Endeavour Silver Corp (TSE:EDR)
TSX:EDR
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Endeavour Silver
(TSX:EDR)
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Rating:50Neutral
Price Target:
C$13.50
▲(1.50% Upside)
Action:ReiteratedDate:03/20/26
The score is held back primarily by weak current profitability and negative free cash flow, plus bearish technical momentum. This is partially offset by a positive earnings-call outlook with specific 2026 cost-improvement plans and strengthened liquidity, while valuation remains constrained by negative earnings and no dividend support.
Positive Factors
Production & Revenue Growth
Sharp, durable scale expansion driven by Kolpa acquisition and Terronera ramp creates operating leverage and diversifies feed sources. Higher recurring production and record revenue increase the base for future margins and fund project investment, supporting 2–6 month execution and near-term growth optionality.
Negative Factors
Weak Profitability & Free Cash Flow
Persistent negative net margins and a deep free‑cash‑flow deficit undermine self‑funding capacity and force reliance on external financing. Over a 2–6 month horizon this elevates execution risk for development projects and makes the company sensitive to financing costs and market access when funding sustaining or growth capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Production & Revenue Growth
Sharp, durable scale expansion driven by Kolpa acquisition and Terronera ramp creates operating leverage and diversifies feed sources. Higher recurring production and record revenue increase the base for future margins and fund project investment, supporting 2–6 month execution and near-term growth optionality.
Read all positive factors
Endeavour Silver (EDR) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$3.93B
Dividend YieldN/A
Average Volume (3M)1.61M
Price to Earnings (P/E)―
Beta (1Y)3.66
Revenue Growth50.37%
EPS Growth-191.85%
CountryCA
Employees1,539
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)0.03
Shares Outstanding295,759,500
10 Day Avg. Volume1,774,706
30 Day Avg. Volume1,611,897
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$21.72Price Target Upside63.27% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)0.68
Revenue Forecast (FY)C$790.79M
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:Feb 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive strategic and financial picture: record revenue, substantial production growth (driven by Kolpa acquisition and Terronera ramp-up), strengthened liquidity from a $350M convertible offering and $215M year-end cash, and active advancement of Pitarrilla and Kolpa expansions. Offsetting these positives were operational ramp-up costs at Terronera, temporary security-related shutdowns, elevated AISC and mark-to-market/financing impacts from legacy hedges. Management provided clear plans to reduce costs in 2026 (LNG transition, optimization, Kolpa throughput expansion) and expects improvements across the year, suggesting the issues are manageable and largely transitional.Positive Updates
Strong Production Growth
2025 production of ~11 million ounces silver equivalent, a 48% increase vs. 2024; Q4 production ~2 million oz silver and 14,000 oz gold (just under 4 million silver equivalent oz), a ~146% increase year-over-year driven by addition of Kolpa and Terronera (excluding Kolpa and Terronera production, Q4 production rose ~27% vs. prior year).
Negative Updates
Terronera Ramp-Up Costs and Operational Issues
Terronera experienced ramp-up challenges (electrical interruptions linked to diesel gen-sets, start-stop events impacting recoveries and throughput). Direct operating costs per ton increased, with Terronera incurring elevated sustaining capital (Q4 sustaining CapEx at ~$16.3 million) and higher per-ounce costs in initial quarters.
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Q4-2025 Updates
Positive
Negative
Strong Production Growth
2025 production of ~11 million ounces silver equivalent, a 48% increase vs. 2024; Q4 production ~2 million oz silver and 14,000 oz gold (just under 4 million silver equivalent oz), a ~146% increase year-over-year driven by addition of Kolpa and Terronera (excluding Kolpa and Terronera production, Q4 production rose ~27% vs. prior year).
Read all positive updates
Company Guidance
Guidance highlights: for 2026 Endeavour expects Terronera to operate at ~2,000 tpd through the year, transition into higher‑grade zones in H2, complete the diesel→LNG conversion in Q2 (reducing power cost from ~$0.33/MWh to ~$0.17/MWh and saving ~ $8/ton), and materially lower direct operating cost/ton and AISC from Q4 levels (Q4 Terronera sustaining capex $16.3M, ~ $48 AISC/oz; management expects AISC to normalize toward the low‑$20s–$30/oz range by year‑end); Kolpa’s plant expansion to 2,500 tpd is expected in Q1 (guidance average ~2,400 tpd) with a resource estimate later in 2026; Pitarrilla is budgeted for $68M of 2026 investment, an NI 43‑101 feasibility targeted for Q3 and long‑lead procurement to support a construction decision in early 2027; liquidity was $215M at Dec 31 after a $350M convertible debt raise, and 2025 operating metrics that underpin the plan include 11M oz Ag‑eq production, Q4 output of ~2M oz Ag and 14k oz Au (~4M Ag‑eq), $468M revenue, $385M cost of sales, $83M mine operating earnings, $156M mine operating cash flow before taxes, cash costs of $19/oz payable Ag, direct operating cost/ton up 8% YoY, metal‑price sensitivity of ~+$0.90/ton per $1/oz Ag at Terronera ($0.50 at Kolpa, $3.80 at Guanaceví), ~50k oz of gold hedge remaining (unwinding into mid‑2027), and peso hedges of roughly 19 MXN/USD remaining.Endeavour Silver Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
62
Positive
Cash Flow
41
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 468.46M | 217.64M | 205.46M | 210.16M | 165.32M |
| Gross Profit | 51.59M | 42.08M | 36.61M | 51.52M | 36.37M |
| EBITDA | 104.70M | 10.03M | 47.86M | 51.83M | 31.55M |
| Net Income | -121.18M | -31.48M | 6.12M | 6.20M | 13.96M |
Balance Sheet | |||||
| Total Assets | 1.23B | 719.25M | 474.81M | 399.44M | 294.02M |
| Cash, Cash Equivalents and Short-Term Investments | 216.01M | 107.50M | 40.42M | 92.04M | 114.50M |
| Total Debt | 243.46M | 120.86M | 9.53M | 15.58M | 11.49M |
| Total Liabilities | 655.41M | 234.81M | 88.47M | 83.54M | 56.62M |
| Stockholders Equity | 578.05M | 484.44M | 386.34M | 315.89M | 237.41M |
Cash Flow | |||||
| Free Cash Flow | -116.61M | -176.27M | -106.02M | -54.72M | -30.63M |
| Operating Cash Flow | 55.56M | 19.11M | 11.77M | 54.99M | 23.46M |
| Investing Cash Flow | -244.51M | -183.46M | -108.00M | -111.45M | -38.01M |
| Financing Cash Flow | 308.00M | 236.00M | 48.92M | 36.76M | 56.65M |
Endeavour Silver Technical Analysis
Negative
13.30
Price Trends
15.52
Negative
14.24
Negative
11.55
Positive
Market Momentum
-0.83
Negative
46.27
Neutral
83.66
Negative
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 13.3 is below the 20-day moving average (MA) of 13.34, below the 50-day MA of 15.52, and above the 200-day MA of 11.55, indicating a neutral trend. The MACD of -0.83 indicates Negative momentum. The RSI at 46.27 is Neutral, neither overbought nor oversold. The STOCH value of 83.66 is Negative, 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | C$1.03B | 16.04 | 10.23% | ― | 104.08% | 832.86% | |
66 Neutral | C$1.52B | 33.89 | 15.48% | ― | 65.77% | 458.38% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
50 Neutral | C$3.93B | -21.96 | -23.02% | ― | 50.37% | -191.85% | |
46 Neutral | C$468.80M | -55.40 | -4.59% | ― | ― | -14.43% | |
| ― | C$1.99B | -17.35 | -91.27% | ― | ― | -171.41% | |
49 Neutral | C$1.11B | -98.41 | -3.20% | ― | ― | 40.00% |
* Basic Materials Sector Average
TSE:EDR
Endeavour Silver
13.30
8.84
198.21%
TSE:ASM
Avino Silver & Gold
9.05
6.99
339.32%
TSE:SLVR
Silver Tiger Metals
0.84
0.55
194.74%
TSE:GGD
GoGold Resources
2.69
1.19
79.33%
TSE:ABRA
AbraSilver Resource
12.46
9.89
384.82%
TSE:NUAG
New Pacific Metals
6.02
4.63
333.09%
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.