Eldorado Gold (ELD) AI Stock Analysis

• Market Cap: $13.14B
• Dividend Yield: N/A
• Average Volume (3M): 446.66K
• Price to Earnings (P/E): 26.6
• Beta (1Y): 1.34
• Revenue Growth: 44.88%
• EPS Growth: 38.67%
• Country: US
• Employees: 5,800
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.57
• Shares Outstanding: 200,498,600
• 10 Day Avg. Volume: 570,636
• 30 Day Avg. Volume: 446,661
• PEG Ratio: 0.06
• Price to Book (P/B): 0.76
• Price to Sales (P/S): 2.22
• P/FCF Ratio: 189.26
• Enterprise Value/Market Cap: 0.75
• Enterprise Value/Revenue: 5.91
• Enterprise Value/Gross Profit: 13.19
• Enterprise Value/Ebitda: 12.50
• 1Y Price Target: $65.19
• Price Target Upside: -3.38% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 72 Outperform
• Price Target: C$73.00 ▲(8.20% Upside)

The score is driven primarily by strong profitability and a solid balance sheet, tempered by negative free cash flow. Technicals support an uptrend, but overbought indicators raise pullback risk. The latest earnings call was mixed: strong production, free cash flow (excluding Skouries) and buybacks, but higher cost guidance and ongoing Olympias challenges pressure outlook.

Positive Factors

Profitability and Margins

Consistent high margins and recent revenue growth demonstrate durable operational efficiency and pricing power. Strong gross and net margins support internal cash generation, buffering commodity swings and enabling reinvestment or returns over the medium term.

Balance Sheet Strength

A conservative capital structure and improved ROE provide financial flexibility to fund large mine development, sustain capital programs and absorb commodity volatility without forcing distressed asset sales, supporting stability over the next several quarters.

Project Advancement and Growth Pipeline

Tangible progress at Skouries and decisions like Kisladag agglomeration strengthen the growth pipeline. Near-term production ramp and improved recovery will diversify output (copper-gold) and enhance medium-term volume and revenue mix once projects reach steady state.

Negative Factors

Negative Free Cash Flow

Persistent negative free cash flow, driven by large sustaining and project capital spend, constrains the company’s ability to self-fund growth and returns. Continued negative FCF may require external financing or slower capital returns while projects consume cash.

Higher Unit Cost Guidance

Upward revisions to cash costs and AISC reflect structurally higher per-ounce costs from royalties, inflation and operational issues. Elevated unit costs compress margins, reduce resilience to price declines and sustainably lower cash generation potential.

Operational Issues at Olympias

Ongoing processing and recovery problems at Olympias reduce throughput and metal output, increasing unit costs and operational risk. With impacts expected into Q2 2026, this creates a multi-quarter headwind to production and cash flow reliability.

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 generates revenue primarily through the production and sale of gold. The company operates several mines, where it extracts gold ore and processes it to produce gold bars, which are then sold on the open market. Key revenue streams include the sales of gold bullion and, to a lesser extent, silver and other by-products from its mining operations. Eldorado also benefits from the global demand for gold, which tends to rise in times of economic uncertainty, thus impacting its sales prices positively. Additionally, the company may enter into strategic partnerships and joint ventures to enhance its operational capabilities and expand its market reach, which can contribute to its overall earnings. Factors such as gold prices, production costs, and operational efficiency play significant roles in determining the company's profitability.

Eldorado Gold Financial Statement Overview

Summary

Strong profitability and growth (TTM revenue up 6.24%, gross margin 48.07%, net margin 26.07%) and a healthy balance sheet (debt-to-equity 0.29, ROE 10.42%). The main offset is weaker cash conversion with negative free cash flow despite solid operating cash flow coverage (1.46).

Income Statement

Eldorado Gold shows strong revenue growth with a 6.24% increase in TTM, supported by a solid gross profit margin of 48.07%. The net profit margin is robust at 26.07%, indicating effective cost management. However, the EBIT margin slightly decreased from the previous year, suggesting potential operational efficiency challenges.

Balance Sheet

The company maintains a healthy debt-to-equity ratio of 0.29, reflecting prudent leverage management. Return on equity improved to 10.42%, indicating better profitability from shareholders' investments. However, the equity ratio of 63.23% suggests a moderate reliance on equity financing, which is typical for the industry.

Cash Flow

Operating cash flow remains strong, with a coverage ratio of 1.46, indicating sufficient cash generation to cover net income. However, the negative free cash flow and its ratio to net income highlight potential liquidity challenges. Despite this, the significant growth in free cash flow from the previous period is a positive sign.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.68B	1.32B	1.01B	871.46M	943.47M	1.03B
Gross Profit	750.75M	507.93M	513.45M	171.69M	292.77M	334.85M
EBITDA	792.17M	710.50M	458.20M	289.46M	427.12M	477.29M
Net Income	370.88M	289.12M	104.63M	-49.37M	11.10M	124.80M
Balance Sheet
Total Assets	6.48B	5.84B	4.99B	4.46B	4.93B	4.90B
Cash, Cash Equivalents and Short-Term Investments	1.04B	995.73M	544.44M	314.87M	481.49M	511.19M
Total Debt	1.27B	937.72M	658.81M	511.36M	511.89M	527.09M
Total Liabilities	2.39B	1.95B	1.48B	1.26B	1.29B	1.24B
Stockholders Equity	4.10B	3.90B	3.52B	3.20B	3.57B	3.62B
Cash Flow
Free Cash Flow	-123.47M	15.54M	-29.34M	-108.99M	55.83M	219.23M
Operating Cash Flow	684.23M	645.25M	383.31M	211.00M	362.37M	425.61M
Investing Cash Flow	-570.29M	-630.61M	-395.68M	-370.89M	-265.88M	-244.23M
Financing Cash Flow	237.62M	301.27M	273.88M	-41.34M	-67.13M	92.84M

Eldorado Gold Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 67.47
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ELD, the sentiment is Positive. The current price of 67.47 is above the 20-day moving average (MA) of 57.21, above the 50-day MA of 49.71, and above the 200-day MA of 36.35, indicating a bullish trend. The MACD of 4.73 indicates Negative momentum. The RSI at 86.80 is Negative, neither overbought nor oversold. The STOCH value of 78.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:ELD.

Eldorado Gold Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DPM	85 Outperform	C$11.75B	21.75	16.54%	0.51%	37.75%	59.97%
OGC	78 Outperform	$11.63B	21.01	21.15%	0.42%	51.00%	532.40%
NGD	73 Outperform	$13.57B	39.30	22.29%	―	48.70%	1718.41%
ELD	72 Outperform	$13.14B	26.59	9.54%	―	44.88%	38.67%
BTO	67 Neutral	C$10.06B	32.47	6.90%	1.71%	34.31%	―
ARTG	62 Neutral	C$10.35B	51.66	28.16%	―	―	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

Eldorado Gold Corporate Events

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.

Eldorado Gold Boosts Investment in Amex Exploration

Eldorado Gold Corporation has acquired an additional 14,868,200 common shares of Amex Exploration Inc., increasing its ownership stake to 27.27% on a non-diluted basis. This strategic purchase, executed through a private agreement, reflects Eldorado’s focus on investment opportunities and may signal potential adjustments to its holdings in response to market conditions, highlighting its dedication to strategic growth while ensuring compliance with relevant regulations.

The most recent analyst rating on (TSE:ELD) stock is a Buy with a C$47.00 price target. To see the full list of analyst forecasts on Eldorado Gold stock, see the TSE:ELD Stock Forecast page.

Eldorado Gold Boosts Stake in Amex Exploration

Eldorado Gold has acquired 14,868,200 additional shares in Amex Exploration Inc. for C$59,472,800 through a private agreement, raising its ownership stake to approximately 27.27% of Amex’s outstanding common shares. The acquisition, driven by an unsolicited investment opportunity, enhances Eldorado’s position and influence within Amex while reflecting the company’s strategic approach to investments in mining and exploration ventures, offering potential growth and operational synergies for stakeholders.

The most recent analyst rating on (TSE:ELD) stock is a Buy with a C$47.00 price target. To see the full list of analyst forecasts on Eldorado Gold stock, see the TSE:ELD Stock Forecast page.

Eldorado Gold Increases Mineral Reserves, Strengthening Future Production

Eldorado Gold has released its updated Mineral Reserve and Resource estimates, reporting a 5% increase in Mineral Reserves as of September 30, 2025. This growth is attributed to successful exploration and resource conversion at key operations such as the Lamaque Complex, which saw a 25% increase in reserves. The update, based on a higher gold price assumption, strengthens Eldorado’s production outlook for the next decade and highlights its commitment to organic growth and exploration.

The most recent analyst rating on (TSE:ELD) stock is a Sell with a C$28.00 price target. To see the full list of analyst forecasts on Eldorado Gold stock, see the TSE:ELD Stock Forecast page.

Eldorado Gold Reports Strong Q3 2025 Results and Updates Guidance

Eldorado Gold reported strong financial and operational results for the third quarter of 2025, with gold production reaching 115,190 ounces and revenue totaling $434.7 million. The company is on track with its Skouries Project, expected to commence in Q1 2026, and has adjusted its annual gold production guidance to 470,000-490,000 ounces due to record high gold prices and increased royalty rates in Turkiye. Despite challenges at the Olympias mine, Eldorado’s financial position remains robust with significant cash reserves, though free cash flow was negative due to substantial growth capital investments.

The most recent analyst rating on (TSE:ELD) stock is a Hold with a C$40.00 price target. To see the full list of analyst forecasts on Eldorado Gold stock, see the TSE:ELD Stock Forecast page.