olivLaw · US equity research
Eldorado Gold Corp EGO
Gold and Silver Ores · SIC 1040 · Vertical: Gold and Silver Ores (SIC 1040)
At the close of 04 Nov 2026, Eldorado Gold Corp (EGO) stock was 33.54 USD (+5.67% on the day), with market capitalisation 6.7 bn USD, P/E 13.6 on diluted EPS of 2.47 USD over the last 12 months, dividend yield 0.00%, beta 0.90, 52-week range 26.27–49.71 USD.
Data as of · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 44.7
- weak (30–45)
- Bollinger (20, 2)
- 30.14 – 38.46
- in the lower half of the band · %B 0.41 · band width 24.3%
- SMA 50 / 200
- 38.93 / 36.67
- mixed trend
- MACD (12, 26, 9)
- -1.78 / -1.84
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −11.5% | −1.1% | −10.4 pp | — |
| 3 months | −6.8% | −0.5% | −6.4 pp | — |
| 6 months | +5.9% | +4.4% | +1.5 pp | — |
| Year to date | −6.6% | +12.3% | −18.9 pp | — |
| 1 year | +34.5% | +13.5% | +21.0 pp | −11.8% |
| 3 years | +199.5% | +76.4% | +123.1 pp | +142.0% |
| 5 years | +247.2% | +63.7% | +183.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 20 percentile of its own 5-quarter history (min 10.5, median 16.1, max 24.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 459.0 m | 617.8 m | 1.0 bn | 940.9 m | 872.0 m | 1.0 bn | 1.3 bn | 1.8 bn |
| Revenue YoY | +17.3% | +34.6% | +66.2% | −8.4% | −7.3% | +15.7% | +31.1% | +37.5% |
| Net income | -361.9 m | 80.6 m | 124.8 m | -136.0 m | -353.8 m | 104.6 m | 289.1 m | 507.3 m |
| Net income YoY | unavailable | unavailable | +54.9% | −209.0% | unavailable | unavailable | +176.3% | +75.4% |
| Diluted EPS | -2.28 | 0.50 | 0.71 | -0.75 | -1.93 | 0.54 | 1.41 | 2.47 |
| Diluted EPS YoY | unavailable | unavailable | +42.0% | −205.6% | unavailable | unavailable | +161.1% | +75.2% |
| net % | -78.8% | 13.0% | 12.2% | -14.5% | -40.6% | 10.4% | 21.9% | 27.9% |
| Free cash flow | unavailable | -48.7 m | 236.7 m | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 869.4 m USD
- Financial debt
- 1.3 bn USD
- Net debt
- 405.7 m USD
- Equity
- 4.3 bn USD
- Total assets
- 6.7 bn USD
- Debt / equity
- 0.30x
- Current ratio
- 1.83x
- ROE
- 12.4%
- ROA
- 8.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.0 bn | 940.9 m | 872.0 m | 1.0 bn | 1.3 bn | 1.8 bn | SEC (XBRL)· 27 Mar 2026verified |
| Cost of revenue | 663.3 m | 650.7 m | 699.8 m | 740.0 m | 815.6 m | 936.2 m | SEC (XBRL)· 27 Mar 2026verified |
| Gross profit | 363.4 m | 290.2 m | 172.2 m | 268.5 m | 507.0 m | 882.7 m | SEC (XBRL)· 27 Mar 2026verified |
| Operating income | 260.5 m | 217.9 m | 41.7 m | 182.0 m | 419.4 m | 727.4 m | SEC (XBRL)· 27 Mar 2026verified |
| Depreciation & amortisation | 218.1 m | 201.0 m | 240.2 m | 261.1 m | 251.5 m | 258.6 m | SEC (XBRL)· 27 Mar 2026verified |
| EBITDA | 478.6 m ≈ | 418.8 m ≈ | 281.9 m ≈ | 443.1 m ≈ | 670.8 m ≈ | 986.0 m ≈ | SEC (XBRL)· 27 Mar 2026derived |
| Interest expense | 50.9 m | 71.8 m | 41.6 m | 32.8 m | 23.0 m | 31.6 m | SEC (XBRL)· 27 Mar 2026verified |
| Pre-tax income | 206.3 m | 157.5 m | 11.9 m | 163.4 m | 435.4 m | 544.3 m | SEC (XBRL)· 27 Mar 2026verified |
| Income tax | 82.4 m | 138.1 m | 61.2 m | 57.6 m | 134.8 m | 22.1 m | SEC (XBRL)· 27 Mar 2026verified |
| Net income | 124.8 m | -136.0 m | -353.8 m | 104.6 m | 289.1 m | 507.3 m | SEC (XBRL)· 27 Mar 2026verified |
| Diluted EPS | 0.71 | -0.75 | -1.93 | 0.54 | 1.41 | 2.47 | SEC (XBRL)· 27 Mar 2026verified |
| Weighted average diluted shares | 175.2 m | 181.8 m | 183.4 m | 195.3 m | 205.5 m | 205.4 m | SEC (XBRL)· 27 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 452.0 m | 481.3 m | 279.7 m | 540.5 m | 856.8 m | 869.4 m | SEC (XBRL)· 27 Mar 2026verified |
| Inventories | 164.1 m | 178.2 m | 198.9 m | 235.9 m | 279.0 m | 297.2 m | SEC (XBRL)· 27 Mar 2026verified |
| Current assets | 754.1 m | 728.2 m | 632.5 m | 930.4 m | 1.5 bn | 1.4 bn | SEC (XBRL)· 27 Mar 2026verified |
| Property, plant & equipment, net | 4.0 bn | 4.0 bn | 3.6 bn | — | — | — | SEC (XBRL)· 30 Mar 2023verified |
| Goodwill | 92.6 m | 92.6 m | 92.6 m | 92.6 m | 92.6 m | 92.6 m | SEC (XBRL)· 27 Mar 2026verified |
| Total assets | 4.9 bn | 4.9 bn | 4.5 bn | 5.0 bn | 5.8 bn | 6.7 bn | SEC (XBRL)· 27 Mar 2026verified |
| Accounts payable | 179.4 m | 195.3 m | 191.7 m | 254.0 m | 366.7 m | 630.3 m | SEC (XBRL)· 27 Mar 2026verified |
| Short-term debt | 66.7 m | 0 | — | — | 0 | 48.0 m | SEC (XBRL)· 27 Mar 2026verified |
| Long-term debt | 434.5 m | 489.8 m | 494.4 m | 636.1 m | 915.4 m | 1.2 bn | SEC (XBRL)· 27 Mar 2026verified |
| Current liabilities | 262.0 m | 206.7 m | 210.9 m | 274.2 m | 412.2 m | 789.1 m | SEC (XBRL)· 27 Mar 2026verified |
| Total liabilities | 1.2 bn | 1.3 bn | 1.3 bn | 1.5 bn | 1.9 bn | 2.4 bn | SEC (XBRL)· 27 Mar 2026verified |
| Equity | 3.7 bn | 3.6 bn | 3.2 bn | 3.5 bn | 3.9 bn | 4.3 bn | SEC (XBRL)· 27 Mar 2026verified |
| Shares outstanding at year end | 174.9 m | 182.7 m | 184.8 m | 203.1 m | 204.9 m | 198.6 m | SEC (XBRL)· 27 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 425.6 m | — | — | — | — | — | SEC (XBRL)· 31 Mar 2021verified |
| Capex | 188.9 m | 282.1 m | 289.9 m | 401.9 m | 594.1 m | 866.4 m | SEC (XBRL)· 27 Mar 2026verified |
| Free cash flow | 236.7 m ≈ | — | — | — | — | — | SEC (XBRL)· 31 Mar 2021derived |
| Share repurchases | 3.6 m | 0 | 14.0 m | 4.4 m | 2.0 m | 11.3 m | SEC (XBRL)· 27 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 66 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 6.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation81
- Returns2
- Quality63
- Balance sheet58
- Growth100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 33.92 – 79.60 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDA36.72 – 58.03 (Mid 49.58)9 companies used · median multiple 10.4x · quartiles 7.8x – 12.1xAG, CDE, EQX, EXK, IDR, ITRG, KGC, MUX, PAAS
- Peers: P/E33.92 – 79.60 (Mid 40.03)17 companies used · median multiple 16.2x · quartiles 13.7x – 32.2xAEM, AG, AGI, ARIS, AU, B, CDE, EQX, FNV, GFI, IDR, KGC, MUX, NAMM, NEM, PAAS, VOXR
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 66/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 16.2% | 63 (vs peers) | 14% |
| Net margin · Quality | 27.9% | 63 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 27.8% | 100 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.4x | 22 (vs peers) | 14% |
| Interest coverage · Balance sheet | 23.0x | 100 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 1.8x | 86 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 13.6x | 83 (vs peers) | 14% |
| EV/EBITDA · Valuation | 7.2x | 78 (vs peers) | 14% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.2% | 2 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet58/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality63/100 · 2/3 factors with a value
- Returns· partial2/100 · 1/2 factors with a value
- Valuation81/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ELDORADO GOLD CORP /FI (EGO). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.8 bn USD in 2025; YoY growth 37.5%; net margin 27.9%; ROE 12.4%; net debt/EBITDA 0.4x.
The estimated value range is 35.32–68.82 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 44.80 USD, the price of 33.54 USD leaves a potential of 33.6% (value / price − 1) and a margin of safety of 25.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 66/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 27.8%
- Interest coverage: 23.0x
- Current ratio: 1.8x
- P/E (TTM): 13.6x
- EV/EBITDA: 7.2x
- The price is below the estimated value range
What contradicts it
- Net debt / EBITDA: 0.4x
- Shareholder yield (distributions): 0.2%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, FCF yield, Payout ratio (FCF).
Versus the vertical median
Gold and Silver Ores (SIC 1040) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NEMNewmont Corporation | 122.7 bn | 13.7 | 26.8% | 34.7% | +21.3% | +30% / +194% |
| AEMAgnico Eagle Mines Limited | 91.7 bn | 20.7 | 19.6% | 37.5% | +43.7% | +5% / +242% |
| BBarrick Mining Corp | 67.2 bn | 13.7 | 19.6% | 29.4% | +31.2% | −3% / +128% |
| FNVFRANCO NEVADA Corp | 46.7 bn | 42.0 | 16.3% | 61.0% | +63.7% | +15% / +116% |
| AUAngloGold Ashanti plc | 44.4 bn | 17.0 | 43.1% | 32.1% | +70.8% | +3% / +357% |
| GFIGold Fields Limited | 32.9 bn | 26.6 | 25.7% | 23.9% | +15.6% | −14% / +140% |
| KGCKinross Gold Corp | 25.7 bn | 11.0 | 31.0% | 33.9% | +36.9% | −24% / +264% |
| PAASPan American Silver Corp. | 17.5 bn | 16.2 | 16.8% | 27.1% | +28.4% | −9% / +165% |
| CDECoeur Mining, Inc. | 14.9 bn | 16.0 | 10.3% | 19.2% | +96.4% | −16% / +378% |
| AGIAlamos Gold Inc. | 12.6 bn | 14.3 | 22.1% | 49.0% | +34.3% | −20% / +103% |
| HMYHarmony Gold Mining Company Limited | 10.4 bn | — | — | — | +25.8% | −17% / +163% |
| EQXEquinox Gold Corp. | 8.9 bn | 32.2 | 4.8% | 12.2% | +99.1% | −19% / +106% |
| AGFirst Majestic Silver Corp. | 7.6 bn | 45.3 | 8.0% | 13.1% | +124.3% | +1% / +158% |
| EGOEldorado Gold Corp | 6.7 bn | 13.6 | 12.4% | 27.9% | +37.5% | +35% / +199% |
| CGAUCenterra Gold Inc. | 4.3 bn | — | -4.7% | -7.4% | +28.8% | +61% / +249% |
| ARISAris Mining Corp | 3.2 bn | 38.3 | 7.0% | 8.4% | +81.7% | +12% / +396% |
| NGNovagold Resources Inc. | 2.7 bn | — | -32.8% | — | unavailable | −40% / +45% |
| AAUCAllied Gold Corporation | 2.5 bn | — | -13.8% | -3.9% | +82.3% | −3% / unavailable |
| EXKEndeavour Silver Corp. | 2.1 bn | — | -22.4% | -25.5% | +114.8% | −21% / +259% |
| HYMCHycroft Mining Holding Corporation | 1.6 bn | — | -72.3% | — | −100.0% | +49% / +716% |
| IAUXi-80 GOLD CORP. | 1.2 bn | — | -81.9% | -202.7% | +89.1% | +18% / −15% |
| NEWPNew Pacific Metals Corp. | 952.3 m | — | -2.8% | — | −19.1% | +101% / +181% |
| MUXMcEWEN INC. | 916.1 m | 12.8 | 13.5% | 32.5% | +13.2% | −20% / +94% |
| MTAMetalla Royalty & Streaming Ltd. | 732.0 m | — | -1.7% | -36.1% | +99.6% | +6% / +145% |
| GROYGold Royalty Corp. | 648.9 m | — | -0.7% | -26.5% | +54.5% | −34% / +86% |
1- and 3-year price returns: for EGO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 22.67 Total return -32% · Per year -32% | 39.89 Total return 19% · Per year 19% | 59.84 Total return 78% · Per year 78% |
| 3 years | 26.89 Total return -20% · Per year -7% | 52.76 Total return 57% · Per year 16% | 86.17 Total return 157% · Per year 37% |
| 5 years | 31.89 Total return -5% · Per year -1% | 69.77 Total return 108% · Per year 16% | 124.08 Total return 270% · Per year 30% |
- Exit P/E± 13.19
- Net margin± 9.23
- Annual revenue growth± 6.89
- Annual dilution± 0.78
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Eldorado Gold upgraded to 'buy' by Bank of America on Skouries de-riskingYahoo Finance — News · 22 Sept 2026 · EN
The latest news item in our archive is from 22 Sept 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)27 Oct 2026
- Current report (foreign issuer)09 Oct 2026
- Current report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)22 Sept 2026
- Current report (foreign issuer)15 Sept 2026
- Current report (foreign issuer)09 Sept 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)07 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.