Eldorado Gold Corp (EGO)

Price$43.09Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong earnings already depend on unusually high metal prices.

The market is paying about 16–17 times trailing earnings and roughly 1.8 times June shareholder equity. That is not obviously expensive for a miner nearing two major production ramps, but neither is it a deep-value price. Management’s 2027 outlook implies about $1.5 billion of free cash flow, which would equal roughly eight times today’s market value if achieved. The catch is that gold is near $4,600 an ounce, so current profitability already benefits from an unusually favorable commodity environment. (pro.thestreet.com)

Big pictureProfit has surged, but heavy project spending still absorbs more cash than the mines produce.

The supplied history shows revenue rising from $872 million in 2022 to $1.82 billion in 2025, while net income improved from a $354 million loss to a $507 million profit. Operating cash flow stayed positive throughout 2020–2025, which is encouraging. However, 2025 capital spending reached $866 million versus $743 million of operating cash. In the first half of 2026, free cash flow—cash left after running and investing in the business—was negative $463 million as Skouries and McIlvenna Bay absorbed capital. (eldoradogold.com)

Business strengthThe balance sheet can fund growth, though debt and new shares reduce the safety cushion.

Cash was $555 million against $1.75 billion of debt at June 30, leaving about $1.2 billion of net debt. That is manageable beside $6.86 billion of shareholder equity, but materially weaker than the $406 million net-debt position in the supplied 2025 history. Capital allocation is mixed: Eldorado spent $83.9 million on buybacks in early 2026 and renewed authority for up to 5% of shares, yet the Foran purchase issued 64.7 million new shares, giving former Foran holders roughly 24% ownership. (eldoradogold.com)

What could change the storySuccessful new-mine ramp-ups could make today’s price cheap; weaker gold or delays could do the opposite.

The bull case is unusually concrete: Eldorado and Foran projected about 900,000 gold-equivalent ounces, $2.1 billion of operating earnings before major non-cash charges, and $1.5 billion of free cash flow in 2027. Those figures would make the current valuation attractive. The bear case is that investors are paying before that cash arrives. First-half costs rose, free cash flow remained negative, and strong gold prices are doing substantial work. A weaker metal cycle or slower Skouries and McIlvenna Bay ramp could leave the present multiple looking demanding. (eldoradogold.com)

AI: News

Q2 cash burn exposedEarnings improved, but project spending drove deeply negative free cash flow and raised execution stakes.

On July 30, Eldorado reported $487.5 million of quarterly revenue and $172.8 million of net earnings, while spending $441.3 million on capital projects. Quarterly free cash flow was negative $334.1 million, mainly because of Skouries and McIlvenna Bay. The shares fell about 8% in the following session. The timing suggests investors may have focused on spending and costs, but the price move cannot be attributed to the earnings release alone with certainty. (eldoradogold.com)

Skouries crushed first oreSkouries processed its first ore, moving the long-delayed project closer to initial commercial output.

Eldorado announced on July 20 that ore had passed through Skouries’ commissioned crushing circuit. By June 30, overall project progress was 97% complete, with first copper-gold concentrate still targeted for the third quarter and commercial production for the fourth. The shares rose almost 10% in the next session, although other market forces may also have contributed. The milestone matters because successful commissioning converts years of construction spending into prospective gold and copper cash generation. (fr.eldoradogold.com)

Gold rebound lifted minersA sharp August gold rebound boosted the profit backdrop for Eldorado and other gold miners.

Reuters reported in mid-August that gold had rebounded roughly 9% to around $4,400 an ounce after a sharp earlier decline; it later traded near $4,600. Eldorado’s shares gained roughly 16% between August 17 and the latest completed session. That correlation is economically sensible because Eldorado realized $4,379 per ounce in the second quarter, but timing alone cannot establish gold as the sole cause of the stock move. (reuters.com)

Foran deal reshaped ownershipEldorado bought Foran in shares, adding copper growth while significantly diluting existing owners.

The acquisition closed April 14 after being announced at an implied equity value of about C$3.8 billion. Eldorado issued 64.7 million shares, and former Foran investors were expected to own roughly 24% of the combined company. In return, Eldorado gained McIlvenna Bay, which produced its first copper concentrate during the second quarter and first zinc concentrate in July. The deal expands long-term production potential, but shareholders now need the acquired mine to earn back substantial dilution. (eldoradogold.com)

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	$1.82B	$1.32B	$1.01B	$872.0M	$940.9M	$1.03B	$617.8M	$459.0M	$391.4M	$432.7M
Gross profit	$882.7M	$507.0M	$268.5M	$172.2M	$290.2M	$363.4M	$129.9M	$83.8M	$126.1M	$163.2M
Gross margin	48.53%	38.33%	26.62%	19.75%	30.84%	35.40%	21.02%	18.26%	32.22%	37.71%
Operating expenses	$155.3M	$87.6M	$86.5M	$130.5M	$72.3M	$102.9M	—	$560.6M	$164.6M	$96.2M
Operating income	$727.4M	$419.4M	$182.0M	$41.7M	$217.9M	$260.5M	$146.8M	−$476.8M	−$38.5M	$67.0M
Operating margin	39.99%	31.71%	18.05%	4.78%	23.16%	25.38%	23.77%	−103.87%	−9.85%	15.49%
EBITDA	$986.0M	$670.8M	$443.1M	$281.9M	$418.8M	$478.6M	$300.0M	−$371.0M	$33.6M	$141.9M
EBITDA margin	54.21%	50.72%	43.94%	32.32%	44.52%	46.62%	48.55%	−80.83%	8.58%	32.79%
Net income	$504.3M	$287.0M	$101.4M	−$426.9M	−$135.7M	$117.6M	$73.7M	−$379.6M	−$21.4M	−$346.9M
Net profit margin	27.73%	21.70%	10.05%	−48.95%	−14.42%	11.46%	11.93%	−82.71%	−5.46%	−80.16%
Basic EPSper basic share	$2.50	$1.42	$0.54	-$1.93	-$0.75	$0.73	$0.51	-$2.28	-$0.07	-$0.48
Diluted EPSper diluted share	$2.47	$1.41	$0.54	-$1.93	-$0.75	$0.71	$0.50	-$2.28	-$0.07	-$0.48

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of EGO
Holder	Shares held
BlackRock, Inc.	18.9M
VAN ECK ASSOCIATES CORP	18.68M
Capital Research Global Investors	18.07M
L1 Capital Pty Ltd	14.42M
FAIRFAX FINANCIAL HOLDINGS LTD/ CAN	13.75M
Helikon Investments Ltd	11.18M
DONALD SMITH & CO., INC.	8.77M
VANGUARD CAPITAL MANAGEMENT LLC	6.96M
DIMENSIONAL FUND ADVISORS LP	5.09M
JENNISON ASSOCIATES LLC	4.72M
Carrhae Capital LLP	3.91M
FIL Ltd	3.65M
JPMORGAN CHASE & CO	3.41M
Ninety One UK Ltd	3.14M
FMR LLC	2.89M
FRANKLIN RESOURCES INC	2.75M
MACKENZIE FINANCIAL CORP	2.75M
AMERICAN CENTURY COMPANIES INC	2.72M
TT International Asset Management LTD	2.67M
SCHRODER INVESTMENT MANAGEMENT GROUP	2.65M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

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