Eldorado Gold Corp (TSE:ELD)
TSX:ELD
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Eldorado Gold
(TSX:ELD)
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Rating:67Neutral
Price Target:
C$51.00
▲(8.93% Upside)
Action:DowngradedDate: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
Revenue & Earnings Recovery
Sustained multi-year revenue and earnings growth demonstrate the business scaling and operating leverage across the portfolio. Strong top-line and profit recovery versus recent loss years improves cash generation potential and underpins capacity for reinvestment, dividends, or buybacks over the medium term.
Negative Factors
Inconsistent Free Cash Flow
Volatile and recently negative FCF reflects heavy reinvestment and project spending, reducing near‑term financial flexibility. Persistent negative cash conversion risks the company’s ability to fund growth, service debt or sustain capital returns without relying on external financing or higher commodity prices.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & Earnings Recovery
Sustained multi-year revenue and earnings growth demonstrate the business scaling and operating leverage across the portfolio. Strong top-line and profit recovery versus recent loss years improves cash generation potential and underpins capacity for reinvestment, dividends, or buybacks over the medium term.
Read all positive factors
Eldorado Gold (ELD) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$9.30B
Dividend YieldN/A
Average Volume (3M)720.33K
Price to Earnings (P/E)14.1
Beta (1Y)1.74
Revenue Growth44.88%
EPS Growth38.67%
CountryCA
Employees5,800
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.86
Shares Outstanding198,570,530
10 Day Avg. Volume662,077
30 Day Avg. Volume720,328
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)1.71
Price to Sales (P/S)3.94
P/FCF Ratio-37.32
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$68.19Price Target Upside45.65% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)6.39
Revenue Forecast (FY)C$4.00B
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...
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 ...
Eldorado Gold Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive narrative: the company achieved production at the high end of guidance, delivered strong revenue and operating cash flow, strengthened shareholder returns (buybacks and a dividend), advanced Skouries to ~90% construction completion with substantial stockpiles, and announced a strategic acquisition (Foran) and a material increase in exploration investment. Offsetting these positives are near-term execution and cost challenges — a modest Skouries start-up delay that adds ~$50 million of capital, negative free cash flow when Skouries spend is included, elevated royalties and production costs (royalties rose ~57%, production costs ~20% higher year-over-year), higher AISC at some operations, and weather/regulatory-related risks on the critical path. Management frames many issues as short-term or manageable given the long-life asset profile and strong balance sheet.Positive Updates
Achievement of Production Guidance and Operational Execution
Delivered full-year 2025 gold production of 488,268 ounces, achieving the high end of tightened guidance; Q4 2025 production was 123,416 ounces. Operations supported by strong performance at Lamaque, steady contributions from Kisladag and Efemçukuru, and a solid finish at Olympias.
Negative Updates
Skouries Start-up Delay and Increased Capital
First concentrate modestly delayed to early Q3 2026 (commercial production Q4 2026). Delay is expected to increase construction capital by approximately $50 million. Causes cited include moisture damage to cyclone feed pump VFD capacitors and slower-than-expected power line approval/ramp-up of subcontractor activity.
Read all updates
Q4-2025 Updates
Positive
Negative
Achievement of Production Guidance and Operational Execution
Delivered full-year 2025 gold production of 488,268 ounces, achieving the high end of tightened guidance; Q4 2025 production was 123,416 ounces. Operations supported by strong performance at Lamaque, steady contributions from Kisladag and Efemçukuru, and a solid finish at Olympias.
Read all positive updates
Company Guidance
The company’s 2026 guidance and 3‑year outlook targets material growth and disciplined capital deployment: consolidated 2026 gold production is guided at 490,000–590,000 ounces (with copper 20–40 million pounds) and consolidated AISC (pre‑Skouries commercial production) of $1,670–$1,870/oz; mine‑by‑mine 2026 guidance is Lamaque 185,000–200,000 oz, Kisladag 105,000–130,000 oz, Efemçukuru 70,000–80,000 oz and Greece/Olympias 70,000–80,000 oz, and the company expects ~40% higher production in 2027 vs 2025; 2026 growth capital and operations are $375–405 million, sustaining capital $140–165 million, and exploration is $75–85 million (a 60% increase vs 2025); Skouries remains ~90% complete with first concentrate now expected early Q3 2026 and commercial production in Q4 2026, the delay adding ~ $50 million to construction capital (2025 Skouries spend was $475 million, including $137 million in Q4), Skouries life‑of‑mine AISC is forecast at negative $100 to +$200/oz (net of by‑product) and expected to materially improve company FCF (third‑party estimates >20% FCF yield for 2027+), while near‑term mine plans include ~6–8 million tonnes of additional waste stripping at Kisladag in 2026 (typical annual waste ~20 Mt) and stockpiles at Skouries exceed 1.5 million tonnes to support ramp‑up.Eldorado Gold Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
60
Neutral
| 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
Neutral
46.82
Price Trends
56.68
Negative
51.01
Negative
42.14
Positive
Market Momentum
-3.35
Positive
39.63
Neutral
44.59
Neutral
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 46.82 is below the 20-day moving average (MA) of 51.36, below the 50-day MA of 56.68, and above the 200-day MA of 42.14, indicating a neutral trend. The MACD of -3.35 indicates Positive momentum. The RSI at 39.63 is Neutral, neither overbought nor oversold. The STOCH value of 44.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:ELD.
Eldorado Gold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | C$10.09B | 15.49 | 19.82% | 0.51% | 37.75% | 59.97% | |
78 Outperform | C$9.21B | 10.22 | 30.82% | 0.42% | 51.00% | 532.40% | |
67 Neutral | C$9.30B | 14.13 | 12.40% | ― | 44.88% | 38.67% | |
65 Neutral | C$9.63B | 2.56 | 22.38% | ― | 48.70% | 1718.41% | |
62 Neutral | C$8.09B | 24.10 | 28.16% | ― | ― | ― | |
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
TSE:ELD
Eldorado Gold
46.82
22.88
95.57%
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134.75%
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5.89
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44.61%
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191.25%
TSE:DPM
Dundee Precious Mtl
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TSE:ARTG
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107.30%
Eldorado Gold Corporate Events
Business Operations and Strategy
Eldorado Gold Forms Strategic Project Alliance with G Mining Services
Positive
Mar 26, 2026
Eldorado Gold has signed a Memorandum of Understanding with G Mining Services to form a strategic engineering and construction alliance aimed at supporting project delivery across its asset portfolio. Under the alliance, G Mining will provide earl...
Business Operations and StrategyM&A TransactionsShareholder Meetings
ISS backs Eldorado Gold share issuance for Foran Mining takeover
Positive
Mar 25, 2026
Eldorado Gold said Institutional Shareholder Services has recommended that its investors vote in favour of issuing new Eldorado shares to acquire Foran Mining under a proposed plan of arrangement. The endorsement from the influential proxy adviser...
Business Operations and StrategyExecutive/Board Changes
Eldorado Gold Strengthens Executive Team to Sharpen Operations and Project Delivery
Positive
Mar 24, 2026
Eldorado Gold has announced leadership changes aimed at reinforcing operational execution and project development across its global portfolio. The company appointed industry veteran Simon Hille as Executive Vice President and Chief Operating Offic...
Business Operations and StrategyRegulatory Filings and Compliance
Eldorado Gold Wins Key Permit to Start Mining Ormaque Deposit at Lamaque
Positive
Mar 16, 2026
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 ne...
Business Operations and StrategyRegulatory Filings and Compliance
Eldorado Gold’s Lamaque Mine Wins Top Sustainability Award and Cyanide Code Certification
Positive
Mar 3, 2026
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 ...
Business Operations and StrategyM&A Transactions
Eldorado Gold to Acquire Foran Mining, Creating Gold‑Copper Producer With Major Growth Pipeline
Positive
Feb 2, 2026
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 prod...
Business Operations and Strategy
Eldorado Gold Unveils New High-Grade Discoveries in Canada and Greece, Eyes Expansion at Lamaque
Positive
Jan 27, 2026
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 discov...
Business Operations and StrategyStock BuybackDividends
Eldorado Gold Initiates Quarterly Dividend as Skouries Nears Cash Generation
Positive
Jan 22, 2026
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 ...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Eldorado Gold Hits Top End of 2025 Output Guidance and Strengthens Board
Positive
Jan 20, 2026
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 co...
Business Operations and Strategy
Eldorado Gold Targets Transformational Growth From Greek Projects in 2026
Positive
Jan 20, 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 o...
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.