Latest Ratios: P/E Ratio 13.1x · EV/EBITDA 7.2x · ROE 12.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.0B | $7.4B | $3.1B | $2.5B | $1.5B | $1.7B | $2.3B | $1.3B | $457M | $1.1B | $2.3B |
| Enterprise Value | $7.4B | $7.8B | $3.1B | $2.7B | $1.8B | $1.7B | $2.4B | $1.6B | $773M | $1.2B | $2.0B |
| P/E Ratio → | 13.11 | 14.31 | 10.55 | 24.02 | — | — | 17.46 | 15.75 | — | — | — |
| P/S Ratio | 3.79 | 3.99 | 2.31 | 2.51 | 1.76 | 1.79 | 2.26 | 2.11 | 0.99 | 2.75 | 5.33 |
| P/B Ratio | 1.58 | 1.73 | 0.79 | 0.72 | 0.48 | 0.46 | 0.64 | 0.37 | 0.14 | 0.29 | 0.65 |
| P/FCF | — | — | 123.01 | — | — | 21.00 | 10.61 | — | — | — | — |
| P/OCF | 10.22 | 10.75 | 5.13 | 6.61 | 7.27 | 4.65 | 5.46 | 7.82 | 6.88 | 38.47 | 20.30 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.22 | 2.37 | 2.63 | 2.03 | 1.82 | 2.34 | 2.64 | 1.68 | 3.04 | 4.66 |
| EV / EBITDA | 7.16 | 7.52 | 4.65 | 5.94 | 6.23 | 4.09 | 4.99 | 5.38 | — | 31.12 | 14.12 |
| EV / EBIT | 9.69 | 13.41 | 7.55 | 13.68 | 37.58 | 7.62 | 9.34 | 10.35 | — | 298.32 | 34.91 |
| EV / FCF | — | — | 126.26 | — | — | 21.38 | 10.95 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.9% | 44.9% | 56.5% | 26.7% | 19.7% | 31.0% | 35.4% | 20.8% | 18.3% | 32.2% | 37.7% |
| Operating Margin | 41.5% | 41.5% | 31.7% | 18.0% | 4.8% | 23.1% | 25.4% | 23.8% | -103.9% | -9.8% | 15.5% |
| Net Profit Margin | 27.9% | 27.9% | 21.9% | 10.4% | -40.6% | -14.4% | 12.2% | 13.1% | -78.8% | -2.5% | -79.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.6% | 12.6% | 7.8% | 3.1% | -10.3% | -3.7% | 3.5% | 2.4% | -10.2% | -0.3% | -9.2% |
| ROA | 8.2% | 8.2% | 5.3% | 2.2% | -7.5% | -2.8% | 2.6% | 1.7% | -7.4% | -0.2% | -6.7% |
| ROIC | 13.3% | 13.3% | 8.3% | 3.9% | 0.9% | 4.4% | 5.2% | 3.0% | -9.5% | -0.8% | 1.3% |
| ROCE | 13.5% | 13.5% | 8.3% | 4.1% | 0.9% | 4.7% | 5.7% | 3.3% | -10.1% | -0.8% | 1.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.30 | 0.30 | 0.24 | 0.19 | 0.16 | 0.14 | 0.14 | 0.15 | 0.18 | 0.16 | 0.17 |
| Debt / EBITDA | 1.25 | 1.25 | 1.39 | 1.48 | 1.81 | 1.22 | 1.10 | 1.67 | — | 15.52 | 4.14 |
| Net Debt / Equity | — | 0.10 | 0.02 | 0.03 | 0.07 | 0.01 | 0.02 | 0.09 | 0.09 | 0.03 | -0.08 |
| Net Debt / EBITDA | 0.41 | 0.41 | 0.12 | 0.27 | 0.83 | 0.07 | 0.16 | 1.08 | — | 2.99 | -2.04 |
| Debt / FCF | — | — | 3.26 | — | — | 0.38 | 0.34 | — | — | — | — |
| Interest Coverage | 20.67 | 20.67 | 20.64 | 6.36 | 1.34 | 3.33 | 5.07 | 3.26 | -0.53 | 1.25 | 5.92 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.83 | 1.83 | 3.60 | 3.39 | 3.00 | 3.52 | 2.88 | 1.97 | 3.63 | 6.46 | 12.04 |
| Quick Ratio | 1.46 | 1.46 | 2.92 | 2.53 | 2.06 | 2.66 | 2.25 | 1.23 | 2.66 | 4.98 | 10.71 |
| Cash Ratio | 1.10 | 1.10 | 2.42 | 1.98 | 1.49 | 2.33 | 1.95 | 0.83 | 2.09 | 4.29 | 10.11 |
| Asset Turnover | — | 0.28 | 0.23 | 0.20 | 0.20 | 0.19 | 0.21 | 0.13 | 0.10 | 0.08 | 0.09 |
| Inventory Turnover | 3.44 | 3.44 | 2.06 | 3.14 | 3.52 | 3.65 | 4.04 | 2.99 | 2.72 | 1.57 | 2.23 |
| Days Sales Outstanding | — | 54.97 | 30.34 | 36.12 | 28.08 | 19.63 | 20.18 | 20.80 | 51.88 | 55.58 | 34.93 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | 1.0% | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.6% | 7.0% | 9.5% | 4.2% | — | — | 5.7% | 6.4% | — | — | — |
| FCF Yield | — | — | 0.8% | — | — | 4.8% | 9.4% | — | — | — | — |
| Buyback Yield | 3.1% | 3.0% | 0.1% | 0.2% | 0.9% | 0.0% | 0.2% | 0.0% | 0.5% | 0.5% | 0.0% |
| Total Shareholder Yield | 3.1% | 3.0% | 0.1% | 0.2% | 0.9% | 0.0% | 0.2% | 0.0% | 0.5% | 1.5% | 0.0% |
| Shares Outstanding | — | $205M | $206M | $195M | $183M | $180M | $175M | $162M | $159M | $151M | $143M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying EGO stock.
Eldorado Gold Corporation's current P/E ratio is 13.1x. The historical average is 29.8x. This places it at the 8th percentile of its historical range.
Eldorado Gold Corporation's current EV/EBITDA is 7.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.8x.
Eldorado Gold Corporation's return on equity (ROE) is 12.6%. The historical average is -6.1%.
Based on historical data, Eldorado Gold Corporation is trading at a P/E of 13.1x. This is at the 8th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Eldorado Gold Corporation has 44.9% gross margin and 41.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Eldorado Gold Corporation's Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Skouries execution and Turkish exposure
Margin Expansion Outpaces Peers
Gross margin improved to 46.2% in 2026Q2 from 34.3% in 2024Q2, according to Eldorado's income statement, reflecting operational leverage and higher gold prices. Net margin at 35.5% exceeds the peer average, suggesting strong cost control.
The sequential improvement in operating margin from 43.3% to 49.1% in 2026Q1 indicates that the company is capturing more value per ounce as production scales. However, the unusually low effective tax rate in 2026Q2 may inflate net margin, so investors should monitor normalized tax expenses. The sustainability of these margins depends on gold price stability and the successful integration of by-product credits from Skouries.
ROIC Lags Despite Margin Gains
ROIC remains low at 2.4% in 2026Q2, despite strong margins, as reported in Eldorado's financials. This reflects the massive capital base tied up in Skouries construction, which has yet to generate returns.
The gap between ROIC and peer averages (e.g., Agnico Eagle at 21.9%) highlights the early-stage nature of Eldorado's growth investments. While margins are strong, the capital intensity of the Greek project depresses returns until production ramps up. If Skouries achieves steady-state output, ROIC could improve significantly, but until then, the company is in a capital deployment phase that dilutes return metrics.
Working Capital Turns Negative
Cash conversion cycle improved to -43 days in 2026Q2, driven by extended payables and reduced DSO, according to Eldorado's balance sheet data. This suggests the company is effectively using supplier financing to fund operations.
The negative CCC is a positive sign of working capital efficiency, but it may also indicate stretched supplier relationships or aggressive payment terms. DSO increased to 42 days from 23 days in 2024Q4, which could signal slower collections or a shift in sales mix. Asset turnover remains low at 0.06, reflecting the heavy capital base, but this is expected during a construction phase.
Leverage Rises with Skouries Financing
Debt-to-equity increased to 0.26 in 2026Q2 from 0.18 in 2024Q1, as reported in Eldorado's balance sheet, reflecting the €480M credit facility for Skouries. Interest coverage remains high at 29.5x, indicating comfortable debt service.
While leverage is rising, it remains modest compared to peers, and the company's cash position of $867.7M provides a buffer. However, the D/EBITDA ratio of 6.76 in 2026Q2 is elevated, suggesting that EBITDA has not yet caught up with the debt-funded investments. Investors should monitor whether the Skouries project generates sufficient cash flow to service this debt without further dilution.
Liquidity Buffer Compresses
Current ratio fell to 1.31 in 2026Q2 from 3.60 in 2024Q4, while quick ratio dropped to 0.85, according to Eldorado's balance sheet. This indicates tighter short-term liquidity as cash is deployed into construction.
The decline in liquidity ratios is a direct consequence of the aggressive capex program, with cash dropping to $553.9M from $867.8M. The quick ratio below 1.0 suggests that the company may rely on inventory or external financing to meet short-term obligations. However, the undrawn credit facility and strong operating cash flow provide additional flexibility, though the negative FCF margin of -71.3% in 2026Q2 warrants close monitoring.
Misapplied Metric: P/E Ratio
The P/E ratio of 12.79 understates Eldorado's true valuation because earnings are temporarily boosted by low taxes and by-product credits, as per financial disclosures. EV/EBITDA of 6.99 is a more reliable metric.
The P/E ratio is commonly misapplied to gold miners with significant development projects because it fails to account for the cyclicality of gold prices and the one-time nature of tax benefits. For Eldorado, the forward P/E of 9.12 appears attractive, but it assumes Skouries execution and stable gold prices. EV/EBITDA is preferable as it normalizes for capital structure and depreciation, providing a clearer picture of operating performance relative to peers.