Eldorado Gold Corporation

ELD.TO

Gold · Basic Materials

Price

C$62.97

+4.08 (+6.93%)

Market Cap

C$13.41B

Exchange

Toronto Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Exceptional

Cash Flow

Good

Stability

Exceptional

Valuation

Strong

Dividends

Good

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Share count rising — dilution

+13.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 181.8M (2021) → 205.4M (2025)

Winston Score History

The full picture

Eldorado Gold is a Canadian mining company that digs gold out of the ground and sells it. Its main product is gold bullion, which it sells to refiners, banks, and commodity traders. The company operates several mines, with its most important assets located in Greece, Türkiye, and Canada.

Eldorado makes money by selling gold at market prices, so its revenue rises and falls with the price of gold. The company is mid-sized by global mining standards, with a market cap near $9 billion, and its Greek operations — particularly the Skouries project — represent a significant portion of its future production growth. Its gross margin of roughly 49% shows it can extract gold at a meaningful profit relative to its costs, but the company faces real risks from operating in politically sensitive regions, where permitting delays and government relations have historically disrupted its plans.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+0.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

0.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~6 months

$705M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Eldorado Gold Corporation has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

46.2%

Healthy — 46.2% gross margin

Profit after running costs

Operating Margin

43.3%

Excellent — 43.3% operating margin

Return on the money invested

ROCE

10.5%

Below par — 10.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+28.2%

Fast-growing sales (+28.2% YoY)

Profit growth

EPS YoY

+42.5%

Earnings growing fast (+42.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

109%

Turns 109% of profit into real cash

Spare cash per sale

FCF Margin

-30.9%

Burning cash (-30.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.26

Conservative — low debt load (0.26)

Covers its interest

Interest Cover

28.98x

Comfortably covers interest (29.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

16.0x

Fair value — P/E 16.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+9.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (16.0 → 6.2)

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Dividends

Dividend

Dividend Yield

0.47%

Small dividend — 0.47% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+96.7%

Dividend growing fast (96.7% YoY)

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