NYSE:CDE
Coeur Mining, Inc.
A premier North American silver miner leveraging high-grade assets and strategic locations to deliver strong profitability in a recovering precious metals market.
Key Metrics
Investment Thesis
Bull Case
The stock offers compelling value given the massive jump in profitability, with net income increasing over eightfold year-over-year. Strong free cash flow generation provides ample liquidity for shareholder returns and potential expansion into new mining projects.
Bear Case
Despite recent gains, the company still carries a substantial retained earnings deficit of $2.48B, indicating historical volatility or past heavy investment costs. High leverage relative to total liabilities could restrict flexibility during periods of falling metal prices or rising interest rates.
About Coeur Mining, Inc.
Coeur Mining is a leading silver producer headquartered in Canada with significant operations in the United States, Mexico, and Europe. The company generates revenue primarily through the sale of refined silver and gold bullion to global markets, serving jewelry manufacturers, industrial users, and investors seeking inflation hedges.
Analysis
Management Discussion
The company has executed a remarkable financial turnaround, with net income surging from a modest $58.9M profit in 2024 to an impressive $585.9M in 2025. This performance is supported by robust operating cash flow of nearly $887M and a strategic reduction in liabilities, evidenced by the significant negative cash flows from financing activities which likely reflect share buybacks or debt repayment.
Industry Overview
The precious metals sector is currently experiencing a renaissance driven by industrial demand for silver in solar panels and electronic components, alongside investor demand for gold as an inflation hedge. This dual-demand dynamic supports price resilience and volume growth for top-tier producers like Coeur Mining.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $785.6M | $821.2M | $1.05B | $2.07B |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $785.6M | $821.2M | $1.05B | $2.07B |
| Operating Expenses | $849.1M | $889.7M | $889.8M | $1.36B |
| Operating Income | $-63.4M | $-68.5M | $164.2M | $707.0M |
| G&A | $39.5M | $41.6M | $47.7M | $57.2M |
| Stock-Based Comp | $10.0M | $11.4M | $12.0M | $19.2M |
| D&A | $111.6M | $99.8M | $125.0M | $251.1M |
| Other OpEx | $809.6M | $848.1M | $842.1M | $1.31B |
| Non-Operating Income | $0 | $0 | $-37.8M | $-24.5M |
| Interest Expense | $23.9M | $29.1M | — | — |
| Interest Income | $1.7M | $3.8M | $1.4M | $4.7M |
| Pre-Tax Income | $-63.4M | $-68.5M | $126.3M | $682.5M |
| Income Tax | $14.7M | $35.2M | $67.5M | $96.7M |
| Continuing Ops | $-78.1M | $-103.6M | $58.9M | $585.9M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $-78.1M | $-103.6M | $58.9M | $585.9M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $-78.1M | $-103.6M | $58.9M | $585.9M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $300.4M | $267.3M | $273.1M | $972.7M |
| Cash & Equivalents | $61.5M | $61.6M | $55.1M | $553.6M |
| Marketable Securities | — | $0 | — | — |
| Accounts Receivable | $36.3M | $31.0M | $29.9M | $69.2M |
| Inventory | $61.8M | $76.7M | $78.6M | $163.3M |
| Other Current Assets | $140.8M | $97.9M | $109.5M | $186.6M |
| Long-Term Assets | $1.55B | $1.81B | $2.03B | $3.72B |
| PP&E (Net) | $392.3M | $1.69B | $1.82B | $2.74B |
| Goodwill | — | — | — | $625.8M |
| Operating Leases | $24.6M | $14.1M | $23.9M | $15.8M |
| LT Securities | — | $0 | — | — |
| Other LT Assets | $1.13B | $111.2M | $187.1M | $336.5M |
| Total Assets | $1.85B | $2.08B | $2.30B | $4.70B |
| Current Liabilities | $219.4M | $289.6M | $330.8M | $393.1M |
| Accounts Payable | $96.1M | $115.1M | $125.9M | $148.9M |
| Current Leases | $11.6M | $10.0M | $11.6M | $12.0M |
| Taxes Payable | $7.9M | $11.8M | $36.5M | $116.2M |
| Other Current Liab | $103.8M | $152.8M | $156.9M | $116.1M |
| Long-Term Liabilities | $737.8M | $767.3M | $847.7M | $989.5M |
| LT Operating Leases | $14.9M | $6.3M | $14.8M | $6.5M |
| Other LT Liab | $722.8M | $761.0M | $832.9M | $983.0M |
| Total Liabilities | $957.1M | $1.06B | $1.18B | $1.38B |
| Shareholders' Equity | $889.0M | $1.02B | $1.12B | $3.31B |
| Retained Earnings | $-3.02B | $-3.12B | $-3.06B | $-2.48B |
| AOCI | $12.3M | $1.3M | $0 | — |
| Total L&E | $1.85B | $2.08B | $2.30B | $4.70B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-78.1M | $-103.6M | $58.9M | $585.9M |
| Non-Cash Adjustments | $56.5M | $68.2M | $-31.3M | $214.0M |
| Working Capital Changes | $47.3M | $102.7M | $146.6M | $87.0M |
| Cash from Operations | $25.6M | $67.3M | $174.2M | $886.9M |
| Cash from Investing | $-146.2M | $-303.7M | $-193.5M | $-127.8M |
| Cash from Financing | $125.0M | $236.1M | $13.9M | $-260.6M |
| FX Effect | $401.0K | $567.0K | $-1.1M | $425.0K |
| Net Change in Cash | $4.9M | $209.0K | $-6.5M | $498.8M |
| Beginning Cash | $58.3M | $63.2M | $63.4M | $56.9M |
| Ending Cash | $63.2M | $63.4M | $56.9M | $555.7M |
Frequently Asked Questions
How does Coeur Mining, Inc. make money?
The company operates through its core mining assets which produce silver as the primary revenue driver, alongside gold production from specific deposits. Revenue streams are further diversified by sales of refined bullion directly to global mints and industrial partners, supported by long-term off-take agreements that provide price stability.
What are the main risks for CDE?
Investors should consider the sensitivity of silver and gold prices to global economic cycles and inflation expectations. Operational risks include commodity-specific issues such as mine closures, geological challenges, and potential delays in project development. Additionally, geopolitical tensions in operating regions like Mexico could impact production continuity or logistics costs.
What is CDE's competitive advantage?
Coeur Mining benefits from a portfolio of high-grade, low-cost producing assets located in jurisdictions with stable regulatory environments. The company possesses significant net cash reserves allowing for strategic acquisitions or debt reduction without dilution, while maintaining a flexible cost structure compared to larger peers.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.