Breaking Down Coeur Mining, Inc. (CDE) Financial Health: Key Insights for Investors

You've seen Coeur Mining, Inc. (CDE) shares gain over 150% year-to-date, and now you're asking if the financial engine can sustain that kind of performance, especially after the massive strategic shift. The short answer is: the underlying financials are stronger than they've been in years, but the valuation is getting stretched. The company is projecting a full-year 2025 Adjusted EBITDA to exceed $1 billion and free cash flow to top $550 million, a huge leap driven by a record Q3 2025 revenue of $555 million and GAAP net income of $267 million. Plus, management is on track for a net cash position by year-end, having reduced total debt to $363.5 million. But, honestly, the market is already pricing in a lot of that good news, with the stock's Price-to-Sales (P/S) ratio of 5.6x sitting well above the industry median of 2.6x, so we need to look closer at the integration risk from the recent $7 billion New Gold acquisition. Is this a growth story with more room to run, or are we staring at a valuation correction? Let's break down the true financial health.

Revenue Analysis

You want to know if Coeur Mining, Inc. (CDE) can keep up its impressive run, and the short answer is that the 2025 revenue figures show a company hitting its stride, driven by production ramp-ups and strong metal prices. For the trailing twelve months (TTM) ending Q3 2025, Coeur Mining, Inc. generated approximately $1.70 billion in revenue, marking a massive year-over-year growth rate of over 68%. That's a significant jump from the prior year, and it tells you the operational improvements are translating directly to the top line.

The primary revenue streams for Coeur Mining, Inc. are exactly what you'd expect from a precious metals producer: gold and silver sales. In the third quarter of 2025, gold represented about 65% of the total quarterly revenue, with silver contributing the remaining 35%. This split is a key point: while gold is the larger earner, the substantial silver contribution acts as a valuable diversification, especially with silver prices exceeding $38.93 per ounce in Q3 2025.

Here's the quick math on the near-term growth: Q3 2025 revenue reached a record $555 million, a staggering 76.9% increase compared to the same period in 2024. This performance is largely attributable to higher realized metal prices-gold averaged $3,148 per ounce and silver averaged $38.93 per ounce in the quarter-plus, of course, stronger production volumes. Honestly, strong commodity prices make everything look better.

The contribution of different business segments, or mines, shows a healthy distribution that reduces single-asset risk. The company's operations are primarily located across the Americas, with U.S. operations accounting for roughly 55% of the Q3 2025 revenue. The operational strength is clear when you look at the Q3 2025 revenue breakdown by mine:

• Las Chispas (Mexico): $126.13 million
• Palmarejo (Mexico): $121.19 million
• Rochester (USA): $112.45 million
• Kensington (USA): $98.89 million
• Wharf (USA): $95.89 million

The biggest change in the revenue stream is the full ramp-up of the Las Chispas project, which was acquired in Q1 2025. This mine is now a top-tier revenue generator, driving significant cash flow. Plus, the transformative $7 billion acquisition of New Gold, announced in November 2025, is a game-changer for 2026 and beyond, projecting a major increase in gold and silver ounces and an expected $2 billion in free cash flow. That deal defintely changes the risk-reward profile for the better.

What this estimate hides, however, is that the high revenue growth is partly a function of the soaring gold and silver prices. If metal prices correct, the revenue growth rate, which analysts forecast to be around 15.92% annually through 2027, will rely more heavily on production efficiency and volume increases from projects like the Rochester expansion. You should also review the long-term strategic goals in the Mission Statement, Vision, & Core Values of Coeur Mining, Inc. (CDE). to see how they plan to sustain this momentum.

Profitability Metrics

You want to know if Coeur Mining, Inc. (CDE) is making real money, and the short answer is yes-the company has successfully turned the corner to sustained profitability in 2025, a critical shift from its historical performance. This turnaround is driven by higher realized metal prices and strong operational efficiency, leading to significant margin expansion.

For the trailing twelve months (TTM) ending September 30, 2025, Coeur Mining, Inc. reported revenue of approximately $1.701 billion, a substantial increase that underpins the improved margins. This isn't just a revenue story, though; it's a cost-control and production-ramp-up success story, especially at key operations like Rochester and Las Chispas.

Core Profitability Margins (Q3 2025)

Looking at the third quarter of 2025, the margins tell a clear story of strong operational leverage. The company's focus on cost management and higher production volumes translated directly into impressive profitability ratios, which are essential for any investor to track. Here's the quick math on the key margins:

• Gross Profit Margin: At roughly 50.6%, this margin is excellent, reflecting a gross profit of $280.69 million on revenue of $555 million for the quarter. This shows the cost of mining and processing (Cost of Goods Sold) is well-controlled relative to the price of the metals sold.
• Operating Profit Margin: The margin stood at 27.84%. This is your measure of core business efficiency, showing what's left after all operating expenses (like exploration and admin) are covered.
• Net Profit Margin: The bottom line net margin was 13.06%. This figure reflects the percentage of revenue Coeur Mining, Inc. keeps as profit after all expenses, including taxes and interest. The company reported a record GAAP net income of $267 million for Q3 2025.

Honestly, seeing a net margin in the double digits for a mining company that was historically challenged on profitability is a big deal. It signifies a defintely healthier financial foundation.

Profitability Trends and Operational Efficiency

The trend is the most compelling part of the Coeur Mining, Inc. story right now. The company has posted six consecutive quarters of GAAP net income, culminating in the record Q3 2025 results. This is a definitive break from the past five years, which included periods of net losses. The operational efficiency gains are clear:

• Cost Management: Higher sustained throughput rates at mines like Kensington and the full ramp-up of the Rochester expansion are driving down unit costs. Management has lowered cost guidance at three of its five mines, demonstrating effective cost control.
• Margin Expansion: The combination of strong production and higher realized prices for gold (averaging $3,148/oz in Q3 2025) and silver (averaging $38.93/oz in Q3 2025) is fueling this expansion. This operational improvement is expected to push full-year 2025 Adjusted EBITDA to over $1 billion and full-year Free Cash Flow to over $550 million.

Industry Context and Future Outlook

In the broader precious metals sector, 2025 has been marked by record margins. With gold trading above $4,000 per ounce in late 2025, nearly every producer is profitable, with All-in Sustaining Costs (AISC) averaging around $1,600/oz across the industry.

Coeur Mining, Inc.'s margins are expanding in a favorable environment, but they also reflect company-specific execution. The general gold mining industry saw its EBITDA margin decline slightly to 22% in 2024 (from 24% in 2023), but gold-focused companies saw a 31% rise in EBITDA due to record prices. Coeur Mining, Inc.'s Q3 2025 Operating Margin of 27.84% is competitive and shows the company is capitalizing on the high-price environment. Analysts are bullish on the continued margin growth, projecting net profit margins could increase from the current 13.1% to 32.3% within three years, assuming continued operational improvements.

What this estimate hides, though, is the risk of share dilution, as analysts estimate shares outstanding will grow by 7.0% per year for the next three years to fund aggressive asset investment. For a deeper look at the company's long-term vision, you should review Mission Statement, Vision, & Core Values of Coeur Mining, Inc. (CDE).

Debt vs. Equity Structure

You want to know how Coeur Mining, Inc. (CDE) is funding its growth, and the answer is clear: they are aggressively deleveraging and leaning into equity, which is a strong signal for investors. The company's financial strategy in 2025 has dramatically shifted toward a lower-risk capital structure, moving from a position of manageable leverage to one of near net-cash.

As of the third quarter of 2025, Coeur Mining, Inc.'s balance sheet shows a total debt of approximately $363.5 million. This is a significant reduction, as the company has repaid over $228 million of debt year-to-date in 2025, reflecting a commitment to strengthening its financial foundation. For context, the long-term debt component stood at about $338.66 million at the end of Q3 2025.

Debt-to-Equity: A Clear Advantage

The Debt-to-Equity (D/E) ratio is your key metric here, showing how much debt a company uses to finance its assets relative to shareholder equity (stockholders' equity). Coeur Mining, Inc.'s ratio is exceptionally low. Here's the quick math: with total debt of $363.5 million and total stockholders' equity at roughly $3.09 billion as of Q3 2025, the D/E ratio is approximately 0.12.

This is defintely a conservative figure, especially when mapped against the industry. The average D/E ratio for the broader Precious Metals & Minerals sector is around 0.80. Coeur Mining, Inc.'s 0.12 ratio signals a much lower reliance on debt financing compared to its peers, giving it substantial financial flexibility and a lower cost of capital. This low leverage is a major competitive advantage in a cyclical industry like mining.

Recent Deleveraging and Funding Strategy

The company's recent actions underscore a clear preference for equity and organic cash flow over debt. The acquisition of SilverCrest in February 2025, which brought the high-grade Las Chispas mine into the portfolio, was structured as an all-equity transaction, avoiding new debt to finance major growth.

The operational success in 2025, driven by higher realized metal prices and strong production, generated significant free cash flow-roughly $2 million per day in Q3 2025. This cash flow has been channeled directly into debt reduction:

• Repaid over $228 million of debt in 2025 YTD.
• Extinguished the remaining $110 million balance on the revolving credit facility in Q2 2025.
• Reduced net debt (Total Debt minus Cash) to below $100 million, bringing the net leverage ratio to a very conservative 0.1x adjusted EBITDA.

Management is confident in achieving a long-term goal of a net debt-to-EBITDA ratio of nil (zero) during the fourth quarter of 2025, which would place the company in a net-cash position heading into 2026. This shift means Coeur Mining, Inc. is funding its future capital expenditures and growth projects primarily through retained earnings and equity, not borrowed money, which is a powerful sign of financial health and resilience. For more on the operational drivers behind this financial strength, check out Breaking Down Coeur Mining, Inc. (CDE) Financial Health: Key Insights for Investors.

Liquidity and Solvency

You want to know if Coeur Mining, Inc. (CDE) can cover its near-term bills, and the answer is a qualified yes. The company's liquidity position in the 2025 fiscal year shows a healthy cushion, but it also highlights a common reality for miners: a heavy reliance on inventory. That's not a red flag, but it's defintely a point to watch.

The core numbers tell the story. Coeur Mining, Inc.'s Current Ratio is a solid 1.61 as of the latest reporting, meaning they have $1.61 in current assets for every dollar of current liabilities. This is a strong indicator of their ability to meet short-term obligations. But look at the Quick Ratio (or acid-test ratio), which strips out inventory-that drops to 0.60. This gap signals that a significant portion of their immediate liquidity is tied up in stockpiled gold and silver, which isn't cash until it's sold and delivered. One simple truth in this business: if metal prices drop, your quick ratio gets tested fast.

Working capital trends throughout 2025 have been positive, reflecting strong operational performance. While the change in working capital was a minor $(1) million in Q3 2025, it followed increases in Q2 ($45 million) and Q1 ($14 million), showing management is generally keeping a tight grip on the daily flow of funds. This is a good sign of efficiency, but the real strength comes from the cash flow statement.

The cash flow statement is where Coeur Mining, Inc.'s 2025 story shines. The company has been generating substantial cash from its operations, which is the best kind of liquidity. Here's the quick math on quarterly Operating Cash Flow (OCF), which has been climbing:

• Q1 2025 OCF: $68 million
• Q2 2025 OCF: $207 million
• Q3 2025 OCF: $238 million

On the investing and financing side, the trends are clear and strategic. Capital expenditures (capex), which are investing activities, have been manageable, totaling $49 million in Q3 2025, with about 70% allocated to sustaining existing operations. More importantly, the financing activities show a deliberate deleveraging: Coeur Mining, Inc. has repaid over $228 million of debt year-to-date, reducing total debt to $363.5 million. That's a huge step toward financial resilience.

The key liquidity strength is the anticipated cash balance, which is expected to surpass $500 million by the end of 2025. This puts the company on a clear path toward a net cash position in 2026. What this estimate hides, however, is the volatility of metal prices; any sharp correction could impact that year-end cash target. Still, the current financial footing is strong, and the debt reduction is a clear, actionable move that reduces risk. For a deeper dive into the company's valuation, you can check out Breaking Down Coeur Mining, Inc. (CDE) Financial Health: Key Insights for Investors.

Valuation Analysis

You are looking at Coeur Mining, Inc. (CDE) and asking the crucial question: Is this stock a bargain right now, or is the market getting ahead of itself? The direct takeaway is that analysts see a clear path for upside, giving the stock a consensus Buy rating with an average target price of $16.32. Considering the stock was trading around $14.81 in mid-November 2025, that suggests a modest, but defintely actionable, 10.2% potential return.

The market is pricing Coeur Mining, Inc. as a growth story, especially after their recent acquisition activity. When we look at the core valuation multiples, we see a company priced for significant earnings improvement, which is typical for a precious metals producer ramping up new mines like Rochester and Kensington. It's a risk-on valuation, not a deep-value play.

Is Coeur Mining, Inc. Overvalued or Undervalued?

To determine if Coeur Mining, Inc. is trading fairly, we compare its key ratios against both historical averages and its peer group. Here's the quick math using 2025 fiscal year estimates:

• Price-to-Earnings (P/E) Ratio: The forward P/E ratio for 2025 is estimated at roughly 19x. This is on the higher end for a basic materials company, but it reflects the market's expectation of strong earnings per share (EPS) growth, forecasted at $0.86 for the year.
• Enterprise Value-to-EBITDA (EV/EBITDA): The trailing twelve months (TTM) EV/EBITDA ratio sits at about 16.87 as of November 2025. For a capital-intensive mining operation, this multiple suggests a premium valuation, indicating investors are willing to pay a higher price per dollar of core operating profit.
• Price-to-Book (P/B) Ratio: This metric is less reliable for miners due to fluctuating commodity prices and asset impairment, but the high P/E and EV/EBITDA signal that the stock is priced above its book value, banking on future cash flows, not just current assets.

The stock is priced for execution. If they miss production targets, the valuation will correct fast.

Stock Performance and Analyst Sentiment

The stock's performance over the past year has been a roller coaster, demonstrating the volatility inherent in the silver and gold sectors. Over the last 12 months, Coeur Mining, Inc. stock delivered a massive gain of 141.12%. However, that momentum hit a wall recently, with the price dropping 36.02% in the past month, reflecting profit-taking or short-term operational concerns. The 52-week trading range is stark: a low of $4.58 and a high of $23.62.

This volatility is why the analyst consensus is so important. The overall sentiment is bullish, with a collective rating of Buy. Out of the analysts covering CDE, a significant portion recommends a Strong Buy or Buy, with a high price target reaching $25.00. This implies that while the near-term price action has been rough, the long-term fundamentals-especially production ramp-ups and the recent acquisition of New Gold-are compelling.

What this estimate hides is the fact that Coeur Mining, Inc. is not a dividend stock. As of November 2025, the company's dividend yield is 0.00%, and its payout ratio is also 0.00%. They are prioritizing capital expenditure and growth over returning capital to shareholders, which is an important consideration for income-focused investors.

For a deeper dive into the company's operational strengths and weaknesses, you can read our full analysis here: Breaking Down Coeur Mining, Inc. (CDE) Financial Health: Key Insights for Investors.

Next Step: Portfolio Manager: Re-evaluate CDE's weighting against your precious metals benchmark by Friday, focusing on the $12.00 low price target as a critical support level.

Risk Factors

You're looking at Coeur Mining, Inc. (CDE) because the Q3 2025 results show strong momentum-revenue hit $555 million, and they've repaid over $228 million in debt this year. That's real progress. But in the mining world, you have to be a trend-aware realist, so let's map out the near-term risks that could slow that train down.

The core challenge for Coeur Mining, Inc. (CDE) isn't just one big thing; it is a blend of market volatility and execution risk at key operational sites. The company's beta, a measure of stock volatility, sits around 1.79, meaning it moves much more sharply than the overall market. That's a signal of higher risk.

Here's the quick breakdown of the major risk categories, based on the latest filings:

• Market Volatility: Precious metals prices are great right now, with gold nearing $4,000/oz and silver exceeding $33/oz, but any sharp reversal would immediately pressure their margins.
• Operational Execution: The company is still managing operational challenges at the Rochester mine, which can affect production efficiency and, ultimately, cash flow.
• Reserve Depletion: Honestly, the biggest long-term risk for any miner is the need for ongoing exploration to sustain mine life. If new discoveries fall short, future production levels are at risk.

The company's risk profile, as of Q2 2025, shows a clear concentration in two areas that demand scrutiny from investors.

What this estimate hides is the impact of currency risk, specifically the Mexican peso, which influences cost structures at their Palmarejo and Las Chispas operations.

To be fair, Coeur Mining, Inc. (CDE) is taking clear, concrete actions to mitigate these risks. They are not just sitting on their hands. On the financial front, they've significantly bolstered their liquidity, with the cash balance more than doubling to $266 million in Q3 2025. Plus, they've aggressively reduced leverage, driving net debt below $100 million by the end of Q3. That's a defintely strong move to de-risk the balance sheet.

Operationally, the focus is on execution. The successful ramp-up at the Rochester expansion and the full contribution from the Las Chispas mine are central to their strategy. They are also investing heavily in exploration-around $30 million in Q2 2025 alone-to directly address the reserve replacement risk. This is the right action: use the current strong cash flow, with Q3 Adjusted EBITDA at $299 million, to fund future growth and mitigate long-term reserve risk. You can read more about the company's Breaking Down Coeur Mining, Inc. (CDE) Financial Health: Key Insights for Investors here.

Growth Opportunities

You're looking at Coeur Mining, Inc. (CDE) right now and seeing a company that's making a massive pivot, moving from a solid mid-tier producer to a major player. The near-term growth story is less about small operational tweaks and more about a seismic strategic shift, plus the tailwind of strong metal prices.

The biggest growth driver is the definitive agreement to acquire New Gold Inc., announced on November 3, 2025. This $7 billion all-stock transaction is a game-changer. It immediately transforms Coeur Mining, Inc. into a formidable, 100% North American-focused senior precious metals producer with a pro forma equity market capitalization of roughly $20 billion. It's all about scale and efficiency now, which is exactly what you want to see in a cyclical industry.

The financial projections for the combined entity are compelling. Management expects the new powerhouse to generate approximately $3 billion in EBITDA and $2 billion in free cash flow by 2026. Here's the quick math: that is a substantial leap from Coeur Mining, Inc.'s own strong 2025 full-year adjusted EBITDA projection, which is already expected to exceed $1 billion.

Beyond the acquisition, the organic growth is defintely still there, driven by key asset ramp-ups and exploration. The ongoing expansion at the Rochester mine and the successful integration of the Las Chispas operation are paying off, contributing to the company's record third-quarter 2025 revenue of $555 million.

• Rochester Expansion: Moving to steady-state production, contributing to margin expansion.
• Las Chispas Exploration: Discovery of the new "Promesa" vein strengthens confidence in extending the mine's high-grade resource base.
• Silvertip Potential: Ongoing exploration efforts here present significant opportunities for resource expansion.

This operational momentum, combined with higher realized metal prices-gold hit an average of $3,148 per ounce and silver $38.93 per ounce in Q3 2025-is what's driving the huge free cash flow generation, expected to top $550 million for the full year 2025.

The company's primary competitive advantage is now its sheer scale and geographic focus. Being a leading, diversified producer operating entirely within North America reduces geopolitical risk (a major concern in mining) and provides a strong foundation to capitalize on favorable market trends. They are also in a strong financial position, on track to achieve a net cash position by year-end 2025.

Analyst consensus for 2026, even before fully factoring in the New Gold synergies, points to revenues of US$2.4 billion and earnings per share (EPS) of US$1.27, a 100% increase over the prior year's estimate. That's a clear signal that the market sees a dramatically improved business model. You can read more about the financial details in Breaking Down Coeur Mining, Inc. (CDE) Financial Health: Key Insights for Investors.

What this estimate hides, though, is the execution risk of integrating a $7 billion acquisition. Still, the strategic rationale for the consolidation is sound: achieve greater scale and lower overall production costs. The combined entity is projected to produce around 900,000 ounces of gold and 20 million ounces of silver in 2026.

Here is a snapshot of the key growth projections: