Centerra Gold (TSE:CG)
TSX:CG
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Centerra Gold
(TSX:CG)
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Rating:67Neutral
Price Target:
C$23.50
▼(-5.01% Downside)
Action:DowngradedDate:03/22/26
The score is driven primarily by a strong, low-leverage balance sheet and attractive valuation (low P/E), partially offset by weak technical momentum and uneven cash-flow consistency.
Positive Factors
Low leverage / Strong balance sheet
Very low debt relative to equity gives Centerra durable financial flexibility. Conservative leverage helps fund sustaining and growth capital through cycles, supports resilience to gold-price swings, and preserves ability to pursue opportunities without immediate refinancing risk.
Negative Factors
Volatile profitability
Large swings in net income reduce predictability for investment planning and returns. Variable profitability can impede consistent reinvestment, make budgeting difficult, and weaken long-term return-on-equity credibility even with a strong balance sheet.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / Strong balance sheet
Very low debt relative to equity gives Centerra durable financial flexibility. Conservative leverage helps fund sustaining and growth capital through cycles, supports resilience to gold-price swings, and preserves ability to pursue opportunities without immediate refinancing risk.
Read all positive factors
Centerra Gold (CG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$4.94B
Dividend Yield1.36%
Average Volume (3M)1.08M
Price to Earnings (P/E)5.0
Beta (1Y)1.96
Revenue Growth3.93%
EPS Growth247.84%
CountryCA
Employees3,650
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.57
Shares Outstanding199,710,330
10 Day Avg. Volume1,097,564
30 Day Avg. Volume1,077,894
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.43
Price to Sales (P/S)2.22
P/FCF Ratio31.12
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$31.01Price Target Upside25.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)1.99
Revenue Forecast (FY)C$1.68B
Centerra Gold Business Overview & Revenue Model
Company Description
Centerra Gold Inc., a gold mining company, engages in the acquisition, exploration, development, and operation of gold and copper properties in North America, Turkey, and internationally. The company explores for gold, copper, and molybdenum depos...
How the Company Makes Money
Centerra Gold primarily makes money by producing and selling gold from its mining operations. Revenue is generated when the company mines ore, processes it into gold (typically as doré or other saleable forms), and sells the produced metal at prev...
Centerra Gold Earnings Call Summary
Earnings Call Date:Oct 28, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
Centerra Gold reported strong financial performance and significant advancements in mining operations, offset by some operational challenges, particularly at Mount Milligan. The company is well-positioned for future growth with a robust cash position and increased reserves. However, the molybdenum business unit faced financial challenges, impacting overall sentiment.Positive Updates
Strong Free Cash Flow and Cash Balance
Generated nearly $100 million of free cash flow. Cash balance increased to over $560 million, demonstrating financial robustness and ability to fund projects while returning capital to shareholders.
Negative Updates
Challenges with Mineralization at Mount Milligan
Encountered zones with more complex mineralization, affecting gold recovery and increasing all-in sustaining costs by 14% compared to last quarter.
Read all updates
Q3-2025 Updates
Positive
Negative
Strong Free Cash Flow and Cash Balance
Generated nearly $100 million of free cash flow. Cash balance increased to over $560 million, demonstrating financial robustness and ability to fund projects while returning capital to shareholders.
Read all positive updates
Company Guidance
During Centerra Gold's Third Quarter 2025 Conference Call, the company's leadership provided detailed guidance and updates on various metrics. For the quarter, the company reported nearly $100 million in free cash flow, driven by strong operational performance and favorable metal prices. Gold and copper production reached approximately 82,000 ounces and 13.4 million pounds, respectively. Centerra's cash balance increased to over $560 million, allowing the company to fund projects like the Thompson Creek restart while returning $32 million to shareholders through share buybacks and dividends. Additionally, the Mount Milligan pre-feasibility study extended the mine's life by about 10 years, with expected average annual production of 150,000 ounces of gold and 69 million pounds of copper from 2026 to 2042. All-in sustaining costs for the quarter were reported at $1,652 per ounce, with expectations to remain near the low end of guidance for the year. Adjusted net earnings for the quarter were $66 million, or $0.33 per share. The company also announced significant growth in proven and probable reserves at Mount Milligan, reflecting a 56% increase in gold and a 52% increase in copper from the previous year-end. Centerra continues to focus on sustainability initiatives, including a renewable diesel pilot project at Mount Milligan to reduce greenhouse gas emissions. Overall, Centerra maintains a robust financial position, with over $960 million in total liquidity, supporting its strategic growth and capital return initiatives.Centerra Gold Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
86
Very Positive
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.33B | 1.21B | 1.09B | 850.19M | 900.14M |
| Gross Profit | 326.10M | 378.05M | 360.51M | 242.57M | 291.96M |
| EBITDA | 366.41M | 305.81M | 143.98M | 59.67M | 300.35M |
| Net Income | 594.21M | 80.39M | -81.28M | -77.21M | 446.95M |
Balance Sheet | |||||
| Total Assets | 2.94B | 2.27B | 2.28B | 2.34B | 2.68B |
| Cash, Cash Equivalents and Short-Term Investments | 539.91M | 628.43M | 615.77M | 531.92M | 949.40M |
| Total Debt | 29.60M | 20.11M | 24.21M | 13.97M | 20.20M |
| Total Liabilities | 884.28M | 609.22M | 606.52M | 525.62M | 632.95M |
| Stockholders Equity | 2.06B | 1.66B | 1.67B | 1.81B | 2.04B |
Cash Flow | |||||
| Free Cash Flow | 94.62M | 114.11M | 160.29M | -82.91M | 322.26M |
| Operating Cash Flow | 352.67M | 298.40M | 245.60M | -1.98M | 414.76M |
| Investing Cash Flow | -309.24M | -193.20M | -90.29M | -255.64M | 36.43M |
| Financing Cash Flow | -140.85M | -93.47M | -74.28M | -157.69M | -49.14M |
Centerra Gold Technical Analysis
Positive
24.74
Price Trends
24.95
Negative
21.98
Positive
17.00
Positive
Market Momentum
-0.50
Positive
52.79
Neutral
67.98
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CG, the sentiment is Positive. The current price of 24.74 is above the 20-day moving average (MA) of 24.22, below the 50-day MA of 24.95, and above the 200-day MA of 17.00, indicating a neutral trend. The MACD of -0.50 indicates Positive momentum. The RSI at 52.79 is Neutral, neither overbought nor oversold. The STOCH value of 67.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:CG.
Centerra Gold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | C$3.74B | 9.79 | 44.53% | ― | 69.33% | 253.46% | |
67 Neutral | C$4.94B | 4.96 | 31.90% | 1.36% | 3.93% | 247.84% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | C$5.35B | -28.57 | -14.04% | ― | 49.65% | 71.84% | |
49 Neutral | C$2.44B | -15.46 | -50.94% | ― | ― | ― | |
44 Neutral | C$4.12B | -77.21 | -5.07% | ― | ― | -267.06% | |
43 Neutral | C$5.77B | -69.91 | -61.95% | ― | ― | -53.84% |
* Basic Materials Sector Average
TSE:CG
Centerra Gold
24.74
15.94
181.07%
TSE:SEA
Seabridge Gold
39.45
23.35
145.03%
TSE:WDO
Wesdome Gold Mines
24.84
8.38
50.91%
TSE:MAU
Montage Gold Corp.
15.83
12.65
397.80%
TSE:SGD
Snowline Gold Corp.
13.88
5.97
75.47%
TSE:AAUC
Allied Gold Corporation
43.12
28.27
190.37%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.