Eldorado Gold (TSE:ELD)
NYSE:ELD
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Eldorado Gold
(NYSE:ELD)
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Rating:64Neutral
Price Target:
C$51.00
▲(7.94% Upside)
Action:Reiterated
Date:05/02/26
The score is supported by strong reported profitability and a generally sound balance sheet, plus a reasonable valuation. It is held back most by negative free cash flow/cash conversion and weak technical momentum (price below key moving averages with negative MACD), while the latest earnings call adds moderate upside from near-term project catalysts but with meaningful cost and timing risks.
Positive Factors
Profitability & Margins
Sustained high gross and net margins and recent revenue growth provide durable earnings power across cycles. Strong profitability supports internal funding for projects, maintains returns as operating leverage improves, and offers a buffer versus commodity price volatility over the medium term.
Negative Factors
Negative free cash flow
Negative free cash flow signals the business is in a heavy investment/working capital phase, reducing financial flexibility. If project ramps or commodity prices slip, continued negative FCF could force slower returns, higher external funding needs, or reprioritization of expansions.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability & Margins
Sustained high gross and net margins and recent revenue growth provide durable earnings power across cycles. Strong profitability supports internal funding for projects, maintains returns as operating leverage improves, and offers a buffer versus commodity price volatility over the medium term.
Read all positive factors
Eldorado Gold (ELD) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$11.46B
Dividend YieldN/A
Average Volume (3M)1.02M
Price to Earnings (P/E)12.4
Beta (1Y)1.75
Revenue Growth39.21%
EPS Growth76.75%
CountryCA
Employees5,800
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)2.85
Shares Outstanding263,336,640
10 Day Avg. Volume963,193
30 Day Avg. Volume1,023,955
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$67.22Price Target Upside42.27% Upside
Rating ConsensusHold
Number of Analyst Covering10
EPS Forecast (FY)5.86
Revenue Forecast (FY)C$4.10B
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:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call conveys cautious optimism: strong revenue and adjusted earnings driven by higher gold prices, healthy liquidity, advancing high-impact growth projects (Skouries at ~94% completion and McIlvenna Bay integration underway), and increased shareholder returns and exploration investment are clear positives. Offsetting these are a 13% drop in Q1 production, materially higher royalties and unit costs, a meaningful $155 million uplift to Skouries capital driven by extra construction workforce and materials/FX impacts, and timing/commissioning risks (notably power connection) that could affect Q3 startup timing. Overall, management presents confidence in execution and long-term value creation but acknowledges near-term cost and timing risks.Positive Updates
Strong Revenue Driven by Higher Gold Prices
Total revenue of $532 million in Q1 2026, up ~50% year-over-year from $355 million, driven by an average realized gold price of $4,891/oz.
Negative Updates
Portfolio Production Decline in Q1
Total production of 100,358 ounces of gold in Q1 2026, down 13% year-over-year, reflecting lower tons/grades at Kisladag and lower grades at Efemcukuru, partially offset by stronger results at Lamaque and Olympias.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue Driven by Higher Gold Prices
Total revenue of $532 million in Q1 2026, up ~50% year-over-year from $355 million, driven by an average realized gold price of $4,891/oz.
Read all positive updates
Company Guidance
The company guided that 2026 is back‑half weighted as two growth projects near first concentrate—McIlvenna Bay is nearing first concentrate (hot commissioning underway) and Skouries is expected to achieve first concentrate in Q3—and from Q2 will begin reporting copper assets on a dollar‑per‑pound co‑product basis; Skouries project progress was ~94% at quarter end with revised total project capital of $1.315 billion (up ~$155 million), accelerated operational capital of ~$260 million (incremental $82 million), workforce increased from ~2,350 to ~3,200 (including ~490 operations), and >2.8 million tonnes of ore stockpiled, while remaining near‑term milestones include temporary VSD replacements in Q2, 150 kV powerline/substation commissioning (power connection timing is the key startup risk and could shift first concentrate from early to mid‑Q3 without cost impact), and MacBay updates—production and 2026 cost outlook, timing of an expansion study and a lead‑silver circuit study—to be provided with Q2 results; they also approved ~$17 million of additional MacBay exploration for the remainder of 2026 (on top of an internal ~$4 million), expect a cash‑flow inflection later in 2026, maintain cash of ~ $630 million, a sustainable base dividend of $0.075 per share per quarter, opportunistic buybacks (>$80 million executed in Q1), and continue to prioritize funding for high‑return expansions, exploration, balance‑sheet strength (including a $500 million high‑yield bond maturing 2029) and shareholder returns.Eldorado Gold Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
73
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.00B | 1.85B | 1.32B | 1.01B | 871.46M | 943.47M |
| Gross Profit | 988.83M | 830.50M | 507.93M | 513.45M | 171.69M | 292.77M |
| EBITDA | 1.08B | 1.04B | 710.50M | 458.20M | 289.46M | 427.12M |
| Net Income | 574.31M | 516.14M | 289.12M | 104.63M | -49.37M | 11.10M |
Balance Sheet | ||||||
| Total Assets | 6.70B | 6.72B | 5.84B | 4.99B | 4.46B | 4.93B |
| Cash, Cash Equivalents and Short-Term Investments | 629.72M | 867.77M | 995.73M | 544.44M | 314.87M | 481.49M |
| Total Debt | 1.24B | 1.30B | 937.72M | 658.81M | 511.36M | 511.89M |
| Total Liabilities | 2.38B | 2.44B | 1.95B | 1.48B | 1.26B | 1.29B |
| Stockholders Equity | 4.32B | 4.27B | 3.90B | 3.52B | 3.20B | 3.57B |
Cash Flow | ||||||
| Free Cash Flow | -322.36M | -195.41M | 15.54M | -29.34M | -108.99M | 55.83M |
| Operating Cash Flow | 698.20M | 686.12M | 645.25M | 383.31M | 211.00M | 362.37M |
| Investing Cash Flow | -1.00B | -783.88M | -630.61M | -395.68M | -370.89M | -265.88M |
| Financing Cash Flow | -62.67M | 88.44M | 301.27M | 273.88M | -41.34M | -67.13M |
Eldorado Gold Technical Analysis
Negative
47.25
Price Trends
47.11
Negative
52.29
Negative
45.16
Negative
Market Momentum
-0.30
Negative
44.22
Neutral
72.74
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ELD, the sentiment is Negative. The current price of 47.25 is above the 20-day moving average (MA) of 43.86, above the 50-day MA of 47.11, and above the 200-day MA of 45.16, indicating a bearish trend. The MACD of -0.30 indicates Negative momentum. The RSI at 44.22 is Neutral, neither overbought nor oversold. The STOCH value of 72.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | C$9.70B | 7.89 | 34.87% | 0.42% | 61.07% | 163.91% | |
77 Outperform | C$9.94B | 11.74 | 22.46% | 0.51% | 75.48% | 95.86% | |
75 Outperform | C$9.07B | 7.74 | 15.70% | 1.71% | 85.46% | ― | |
66 Neutral | C$7.68B | 19.24 | 48.81% | ― | 2793.48% | ― | |
64 Neutral | C$11.46B | 12.45 | 13.68% | ― | 39.21% | 76.75% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:ELD
Eldorado Gold
43.51
18.60
74.68%
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Eldorado Gold Corporate Events
Business Operations and StrategyDelistings and Listing ChangesM&A Transactions
Eldorado Gold Closes Foran Mining Acquisition, Expands Copper Portfolio
Positive
Apr 14, 2026
Eldorado Gold has completed its acquisition of Foran Mining, adding the McIlvenna Bay copper-zinc-gold-silver project in the Flin Flon Greenstone Belt to its portfolio and increasing its exposure to critical mineral copper. The deal strengthens El...
Business Operations and StrategyFinancial Disclosures
Eldorado Gold Sets Date for Q1 2026 Results and Investor Call
Neutral
Apr 13, 2026
Eldorado Gold plans to release its financial and operational results for the first quarter of 2026 after markets close on April 30, 2026. The company will follow the release with a webcast and conference call on May 1, 2026, giving investors and a...
Business Operations and StrategyM&A TransactionsShareholder Meetings
Eldorado Gold Wins Strong Shareholder Backing for Foran Mining Deal
Positive
Apr 7, 2026
Eldorado Gold shareholders have overwhelmingly backed the company’s planned acquisition of Foran Mining, approving the issuance of new Eldorado common shares under the proposed plan of arrangement, with 84.21% of votes cast in favour. The st...
Business Operations and StrategyM&A TransactionsShareholder Meetings
Eldorado Gold and Foran Mining Press Investors to Approve Growth-Focused Acquisition Deal
Positive
Apr 1, 2026
Eldorado Gold and Foran Mining are urging their respective investors to back resolutions needed to complete a previously announced plan of arrangement under which Eldorado will acquire Foran. Foran shareholders would receive Eldorado shares plus a...
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 ...
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.