Eldorado Gold Corporation (ELD.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-202.4%

-CA$46.09

vs CA$45.01 price

Levered DCF

-CA$18.00

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.77

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.14×	9.77×	23.16×	-30.85×	152.46×	18.14×	15.73×	-1.29×
P/B	1.71×	0.76×	0.69×	0.47×	0.47×	0.63×	0.37×	0.14×
P/S	3.94×	2.22×	2.4×	1.75×	1.79×	2.21×	2.07×	1.01×
EV / EBITDA	7.51×	4.25×	5.54×	6.05×	4.03×	4.9×	7.48×	-2.19×
Gross margin	44.9%	38.4%	50.9%	19.7%	31.0%	32.6%	20.8%	18.3%
Operating margin	41.5%	31.7%	18.0%	8.1%	22.6%	22.3%	9.6%	-103.9%
Net margin	27.9%	21.8%	10.4%	-5.7%	1.2%	12.2%	13.1%	-78.8%
Current ratio	1.83×	3.6×	3.39×	3×	3.52×	2.92×	1.97×	3.63×
Debt / equity	0.3×	0.24×	0.19×	0.16×	0.14×	0.15×	0.15×	0.18×
Interest coverage	27.26×	20.84×	5.97×	2.01×	3.14×	4.72×	1.36×	-132.47×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.1%	7.4%	3.0%	-1.5%	0.3%	3.5%	2.4%	-11.0%
Return on invested capital	12.3%	5.3%	2.5%	-6.9%	0.3%	2.7%	0.8%	-8.6%
Return on assets	7.7%	5.0%	2.1%	-1.1%	0.2%	2.5%	1.7%	-7.8%
Free cash flow yield	-2.7%	0.5%	-1.2%	-7.2%	3.3%	9.7%	-4.2%	-52.9%
Earnings yield	7.1%	9.8%	4.3%	-3.2%	0.7%	5.5%	6.3%	-77.9%
Enterprise value	CA$7.7B	CA$3B	CA$2.5B	CA$1.8B	CA$1.7B	CA$2.3B	CA$1.6B	CA$780.8M
Net debt / EBITDA	0.42×	0.11×	0.26×	0.8×	0.07×	0.16×	1.53×	-0.89×
Cash conversion cycle (days)	89	105	123	79	69	71	93	114