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CDE's Valuation Richer Than Industry: Should Investors Be Bullish?
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Key Takeaways
CDE's Q3 2025 revenue rose 77% to $555M, driven by balanced output across five North American mines.
CDE generated $237.7M in Q3 operating cash flow, doubled cash on hand and cut net leverage to 0.1X.
CDE is boosting growth via Rochester expansion, Las Chispas integration and a $67-$77M drilling program.
Coeur Mining, Inc. (CDE - Free Report) is currently trading at a forward 12-month price-to-sales multiple of 5.5X, above the industry’s average of 5.13X.
Image Source: Zacks Investment Research
Among its peers, Southern Copper Corporation (SCCO - Free Report) and Lundin Mining Corporation (LUNMF - Free Report) are trading at a forward 12-month price-to-sales multiple of 11.76X and 5.14X, respectively. CDE, SCCO and LUNMF all currently have a Value Score of D.
CDE has gained a whopping 229.9% over the past year compared with the Zacks Mining-Non Ferrous industry’s 94.3% increase and the S&P 500’s 17.4% rise.
Image Source: Zacks Investment Research
Technical indicators show that CDE has been trading above its 50-day and 200-day simple moving averages (SMA). The 50-day SMA is reading higher than the 200-day SMA, indicating a bullish trend.
Image Source: Zacks Investment Research
Let’s look at the CDE’s fundamentals to analyze the stock better.
Diversified Mines Drive CDE’s Revenue Surge
Coeur Mining’s diversified North American portfolio, which spans the Las Chispas silver-gold mine in Sonora, the Palmarejo gold-silver complex in Chihuahua, the Rochester silver-gold mine in Nevada, the Kensington gold operation in Alaska and the Wharf gold mine in South Dakota, continues to be a key driver of its strong quarterly results.
In the third quarter of 2025, CDE’s revenues were evenly spread across these five assets, with Palmarejo generating about 23%, Kensington 22%, Rochester 20%, Wharf 18% and Las Chispas roughly 17%.
Balanced contribution from its five wholly owned North American gold and silver operations, higher realized metal prices and increased sales volumes led to a 77% increase in its third-quarter revenues to $555 million. This trend is expected to have continued in the fourth quarter as well (results to be announced on Feb. 18, 2026). This balanced operational mix allows Coeur Mining to fully capitalize on higher metal prices and robust production levels across multiple regions, leading to better operational execution, reduced reliance on any single asset and reinforces the company’s overall growth trajectory.
The company’s financial transformation underpins a more resilient business model, deleveraging rapidly while still funding growth and returning capital.
Coeur Mining generated $237.7 million in cash flow from operating activities during the third quarter of 2025, a strong increase from $206.95 million in the previous quarter. CDE ended the quarter with $266.3 million in cash and equivalents, more than double its previous quarter's balance.
This robust operating cash flow forms a foundation for Coeur Mining’s capital deployment strategy, supporting capex, debt repayment and its shareholder return initiatives.
In the first nine months of 2025, it repaid more than $228 million of debt, reducing its total debt to $363.5 million and bringing its net-leverage ratio down to a very conservative 0.1.
Coeur Mining also invested $49 million in capital expenditures in the third quarter, of which about 70% was allocated to sustaining capex and 30% toward development projects. On the exploration front, the company spent $30 million, with $25 million expensed and $5 million capitalized, signaling a dual focus on reserve maintenance and future growth.
The cash cushion not only provides flexibility for further expansion but also reduces risk in a volatile commodity price environment.
New Assets and Drilling Power Coeur Mining’s Growth
The Rochester silver-gold mine in Nevada remains one of Coeur Mining’s most important growth engines. A major expansion project completed over the past few years has significantly increased the mine’s throughput capacity, with the new Stage VI leach pad and enhanced crushing circuit now in commercial production.
CDE’s acquisition of Las Chispas brought a high-grade, low-cost silver-gold asset into its portfolio early in 2025, contributing meaningfully to production and top-line results, including in the third quarter. Las Chispas’ strong performance has enhanced the overall production mix and cash flow and is expected to continue supporting revenue growth as the asset is fully integrated and optimized.
Coeur Mining is executing one of its largest exploration programs to date, with substantial drilling underway at Palmarejo, Kensington, Wharf, Rochester and Las Chispas, aimed at extending mine lives, improving grades and expanding reserves. The company announced a commitment of $67-$77 million for the same.
At the Silvertip project in British Columbia, Coeur Mining has more than tripled its land position and is undertaking expanded drilling programs aimed at increasing understanding of this polymetallic deposit. Early indicators suggest the potential for significant future resource additions.
The Zacks Consensus Estimate for 2025 and 2026 for CDE has been revised higher over the past 30 days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CDE’s fiscal 2025 earnings is currently pegged at 91 cents per share, suggesting year-over-year growth of 406%. The same for 2026 is pegged at $1.89 per share, indicating a year-over-year increase of 107.14%
Image Source: Zacks Investment Research
Final Thought: Buy CDE
A sharp top-line increase, steady contributions from five well-performing mines, and a cash balance that has more than doubled in just one quarter highlight a business operating at full strength. The ramp-up at Rochester, higher-grade output from Las Chispas, and an expanded exploration program further support meaningful gains in production and free cash flow.
Backed by improving fundamentals, firmer gold and silver prices and a healthier balance sheet, CDE is a solid pick for investors seeking strong leverage to the next rally in precious metals.
CDE currently carries a Zacks Rank of #1 (Strong Buy)
View the Zacks #1 Rank List
Image: Bigstock
CDE's Valuation Richer Than Industry: Should Investors Be Bullish?
Key Takeaways
Coeur Mining, Inc. (CDE - Free Report) is currently trading at a forward 12-month price-to-sales multiple of 5.5X, above the industry’s average of 5.13X.
Among its peers, Southern Copper Corporation (SCCO - Free Report) and Lundin Mining Corporation (LUNMF - Free Report) are trading at a forward 12-month price-to-sales multiple of 11.76X and 5.14X, respectively. CDE, SCCO and LUNMF all currently have a Value Score of D.
CDE has gained a whopping 229.9% over the past year compared with the Zacks Mining-Non Ferrous industry’s 94.3% increase and the S&P 500’s 17.4% rise.
Technical indicators show that CDE has been trading above its 50-day and 200-day simple moving averages (SMA). The 50-day SMA is reading higher than the 200-day SMA, indicating a bullish trend.
Let’s look at the CDE’s fundamentals to analyze the stock better.
Diversified Mines Drive CDE’s Revenue Surge
Coeur Mining’s diversified North American portfolio, which spans the Las Chispas silver-gold mine in Sonora, the Palmarejo gold-silver complex in Chihuahua, the Rochester silver-gold mine in Nevada, the Kensington gold operation in Alaska and the Wharf gold mine in South Dakota, continues to be a key driver of its strong quarterly results.
In the third quarter of 2025, CDE’s revenues were evenly spread across these five assets, with Palmarejo generating about 23%, Kensington 22%, Rochester 20%, Wharf 18% and Las Chispas roughly 17%.
Balanced contribution from its five wholly owned North American gold and silver operations, higher realized metal prices and increased sales volumes led to a 77% increase in its third-quarter revenues to $555 million. This trend is expected to have continued in the fourth quarter as well (results to be announced on Feb. 18, 2026). This balanced operational mix allows Coeur Mining to fully capitalize on higher metal prices and robust production levels across multiple regions, leading to better operational execution, reduced reliance on any single asset and reinforces the company’s overall growth trajectory.
Solid Cash Generation Enhances Financial Flexibility
The company’s financial transformation underpins a more resilient business model, deleveraging rapidly while still funding growth and returning capital.
Coeur Mining generated $237.7 million in cash flow from operating activities during the third quarter of 2025, a strong increase from $206.95 million in the previous quarter. CDE ended the quarter with $266.3 million in cash and equivalents, more than double its previous quarter's balance.
This robust operating cash flow forms a foundation for Coeur Mining’s capital deployment strategy, supporting capex, debt repayment and its shareholder return initiatives.
In the first nine months of 2025, it repaid more than $228 million of debt, reducing its total debt to $363.5 million and bringing its net-leverage ratio down to a very conservative 0.1.
Coeur Mining also invested $49 million in capital expenditures in the third quarter, of which about 70% was allocated to sustaining capex and 30% toward development projects. On the exploration front, the company spent $30 million, with $25 million expensed and $5 million capitalized, signaling a dual focus on reserve maintenance and future growth.
The cash cushion not only provides flexibility for further expansion but also reduces risk in a volatile commodity price environment.
New Assets and Drilling Power Coeur Mining’s Growth
The Rochester silver-gold mine in Nevada remains one of Coeur Mining’s most important growth engines. A major expansion project completed over the past few years has significantly increased the mine’s throughput capacity, with the new Stage VI leach pad and enhanced crushing circuit now in commercial production.
CDE’s acquisition of Las Chispas brought a high-grade, low-cost silver-gold asset into its portfolio early in 2025, contributing meaningfully to production and top-line results, including in the third quarter. Las Chispas’ strong performance has enhanced the overall production mix and cash flow and is expected to continue supporting revenue growth as the asset is fully integrated and optimized.
Coeur Mining is executing one of its largest exploration programs to date, with substantial drilling underway at Palmarejo, Kensington, Wharf, Rochester and Las Chispas, aimed at extending mine lives, improving grades and expanding reserves. The company announced a commitment of $67-$77 million for the same.
At the Silvertip project in British Columbia, Coeur Mining has more than tripled its land position and is undertaking expanded drilling programs aimed at increasing understanding of this polymetallic deposit. Early indicators suggest the potential for significant future resource additions.
CDE’s Rising Earnings Estimates Reflect Positive Sentiments
The Zacks Consensus Estimate for 2025 and 2026 for CDE has been revised higher over the past 30 days.
The Zacks Consensus Estimate for CDE’s fiscal 2025 earnings is currently pegged at 91 cents per share, suggesting year-over-year growth of 406%. The same for 2026 is pegged at $1.89 per share, indicating a year-over-year increase of 107.14%
Final Thought: Buy CDE
A sharp top-line increase, steady contributions from five well-performing mines, and a cash balance that has more than doubled in just one quarter highlight a business operating at full strength. The ramp-up at Rochester, higher-grade output from Las Chispas, and an expanded exploration program further support meaningful gains in production and free cash flow.
Backed by improving fundamentals, firmer gold and silver prices and a healthier balance sheet, CDE is a solid pick for investors seeking strong leverage to the next rally in precious metals.
CDE currently carries a Zacks Rank of #1 (Strong Buy)
You can see the complete list of today’s Zacks #1 Rank stocks here.