Eldorado Gold (ELD) AI Stock Analysis

• Market Cap: C$9.42B
• Dividend Yield: N/A
• Average Volume (3M): 750.60K
• Price to Earnings (P/E): 14.1
• Beta (1Y): 1.58
• Revenue Growth: 44.88%
• EPS Growth: 38.67%
• Country: CA
• Employees: 5,800
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.86
• Shares Outstanding: 198,570,530
• 10 Day Avg. Volume: 534,267
• 30 Day Avg. Volume: 750,599
• PEG Ratio: 0.21
• Price to Book (P/B): 1.71
• Price to Sales (P/S): 3.94
• P/FCF Ratio: -37.32
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$67.58
• Price Target Upside: 32.87% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 8
• EPS Forecast (FY): 6.37
• Revenue Forecast (FY): C$4.00B

• Rating: 67 Neutral
• Price Target: C$55.00 ▲(8.14% Upside)
• Action: Downgraded Date: 02/23/26
• Date: Action: Downgraded 02/23/26

The score is driven primarily by improved financial results (revenue/earnings rebound and solid capital base) but held back by uneven cash conversion and higher leverage/capex intensity. Technicals indicate a constructive longer-term trend but near-term consolidation, while valuation is only moderate given a 25.69 P/E. Earnings-call outlook is positive on growth (Skouries ramp) but balanced by execution delays and elevated costs.

Positive Factors

Reliable production execution

Consistently hitting guidance across multiple operations demonstrates repeatable operational execution and portfolio diversity. Stable production flows support medium-term revenue predictability, help fund growth projects and reduce single-asset risk, enhancing multi‑year cash generation prospects.

Skouries near completion and long-life asset

Skouries represents a structural scale-up: near-term commissioning, large stockpiles and multi-decade potential. Management forecasts very low life‑of‑mine AISC (negative $100 to +$200/oz) and material FCF uplift post-ramp, which should sustainably improve company margins and cash generation.

Equity-heavy balance sheet and liquidity

A growing equity base and reported near‑term liquidity provide funding flexibility for capital-intensive projects and exploration. This stronger capital structure underpins disciplined capital returns (buybacks, dividend) and cushions execution risks during the multi-year Skouries ramp-up.

Negative Factors

Negative free cash flow including Skouries

Large Skouries capital outlays drove negative consolidated FCF in 2025. Continued heavy growth capex until commercial production will constrain free cash flow and limit financial flexibility, increasing reliance on debt or equity and magnifying sensitivity to gold-price or execution setbacks.

Rising unit costs and higher royalties

Sustained increases in AISC, royalties and production costs reflect structural pressures (regulatory changes, labor inflation, currency impacts). Higher unit costs weaken margin resilience across the cycle and reduce the company's ability to convert higher prices into durable cash flow improvements.

Operational execution risk at Kisladag

Material additional waste stripping, longer leach cycles and lower stacked grades at Kisladag will elevate unit costs and depress near-term output. These operational constraints can delay expected production gains and amplify short-to-medium term cash generation volatility until pit sequencing and heap performance normalize.

Eldorado Gold Business Overview & Revenue Model

Company Description

Eldorado Gold Corporation, together with its subsidiaries, engages in the mining, exploration, development, and sale of mineral products primarily in Turkey, Canada, Greece, and Romania. The company primarily produces gold, as well as silver, lead, and zinc. It holds a 100% interest in the Kisladag and Efemcukuru gold mines located in western Turkey; 100% interest in Lamaque gold mines located in Canada; and Olympias, Stratoni, Skouries, Perama Hill, and Sapes gold mines located in Greece, as well as the 80.5% interest in Certej development projects located in Romania. The company was formerly known as Eldorado Corporation Ltd. and changed its name to Eldorado Gold Corporation in April 1996. Eldorado Gold Corporation was incorporated in 1992 and is headquartered in Vancouver, Canada.

How the Company Makes Money

Eldorado Gold makes money primarily by producing and selling gold from its mining operations. Revenue is generated when mined ore is processed into gold-bearing products (commonly gold doré or refined gold via third parties) and sold to customers such as refiners, bullion banks, commodity traders, or other market intermediaries, typically at prices linked to prevailing market gold prices. The company’s top line is therefore driven mainly by (1) realized gold prices, (2) sales volumes (ounces sold, influenced by production levels and timing of shipments), and (3) operating performance (ore grades, recoveries, throughput) that determines how much payable metal is produced from mined material. Eldorado may also earn secondary revenue from by-products (e.g., other metals recovered alongside gold) when such by-products are present in the ore and are produced for sale; if no by-products are produced at a given operation or period, this contribution is not applicable. In addition to metal sales, reported results can be affected by commercial terms such as refining and treatment charges, payable-metal deductions, transportation and insurance, and any provisional pricing and final settlement adjustments common in concentrate or doré sales. Earnings are also influenced by cost structure (mining and processing costs, sustaining capital, royalties, and taxes), foreign-exchange movements where costs and sales are denominated in different currencies, and the pace of development spending that brings new ounces into production. Information on any specific long-term off-take agreements or named commercial partnerships is null.

Eldorado Gold Financial Statement Overview

Summary

Strong multi-year revenue and earnings acceleration through 2025 and a solid equity base support the score, but rising debt and weak/negative free cash flow (notably 2025) temper fundamentals and increase sensitivity to execution and commodity-cycle swings.

Income Statement

Revenue has accelerated meaningfully, rising from $1.01B (2023) to $1.32B (2024) and $1.85B (2025). Profitability has also improved sharply versus the 2022 loss, with net income increasing from $105M (2023) to $289M (2024) and $516M (2025), indicating a strong earnings recovery and operating leverage. The main weakness is volatility across the cycle (including a net loss in 2022) and margin compression risk as the company scaled, as 2023 gross profitability was notably higher than 2024.

Balance Sheet

The balance sheet remains equity-heavy, with stockholders’ equity growing from $3.52B (2023) to $3.90B (2024) and $4.27B (2025), supporting a solid capital base. Leverage is moderate with debt-to-equity at ~0.24 in 2024, but total debt increased materially to $1.30B in 2025 from $0.94B in 2024, which reduces flexibility if gold prices or operating performance soften. Returns on equity improved to ~7.4% in 2024 from ~3.0% in 2023, but are still not consistently high across the period.

Cash Flow

Operating cash flow is improving (from $383M in 2023 to $645M in 2024 and $686M in 2025), and 2024 operating cash flow was comfortably above net income. However, free cash flow is inconsistent and turned sharply negative in 2025 (-$195M) after being only slightly positive in 2024 (~$16M), suggesting heavy reinvestment and/or working-capital swings. This weaker free-cash generation is the key constraint despite stronger earnings.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.85B	1.32B	1.01B	871.46M	943.47M
Gross Profit	830.50M	507.93M	513.45M	171.69M	292.77M
EBITDA	1.04B	710.50M	458.20M	289.46M	427.12M
Net Income	516.14M	289.12M	104.63M	-49.37M	11.10M
Balance Sheet
Total Assets	6.72B	5.84B	4.99B	4.46B	4.93B
Cash, Cash Equivalents and Short-Term Investments	867.77M	995.73M	544.44M	314.87M	481.49M
Total Debt	1.30B	937.72M	658.81M	511.36M	511.89M
Total Liabilities	2.44B	1.95B	1.48B	1.26B	1.29B
Stockholders Equity	4.27B	3.90B	3.52B	3.20B	3.57B
Cash Flow
Free Cash Flow	-195.41M	15.54M	-29.34M	-108.99M	55.83M
Operating Cash Flow	686.12M	645.25M	383.31M	211.00M	362.37M
Investing Cash Flow	-783.88M	-630.61M	-395.68M	-370.89M	-265.88M
Financing Cash Flow	88.44M	301.27M	273.88M	-41.34M	-67.13M

Eldorado Gold Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 50.86
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ELD, the sentiment is Neutral. The current price of 50.86 is below the 20-day moving average (MA) of 57.75, below the 50-day MA of 58.08, and above the 200-day MA of 41.45, indicating a neutral trend. The MACD of -1.87 indicates Positive momentum. The RSI at 37.92 is Neutral, neither overbought nor oversold. The STOCH value of 9.79 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:ELD.

Eldorado Gold Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DPM	83 Outperform	C$9.93B	15.49	16.54%	0.51%	37.75%	59.97%
OGC	81 Outperform	C$9.96B	10.22	30.82%	0.42%	51.00%	532.40%
NGD	73 Outperform	$10.32B	10.07	22.38%	―	48.70%	1718.41%
ELD	67 Neutral	C$9.42B	14.13	12.40%	―	44.88%	38.67%
BTO	66 Neutral	$8.46B	14.58	12.15%	1.71%	34.31%	―
ARTG	62 Neutral	$8.24B	24.10	28.16%	―	―	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

Eldorado Gold Corporate Events

Eldorado Gold Wins Key Permit to Start Mining Ormaque Deposit at Lamaque

Eldorado Gold has secured operating authorization from Quebec’s environment ministry for the Ormaque deposit at its Lamaque Complex, enabling the company to start mining high-grade underground ore and feed it to the nearby Sigma Mill. The new source of ore is expected to enhance production flexibility, unlock previously invested development capital, and support employment and long-term economic benefits in the Val-d’Or region.

The company is also advancing exploration around Ormaque, including new high-grade zones such as Ormaque South-East, Ormaque West, and the Garnet Zone, which could extend mine life by providing future mill feed. In parallel, Eldorado is studying a potential expansion of the Sigma Mill’s throughput toward its fully permitted capacity, aiming to leverage existing infrastructure, debottleneck operations, and support higher long-term production from multiple nearby deposits.

The most recent analyst rating on (TSE:ELD) stock is a Buy with a C$56.00 price target. To see the full list of analyst forecasts on Eldorado Gold stock, see the TSE:ELD Stock Forecast page.

Eldorado Gold’s Lamaque Mine Wins Top Sustainability Award and Cyanide Code Certification

Eldorado Gold’s Lamaque Complex in Val-d’Or, Québec has received the Mining Association of Canada’s Towards Sustainable Mining Gold Leadership Award, recognizing Level AAA performance across all applicable environmental and social indicators as verified by independent auditors. The accolade underscores Eldorado’s company-wide adoption of TSM protocols through its Sustainability Integrated Management System, positioning Lamaque among a small group of globally recognized operations for responsible mining.

Executives highlighted the award as the result of a multi-year effort involving employees, local partners and communities, emphasizing strong safety, environmental stewardship and community engagement at the mine. In a further boost to its sustainability credentials, the Lamaque Complex was also certified in full compliance with the International Cyanide Management Code, reinforcing Eldorado’s commitment to high standards in the handling of cyanide in gold production.

The most recent analyst rating on (TSE:ELD) stock is a Sell with a C$38.00 price target. To see the full list of analyst forecasts on Eldorado Gold stock, see the TSE:ELD Stock Forecast page.

Eldorado Gold to Acquire Foran Mining, Creating Gold‑Copper Producer With Major Growth Pipeline

Eldorado Gold has agreed to acquire Foran Mining in an all-share transaction that will create a larger gold‑copper miner with a diversified portfolio anchored by the Skouries and McIlvenna Bay projects, both expected to reach commercial production by mid‑2026. The combined company is targeting around 900,000 gold-equivalent ounces of production in 2027 and projects EBITDA of about $2.1 billion and free cash flow of roughly $1.5 billion that year, positioning it for self-funded growth, balance sheet strengthening, and continued capital returns, while enhancing jurisdictional diversification, exploration upside, and potential for a valuation re-rating as a sustainability-focused, sector-leading producer.

The most recent analyst rating on (TSE:ELD) stock is a Buy with a C$74.00 price target. To see the full list of analyst forecasts on Eldorado Gold stock, see the TSE:ELD Stock Forecast page.

Eldorado Gold Unveils New High-Grade Discoveries in Canada and Greece, Eyes Expansion at Lamaque

Eldorado Gold has reported strong exploration results, announcing four new high-grade zones at its Lamaque Complex in Quebec and significant new high-grade gold, silver, lead and zinc mineralization at the Olympias mine in Greece, alongside discovery of a gold‑copper skarn system near the historic Stratoni operation. Building on these results, the company has launched studies to potentially double processing throughput at Lamaque’s Sigma mill toward its fully permitted capacity and is advancing follow-up drilling in Greece, while also expanding its exploration footprint in Turkiye, underscoring a strategy of low‑risk, capital‑efficient organic growth and additional development options that could support longer mine lives and enhanced value for stakeholders.

The most recent analyst rating on (TSE:ELD) stock is a Buy with a C$72.00 price target. To see the full list of analyst forecasts on Eldorado Gold stock, see the TSE:ELD Stock Forecast page.

Eldorado Gold Initiates Quarterly Dividend as Skouries Nears Cash Generation

Eldorado Gold has launched a regular quarterly dividend program and declared an initial dividend of US$0.075 per common share, payable on March 13, 2026 to shareholders of record on February 27, 2026, marking a new phase of direct cash returns to investors. Management framed the move, alongside roughly US$204 million of share repurchases in 2025, as part of a disciplined capital-return strategy supported by the company’s strong financial position and expected cash flow from the Skouries project, while noting that future dividend levels will remain at the board’s discretion and contingent on financial performance, capital needs and market conditions; dividends will be paid in U.S. dollars with options for Canadian-dollar conversion for eligible shareholders.

The most recent analyst rating on (TSE:ELD) stock is a Buy with a C$74.00 price target. To see the full list of analyst forecasts on Eldorado Gold stock, see the TSE:ELD Stock Forecast page.

Eldorado Gold Hits Top End of 2025 Output Guidance and Strengthens Board

Eldorado Gold reported preliminary 2025 gold output of 488,268 ounces, hitting the upper end of its annual production guidance, with fourth-quarter production of 123,418 ounces underpinned by strong performance at the Lamaque Complex and steady contributions from Kisladag and Efemcukuru. Output at Olympias rebounded sharply in the fourth quarter following processing improvements, underscoring operational recovery at the Greek mine, while the appointment of veteran geologist and mining finance executive Dr. Sally Eyre to the board is expected to bolster technical oversight and strategic execution as Eldorado advances its growth projects; the company also outlined its timetable for releasing full-year 2025 financial and operational results, including a February 2026 conference call for investors.

The most recent analyst rating on (TSE:ELD) stock is a Sell with a C$33.00 price target. To see the full list of analyst forecasts on Eldorado Gold stock, see the TSE:ELD Stock Forecast page.

Eldorado Gold Targets Transformational Growth From Greek Projects in 2026

Eldorado Gold outlined a major growth push in Greece centered on three projects—Skouries, Olympias expansion and Perama Hill—that are expected to drive substantial production increases, better margins and stronger cash flow from 2026 onward. The flagship Skouries copper-gold project is nearing completion, with first concentrate output targeted for late Q1 2026 and commercial production by mid-2026, supported by advanced construction progress, established ore stockpiles, fully staffed processing and maintenance teams, and concentrate off-take terms benefitting from robust copper market conditions. At Olympias, a mill expansion from 500,000 to 650,000 tonnes per year is on track for completion in the third quarter of 2026 with ramp-up in the fourth quarter, while newly negotiated concentrate contracts for 2026 offer substantially better payability and treatment terms, providing a material uplift to future cash flows. Perama Hill is moving toward development with the environmental impact assessment submitted, community consultations underway, and a specialized project team and external engineering firm engaged on a feasibility update, underscoring Greece’s growing strategic importance to Eldorado and signalling potentially significant long-term benefits for the company’s production profile and for local stakeholders.

The most recent analyst rating on (TSE:ELD) stock is a Sell with a C$33.00 price target. To see the full list of analyst forecasts on Eldorado Gold stock, see the TSE:ELD Stock Forecast page.