Endeavour Mining Ord (TSE:EDV)
TSX:EDV
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Endeavour Mining
(TSX:EDV)
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Rating:74Outperform
Price Target:
C$85.00
▲(12.58% Upside)
Action:ReiteratedDate:03/07/26
The score is driven primarily by the sharp 2025 financial and cash-flow improvement alongside a stronger balance sheet. The earnings call reinforces this with record results and clear shareholder-return commitments, partially offset by 2026 cost-increase guidance and reserve/resource declines. Technically the longer-term trend is positive, but short-term momentum signals are mixed, and valuation looks fair rather than clearly cheap.
Positive Factors
Record free cash flow generation
Sustained, material free cash flow in 2025 gives the company durable financial firepower: funds for sustaining/growth capex, shareholder returns, and buffer through commodity cycles. Strong FCF reduces refinancing risk and underpins multi-year capital allocation commitments and project funding.
Negative Factors
Declining reported reserves & resources
A 10% decline in P&P reserves is a structural concern for long-term production visibility and mine life. Unless offset by sustained discovery or successful conversion of resources, lower reserves can weaken future production profiles and raise sustaining capital intensity per ounce.
Read all positive and negative factors
Positive Factors
Negative Factors
Record free cash flow generation
Sustained, material free cash flow in 2025 gives the company durable financial firepower: funds for sustaining/growth capex, shareholder returns, and buffer through commodity cycles. Strong FCF reduces refinancing risk and underpins multi-year capital allocation commitments and project funding.
Read all positive factors
Endeavour Mining (EDV) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$18.73B
Dividend Yield2.31%
Average Volume (3M)833.36K
Price to Earnings (P/E)18.0
Beta (1Y)1.72
Revenue Growth73.23%
EPS GrowthN/A
CountryCA
Employees5,659
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)1.29
Shares Outstanding242,362,240
10 Day Avg. Volume815,195
30 Day Avg. Volume833,364
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)4.12
Price to Sales (P/S)2.89
P/FCF Ratio10.81
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$100.53Price Target Upside33.15% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)7.15
Revenue Forecast (FY)C$5.76B
Endeavour Mining Business Overview & Revenue Model
Company Description
Endeavour Mining plc, together with its subsidiaries, operates as a gold mining company in West Africa. Its project portfolio includes 90% owned Houndé, Mana, Boungou, and Wahgnion mines in Burkina Faso; 85% owned Ity mine located in Côte d'Ivoire...
How the Company Makes Money
Endeavour Mining makes money primarily by producing and selling refined gold (typically doré bars) from its operating mines. Revenue is recognized largely from gold sales, with the realized gold price (linked to prevailing market prices) and the q...
Endeavour Mining Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial performance: record free cash flow, significant margin expansion, rapid deleveraging and record shareholder returns, underpinned by a robust growth and exploration pipeline (Assafou, BIOX improvements, satellite targets). Notable near-term headwinds include a decline in reported reserves/resources (partly timing-related), impairments, a retroactive increase in Côte d'Ivoire royalties and a 2026 cost uptick driven mainly by planned stripping at Houndé and Lafigué. Overall, the positive cash generation, balance sheet strength and clear capital return commitment materially outweigh the lowlights, which are largely manageable or timing-related.Positive Updates
Record Cash Generation and Profitability
Generated record free cash flow of $1.2 billion in 2025 (up 269% YoY), equivalent to $955 per ounce produced; realized gold price of $3,244/oz; adjusted EBITDA of $2.3 billion (up 75% YoY) and adjusted net earnings of $782 million (up 244% YoY).
Negative Updates
Reserves and Resource Decline
Proved & probable (P&P) reserves decreased 10% (down 1.8 million ounces) to 16.6 million ounces due to 1.4 million ounces of production depletion and reserve model optimizations. Measured & indicated resources decreased 4% (down 1.1 million ounces) to 25 million ounces; discoveries only partially offset depletion.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Cash Generation and Profitability
Generated record free cash flow of $1.2 billion in 2025 (up 269% YoY), equivalent to $955 per ounce produced; realized gold price of $3,244/oz; adjusted EBITDA of $2.3 billion (up 75% YoY) and adjusted net earnings of $782 million (up 244% YoY).
Read all positive updates
Company Guidance
Endeavour guided that after a record 2025 (production 1.2M oz at AISC $1,433/oz; royalty‑adjusted AISC $1,305/oz; realized gold price $3,244/oz) the group expects 2026 production to be relatively stable, but all‑in sustaining costs to rise (driven mainly by waste stripping at Houndé and Lafigué, the Côte d’Ivoire sliding‑scale royalty increase from 6% to 8%, and a weaker USD/EUR assumption), with costs expected to improve from 2027 as stripping completes; key metrics from 2025 include adjusted EBITDA $2.3B (up 75% YoY), adjusted net earnings $782M (up 244% YoY), free cash flow $1.156B (≈$955/oz and up 269% YoY), Q4 production 298k oz, Q4 adjusted EBITDA $681M, Q4 operating cash flow $609M and Q4 free cash flow $476M, net debt/EBITDA of 0.07x at year‑end with >$1.1B liquidity, P&P reserves of 16.6M oz (down 10%) and M&I resources of 25M oz (down 4%) after 1.5M oz of discoveries in 2025; management reiterated a minimum $1B dividend commitment for 2026–28 (based on $3,000/oz) with the potential to supplement that with at least another ~$1B of buybacks/dividends at current spot prices, a 2030 production target of 1.5M oz (≈27% organic growth), and progress on Assafou (feasibility study imminent, first gold targeted H2 2028).Endeavour Mining Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.31B | 2.68B | 2.11B | 2.07B | 2.64B |
| Gross Profit | 2.10B | 868.70M | 745.30M | 759.70M | 1.50B |
| EBITDA | 2.54B | 857.90M | 864.70M | 1.20B | 1.14B |
| Net Income | 691.09M | -300.20M | -208.90M | -57.30M | 215.50M |
Balance Sheet | |||||
| Total Assets | 5.60B | 5.51B | 5.86B | 6.41B | 6.77B |
| Cash, Cash Equivalents and Short-Term Investments | 452.48M | 418.60M | 517.20M | 962.30M | 906.20M |
| Total Debt | 684.45M | 1.17B | 1.11B | 871.80M | 893.00M |
| Total Liabilities | 2.18B | 2.52B | 2.31B | 2.33B | 2.39B |
| Stockholders Equity | 3.03B | 2.71B | 3.23B | 3.66B | 3.92B |
Cash Flow | |||||
| Free Cash Flow | 1.15B | 257.60M | -116.10M | 503.70M | 643.60M |
| Operating Cash Flow | 1.69B | 943.30M | 646.50M | 1.02B | 1.17B |
| Investing Cash Flow | -516.69M | -630.00M | -820.80M | -521.40M | -511.70M |
| Financing Cash Flow | -1.17B | -439.10M | -276.60M | -385.00M | -431.10M |
Endeavour Mining Technical Analysis
Neutral
75.50
Price Trends
81.62
Negative
73.11
Positive
60.61
Positive
Market Momentum
-2.05
Positive
45.93
Neutral
45.24
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:EDV, the sentiment is Neutral. The current price of 75.5 is below the 20-day moving average (MA) of 80.88, below the 50-day MA of 81.62, and above the 200-day MA of 60.61, indicating a neutral trend. The MACD of -2.05 indicates Positive momentum. The RSI at 45.93 is Neutral, neither overbought nor oversold. The STOCH value of 45.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:EDV.
Endeavour Mining Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | C$24.76B | 18.00 | 22.48% | 0.25% | 34.64% | 115.75% | |
78 Outperform | C$9.21B | 10.22 | 30.82% | 0.42% | 51.00% | 532.40% | |
75 Outperform | C$14.48B | 14.03 | 18.40% | ― | 56.17% | -51.73% | |
74 Outperform | C$18.73B | 18.05 | 16.65% | 2.31% | 73.23% | ― | |
62 Neutral | C$13.74B | 39.29 | 4.51% | ― | 90.17% | -91.76% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | C$7.91B | 14.58 | 12.15% | 1.71% | 34.31% | ― |
* Basic Materials Sector Average
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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.