Coeur Mining

CDE · NYSE · Materials · Financials, fiscal 2016 to 2025

CDE · Last close · October 26, 2026

$13.64

Coeur Mining's revenue rose 96.4% to $2.1 billion in fiscal 2025. Its operating margin was 34.1%, up from 15.6% a year earlier. Free cash flow was $666 million. The diluted share count rose 54.7%.

COEUR MINING, INC. Latest fiscal year ended December 31, 2025 10-K filed February 18, 2026 · 0000215466-26-000004 Updated October 14, 2026

Revenue

$2.1B

96.4%

Operating margin

34.1%

18.6 pts

Net income

$586M

894.7%

Free cash flow

$666M

Return on equity

26.4%

20.9 pts

Market cap

$14.1B

Oct 26 close

P/E

—

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. From 2023 Coeur Mining's filings label its long-term debt in their own way, which the SEC's structured data leaves out, so debt is blank from 2023.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 12.1% a year and net income 30.0% a year, as new shares raised the share count by 276% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Coeur Mining yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Coeur Mining's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Coeur Mining's net cash, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in the quarter to June 30, 2026. The count changed sharply since the 10-K (a stock split, merger or spin-off can do that), so this is the one that matches the share price.

Your assumptions

Start from

Fitted to Coeur Mining's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 13% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $13.64
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Coeur Mining's earnings per share of $0.95 (in fiscal 2025). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 19.9×, the average of its peers' median and the Materials median for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$ Diluted earnings per share in fiscal 2025, from the 10-K. Careful: Coeur Mining's share count has changed sharply since (a merger or spin-off can do that), so these earnings may not match the company its share price now buys.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Royal Gold, Newmont.

Earnings growth in the years ahead (% a year) Starts at Coeur Mining's revenue growth over the last 3 years, 38.1% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $13.64
Value at this multiple, against the last close: —

Company	Last close	Earnings per share	P/E today
Royal GoldRGLD	$234.11	$9.04	25.9×
NewmontNEM	$110.39	$8.60	12.8×
Coeur MiningCDE	$13.64	$0.95	—

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	57	94	62	55	554
Debt incl. finance leases	458	491	—	—	—
Net debt (negative means net cash)	401	398	—	—	—
Net debt to EBITDA	2.7x	5.5x	—	—	—
Debt to equity	0.6x	0.6x	—	—	—
Interest coverage	1.2x	−1.6x	−1.3x	3.2x	22.3x
Current ratio	1.2x	1.4x	0.9x	0.8x	2.5x
Quick ratio	1.0x	1.1x	0.7x	0.6x	2.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $10,763 of Coeur Mining shares on the open market, and 4 insiders sold $2.1 million, $410,600 of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 8, 2026	Casey M. NaultEVP, GC & Secretary	Sold plan	10,000	$21.06	$210,600	Form 4
Aug 19, 2026	Thompson J KennethDirector	Sold	25,000	$20.77	$519,250	Form 4
Aug 19, 2026	Casey M. NaultEVP, GC & Secretary	Sold plan	10,000	$20.00	$200,000	Form 4
Aug 19, 2026	Thomas S WhelanEVP & CFO	Sold	6,000	$20.87	$125,220	Form 4
Jun 12, 2026	Aoife McGrathEVP, Exploration	Bought	635	$16.95	$10,763	Form 4
Jun 1, 2026	Kenneth J WatkinsonVP, Corporate Controller & CAO	Sold	39,000	$18.60	$725,400	Form 4
Nov 10, 2025	Kenneth J WatkinsonVP, Corporate Controller & CAO	Sold	22,001	$15.05	$331,115	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Pass
F-score	—	—	—
Accruals ratio	−8.7%	−5.3%	−8.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Coeur Mining side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Coeur Mining	FY25	96.4%	34.1%	32.2%	—	—	—
Royal Gold	FY25	43.2%	61.9%	—	9.7%	0.8x	6	Compare
AngloGold Ashanti	FY25	70.8%	—	33.7%	36.0%	−0.1x	8	Compare
Newmont	FY25	21.3%	—	32.2%	20.6%	−0.2x	8	Compare
Minerals Technologies	FY25	−2.2%	2.3%	4.2%	1.6%	—	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	572	710	626	712	786	833	786	821	1,054	2,070
Revenue growth	1.9%	24.1%	−11.8%	13.7%	10.4%	6.0%	−5.7%	4.5%	28.4%	96.4%
Gross profit	236	269	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	−39	−39	164	707
Net income	55	−1	−48	−341	26	−31	−78	−104	59	586
Diluted EPS (US$)	0.34	−0.01	−0.26	−1.56	0.11	−0.13	−0.28	−0.30	0.15	0.95
Diluted shares (millions)	164	184	189	219	242	250	275	343	397	615
Cash flow
Cash from operations	126	208	17	92	149	110	26	67	174	887
Capital expenditure	94	137	141	100	99	310	352	365	183	221
Free cash flow	31	72	−123	−8	49	−199	−327	−297	−9	666
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	1	156	7	0	0	0	0	0	10	94
Stock-based compensation	10	10	8	9	8	14	10	11	12	19
Balance sheet at fiscal year end
Cash and short-term investments	118	192	115	56	93	57	94	62	55	554
Debt incl. finance leases	199	381	434	273	253	458	491	—	—	—
Total assets	1,319	1,701	1,712	1,379	1,404	1,734	1,846	2,081	2,302	4,696
Total liabilities	550	886	860	712	710	934	957	1,057	1,178	1,383
Shareholders' equity	768	815	852	667	694	800	889	1,024	1,123	3,313
Margins and ratios
Gross margin	41.4%	38.0%	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	−5.0%	−4.7%	15.6%	34.1%
Net margin	9.7%	−0.2%	−7.7%	−48.0%	3.3%	−3.8%	−9.9%	−12.6%	5.6%	28.3%
Free cash flow margin	5.5%	10.1%	−19.7%	−1.1%	6.3%	−23.9%	−41.6%	−36.2%	−0.8%	32.2%
Return on capital	2.6%	3.0%	−3.0%	−25.6%	4.8%	1.0%	−2.5%	—	—	—
Return on equity	9.3%	−0.2%	−5.8%	−44.9%	3.8%	−4.2%	−9.2%	−10.8%	5.5%	26.4%
Return on assets	4.2%	−0.1%	−2.8%	−22.1%	1.8%	−2.0%	−4.4%	−5.3%	2.7%	16.8%
Net debt to EBITDA	0.6x	0.9x	3.7x	—	0.8x	2.7x	5.5x	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Coeur Mining's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Coeur Mining.