Eldorado Gold
EGONYSEUSD
- — Source valuation snapshot. Not a live recalculation.
- — Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- — Diluted earnings per share from the latest filed annual.
- $37.42 Prior regular-session close from the quote source.
- $35.12–$36.35 Regular-session low and high so far today.
- 1.7M Regular-session shares traded · Nov 10, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $26.56–$51.16 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own EGO if high realized metals prices and mine execution persist, the business can compound value, but the equity can disappoint quickly if current profitability proves cyclical.
EGO price history
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INVESTMENT THESIS
What must happen next
Eldorado’s mines continue converting favorable gold and silver market conditions into higher sales because production availability and realized commodity prices remain supportive.StrengtheningMateriality: High
IFRS annual revenue rose from $1.009 billion in FY2023 to $1.323 billion in FY2024 and $1.819 billion in FY2025. If this holds, Eldorado has operating leverage to a constructive precious-metals cycle; if it breaks, the revenue base can fall before fixed mining costs adjust.
Watch: A sustained decline in gold prices driven by higher real rates, a stronger U.S. dollar, or weaker investment/central-bank demand would break the commodity-price leg before reported revenue rolls over.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual revenue rose from $1.009 billion in FY2023 to $1.323 billion in FY2024 and $1.819 billion in FY2025.
Open source ↗Eldorado’s cost base and mine execution allow commodity-price gains to expand mine-level profitability rather than being fully consumed by labor, energy, consumables, and sustaining-capital inflation.StrengtheningMateriality: High
IFRS annual gross profit increased from $268.5 million in FY2023 to $507.0 million in FY2024 and $882.7 million in FY2025. This determines whether higher metals revenue becomes owner earnings or merely offsets higher mining costs.
Watch: Persistent inflation in diesel, power, reagents, explosives, steel, or contractor labor would break the margin mechanism before gross profit compresses.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual gross profit increased from $268.5 million in FY2023 to $507.0 million in FY2024 and $882.7 million in FY2025.
Open source ↗The current earnings power is becoming repeatable operating profit rather than a one-off recovery from prior losses.StrengtheningMateriality: Medium
IFRS annual operating income rose from $41.7 million in FY2022 to $182.0 million in FY2023, $419.4 million in FY2024, and $727.4 million in FY2025. Repeatable operating profit supports reinvestment and per-share value; one-off earnings leave the stock exposed to a sharp reset when the cycle turns.
Watch: A major impairment, reserve downgrade, or mine-plan revision would suggest that recent accounting profits overstate sustainable asset economics.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual operating income rose from $41.7 million in FY2022 to $182.0 million in FY2023, $419.4 million in FY2024, and.
Open source ↗Eldorado’s liquidity remains sufficient to fund mine development, sustaining capital, and downside commodity volatility without forcing distressed financing.StrengtheningMateriality: Medium
Cash and cash equivalents were $869.4 million at FY2025 year-end, up from $856.8 million at FY2024 year-end and $540.5 million at FY2023 year-end. A strong balance sheet lets owners capture the cycle; a funding gap transfers value to lenders or new equity holders.
Watch: Large development-capital overruns or schedule delays would consume liquidity before the related production benefit arrives.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and cash equivalents were $869.4 million at FY2025 year-end, up from $856.8 million at FY2024 year-end and $540.5 million.
Open source ↗Operational gains translate into per-share earnings rather than being offset by dilution, impairments, or financing costs.StrengtheningMateriality: Medium
IFRS annual diluted EPS improved from a loss of $1.93 in FY2022 to $0.54 in FY2023, $1.41 in FY2024, and $2.47 in FY2025. Owners only benefit if mine-level improvement reaches each share; dilution or non-operating charges can erase the commodity upside.
Watch: Equity issuance to fund development, acquisitions, or balance-sheet repair would dilute the benefit of operating gains.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual diluted EPS improved from a loss of $1.93 in FY2022 to $0.54 in FY2023, $1.41 in FY2024, and.
Open source ↗
Full investment case & evidence
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Original research
Eldorado’s mines continue converting favorable gold and silver market conditions into higher sales because production availability and realized commodity prices remain supportive. If this holds, Eldorado has operating leverage to a constructive precious-metals cycle; if it breaks, the revenue base can fall before fixed mining costs adjust.
Eldorado’s cost base and mine execution allow commodity-price gains to expand mine-level profitability rather than being fully consumed by labor, energy, consumables, and sustaining-capital inflation. This determines whether higher metals revenue becomes owner earnings or merely offsets higher mining costs.
The current earnings power is becoming repeatable operating profit rather than a one-off recovery from prior losses. Repeatable operating profit supports reinvestment and per-share value; one-off earnings leave the stock exposed to a sharp reset when the cycle turns.
Eldorado’s liquidity remains sufficient to fund mine development, sustaining capital, and downside commodity volatility without forcing distressed financing. A strong balance sheet lets owners capture the cycle; a funding gap transfers value to lenders or new equity holders.
Operational gains translate into per-share earnings rather than being offset by dilution, impairments, or financing costs. Owners only benefit if mine-level improvement reaches each share; dilution or non-operating charges can erase the commodity upside.
All standing thesis claims
Original report summary
high realized metals prices and mine execution persist, the business can compound value, but the equity can disappoint quickly if current profitability proves cyclical.
BULL CASE / BEAR CASE
Bull case and bear case for Eldorado Gold
Where the evidence on Eldorado Gold stands: Strengthening on the latest evidence (Oct 15, 2026). Of its 5 thesis points, 5 strengthening.
Bull case: what the evidence supports
Eldorado’s mines continue converting favorable gold and silver market conditions into higher sales because production availability and realized commodity prices remain supportive.
Eldorado’s cost base and mine execution allow commodity-price gains to expand mine-level profitability rather than being fully consumed by labor, energy, consumables, and sustaining-capital inflation.
The current earnings power is becoming repeatable operating profit rather than a one-off recovery from prior losses.
Eldorado’s liquidity remains sufficient to fund mine development, sustaining capital, and downside commodity volatility without forcing distressed financing.
Operational gains translate into per-share earnings rather than being offset by dilution, impairments, or financing costs.
Bear case: what would count against it
A sustained decline in gold prices driven by higher real rates, a stronger U.S. dollar, or weaker investment/central-bank demand would break the commodity-price leg before reported revenue rolls over.
Persistent inflation in diesel, power, reagents, explosives, steel, or contractor labor would break the margin mechanism before gross profit compresses.
A major impairment, reserve downgrade, or mine-plan revision would suggest that recent accounting profits overstate sustainable asset economics.
Thesis-Break Engine
What has broken in Eldorado Gold’s thesis
Each break OptimistFi flagged on Eldorado Gold, dated — with what has historically followed the same kind of break across the market, not a forecast for Eldorado Gold.
- Sharp drawdowncondition set before this filing
Across all companies, this kind of break has happened 15,428 times before. Those stocks beat comparable companies by a median of 1% over the next six months, and 33% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MIXEDForeign issuer material report (6-K).
Eldorado Gold filed an SEC report on 2026-10-09: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MIXEDForeign issuer material report (6-K).
Eldorado Gold filed an SEC report on 2026-09-28: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MIXEDForeign issuer material report (6-K).
Eldorado Gold filed an SEC report on 2026-09-22: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
RISKS / FALSIFIERS
What could break the thesis
- A sustained decline in gold prices driven by higher real rates, a stronger U.S. dollar, or weaker investment/central-bank demand would break the commodity-price leg before reported revenue rolls over.
- Persistent inflation in diesel, power, reagents, explosives, steel, or contractor labor would break the margin mechanism before gross profit compresses.
- A major impairment, reserve downgrade, or mine-plan revision would suggest that recent accounting profits overstate sustainable asset economics.
- Large development-capital overruns or schedule delays would consume liquidity before the related production benefit arrives.
- Equity issuance to fund development, acquisitions, or balance-sheet repair would dilute the benefit of operating gains.
EGO news
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FINANCIAL STATEMENTS
EGO income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
EGO: quick answers
- What is EGO's short interest?
- As of October 30, 2026, 15.0M EGO shares were sold short, up 9.8% from the count before. At the stock's average daily volume that is 3.6 days to cover. FINRA publishes the count twice a month. EGO short interest history
- Have members of Congress traded EGO?
- 1 trade in EGO has been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed EGO trade
- Which well-known investors own EGO?
- 1 of the 37 well-known funds tracked here reported EGO shares in their latest 13F filing. By share of the fund's portfolio: Fairfax Financial (Prem Watsa), 16.2%. Fund portfolios
EGO in well-known investors’ portfolios
1 of 37 funds reported EGO shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Prem WatsaFairfax Financial | 16.2% | $427M | New | Q2 2026 |