Endeavour Silver (TSE:EDR)
NYSE:EDR
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Endeavour Silver
(NYSE:EDR)
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Rating:56Neutral
Price Target:
C$12.50
▼(-10.52% Downside)
Action:Reiterated
Date:05/09/26
Overall score reflects improving operating performance and a constructive earnings update, supported by a modest P/E. The rating is held back by still-negative net income and persistently negative free cash flow, plus mixed technical momentum and cost/permitting risks flagged on the call.
Positive Factors
Record production growth
Substantial year-over-year production growth driven by Copa and Terronera materially expands revenue-generating capacity and operational scale. Sustained higher throughput supports longer-term unit-cost dilution, higher steady-state cash generation potential and more predictable supply of payable metals over the next 2–6 months.
Negative Factors
Negative free cash flow
Persistently negative free cash flow reflects heavy sustaining and growth capital (ramp costs and project studies). Until internal cash generation consistently exceeds capex, the company will rely on its balance sheet or external funding, limiting capital returns and raising execution risk over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Record production growth
Substantial year-over-year production growth driven by Copa and Terronera materially expands revenue-generating capacity and operational scale. Sustained higher throughput supports longer-term unit-cost dilution, higher steady-state cash generation potential and more predictable supply of payable metals over the next 2–6 months.
Read all positive factors
Endeavour Silver (EDR) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$3.99B
Dividend YieldN/A
Average Volume (3M)1.20M
Price to Earnings (P/E)10.2
Beta (1Y)3.56
Revenue Growth179.02%
EPS Growth72.44%
CountryCA
Employees1,539
SectorBasic Materials
Sector Strength58
IndustrySilver
Share Statistics
EPS (TTM)-0.06
Shares Outstanding295,759,500
10 Day Avg. Volume1,628,666
30 Day Avg. Volume1,195,537
Financial Highlights & Ratios
PEG Ratio-0.10
Price to Book (P/B)4.60
Price to Sales (P/S)5.68
P/FCF Ratio-22.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$22.05Price Target Upside57.86% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.82
Revenue Forecast (FY)C$883.24M
Endeavour Silver Business Overview & Revenue Model
Company Description
Endeavour Silver Corp., a silver mining company, engages in the acquisition, exploration, development, extraction, processing, refining, and reclamation of mineral properties in Mexico and Chile. The company explores for gold and silver deposits, ...
How the Company Makes Money
Endeavour Silver primarily makes money by producing and selling precious metals—mainly silver and gold—from its mining operations. Revenue is generated when ore is mined and processed to produce saleable product (e.g., concentrates and/or doré bar...
Endeavour Silver Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial progress: record production (+78% YoY), higher revenue (+23% YoY), substantially improved operating cash flow (+400% YoY), a solid cash balance (~$232M) and strategic project advances (Copa expansion, Terronera ramp, Pitarrilla study). Offsetting risks include higher AISC (+51% YoY) and elevated per-tonne costs (+30% YoY) driven by newly added, higher-cost assets and one-time ramp-up expenditures, along with labor pressures, permitting uncertainties for Pitarrilla and isolated security-related disruptions. Management highlighted expected cost improvements and grade uplift in H2 2026 and prioritized cash for Pitarrilla development rather than returns to shareholders in the near term.Positive Updates
Record Production and Silver Equivalent Growth
Produced nearly 2.0 million oz Ag and 12,000 oz Au (3.0 million oz AgEq) in Q1 2026, a 78% increase versus Q1 2025 driven by additions of Copa and Terronera.
Negative Updates
Higher All-in Sustaining Costs YoY
AISC (net of byproduct credits) increased 51% versus Q1 2025 due to the inclusion of higher-cost assets Copa and Terronera in the production portfolio.
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Q1-2026 Updates
Positive
Negative
Record Production and Silver Equivalent Growth
Produced nearly 2.0 million oz Ag and 12,000 oz Au (3.0 million oz AgEq) in Q1 2026, a 78% increase versus Q1 2025 driven by additions of Copa and Terronera.
Read all positive updates
Company Guidance
Management said they expect cost and grade improvements through 2026 as ramp-ups complete and one‑time capital dissipates: Q1 produced ~2.0M oz Ag + 12k oz Au (3.0M Ag‑eq, +78% YoY), generated $210M revenue (+23% YoY), $94M mine operating earnings, $115M mine operating cash flow before taxes (+400% YoY), adjusted net earnings $59M (adj. EPS $0.21), and ended March 31 with >$232M cash and >$173M working capital to fund growth. All‑in sustaining costs were $37/oz (‑9% vs Q4’25 but +51% vs Q1’25); direct operating cost/t increased 30% YoY; Copa plant now >2,500 tpd; Terronera grades expected slightly higher in Q2 with a material step‑up in H2; Pitarrilla economic evaluation/FS targeted in Q3 and estimated capex $500–$600M, with tailings permits aimed for early‑2027.Endeavour Silver Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
63
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 608.35M | 468.46M | 217.64M | 205.46M | 210.16M | 165.32M |
| Gross Profit | 142.61M | 51.59M | 42.08M | 36.61M | 51.52M | 36.37M |
| EBITDA | 163.46M | 104.70M | 10.03M | 47.86M | 51.83M | 31.55M |
| Net Income | -21.19M | -121.18M | -31.48M | 6.12M | 6.20M | 13.96M |
Balance Sheet | ||||||
| Total Assets | 1.25B | 1.23B | 719.25M | 474.81M | 399.44M | 294.02M |
| Cash, Cash Equivalents and Short-Term Investments | 240.90M | 216.01M | 107.50M | 40.42M | 92.04M | 114.50M |
| Total Debt | 247.70M | 243.46M | 120.86M | 9.53M | 15.58M | 11.49M |
| Total Liabilities | 609.00M | 655.41M | 234.81M | 88.47M | 83.54M | 56.62M |
| Stockholders Equity | 644.70M | 578.05M | 484.44M | 386.34M | 315.89M | 237.41M |
Cash Flow | ||||||
| Free Cash Flow | -85.99M | -116.61M | -176.27M | -106.02M | -54.72M | -30.63M |
| Operating Cash Flow | 80.11M | 55.56M | 19.11M | 11.77M | 54.99M | 23.46M |
| Investing Cash Flow | -206.79M | -244.51M | -183.46M | -108.00M | -111.45M | -38.01M |
| Financing Cash Flow | 296.65M | 308.00M | 236.00M | 48.92M | 36.76M | 56.65M |
Endeavour Silver Technical Analysis
Negative
13.97
Price Trends
13.33
Negative
14.70
Negative
12.51
Negative
Market Momentum
0.16
Negative
42.21
Neutral
41.01
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:EDR, the sentiment is Negative. The current price of 13.97 is above the 20-day moving average (MA) of 13.34, above the 50-day MA of 13.33, and above the 200-day MA of 12.51, indicating a bearish trend. The MACD of 0.16 indicates Negative momentum. The RSI at 42.21 is Neutral, neither overbought nor oversold. The STOCH value of 41.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:EDR.
Endeavour Silver Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | C$1.40B | 12.95 | 12.12% | ― | 67.33% | 899.33% | |
78 Outperform | C$1.65B | 16.89 | 17.63% | ― | 57.17% | 130.46% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | C$3.99B | 10.18 | -3.75% | ― | 179.02% | 72.44% | |
50 Neutral | C$2.76B | -36.13 | -95.35% | ― | ― | -59.72% | |
50 Neutral | C$1.35B | -308.87 | -3.07% | ― | ― | 9.12% | |
46 Neutral | C$463.22M | -55.40 | -4.59% | ― | ― | -7.48% |
* Basic Materials Sector Average
TSE:EDR
Endeavour Silver
12.34
7.36
147.79%
TSE:ASM
Avino Silver & Gold
8.89
4.84
119.51%
TSE:SLVR
Silver Tiger Metals
0.78
0.49
164.41%
TSE:GGD
GoGold Resources
3.11
1.28
69.95%
TSE:ABRA
AbraSilver Resource
16.17
12.21
308.33%
TSE:NUAG
New Pacific Metals
6.56
4.69
250.80%
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.