Latest Ratios: P/E Ratio -22.0x · EV/EBITDA N/A · ROE -22.8%. (2001–2025 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 | $2.7B | $2.7B | $886M | $390M | $601M | $720M | $776M | $326M | $276M | $306M | $419M |
| Enterprise Value | $2.8B | $2.7B | $900M | $364M | $533M | $628M | $726M | $313M | $243M | $268M | $356M |
| P/E Ratio → | -22.05 | — | — | 63.55 | 100.62 | 52.10 | 637.97 | — | — | 29.88 | 117.33 |
| P/S Ratio | 5.85 | 5.68 | 4.07 | 1.90 | 2.86 | 4.36 | 5.61 | 2.68 | 1.84 | 2.03 | 2.67 |
| P/B Ratio | 4.53 | 4.60 | 1.83 | 1.01 | 1.90 | 3.03 | 4.88 | 2.66 | 1.91 | 2.09 | 3.14 |
| P/FCF | — | — | — | — | — | — | 57.83 | — | — | — | 125.67 |
| P/OCF | 49.36 | 47.90 | 46.38 | 33.10 | 10.92 | 30.70 | 19.93 | — | 10.38 | 19.62 | 18.24 |
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 | — | 5.74 | 4.14 | 1.77 | 2.53 | 3.80 | 5.24 | 2.57 | 1.62 | 1.78 | 2.27 |
| EV / EBITDA | — | — | 22.81 | 9.71 | 10.75 | 13.44 | 25.87 | — | 12.51 | 10.55 | 10.65 |
| EV / EBIT | 97.95 | — | — | 19.07 | 20.70 | 20.66 | — | — | — | 35.29 | 26.85 |
| EV / FCF | — | — | — | — | — | — | 54.08 | — | — | — | 106.68 |
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 | 11.0% | 11.0% | 19.3% | 17.8% | 24.5% | 22.0% | 19.7% | -14.3% | 2.3% | 18.9% | 24.8% |
| Operating Margin | 6.0% | 6.0% | 3.8% | 4.2% | 11.2% | 13.4% | -0.6% | -36.1% | -11.6% | 5.1% | 12.3% |
| Net Profit Margin | -25.9% | -25.9% | -14.5% | 3.0% | 3.0% | 8.4% | 0.8% | -39.5% | -8.3% | 6.4% | 2.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -22.8% | -22.8% | -7.2% | 1.7% | 2.2% | 7.0% | 0.8% | -35.9% | -8.5% | 6.9% | 4.2% |
| ROA | -12.4% | -12.4% | -5.3% | 1.4% | 1.8% | 5.5% | 0.6% | -28.2% | -7.0% | 5.4% | 2.7% |
| ROIC | 3.8% | 3.8% | 1.5% | 2.1% | 8.9% | 13.1% | -0.5% | -29.8% | -12.0% | 6.5% | 23.3% |
| ROCE | 3.5% | 3.5% | 1.6% | 2.3% | 7.8% | 10.4% | -0.5% | -30.0% | -11.3% | 5.0% | 17.9% |
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 | 0.42 | 0.42 | 0.25 | 0.02 | 0.05 | 0.05 | 0.07 | 0.08 | — | — | 0.07 |
| Debt / EBITDA | — | — | 3.05 | 0.25 | 0.31 | 0.25 | 0.38 | — | — | — | 0.27 |
| Net Debt / Equity | — | 0.05 | 0.03 | -0.07 | -0.21 | -0.39 | -0.32 | -0.11 | -0.23 | -0.26 | -0.48 |
| Net Debt / EBITDA | — | — | 0.35 | -0.69 | -1.37 | -1.96 | -1.79 | — | -1.72 | -1.51 | -1.90 |
| Debt / FCF | — | — | — | — | — | — | -3.75 | — | — | — | -18.99 |
| Interest Coverage | -6.89 | -6.89 | -23.73 | 23.21 | 32.58 | 42.06 | -0.13 | -110.69 | -79.66 | 11.63 | 12.17 |
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 | 1.53 | 1.53 | 2.00 | 1.73 | 2.77 | 3.99 | 3.04 | 2.55 | 3.32 | 3.98 | 3.56 |
| Quick Ratio | 1.30 | 1.30 | 1.54 | 1.26 | 2.41 | 3.31 | 2.56 | 2.00 | 2.68 | 3.39 | 3.14 |
| Cash Ratio | 0.78 | 0.78 | 1.36 | 0.69 | 1.74 | 2.82 | 1.91 | 0.94 | 1.42 | 1.73 | 2.27 |
| Asset Turnover | — | 0.38 | 0.30 | 0.43 | 0.53 | 0.56 | 0.66 | 0.74 | 0.85 | 0.84 | 0.87 |
| Inventory Turnover | 6.70 | 6.70 | 4.88 | 6.19 | 8.27 | 4.69 | 6.68 | 10.24 | 9.87 | 9.29 | 8.78 |
| Days Sales Outstanding | — | 69.84 | 17.56 | 45.38 | 31.54 | 32.32 | 53.24 | 68.82 | 65.35 | 82.49 | 59.51 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | — | — | — | 1.6% | 1.0% | 1.9% | 0.2% | — | — | 3.3% | 0.9% |
| FCF Yield | — | — | — | — | — | — | 1.7% | — | — | — | 0.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $283M | $242M | $198M | $185M | $171M | $154M | $135M | $129M | $128M | $119M |
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying EXK stock.
Endeavour Silver Corp.'s current P/E ratio is -22.0x. The historical average is 62.5x.
Endeavour Silver Corp.'s return on equity (ROE) is -22.8%. The historical average is -39.5%.
Based on historical data, Endeavour Silver Corp. is trading at a P/E of -22.0x. Compare with industry peers and growth rates for a complete picture.
Endeavour Silver Corp. has 11.0% gross margin and 6.0% operating margin.
Key Metrics
Top Statement Risk
Revenue volatility and negative quarters
Premium Pricing on Recovering Earnings
EXK trades at 13.2x forward earnings versus peers averaging 33x, but its 27.5x forward EV/EBITDA suggests the market is pricing in sustained silver strength, per recent filings.
The trailing P/E is negative due to recent losses, but the forward multiple of 13.2x appears modest relative to the peer group's average of 33x. However, the forward EV/EBITDA of 27.5x is at a premium to peers like PAAS (12.7x) and AG (14.1x), implying the market expects significant EBITDA growth. This gap suggests investors are pricing in continued high silver prices and successful execution of expansion plans, which may be optimistic given historical volatility.
Margin Swings Reflect Silver Sensitivity
Gross margin swung from 1.8% in 2025Q3 to 44.5% in 2026Q1, as per financial statements, highlighting extreme sensitivity to silver prices and production costs.
The most recent quarter shows a gross margin of 34.0%, down from 44.5% in the prior quarter, indicating that cost pressures are re-emerging even as revenue surges. Operating margin of 34.7% in 2026Q2 is strong, but the historical pattern of negative operating margins in several quarters underscores the fragility of profitability. Net margin of 30.3% is flattered by non-operating items, as evidenced by the divergence between operating and net income in prior periods, so investors should focus on operating margin as the cleaner measure of earning power.
Return on Capital Recovering from Depths
ROIC improved from -0.6% in 2025Q3 to 8.1% in 2026Q2, according to reported figures, but remains below the cost of capital and peers' average of 17%.
The sharp recovery in ROIC is driven by the surge in silver prices, but the absolute level is still modest. Over the past ten quarters, ROIC has been negative or near zero, indicating that the company has not consistently generated returns above its cost of capital. The improvement is encouraging, but sustainability is questionable given the volatility in margins and the heavy capital expenditure program. ROE of 9.6% in 2026Q2 is also below the peer average of 14%, suggesting that the company is still in a catch-up phase.
Working Capital Efficiency Improves
Cash conversion cycle turned positive to 25 days in 2026Q2 from -27 days in 2024Q4, as per balance sheet data, reflecting better inventory and receivable management.
The CCC has improved from negative territory, indicating that the company is now holding inventory and receivables for a longer period, which is typical for a growing producer. DSO has risen to 44 days from 33 days, while DPO has fallen to 67 days from 139 days, suggesting that the company is paying suppliers faster, possibly to secure supply. Asset turnover remains low at 0.17, reflecting the capital-intensive nature of mining, but the improvement in working capital efficiency is a positive sign.
Debt Buildup Raises Coverage Concerns
D/E rose from 0.02 to 0.35 over ten quarters, while interest coverage swung from -65.8x to 14.1x, as reported, indicating improving but still volatile debt service capacity.
The company has taken on significant debt to fund expansion, with total debt increasing from $7.3M to $246.5M. Interest coverage of 14.1x in 2026Q2 is comfortable, but it was negative in several prior quarters, highlighting the risk if silver prices decline. The D/EBITDA ratio of 2.47 is manageable, but the rapid debt accumulation and negative retained earnings suggest that the company is relying on debt to finance growth, which could strain the balance sheet if cash flows weaken.
Liquidity Strengthens but Remains Thin
Current ratio improved to 1.97 in 2026Q2 from 0.79 in 2025Q3, with cash at $236.3M, according to the latest balance sheet, but inventory dependence persists.
The current ratio is now above 1, indicating that current assets cover current liabilities, but the quick ratio of 1.65 suggests that inventory is a significant component of liquidity. In a severe downturn, inventory may be hard to sell at book value, so the quick ratio is a better stress indicator. The company's cash position has improved, but given the capital intensity and volatile cash flows, investors should monitor whether liquidity remains adequate if silver prices fall.
Misapplied P/E on Cyclical Earnings
The trailing P/E is meaningless for EXK due to negative earnings, and even forward P/E can mislead, as per financial data, because silver prices drive earnings volatility.
The most commonly misapplied ratio for EXK is the P/E, as it fails to capture the cyclicality of silver prices and the company's cost structure. A better metric is EV/EBITDA, which normalizes for capital structure and non-cash items, but even that should be evaluated over a full commodity cycle. Investors should also consider price-to-NAV per share, which is more relevant for miners, as it reflects the value of reserves. Using a single-year P/E can lead to overvaluation in peak years and undervaluation in trough years, so a through-the-cycle approach is essential.