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Eldorado Gold
(TSX:ELD)
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Rating:76Outperform
Price Target:
C$50.00
▼(-23.30% Downside)
Action:Upgraded
Date:08/17/26
Overall score is driven primarily by strong financial profitability and an improving balance sheet, tempered by weak/negative free cash flow. Technicals add support with a strong uptrend and positive momentum. Valuation is reasonable on earnings but offers limited dividend support, while the earnings call was constructive on ramp-up milestones yet highlighted near-term leverage, cost, and execution/timing risks.
Positive Factors
Strong revenue and earnings growth
Strong revenue, margins, and earnings demonstrate substantial operating profitability in the latest period. The improvement from the 2022 loss indicates meaningful recovery in the business and provides a stronger base for funding mine development and sustaining investment.
Negative Factors
Negative free cash flow from project investment
Negative free cash flow shows that reported profitability is not yet translating into internally generated cash after investment requirements. Continued project spending can pressure funding capacity and may delay balance-sheet improvement until Skouries and McIlvenna Bay reach commercial production.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue and earnings growth
Strong revenue, margins, and earnings demonstrate substantial operating profitability in the latest period. The improvement from the 2022 loss indicates meaningful recovery in the business and provides a stronger base for funding mine development and sustaining investment.
Read all positive factors
Eldorado Gold (ELD) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$11.58B
Dividend Yield0.7%
Average Volume (3M)802.91K
Price to Earnings (P/E)11.1
Beta (1Y)1.98
Revenue Growth27.53%
EPS Growth41.90%
CountryCA
Employees8,400
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)2.85
Shares Outstanding261,319,850
10 Day Avg. Volume813,552
30 Day Avg. Volume802,907
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$67.56Price Target Upside3.64% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)4.39
Revenue Forecast (FY)C$3.70B
Eldorado Gold Business Overview & Revenue Model
Company Description
Headquartered in Vancouver, Canada, Eldorado Gold Corporation is an international mining firm, established in 1992. The company's activities encompass the exploration, development, extraction, and sale of various mineral products across its primar...
How the Company Makes Money
Eldorado Gold makes money primarily by producing and selling gold from its mining operations. Revenue is generated when ore is mined and processed into saleable products—commonly gold doré bars (and, where applicable, concentrates)—which are sold ...
Eldorado Gold Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and strategic outlook with material near-term milestones: Skouries moving through commissioning with first ore crushed and McIlvenna Bay producing first concentrates and ramping toward commercial production. Financial results benefited from a strong realized gold price, producing revenue and adjusted earnings growth, and the company retains robust liquidity. Offsetting risks include elevated project spending driving negative free cash flow this quarter, peak leverage (~$1.75 billion), rising production costs and higher AISC at several mines, and some timing risk on Skouries grid energization (mitigated by gensets). On balance the achievements and clear pathway to transformative production and cash-flow inflection outweigh the near-term cost and timing pressures.Positive Updates
Major Commissioning Milestones at Skouries and McIlvenna Bay
Skouries: first ore crushed, process plant substantially complete, wet commissioning underway, two tailings thickeners ready, 2 of 6 filters commissioned, construction workforce reduced from ~3,200 to ~2,650; McIlvenna Bay: first copper concentrate produced (June) and first zinc concentrate (July), plant operating at ~70% throughput when running, targeting commercial production in Q3.
Negative Updates
Rising Production Costs and Higher AISC
Production costs increased to $185 million in Q2 2026 from $162 million in Q2 2025 (+14.2%); total cash costs averaged $1,432/oz sold and AISC averaged $1,926/oz sold (year-over-year increase driven by higher royalties, labor, contractors, maintenance and lower ounces sold).
Read all updates
Q2-2026 Updates
Positive
Negative
Major Commissioning Milestones at Skouries and McIlvenna Bay
Skouries: first ore crushed, process plant substantially complete, wet commissioning underway, two tailings thickeners ready, 2 of 6 filters commissioned, construction workforce reduced from ~3,200 to ~2,650; McIlvenna Bay: first copper concentrate produced (June) and first zinc concentrate (July), plant operating at ~70% throughput when running, targeting commercial production in Q3.
Read all positive updates
Company Guidance
The company guided that 2026 is a pivotal year with Skouries reaching first ore crushed and first concentrate expected in Q3 and commercial production targeted in Q4 (plant substantially complete, wet commissioning underway, 2 of 6 filters ready, conveyors largely installed, workforce down from ~3,200 to ~2,650, ~4.0 million tonnes of ore stockpiled), Skouries project cost guidance remains ~$1.315 billion with $1.27 billion spent to Q2 and $201.3 million of $260 million accelerated operating capital incurred, and grid connection (50 MW capacity) is expected by end-August after a mid‑August inspection while temporary gensets provide ~36 MW for commissioning; McIlvenna Bay produced first copper concentrate in June and first zinc in July (Q2 throughput ~5,405 tonnes noted), is operating at roughly 70% throughput when running, and management is targeting commercial production later in Q3 (management’s commercial definition: 60–80% of nameplate for 30–60 days), with Q2 project spend of $78 million, Q3 McBay CapEx budgeted at ~$90 million and longer‑term studies targeting expansion to ~7,000 tpd and a silver‑lead circuit (commissioning targeted 2028, expansion 2030); corporate Q2 actuals and liquidity metrics included production of 105,000 oz gold (103,000 oz sold), revenue $487M, realized gold price $4,379/oz, production costs $185M, total cash costs $1,432/oz sold, AISC $1,926/oz sold, net earnings $173M ($0.68/sh) and adjusted net earnings $137M ($0.54/sh), cash $555M with ~$300M revolver capacity, total debt ~$1.75B, free cash flow -$334M (including ~$214M invested at Skouries; underlying business FCF excluding the two growth projects ~+$41M), H1 buybacks ~2.4M shares for $84M and dividends paid $34M, and management said peak leverage has been reached with debt servicing starting end of year and a minimum cash comfort level around $250M.Eldorado Gold Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.02B | 1.85B | 1.32B | 1.01B | 871.46M | 943.47M |
| Gross Profit | 984.86M | 830.50M | 507.93M | 513.45M | 171.69M | 292.77M |
| EBITDA | 1.10B | 1.03B | 710.50M | 458.20M | 289.46M | 427.12M |
| Net Income | 604.66M | 516.14M | 289.12M | 104.63M | -49.37M | 11.10M |
Balance Sheet | ||||||
| Total Assets | 10.24B | 6.72B | 5.84B | 4.99B | 4.46B | 4.93B |
| Cash, Cash Equivalents and Short-Term Investments | 553.66M | 867.77M | 995.73M | 544.44M | 314.87M | 481.49M |
| Total Debt | 1.76B | 1.30B | 937.72M | 658.81M | 511.36M | 511.89M |
| Total Liabilities | 3.38B | 2.44B | 1.95B | 1.48B | 1.26B | 1.29B |
| Stockholders Equity | 6.85B | 4.27B | 3.90B | 3.52B | 3.20B | 3.57B |
Cash Flow | ||||||
| Free Cash Flow | -624.28M | -195.41M | 15.54M | -29.34M | -108.99M | 55.83M |
| Operating Cash Flow | 658.16M | 686.12M | 645.25M | 383.31M | 211.00M | 362.37M |
| Investing Cash Flow | -1.11B | -783.88M | -630.61M | -395.68M | -370.89M | -265.88M |
| Financing Cash Flow | -66.28M | 88.44M | 301.27M | 273.88M | -41.34M | -67.13M |
Eldorado Gold Technical Analysis
Negative
65.19
Price Trends
56.79
Negative
50.86
Negative
51.18
Negative
Market Momentum
-2.74
Positive
28.29
Positive
8.31
Positive
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 65.19 is above the 20-day moving average (MA) of 52.11, above the 50-day MA of 56.79, and above the 200-day MA of 51.18, indicating a bearish trend. The MACD of -2.74 indicates Positive momentum. The RSI at 28.29 is Positive, neither overbought nor oversold. The STOCH value of 8.31 is Positive, 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 |
|---|---|---|---|---|---|---|---|
87 Outperform | C$12.29B | 13.20 | 24.39% | 0.40% | 96.03% | 113.85% | |
83 Outperform | C$7.71B | 6.92 | 37.64% | 1.19% | 55.87% | 135.78% | |
76 Outperform | C$11.58B | 11.11 | 12.38% | 0.70% | 27.53% | 41.90% | |
75 Outperform | C$8.78B | 15.70 | 51.31% | 0.13% | 411.07% | 541.04% | |
69 Neutral | C$8.84B | 8.18 | 21.87% | 1.66% | 72.47% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:ELD
Eldorado Gold
44.32
9.37
26.80%
TSE:BTO
B2Gold
6.69
-0.14
-2.11%
TSE:OGC
OceanaGold
34.67
3.97
12.95%
TSE:DPM
DPM Metals
56.02
25.19
81.68%
TSE:ARTG
Artemis Gold
37.67
5.44
16.89%
Eldorado Gold Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
EU Grants Strategic Project Status to Eldorado Gold’s Skouries Mine
Positive
Oct 9, 2026
Eldorado Gold’s Skouries copper-gold mine in northern Greece has been designated a Strategic Project under the European Union’s Critical Raw Materials Act, recognizing its role in bolstering Europe’s domestic supply of critical c...
Business Operations and Strategy
Eldorado Gold Energizes Skouries Mine With Permanent Grid Connection
Positive
Sep 28, 2026
Eldorado Gold has completed the permanent grid power connection for its Skouries mine in northern Greece, a key infrastructure milestone that follows recent first copper-gold concentrate output at the site. The energization, approved by the Greek ...
Business Operations and StrategyFinancial Disclosures
Eldorado Gold Updates Schedule for Q3 2026 Results Call
Positive
Sep 21, 2026
Eldorado Gold will release its third-quarter 2026 financial and operational results after markets close on October 28, 2026. The miner will follow the disclosure with a conference call on October 29, 2026, at 9:00 a.m. ET, offering stakeholders th...
Business Operations and Strategy
Eldorado Gold Hits First Copper-Gold Concentrate Milestone at Skouries
Positive
Sep 8, 2026
Eldorado Gold has produced the first copper-gold concentrate at its wholly owned Skouries project in northern Greece, marking the transition from construction to operations and paving the way for commercial production expected in the fourth quarte...
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.