Eldorado Gold (EGO)


Market Price (8/12/2026): $39.07 | Market Cap: $9.8 BilSector: Materials | Industry: Gold

Eldorado Gold (EGO)


Market Price (8/12/2026): $39.07
Market Cap: $9.8 Bil
Sector: Materials
Industry: Gold

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%

Megatrend and thematic drivers
Megatrends include Global Resource Management, and Inflation & Wealth Preservation. Themes include Precious Metals Mining, Sustainable Mining Practices, Show more.

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -29%

Key risks
EGO key risks include [1] execution delays and cost overruns at its critical Skouries project in Greece and [2] geopolitical and regulatory uncertainty in key jurisdictions like Greece and Turkey, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%
2 Megatrend and thematic drivers
Megatrends include Global Resource Management, and Inflation & Wealth Preservation. Themes include Precious Metals Mining, Sustainable Mining Practices, Show more.
3 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -29%
4 Key risks
EGO key risks include [1] execution delays and cost overruns at its critical Skouries project in Greece and [2] geopolitical and regulatory uncertainty in key jurisdictions like Greece and Turkey, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 8/7/2026

Eldorado Gold (EGO) stock has gained about 25% since 4/30/2026 because of the following key factors:

1. Higher Realized Gold Prices and Strong Q1 and Fiscal Q2 2026 Financial Results.

Eldorado Gold's stock benefited from a significant increase in the average realized gold price, which stood at $4,379 per ounce sold in fiscal Q2 2026, a notable rise from $3,270 per ounce sold in fiscal Q2 2025. This macroeconomic tailwind bolstered the company's financial performance. Eldorado Gold reported solid fiscal Q2 2026 results on July 30, 2026, with revenue increasing to $487.5 million from $451.7 million in fiscal Q2 2025. Net earnings attributable to shareholders also grew to $172.8 million ($0.69 per share) in fiscal Q2 2026, compared to $139.0 million ($0.68 per share) in fiscal Q2 2025. Earlier, the company also reported strong fiscal Q1 2026 earnings per share of $0.95, significantly surpassing analyst estimates of $0.69.

2. Significant Advancement of Key Growth Projects (Skouries and McIlvenna Bay).

The company made substantial progress on its cornerstone growth projects, which provided positive catalysts for the stock. The Skouries copper-gold project in Greece reached approximately 97% construction completion by late July 2026, with first ore crushed and commissioning underway. First production at Skouries is targeted for fiscal Q3 2026, with commercial production expected in fiscal Q4 2026. Concurrently, at the McIlvenna Bay project in Saskatchewan, Canada, which Eldorado Gold acquired in April 2026, the company achieved first copper concentrate production on June 7, 2026, and first zinc concentrate in July 2026. Commercial production at McIlvenna Bay is anticipated in fiscal Q3 2026.

Show more
Updated on 8/7/2026

Eldorado Gold (EGO) stock has gained about 25% since 4/30/2026 because of the following key factors:

1. Higher Realized Gold Prices and Strong Q1 and Fiscal Q2 2026 Financial Results.

Eldorado Gold's stock benefited from a significant increase in the average realized gold price, which stood at $4,379 per ounce sold in fiscal Q2 2026, a notable rise from $3,270 per ounce sold in fiscal Q2 2025. This macroeconomic tailwind bolstered the company's financial performance. Eldorado Gold reported solid fiscal Q2 2026 results on July 30, 2026, with revenue increasing to $487.5 million from $451.7 million in fiscal Q2 2025. Net earnings attributable to shareholders also grew to $172.8 million ($0.69 per share) in fiscal Q2 2026, compared to $139.0 million ($0.68 per share) in fiscal Q2 2025. Earlier, the company also reported strong fiscal Q1 2026 earnings per share of $0.95, significantly surpassing analyst estimates of $0.69.

2. Significant Advancement of Key Growth Projects (Skouries and McIlvenna Bay).

The company made substantial progress on its cornerstone growth projects, which provided positive catalysts for the stock. The Skouries copper-gold project in Greece reached approximately 97% construction completion by late July 2026, with first ore crushed and commissioning underway. First production at Skouries is targeted for fiscal Q3 2026, with commercial production expected in fiscal Q4 2026. Concurrently, at the McIlvenna Bay project in Saskatchewan, Canada, which Eldorado Gold acquired in April 2026, the company achieved first copper concentrate production on June 7, 2026, and first zinc concentrate in July 2026. Commercial production at McIlvenna Bay is anticipated in fiscal Q3 2026.

3. Renewal of Normal Course Issuer Bid.

On July 30, 2026, Eldorado Gold announced the renewal of its normal course issuer bid (NCIB), receiving approval to repurchase up to 13,065,993 common shares, representing 5% of its issued and outstanding common shares as of July 27, 2026. This share buyback program, set to commence on August 5, 2026, and run until July 31, 2027, signals management's confidence in the company's valuation and its commitment to enhancing shareholder value.

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Stock Movement Drivers

Fundamental Drivers

The 26.0% change in EGO stock from 4/30/2026 to 8/11/2026 was primarily driven by a 51.0% change in the company's P/E Multiple.
(LTM values as of)43020268112026Change
Stock Price ($)31.0239.0926.0%
Change Contribution By: 
Total Revenues ($ Mil)1,9812,0161.8%
Net Income Margin (%)28.8%30.1%4.2%
P/E Multiple10.716.251.0%
Shares Outstanding (Mil)198251-21.4%
Cumulative Contribution26.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/11/2026
ReturnCorrelation
EGO26.0% 
Market (SPY)7.2%47.1%
Sector (XLB)3.4%56.1%

Fundamental Drivers

The -8.6% change in EGO stock from 1/31/2026 to 8/11/2026 was primarily driven by a -30.5% change in the company's P/E Multiple.
(LTM values as of)13120268112026Change
Stock Price ($)42.7539.09-8.6%
Change Contribution By: 
Total Revenues ($ Mil)1,6782,01620.1%
Net Income Margin (%)22.1%30.1%35.8%
P/E Multiple23.316.2-30.5%
Shares Outstanding (Mil)203251-19.4%
Cumulative Contribution-8.6%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/11/2026
ReturnCorrelation
EGO-8.6% 
Market (SPY)11.7%44.9%
Sector (XLB)8.5%60.4%

Fundamental Drivers

The 91.4% change in EGO stock from 7/31/2025 to 8/11/2026 was primarily driven by a 59.1% change in the company's P/E Multiple.
(LTM values as of)73120258112026Change
Stock Price ($)20.4239.0991.4%
Change Contribution By: 
Total Revenues ($ Mil)1,5752,01628.0%
Net Income Margin (%)26.1%30.1%15.4%
P/E Multiple10.216.259.1%
Shares Outstanding (Mil)205251-18.5%
Cumulative Contribution91.4%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/11/2026
ReturnCorrelation
EGO91.4% 
Market (SPY)22.9%35.1%
Sector (XLB)23.1%50.1%

Fundamental Drivers

The 300.0% change in EGO stock from 7/31/2023 to 8/11/2026 was primarily driven by a 2896.4% change in the company's Net Income Margin (%).
(LTM values as of)73120238112026Change
Stock Price ($)9.7739.09300.0%
Change Contribution By: 
Total Revenues ($ Mil)9232,016118.5%
Net Income Margin (%)1.0%30.1%2896.4%
P/E Multiple199.316.2-91.9%
Shares Outstanding (Mil)189251-24.9%
Cumulative Contribution300.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/11/2026
ReturnCorrelation
EGO300.0% 
Market (SPY)74.3%26.8%
Sector (XLB)31.1%39.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
EGO Return-30%-11%55%15%142%9%196%
Peers Return20%1%16%25%127%7%327%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
EGO Win Rate42%42%50%50%83%50% 
Peers Win Rate50%50%62%53%78%45% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
EGO Max Drawdown-47%-58%-30%-22%-19%-44% 
Peers Max Drawdown-31%-44%-31%-28%-22%-42% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: GOLD, NEM, AEM, KGC, AGI.
[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 8/11/2026 (YTD)

How Low Can It Go

EventEGOS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-23.4%-9.5%
  % Gain to Breakeven30.6%10.5%
  Time to Breakeven32 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-43.5%-24.5%
  % Gain to Breakeven76.9%32.4%
  Time to Breakeven116 days427 days
2020 COVID-19 Crash
  % Loss-32.0%-33.7%
  % Gain to Breakeven47.0%50.9%
  Time to Breakeven20 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-37.2%-19.2%
  % Gain to Breakeven59.2%23.8%
  Time to Breakeven103 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-35.8%-3.7%
  % Gain to Breakeven55.8%3.9%
  Time to Breakeven3095 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-49.4%-12.2%
  % Gain to Breakeven97.6%13.9%
  Time to Breakeven95 days62 days

Compare to GOLD, NEM, AEM, KGC, AGI

In The Past

Eldorado Gold's stock fell -7.2% during the 2025 US Tariff Shock. Such a loss loss requires a 7.8% 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.

EventEGOS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-23.4%-9.5%
  % Gain to Breakeven30.6%10.5%
  Time to Breakeven32 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-43.5%-24.5%
  % Gain to Breakeven76.9%32.4%
  Time to Breakeven116 days427 days
2020 COVID-19 Crash
  % Loss-32.0%-33.7%
  % Gain to Breakeven47.0%50.9%
  Time to Breakeven20 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-37.2%-19.2%
  % Gain to Breakeven59.2%23.8%
  Time to Breakeven103 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-35.8%-3.7%
  % Gain to Breakeven55.8%3.9%
  Time to Breakeven3095 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-49.4%-12.2%
  % Gain to Breakeven97.6%13.9%
  Time to Breakeven95 days62 days
2014-2016 Oil Price Collapse
  % Loss-74.6%-6.8%
  % Gain to Breakeven293.0%7.3%
  Time to Breakeven3648 days15 days
2013 Taper Tantrum
  % Loss-27.2%-0.2%
  % Gain to Breakeven37.3%0.2%
  Time to Breakeven190 days1 days
2008-2009 Global Financial Crisis
  % Loss-49.8%-53.4%
  % Gain to Breakeven99.3%114.4%
  Time to Breakeven30 days1085 days

Compare to GOLD, NEM, AEM, KGC, AGI

In The Past

Eldorado Gold's stock fell -7.2% during the 2025 US Tariff Shock. Such a loss loss requires a 7.8% 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 Eldorado Gold (EGO)

Eldorado Gold Corporation (EGO) is a Vancouver, Canada-based mining company primarily engaged in the exploration, development, and sale of mineral products. The company's core business revolves around extracting precious and base metals from the earth. Its main product is gold, serving the global gold market, but it also produces and sells silver, lead, and zinc.

Eldorado Gold operates a diverse portfolio of mines and development projects across several international markets. Its key assets include wholly-owned gold mines in western Turkey (Kisladag and Efemcukuru), Canada (Lamaque), and Greece (Olympias, Stratoni, Skouries, Perama Hill, Sapes). Additionally, the company holds an 80.5% interest in the Certej development project located in Romania, further expanding its geographic footprint in the mineral products industry.

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A global gold mining company, much like a smaller Barrick Gold or Newmont.

Imagine an ExxonMobil, but focused on digging for gold and other precious metals instead of oil.

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  • Gold: The company's primary mineral product, extracted from its various gold mines.
  • Silver: A valuable byproduct mineral produced alongside gold and other base metals.
  • Lead: A base metal product extracted from its mining operations.
  • Zinc: Another base metal product derived from its mining activities.
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AI Analysis | Feedback

Eldorado Gold (EGO) is a mining company that extracts and produces mineral products such as gold, silver, lead, and zinc. As such, it operates within the commodities market, selling its raw or semi-processed materials to other businesses rather than directly to individual consumers.

Due to the nature of commodity sales, mining companies typically do not have a small, defined list of "major customers" in the traditional sense, as their output is sold to a diverse global market. Specific customer names are generally not disclosed publicly. Instead, Eldorado Gold's primary customers fall into the following categories:

  • Metal Refiners and Smelters: These companies purchase the gold doré bars, silver, lead, and zinc concentrates produced by Eldorado Gold. They then process and purify these materials into marketable forms (e.g., pure gold bullion, refined base metals) for onward sale to various industries.
  • Bullion Banks and Commodity Traders: These financial institutions and trading firms act as intermediaries in the global metals market. They buy precious and base metals from producers like Eldorado Gold, facilitate transactions, and sell to investors, industrial users, or other market participants.
  • Industrial End-Users: While often purchasing through refiners or traders, the ultimate consumers of Eldorado Gold's products include manufacturers in industries such as jewelry, electronics, automotive, and other sectors that utilize gold, silver, lead, and zinc as raw materials.

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George Burns, President & Chief Executive Officer

George Burns joined Eldorado Gold in February 2017 and assumed the role of President & Chief Executive Officer in April 2017. Prior to his time at Eldorado, he served as Executive Vice President and Chief Operating Officer of Goldcorp, and as Senior Vice President and Chief Operating Officer of Centerra Gold. Mr. Burns is slated to retire in the third quarter of 2026.

Paul Ferneyhough, Executive Vice President & Chief Financial Officer

Paul Ferneyhough was appointed Executive Vice President & Chief Financial Officer in January 2024, having joined Eldorado Gold in May 2021. Previously, he held the positions of Executive Vice President, Chief Strategy & Commercial Officer, and Senior Vice President, Chief Growth & Integration Officer at Eldorado. Before joining Eldorado Gold, Mr. Ferneyhough spent nearly two decades with Repsol SA (and Talisman Energy), where he most recently served as Executive Director leading Repsol's North American upstream oil and gas division. During his tenure at Repsol, he held various senior leadership roles in corporate, line, and functional areas, including finance, investor relations, strategy, commercial, planning, and business performance management. He is a Chartered Accountant and a member of the Institute of Chartered Accountants of England and Wales.

Christian Milau, President

Christian Milau was appointed President of Eldorado Gold in August 2025. He is expected to assume the role of Chief Executive Officer in the third quarter of 2026. Before joining Eldorado, Mr. Milau was a founder and Chief Executive Officer of Saudi Discovery Company, a private copper and gold exploration firm. From 2016 to 2022, he served as Chief Executive Officer of Equinox Gold, overseeing its growth from a single-asset developer to a multi-mine producer. His earlier career also includes roles as Chief Executive Officer at True Gold Mining, Chief Financial Officer of Endeavour Mining, and Vice President, Treasurer at New Gold.

Simon Hille, Executive Vice President, Technical Services & Operations

Simon Hille was appointed Executive Vice President, Technical Services & Operations in November 2023, having joined Eldorado Gold in November 2020. He brings over 30 years of experience in gold and base metals, with a focus on leading high-performance, cross-functional technical and operational teams. Prior to his time at Eldorado, Mr. Hille was the Group Executive, Technical Engineering & Global Projects at Newmont (Goldcorp).

Niklas Frank, Senior Vice President, Operations

Niklas Frank was appointed Senior Vice President, Operations at Eldorado Gold in November 2023, after joining the company in July 2023. In this role, he is responsible for operational support and acts as the primary lead for the site general managers in Quebec and Türkiye, as well as providing operations support in Greece. Mr. Frank has more than 26 years of experience in the international mining industry, having managed and overseen mining operations across various countries, including Canada, the United States, Peru, the Democratic Republic of Congo, and Cuba.

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Here are the key risks to Eldorado Gold (EGO):
  1. Project Delays and Execution Risks, particularly with the Skouries Project

    Eldorado Gold faces significant risks related to delays and execution challenges for its key development projects, most notably the Skouries project in Greece. The Skouries project has experienced delays, which could impact production timelines and financial performance. Specific issues cited include labor market tightness in Greece, which has slowed workforce ramp-up and progress in certain areas. Operational disruptions or delays to production from current mines are also a risk, such as past metallurgical problems at the Olympias mine. Any further delays or cost overruns at Skouries, which is a major growth catalyst for the company, could significantly impact its future financial performance and investor confidence.

  2. Fluctuations in Commodity Prices

    As a mining company primarily producing gold, and also silver, lead, and zinc, Eldorado Gold is highly susceptible to the volatility of commodity prices. Significant fluctuations in the market prices of gold and copper, which is a growing part of its portfolio with the Skouries project, can directly impact the company's revenue, profitability, and cash flow. While higher gold prices can be beneficial, a downturn could adversely affect financial results.

  3. Geopolitical, Regulatory, and Cost Inflation Risks

    Eldorado Gold operates in several international jurisdictions, including Turkey, Greece, Canada, and Romania, exposing it to geopolitical uncertainties and regulatory changes. Changes in government policies, mining regulations, and an increase in royalty expenses, particularly in Turkey, can significantly affect profitability. Furthermore, rising costs for labor, materials, and essential consumables are a persistent challenge, pressuring margins and impacting overall operational efficiency and project economics.

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The addressable markets for Eldorado Gold's main products are as follows:

  • Gold: The global gold market was valued at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030.
  • Silver: The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow from USD 95.20 billion in 2025 to USD 202.07 billion by 2033.
  • Lead: The global lead market was valued at USD 29.9 billion in 2025, estimated to reach USD 31.2 billion in 2026 and USD 47.1 billion by 2036.
  • Zinc: The global zinc mining market size was valued at USD 77.07 billion in 2025 and is projected to grow from USD 81.13 billion in 2026 to USD 122.25 billion by 2034.

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Eldorado Gold (EGO) Expected Drivers of Future Revenue Growth

Eldorado Gold Corporation (EGO) is anticipated to drive future revenue growth over the next two to three years through several key initiatives and market factors:

  1. Initial Production and Ramp-up of the Skouries Project: The Skouries copper-gold project in Greece is a significant expected driver of revenue growth and diversification. First production of copper-gold concentrate is anticipated in Q1 2026, with commercial production expected by mid-2026 or Q4 2026. This project is projected to produce an average of 140,000 ounces of gold and 67 million pounds of copper annually over its initial 20-year mine life, positioning Eldorado Gold to become a diversified copper/gold major.
  2. Increased Gold Production from Optimized Operations: Eldorado Gold has provided 2026 guidance for consolidated gold production between 490,000 and 590,000 ounces and aims for approximately 40% higher gold production by 2027 compared to 2025 levels. This growth is supported by ongoing operational improvements and resource conversion efforts at existing mines such as the Lamaque Complex in Canada, which has seen a 25% increase in reserves. Kisladag in Turkey has also demonstrated increased gold production.
  3. Favorable Gold and Copper Price Environment: Sustained higher average realized gold prices have significantly contributed to Eldorado Gold's revenue and operating cash flow in recent periods. The profitability and revenue generation from the new Skouries project are also closely linked to the prevailing copper prices. A continued strong commodity price environment for both gold and copper is expected to bolster future revenue.
  4. Advancement and Expansion of Other Greek Projects: Beyond Skouries, Eldorado Gold's other projects in Greece, specifically the Olympias expansion and the ongoing advancement of the Perama Hill project, are expected to deliver meaningful growth. These developments contribute to the overall increase in the company's production profile and revenue-generating capacity.

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Share Repurchases

  • Eldorado Gold announced an amended normal course issuer bid (NCIB) in May 2025, significantly increasing the maximum number of shares it can repurchase from 350,000 to 10,245,474 shares (approximately 5% of total outstanding shares). As of April 30, 2025, the company had repurchased 224,000 shares at an average price of $22.60 per share under this NCIB, which runs from November 8, 2024, to July 31, 2025.
  • The company repurchased approximately $204 million of shares during 2025 through its NCIB program, with about $80 million purchased and canceled in Q4 2025.
  • Under a previous NCIB that commenced November 8, 2024 and terminated July 31, 2025, Eldorado purchased 3,198,353 Common Shares at a volume-weighted average price of C$27.68 per share. The company expects to renew its NCIB for a further one-year period upon its expiration on July 31, 2025.

Share Issuance

  • In Q2 2023, Eldorado Gold completed a bought deal financing, resulting in a cash increase of $101.1 million.

Inbound Investments

  • In Q2 2023, Eldorado Gold received a strategic equity investment of $61.3 million from the European Bank for Reconstruction and Development (EBRD).

Outbound Investments

  • In February 2026, Eldorado Gold announced an agreement to acquire Foran Mining Corporation in a transaction valued at approximately C$3.8 billion ($2.79 billion), aiming to create a diversified gold-copper mining company. This acquisition is expected to give existing Eldorado shareholders approximately 76% of the combined company.
  • In Q3 2022, Eldorado Gold made a $20 million investment in the G Mining Ventures Corp. equity financing.
  • In July 2024, Eldorado signed a definitive option agreement with TRU Precious Metals to earn an 80% ownership interest in TRU's Golden Rose gold-copper project in Newfoundland, Canada.

Capital Expenditures

  • Total capital expenditures reached $978.9 million in 2025, including $475.2 million invested at the Skouries copper-gold project in Greece. For 2025, project capital for Skouries was revised upward to between $440 million and $470 million.
  • In Q1 2025, the capital cost estimate for Skouries was revised to $1.06 billion. Cumulative project capital invested towards phase 2 of Skouries construction totaled $980.0 million as of December 31, 2025.
  • Growth capital at operating mines in 2025 was $218.3 million, primarily focused on Kisladag for waste stripping and construction of the second phase of the North Heap Leach Pad, and at the Lamaque Complex for underground development, equipment rebuilds, and tailings management facility expansion. Sustaining capital for 2026 is expected to range between $70 million and $80 million.

Better Bets vs. Eldorado Gold (EGO)

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Peer Comparisons

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Financials

EGOGOLDNEMAEMKGCAGIMedian
NameEldorado.Gold.com Newmont Agnico E.Kinross .Alamos G. 
Mkt Price39.0943.44117.21181.7527.2433.4541.27
Mkt Cap9.81.2124.891.232.514.023.2
Rev LTM2,01623,02025,76714,5268,4712,22811,498
Op Inc LTM89614014,2308,4754,4091,2702,839
FCF LTM-5942079,7334,5493,0823201,701
FCF 3Y Avg-205855,2352,9391,9202211,071
CFO LTM74422012,6287,4174,4569902,723
CFO 3Y Avg652988,3425,1663,1077231,915

Growth & Margins

EGOGOLDNEMAEMKGCAGIMedian
NameEldorado.Gold.com Newmont Agnico E.Kinross .Alamos G. 
Rev Chg LTM28.0%109.4%25.2%50.3%39.5%47.8%43.6%
Rev Chg 3Y Avg30.1%47.0%32.1%34.4%29.4%33.1%32.6%
Rev Chg Q7.9%244.0%15.1%35.0%29.5%35.6%32.3%
QoQ Delta Rev Chg LTM1.8%46.8%3.2%7.3%6.4%7.5%6.8%
Op Inc Chg LTM52.2%201.5%77.0%91.4%87.8%113.8%89.6%
Op Inc Chg 3Y Avg122.3%34.0%148.9%78.0%147.4%73.1%100.1%
Op Mgn LTM44.4%0.6%55.2%58.3%52.0%57.0%53.6%
Op Mgn 3Y Avg35.2%0.7%36.1%44.6%36.7%43.3%36.4%
QoQ Delta Op Mgn LTM-0.0%0.3%1.2%1.4%1.8%2.6%1.3%
CFO/Rev LTM36.9%1.0%49.0%51.1%52.6%44.4%46.7%
CFO/Rev 3Y Avg42.2%0.5%38.8%48.2%47.6%45.0%43.6%
FCF/Rev LTM-29.4%0.9%37.8%31.3%36.4%14.3%22.8%
FCF/Rev 3Y Avg-10.6%0.4%22.7%26.6%28.1%13.8%18.2%

Valuation

EGOGOLDNEMAEMKGCAGIMedian
NameEldorado.Gold.com Newmont Agnico E.Kinross .Alamos G. 
Mkt Cap9.81.2124.891.232.514.023.2
P/S4.90.14.86.33.86.34.9
P/Op Inc11.08.58.810.87.411.19.8
P/EBIT11.76.99.310.47.29.19.2
P/E16.214.814.515.510.212.014.6
P/CFO13.25.49.912.37.314.211.1
Total Yield6.5%8.5%7.8%7.3%10.3%8.7%8.1%
Dividend Yield0.4%1.7%0.9%0.9%0.5%0.4%0.7%
FCF Yield 3Y Avg-2.8%11.2%6.5%4.9%9.4%2.3%5.7%
D/E0.20.60.00.00.00.00.0
Net D/E0.10.5-0.0-0.0-0.1-0.0-0.0

Returns

EGOGOLDNEMAEMKGCAGIMedian
NameEldorado.Gold.com Newmont Agnico E.Kinross .Alamos G. 
1M Rtn29.3%10.1%23.0%23.7%12.8%13.5%18.3%
3M Rtn10.3%3.6%-1.8%-7.5%-14.0%-24.7%-4.7%
6M Rtn-9.8%-30.0%-3.1%-13.9%-20.4%-25.8%-17.1%
12M Rtn75.5%101.5%72.0%35.4%43.3%28.5%57.7%
3Y Rtn328.4%31.3%211.6%292.1%456.6%191.0%251.8%
1M Excs Rtn31.3%11.4%23.1%23.8%13.2%13.1%18.1%
3M Excs Rtn9.6%-3.6%-6.9%-11.7%-18.5%-28.0%-9.3%
6M Excs Rtn-17.5%-42.7%-13.5%-24.0%-30.5%-34.5%-27.2%
12M Excs Rtn52.7%79.3%50.8%14.3%23.4%7.3%37.1%
3Y Excs Rtn252.1%-48.9%133.8%223.5%398.6%118.5%178.6%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Gold revenue - dore1,245891646552588
Gold revenue - concentrate458347277243253
Silver revenue - concentrate5341372329
Zinc concentrate2224193043
Provisional adjustments on current year concentrate sales19-2   
Lead concentrate1720251927
Silver revenue - dore96545
Provisional adjustments on prior year concentrate sales-3-4   
(Loss) gain on revaluation of derivatives in trade receivables - gold  1-1-2
Gain on revaluation of derivatives in trade receivables - other metals  -31-1
Total1,8191,3231,009872941


Price Behavior

Price Behavior
Market Price$39.09 
Market Cap ($ Bil)9.8 
First Trading Date01/23/2003 
Distance from 52W High-21.1% 
   50 Days200 Days
DMA Price$31.84$34.39
DMA Trendupindeterminate
Distance from DMA22.8%13.7%
 3M1YR
Volatility68.3%57.9%
Downside Capture191.16150.35
Upside Capture199.12180.91
Correlation (SPY)46.1%36.7%
EGO Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta1.482.162.512.081.580.82
Up Beta1.722.873.472.422.000.73
Down Beta2.072.162.552.171.040.76
Up Capture99%173%217%136%250%119%
Bmk +ve Days11223567138427
Stock +ve Days8162858135401
Down Capture143%202%217%198%133%93%
Bmk -ve Days11212859114326
Stock -ve Days14273568116346

[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 EGO
EGO74.0%57.8%1.17-
Sector ETF (XLB)22.4%17.8%0.9850.7%
Equity (SPY)22.1%12.8%1.2836.6%
Gold (GLD)28.2%28.4%0.8673.3%
Commodities (DBC)37.4%20.1%1.476.4%
Real Estate (VNQ)12.5%13.8%0.6113.9%
Bitcoin (BTCUSD)-45.3%42.9%-1.2830.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with EGO
EGO33.6%47.2%0.77-
Sector ETF (XLB)6.9%19.1%0.2541.7%
Equity (SPY)13.3%17.2%0.6027.9%
Gold (GLD)18.8%18.6%0.8268.7%
Commodities (DBC)9.3%19.6%0.3625.2%
Real Estate (VNQ)1.9%18.9%-0.0025.9%
Bitcoin (BTCUSD)10.9%52.8%0.3916.4%

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 EGO
EGO6.8%55.6%0.34-
Sector ETF (XLB)10.3%20.7%0.4426.8%
Equity (SPY)15.3%17.9%0.7319.7%
Gold (GLD)12.0%16.2%0.6157.5%
Commodities (DBC)7.9%18.0%0.3523.3%
Real Estate (VNQ)4.5%20.7%0.1818.1%
Bitcoin (BTCUSD)59.4%66.1%0.9912.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7312026
Short Interest: Shares Quantity13.3 Mil
Short Interest: % Change Since 71520261.1%
Average Daily Volume2.5 Mil
Days-to-Cover Short Interest5.4 days
Basic Shares Quantity251.5 Mil
Short % of Basic Shares5.3%

Earnings Returns History

Updated 6/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202607/30/20266-K
03/31/202604/30/20266-K
12/31/202503/27/202640-F
09/30/202510/30/20256-K
06/30/202507/31/20256-K
03/31/202505/01/20256-K
12/31/202403/28/202540-F
09/30/202411/01/20246-K
06/30/202407/25/20246-K
03/31/202404/25/20246-K
12/31/202303/28/202440-F
09/30/202310/26/20236-K
06/30/202307/28/20236-K
03/31/202304/27/20236-K
12/31/202203/30/202340-F
09/30/202210/27/20226-K
Collapse to Preview
Report DateFiling DateFiling
06/30/202607/30/20266-K
03/31/202604/30/20266-K
12/31/202503/27/202640-F
09/30/202510/30/20256-K
06/30/202507/31/20256-K
03/31/202505/01/20256-K
12/31/202403/28/202540-F
09/30/202411/01/20246-K
06/30/202407/25/20246-K
03/31/202404/25/20246-K
12/31/202303/28/202440-F
09/30/202310/26/20236-K
06/30/202307/28/20236-K
03/31/202304/27/20236-K
12/31/202203/30/202340-F
09/30/202210/27/20226-K
06/30/202207/29/20226-K
03/31/202204/29/20226-K
12/31/202103/31/202240-F
09/30/202110/28/20216-K
06/30/202107/30/20216-K
03/31/202105/07/20216-K
12/31/202003/31/202140-F
09/30/202011/04/20206-K
06/30/202007/31/20206-K
03/31/202005/01/20206-K
12/31/201903/30/202040-F
09/30/201911/01/20196-K

Investor Activity (13F)

Updated Aug 12, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active 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.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
L1 Capital Pty Ltd$358.4 Mil14.1%22ADD +8.3%13F
Carrhae Capital LLP$168.1 Mil11.9%21ADD +22.1%13F
TT International Asset Management LTD$67.8 Mil7.4%48ADD +162.7%13F
Cape Ann Asset Management Ltd$26.0 Mil5.9%11New13F
Aegis Financial Corp$13.3 Mil2.3%37Hold13F
Gemsstock Ltd.$10.8 Mil1.1%28New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Cape Ann Asset Management Ltd$26.0 Mil5.9%11New13F
Gemsstock Ltd.$10.8 Mil1.1%28New13F
TT International Asset Management LTD$67.8 Mil7.4%48ADD +162.7%13F
Carrhae Capital LLP$168.1 Mil11.9%21ADD +22.1%13F
L1 Capital Pty Ltd$358.4 Mil14.1%22ADD +8.3%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
L1 Capital Pty Ltd$358.4 Mil14.1%22ADD +8.3%13F
Carrhae Capital LLP$168.1 Mil11.9%21ADD +22.1%13F
TT International Asset Management LTD$67.8 Mil7.4%48ADD +162.7%13F
Cape Ann Asset Management Ltd$26.0 Mil5.9%11New13F
Aegis Financial Corp$13.3 Mil2.3%37Hold13F
Gemsstock Ltd.$10.8 Mil1.1%28New13F
Core Cache Last Updated: 8/11/2026