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Evolution Mining (EVN) AUD

At a glance: strengths & risks
✓Revenue growing (+32%)✓Profit growing (+119%)✓Low leverage (0.6x EBITDA)✓Commodity price +27% vs 1-yr · -6% vs 3-yr✗Margins compressing (43%→41%)

Sector: Gold mining

AU_EVN

Price chart

13.82 AUDDay 0.73%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
13.82 AUD · 0.73%
Market cap
27.6 bn AUD

Growth

Δ revenue y/y
37.5%
Δ EBITDA y/y
151.0%

Multiples

P/E (LTM)
20.8x
3y avg: 26.4x
P/B (FY)
5.6x
P/E (ann.)
18.0x
EV/EBITDA (LTM)
10.1x
3y avg: 8.0x
EV/EBITDA (ann.)
8.9x

Cash return

Dividend yield
2.4%
FCF yield (LTM)
3.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+1.3%
↓ details

Liquidity

Daily turnover (listing)
77.8 mln AUD

Shares: yahoo_fundamentals_timeseries/EVN.AX

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in M AUD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM AUDOperating profitM AUDD&AM AUDEBITDAM AUDNet profitM AUDOperating CFM AUDCapex + M&AM AUDAssetsM AUDEquityM AUDROE (annualized)Net debtM AUDSource
2025-12-31H1 2026 (6M)OK2794.3
y/y 37.5%
1195.7
y/y 101.0%
375.0
y/y 1105.1%
1570.7
y/y 151.0%
766.6
y/y 110.0%
1251.3-605.610021.9
y/y 9.5%
5633.0
y/y 27.2%
29.0%462.3Link
2025-06-30H2 2025 (6M)OK2318.6
y/y 18.1%
837.4
y/y 30.0%
367.8
y/y -43.1%
1205.1
y/y -6.6%
561.1
y/y 72.4%
1133.7-614.19637.2
y/y 9.3%
4957.3
y/y 19.7%
19.7%982.7Link
2024-12-31H1 2025 (6M)OK2032.8
y/y 51.7%
594.8
y/y 121.3%
31.1
y/y 66.1%
625.9
y/y 117.7%
365.1
y/y 276.9%
832.9-562.39153.1
y/y 11.0%
4429.1
y/y 15.1%
17.0%1484.9Link
2024-06-30H2 2024 (6M)OK1963.8
y/y —
644.2
y/y —
646.3
y/y —
1290.6
y/y —
325.4
y/y —
854.8-526.38818.8
y/y 30.6%
4142.2
y/y 25.7%
10.6%1520.3—
2023-12-31H1 2024 (6M)OK1340.2
y/y —
268.8
y/y —
18.7
y/y —
287.5
y/y —
96.9
y/y —
426.7-392.08248.2
y/y —
3847.5
y/y —
5.4%1714.0Link
2023-06-30FY 2023 (12M)OK2285.9
y/y —
397.0
y/y —
522.8
y/y —
919.8
y/y —
163.5
y/y —
735.3-838.76752.4
y/y —
3294.9
y/y —
—1717.3—

Revenue & EBITDA

RevenueEBITDA

Quarterly values (AUD mln)

05001 0001 5002 0002 5002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

-50%0%50%100%2023 H12023 H22024 H12024 H22025 H12025 H2

Cash flow

FCF (AUD mln)

-600-400-20002004006002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash (AUD mln)

05001 0001 5002023 H12023 FY2024 H12024 FY2025 H12025 FY

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 2.72x of reported net profit; after capex, 0.59x.
year2022202320242025
cash flow / profit2.40x4.50x3.04x2.12x
accruals, % of assets-6.8%-8.5%-9.7%-10.8%
Last twelve months (to 2025-12-31): 1.80x of profit came back as operating cash flow.
net debt / EBITDA 0.6x · capex 1.8x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Gold (FY Jun-end; plus copper: FY26 66kt, FY25 76kt; Ore Reserves Dec-2025 also 1.3Mt Cu)

Proved reserves
12 000 koz
2025
Reserve life (R/P)
16.8 yrs
reserves ÷ annual output
Annual production
715 koz
2026

Production, koz

750.5020257152026

Proved reserves

YearReserves, koz
202512 000

Production

YearProduction, kozper day, koz
2026715
−4.7%		1.96
2025750.502.06

Evolution Mining June 2026 Quarterly Report (yourir.info 2A1684470): FY26 715koz Au + 66kt Cu, AISC $1,717/oz; Annual Mineral Resources and Ore Reserves Statement (Dec-2025, ASX 1 May 2026): Group Ore Reserves 12Moz Au + 1.3Mt Cu; Annual Report 2025: FY25 750,512oz Au + 76,261t Cu. FY27 guidance due 19 Aug 2026 with FY26 results.

Key-commodity price — Gold

Current 4 379spot vs LTM +18%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +1.3%

Main driver: Gold +27% vs LTM; revenue ×1.18 vs costs ×1.04; EBITDA 2 703→2 738; at 10.3× EV/EBITDA → +1%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, AUD3y vs LTM
Gold (rev)+82%4 379.293 443.923 229.02+27%+17%-6%
Copper (rev)+15%14 820.2510 804.3410 848.64+37%+26%+0%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue5 113
LTM EBITDA2 703
LTM cash costs (revenue − EBITDA)2 410
2 · Revenue projection
Revenue multiplier — spot×1.177 (+18%)
= Spot revenue6 018
Revenue multiplier — 3y price×0.875 (-13%)
= 3-year-price revenue4 472
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs2 507
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs2 507
4 · EBITDA projection (revenue − costs)
= Spot EBITDA3 511
= 3-year-price EBITDA1 965
Conservative EBITDA = min(spot, avg)2 738
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)10.3x
Target EV = EV/EBITDA × conservative EBITDA28 208
Net debt462
Target market cap = EV − net debt27 746
Current market cap27 380

Upside = target market cap ÷ current − 1 = +1.3%

Life of mine: 17 yrs

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY2 2862 018+13.3%845842+0.3%
2024 FY3 3042 561+29.0%1 4271 062+34.4%
2025 FY4 3514 330+0.5%1 7792 378-25.2%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +32% vs +45% the year before — a -12.8 pp move. 3-year CAGR +28%.
revenue growth by year: 2023 +11% · 2024 +45% · 2025 +32%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 7.9x · target 75th pct (3y) 16.2x · LTM avg 10.5x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-03-020.2 AUDEx-dividend: 0.2 AUD per sharePaidYahoo Finance (ex-div)
2025-09-030.13 AUDEx-dividend: 0.13 AUD per sharePaidYahoo Finance (ex-div)
2025-03-030.07 AUDEx-dividend: 0.07 AUD per sharePaidYahoo Finance (ex-div)
2024-08-290.05 AUDEx-dividend: 0.05 AUD per sharePaidYahoo Finance (ex-div)
2024-02-260.02 AUDEx-dividend: 0.02 AUD per sharePaidYahoo Finance (ex-div)
2023-08-300.02 AUDEx-dividend: 0.02 AUD per sharePaidYahoo Finance (ex-div)
2023-02-270.02 AUDEx-dividend: 0.02 AUD per sharePaidYahoo Finance (ex-div)
2022-08-300.03 AUDEx-dividend: 0.03 AUD per sharePaidYahoo Finance (ex-div)
2022-02-270.03 AUDEx-dividend: 0.03 AUD per sharePaidYahoo Finance (ex-div)
2021-08-300.05 AUDEx-dividend: 0.05 AUD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Evolution Mining (EVN) — from primary filings.

Evolution Mining Limited explores, develops, and operates gold and gold-copper mines in Australia and Canada, and also sells gold and gold-copper concentrates.

Frequently asked questions

What is Evolution Mining (EVN)'s P/E ratio?
Evolution Mining (EVN) trades at a P/E of 20.8x (price to trailing 12-month earnings).
What is Evolution Mining (EVN)'s EV/EBITDA?
Evolution Mining (EVN) trades at 10.1x EV/EBITDA.
What is Evolution Mining (EVN)'s P/B ratio?
Evolution Mining (EVN) trades at a P/B of 5.6x.
What is Evolution Mining (EVN)'s dividend yield?
Evolution Mining (EVN)'s trailing 12-month dividend yield is 2.4%.
What is Evolution Mining (EVN)'s return on equity (ROE)?
Evolution Mining (EVN)'s ROE is 29.0%.
What is Evolution Mining (EVN)'s market capitalization?
Evolution Mining (EVN)'s market cap is 27.6 bn AUD.

See also: Gold Mining Stocks: The Cheapest Gold Miners by Valuation (2026) · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map