 1YR | |
| Volatility | 70.2% | 80.4% |
| Downside Capture | 227.36 | 333.73 |
| Upside Capture | 280.02 | 335.46 |
| Correlation (SPY) | 47.6% | 47.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.89 | 2.96 | 3.27 | 3.10 | 2.87 | 1.75 |
| Up Beta | 2.02 | 2.59 | 2.39 | 2.37 | 2.70 | 1.62 |
| Down Beta | 9.62 | 4.97 | 5.00 | 3.68 | 2.23 | 1.85 |
| Up Capture | 529% | 378% | 374% | 384% | 1047% | 1149% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 12 | 20 | 31 | 60 | 129 | 359 |
| Down Capture | -155% | 161% | 239% | 251% | 180% | 110% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 9 | 22 | 33 | 67 | 121 | 366 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EXK | |
|---|---|---|---|---|
| EXK | 73.5% | 80.4% | 1.03 | - |
| Sector ETF (XLB) | 14.0% | 17.9% | 0.58 | 51.2% |
| Equity (SPY) | 18.3% | 12.8% | 1.03 | 47.2% |
| Gold (GLD) | 19.0% | 29.2% | 0.59 | 71.6% |
| Commodities (DBC) | 50.4% | 20.6% | 1.88 | 8.0% |
| Real Estate (VNQ) | 7.6% | 13.6% | 0.29 | 15.1% |
| Bitcoin (BTCUSD) | -32.6% | 43.8% | -0.78 | 31.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EXK | |
|---|---|---|---|---|
| EXK | 15.8% | 69.2% | 0.50 | - |
| Sector ETF (XLB) | 5.5% | 19.1% | 0.18 | 42.0% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 34.3% |
| Gold (GLD) | 18.7% | 18.8% | 0.81 | 60.0% |
| Commodities (DBC) | 11.7% | 19.5% | 0.47 | 26.2% |
| Real Estate (VNQ) | 0.7% | 18.9% | -0.07 | 25.2% |
| Bitcoin (BTCUSD) | 9.3% | 52.6% | 0.36 | 21.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EXK | |
|---|---|---|---|---|
| EXK | 8.6% | 69.3% | 0.42 | - |
| Sector ETF (XLB) | 9.8% | 20.7% | 0.42 | 33.7% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 27.2% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 58.9% |
| Commodities (DBC) | 8.9% | 18.1% | 0.40 | 25.4% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 22.6% |
| Bitcoin (BTCUSD) | 63.2% | 66.2% | 1.03 | 16.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 6-K |
| 03/31/2026 | 05/06/2026 | 6-K |
| 12/31/2025 | 03/30/2026 | 40-F |
| 09/30/2025 | 11/07/2025 | 6-K |
| 06/30/2025 | 08/13/2025 | 6-K |
| 03/31/2025 | 05/13/2025 | 6-K |
| 12/31/2024 | 03/11/2025 | 40-F |
| 09/30/2024 | 11/05/2024 | 6-K |
| 06/30/2024 | 08/01/2024 | 6-K |
| 03/31/2024 | 05/09/2024 | 6-K |
| 12/31/2023 | 03/11/2024 | 40-F |
| 09/30/2023 | 11/07/2023 | 6-K |
| 06/30/2023 | 08/08/2023 | 6-K |
| 03/31/2023 | 05/10/2023 | 6-K |
| 12/31/2022 | 03/30/2023 | 40-F |
| 09/30/2022 | 11/08/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 6-K |
| 03/31/2026 | 05/06/2026 | 6-K |
| 12/31/2025 | 03/30/2026 | 40-F |
| 09/30/2025 | 11/07/2025 | 6-K |
| 06/30/2025 | 08/13/2025 | 6-K |
| 03/31/2025 | 05/13/2025 | 6-K |
| 12/31/2024 | 03/11/2025 | 40-F |
| 09/30/2024 | 11/05/2024 | 6-K |
| 06/30/2024 | 08/01/2024 | 6-K |
| 03/31/2024 | 05/09/2024 | 6-K |
| 12/31/2023 | 03/11/2024 | 40-F |
| 09/30/2023 | 11/07/2023 | 6-K |
| 06/30/2023 | 08/08/2023 | 6-K |
| 03/31/2023 | 05/10/2023 | 6-K |
| 12/31/2022 | 03/30/2023 | 40-F |
| 09/30/2022 | 11/08/2022 | 6-K |
| 06/30/2022 | 08/09/2022 | 6-K |
| 03/31/2022 | 05/11/2022 | 6-K |
| 12/31/2021 | 03/10/2022 | 40-F |
| 09/30/2021 | 11/09/2021 | 6-K |
| 06/30/2021 | 08/10/2021 | 6-K |
| 03/31/2021 | 05/11/2021 | 6-K |
| 12/31/2020 | 03/01/2021 | 40-F |
| 09/30/2020 | 11/05/2020 | 6-K |
| 06/30/2020 | 08/04/2020 | 6-K |
| 03/31/2020 | 05/08/2020 | 6-K |
| 12/31/2019 | 03/06/2020 | 40-F |
| 09/30/2019 | 11/05/2019 | 6-K |
Investor Activity (13F)
Updated Sep 12, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.