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Gold · Basic Materials · Fiscal year ends Dec 31
Endeavour Silver reported revenue of $468M in the fiscal year ended Dec 2025, up 114.8% from the year before. Operating income was $36M, an operating margin of 7.6%, and net income was −$119M. Operating cash flow of $67M less capital expenditure of $169M left free cash flow of −$102M. It held more cash than debt (net cash $203M).
Ranks among the 26 gold companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 165 | 210 | 205 | 218 | 468 |
| Cost of revenue | 129 | 159 | 169 | 176 | 385 |
| Gross profit | 36.4 | 51.5 | 36.6 | 42.0 | 82.8 |
| Selling, general & admin | 10.1 | 10.6 | 12.4 | 14.1 | 23.3 |
| Operating income | 22.2 | 23.5 | 8.7 | 8.3 | 35.7 |
| Interest expense | 1.0 | 1.3 | 1.4 | 1.5 | 14.5 |
| Pre-tax income | 29.7 | 24.9 | 18.3 | −22.0 | −105 |
| Income tax | 15.7 | 18.7 | 12.1 | 9.5 | 14.2 |
| Net income | 14.0 | 6.2 | 6.1 | −31.5 | −119 |
| Diluted EPS | 0.08 | 0.03 | 0.03 | −0.13 | −0.42 |
| Diluted shares | 171 | 185 | 198 | 242 | 283 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 103 | 83.4 | 35.3 | 106 | 215 |
| Receivables | 14.5 | 14.1 | 22.3 | 5.2 | 26.0 |
| Inventory | 27.5 | 19.2 | 27.3 | 36.0 | 62.3 |
| Current assets | 162 | 146 | 101 | 158 | 423 |
| Net PP&E | 122 | 234 | 315 | 506 | 786 |
| Total assets | 294 | 399 | 475 | 719 | 1,236 |
| Payables | 32.0 | 39.8 | 46.6 | 54.0 | 120 |
| Current liabilities | 40.6 | 52.7 | 58.2 | 78.9 | 277 |
| Short-term debt | 4.1 | 6.0 | 3.9 | 5.2 | 8.8 |
| Long-term debt | 6.4 | 8.5 | 4.7 | 115 | 3.9 |
| Total liabilities | 56.6 | 83.5 | 88.5 | 235 | 657 |
| Shareholders' equity | 237 | 316 | 386 | 484 | 579 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 23.5 | 55.0 | 11.8 | 19.1 | 67.4 |
| Capital expenditure | 54.1 | 110 | 118 | 195 | 169 |
| Free cash flow | −30.6 | −54.7 | −106 | −176 | −102 |
| Depreciation & amortisation | 24.0 | 25.2 | 27.9 | 29.9 | 73.0 |
| Stock-based compensation | 0.4 | 0.4 | −0.1 | 0.3 | 0.5 |
| Acquisitions | – | – | – | 0.0 | 72.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 27.1% | −2.2% | 5.9% | 114.8% |
| Operating income growth (YoY) | – | 5.6% | −62.9% | −4.6% | 330.1% |
| EPS growth (YoY) | – | −62.5% | 0.0% | −533.3% | – |
| Gross margin | 22.0% | 24.5% | 17.8% | 19.3% | 17.7% |
| Operating margin | 13.4% | 11.2% | 4.2% | 3.8% | 7.6% |
| Net margin | 8.4% | 3.0% | 3.0% | −14.5% | −25.5% |
| Return on equityBlank when equity is negative | 5.9% | 2.0% | 1.6% | −6.5% | −20.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.8% | 6.8% | 2.1% | 1.3% | 3.7% |
| Free cash flow margin | −18.5% | −26.0% | −51.6% | −81.0% | −21.8% |
| Cash conversion (CFO ÷ net income) | 1.68x | 8.87x | 1.92x | −0.61x | −0.57x |
| Receivable days | 32 | 25 | 40 | 9 | 20 |
| Inventory days | 78 | 44 | 59 | 75 | 59 |
| Payable days | 91 | 92 | 101 | 112 | 114 |
| Interest cover | 22.6x | 18.0x | 6.22x | 5.53x | 2.46x |
| Debt ÷ equity | 0.04x | 0.05x | 0.02x | 0.25x | 0.02x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −92.8 | −68.9 | −26.8 | 13.8 | −203 |
| Current ratio | 3.99x | 2.77x | 1.73x | 2.00x | 1.53x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.