Coeur Mining Inc
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+ FollowMarket Cap$13.55B
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Earnings Call Q2 2026
August 6, 2026 - AI Summary
Record quarter + major balance sheet step-change (good/surprising): Q2 delivered record quarterly revenue (~$1.1B, +27% QoQ), record adjusted EBITDA ($478M) and record free cash flow (~$388M, +45% QoQ) even though it was one of the lighter production quarters expected for 2026. Ending cash surpassed $1B for the first time and liquidity exited the quarter at >$2B (cash at $1.1B at June 30, ~2x YE 2025). A big contributor: first full quarter of Canadian asset ownership (New Afton + Rainy River) delivered ~45% of consolidated free cash flow (~$175M) while both were still ramping.
Material non-cash acquisition accounting at Rainy River (bad/important to model): Rainy River’s purchased inventory fair-value uplift is flowing through earnings/EBITDA/CAS non-cashly under US GAAP. Management highlighted ~$140M impact in Q2 (~$0.10/share) and guided that ~$38M of remaining impact should flow through in Q3, with the effect largely gone by Q4. They also quantified magnitude: Q2 Rainy River CAS impact ~ $2,036/oz (of total $3.79k/oz CAS at Rainy River), and consolidated CAS impact ~ $834/oz (of total $2.44k/oz).
Guidance reset for Canadian assets due to ramp timing + execution gaps (challenge/risk but manageable):
- New Afton: Production ramp to 16k tonnes/day now expected ~early Q4 (vs earlier expectation to reach it by end of Q2), driven mainly by prudent cave draw management/healthy cave propagation (timing + grade recovery effects from where they draw in the cave as it propagates). Also guided that grade/recovery should improve as draw shifts.
- Rainy River: Underground mining rates were below planned in Q2 due to short-term execution/tactical bottlenecks (trucks/personnel/infrastructure) after development outpaced mining. Fixes are in place: underground jumped from ~2.3k tpd (Q2 avg) to ~3.3k tpd in July (>40%) and the plan is to reach 5k tpd by year-end (with ramp looking fairly linear into Dec, with 5k as end-of-year level, not average of Q4). Management expects a very quick payback on the additional capital/opex for the gaps.
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$-14.76
201.3% downside
Current Fair Value
201.3% downsideOvervalued by 201.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $13.55 Billion |
|---|---|
| Enterprise Value | $13.21 Billion |
| Annual dividend | $0.02 |
| Dividend yield | 0.15% |
| Earnings per Share | $0.92 |
| Beta | 1.37 |
| Outstanding Shares | 1,029,300,000 |
Return
| Return on Equity | 8.17% |
|---|---|
| Return on Assets | 5.59% |
| Return on Invested Capital | 7.46% |
Valuation & Multiples
| P/E Ratio | 10.4 |
|---|---|
| PEG | 14.38 |
| Price to Sales | 4.86 |
| Price to Book Ratio | 1.46 |
| Enterprise Value to Revenue | 4.17 |
| Enterprise Value to EBIT | 12.03 |
| Enterprise Value to Net Income | 15 |
| Total Debt to Enterprise | 0.05 |
| Debt to Equity | 0.07 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$0.14
Consensus analyst estimateRevenue Estimate
$1.14 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 17, 2027
EPS Estimate
$0.27
Consensus analyst estimateRevenue Estimate
$1.31 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 72.52% |
|---|---|
| Total Calls | 8,000▼ 99.94% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 1.81%▼ 124.18% |
|---|---|
| Total Invested | $327.20M▼ 97.50% |
| Investors Holding | 210▼ 511.00% |
About Coeur Mining Inc
2,620 employees
CEO: Mitchell Krebs
Coeur Mining, Inc. is a prominent company specializing in the exploration and production of precious and base metals across North America, with operations spanning the United States, Canada, and Mexico. Its core activities involve the di...