Coeur Mining, Inc. (CDE) Cash Flow Statement

The OCF-to-net-income ratio has stayed well above 1.0 across most recent quarters, with 2026Q1 at 1.38x being the tightest reading. This pattern is consistent with heavy depreciation and depletion on mining assets rather than with aggressive revenue recognition, but it also means reported earnings understate the cash generated by current operations. Investors should monitor whether the gap narrows as the Rochester expansion matures and depreciation stabilizes.

FCF margins have been volatile, ranging from negative in 2024Q2 to above 35% in mid-2026, reflecting both operating ramp-up and swings in working capital. The step-down in the latest quarter coincides with higher CapEx of $145.4M, which equals 14.8% of revenue, suggesting that growth spending is absorbing a larger share of operating cash. Sustained FCF generation will depend on whether CapEx intensity moderates once the expansion reaches design capacity.

The mix between maintenance and growth capex is not separately disclosed in the supplied data, so the share attributable to expansion cannot be confirmed. Depreciation of $261.2M in the latest quarter exceeds CapEx, which would be consistent with sustaining the existing asset base, but the recent acceleration in spending warrants further investigation. Investors should track whether elevated CapEx persists or reflects project timing.

The absence of recurring dividends alongside intermittent repurchases suggests management is prioritizing reinvestment and acquisition activity over shareholder distributions. The 2026Q1 acquisition outflow and the pending New Gold merger referenced in management commentary imply that deployment decisions are concentrated in M&A. Whether these deployments generate returns above the company's cost of capital cannot be determined from the supplied data alone.