WinstonWınston
Back
Stock

Lundin Gold

LUG.ST
89
Gold · Basic Materials
Also trades as: 0R4M.L GBP 5.93 (-0.82%) · LUGDF USD 59.56 (-2.20%)
Price
kr 594.00
-8.60 (-1.43%)
Market Cap
kr 143.65B
Exchange
Stockholm Stock Exchange
Winston Score
89
Winston is happy
An exceptional business — strong profitability, growth, and balance sheet.
Data as of Oct 8, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
30/30
Growth
Exceptional
20/20
Cash Flow
Exceptional
10/10
Stability
Exceptional
10/10
Valuation
Mixed
4/10
Ownership
Good
10/15
Dividends
Exceptional
5/5

89 of 100 counted points = Winston Score 89.

Track this stock — start free trial

Share count rising — dilution

+3.4% over 4y

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

Diluted shares outstanding: 234.6M (2021) → 242.5M (2025)

§Winston Score History

The full picture

Lundin Gold is a Canadian mining company that digs gold out of the ground and sells it. Its main asset is the Fruta del Norte mine in southeastern Ecuador, one of the highest-grade large gold mines in the world. The company sells gold bullion to refiners and financial institutions, which then use it for jewelry, electronics, and investment products.

Lundin Gold makes money by selling the gold it produces, so its revenue depends heavily on the price of gold and how much it can mine each year. It operates almost entirely in Ecuador, making it a single-asset, single-country company. Its competitive edge comes from the exceptional ore grade at Fruta del Norte, which keeps production costs low — reflected in its unusually high margins. The main risk the company faces is concentration: if the mine is disrupted by operational problems, political instability in Ecuador, or a sharp drop in gold prices, there is no other asset to fall back on.

Growth Profile

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

Revenue Growth

+5.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+11.0% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

58.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$507M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Lundin Gold is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
70.5%
Premium pricing power — 70.5% gross margin
Profit after running costs
Operating Margin
66.5%
Excellent — 66.5% operating margin
Return on the money invested
ROCE
242.5%
Exceptional — 242.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth
Sales YoY
+37.4%
Fast-growing sales (+37.4% YoY)
Profit growth
EPS YoY
+51.0%
Earnings growing fast (+51.0% YoY)

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

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash
Cash Conversion
114%
Turns 114% of profit into real cash
Spare cash per sale
FCF Margin
48.6%
Converts sales into free cash efficiently (48.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns
Debt / Equity
0.26
Conservative — low debt load (0.26)
Covers its interest
Interest Cover
100.00x
—
Comfortably covers interest (100.0x)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit
P/E Ratio (TTM)
15.5x
Fair value — P/E 15.5

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
-0.7
SLOWING
Earnings expected to fall — forward P/E higher than today

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend
Dividend Yield
6.53%
Healthy income — 6.53% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+117.9%
Dividend growing fast (117.9% YoY)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free
🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.
Start free trial