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Endeavour Silver (EXK) USD

At a glance: strengths & risks
✓Revenue growing (+115%)✓Margins improving (18%→23%)✓Net cash balance sheet✗Loss-making last FY

Sector: Silver mining

Geography: Mexico

COMM_EXK

Price chart

10.59 USDDay 3.42%

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
10.59 USD · 3.42%
Market cap
3.1 bn USD

Growth

Δ revenue y/y
139.4%
Δ EBITDA y/y
773.7%

Multiples

P/E (LTM)
47.3x
P/B (FY)
6.5x
P/E (ann.)
11.8x
EV/EBITDA (LTM)
11.4x
EV/EBITDA (ann.)
8.6x

Cash return

Dividend yield
—
FCF yield (LTM)
-2.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-66.5%
↓ details

Liquidity

Daily turnover (listing)
85.7 mln USD

Shares: yahoo_fundamentals_timeseries/EXK

Financial results

Monetary columns are in M USD, 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 USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK212.1
y/y 139.4%
64.7
y/y —
26.1
y/y 72.0%
90.8
y/y 773.7%
66.5
y/y —
39.8-29.11272.2
y/y 27.7%
712.4
y/y 34.6%
39.2%10.2Link
2026-03-31Q1 2026 (3M)OK209.7
y/y 230.2%
83.7
y/y 1892.9%
21.3
y/y 124.2%
105.0
y/y 666.4%
64.9
y/y —
20.7-37.91253.7
y/y 72.2%
644.7
y/y 42.6%
42.4%15.9Link
2025-12-31Q4 2025 (3M)PARTIAL172.6
y/y 301.5%
33.8
y/y 4405.9%
25.0
y/y 348.0%
58.8
y/y 829.8%
-23.8
y/y -2157.3%
15.4-38.81235.7
y/y 71.8%
579.1
y/y 19.5%
-21.9%-202.7Link
2025-09-30Q3 2025 (3M)OK135.8
y/y 152.5%
-4.5
y/y -226.7%
24.1
y/y 228.2%
19.6
y/y 80.0%
-41.5
y/y —
27.1-34.61017.0
y/y 66.3%
508.8
y/y 23.2%
-10.7%71.0Link
2025-06-30Q2 2025 (3M)OK88.6
y/y 52.3%
-4.8
y/y -439.6%
15.2
y/y 66.7%
10.4
y/y -1.2%
-20.5
y/y —
21.6-54.1995.9
y/y 70.9%
529.1
y/y 23.3%
-16.7%84.4Link
2025-03-31Q1 2025 (3M)OK63.5
y/y 1.2%
4.2
y/y 60.4%
9.5
y/y 4.5%
13.7
y/y 17.0%
-32.9
y/y —
3.4-41.6728.0
y/y 42.8%
452.0
y/y 6.4%
-28.1%57.7Link
2024-12-31Q4 2024 (3M)OK43.0
y/y -14.9%
0.8
y/y 301.6%
5.6
y/y -9.1%
6.3
y/y 0.1%
1.2
y/y -62.1%
-8.6-38.3719.2
y/y 51.5%
484.4
y/y 25.4%
-7.0%13.8Link
2024-09-30Q3 2024 (3M)OK53.8
y/y 8.7%
3.6
y/y —
7.4
y/y -18.9%
10.9
y/y 107.9%
-17.4
y/y —
11.1-49.0611.4
y/y 41.1%
413.0
y/y 19.9%
-5.5%30.5Link
2024-06-30Q2 2024 (3M)OK58.2
y/y 16.2%
1.4
y/y -73.9%
9.1
y/y 30.6%
10.5
y/y -15.0%
-14.0
y/y —
12.2-55.7582.7
y/y 43.9%
429.2
y/y 32.7%
-13.1%-5.5Link
2024-03-31Q1 2024 (3M)OK62.7
y/y 13.1%
2.6
y/y -62.3%
9.1
y/y 37.4%
11.7
y/y -13.6%
-1.2
y/y -118.4%
4.4-44.7509.7
y/y 26.8%
424.8
y/y 31.4%
-1.2%-27.5Link
2023-12-31Q4 2023 (3M)OK50.5
y/y —
0.2
y/y —
6.1
y/y —
6.3
y/y —
3.0
y/y —
6.7-41.5474.8
y/y —
386.3
y/y —
1.7%-26.8Link
2023-09-30Q3 2023 (3M)OK49.4
y/y —
-3.8
y/y —
9.1
y/y —
5.2
y/y —
-2.3
y/y —
0.6-31.7433.2
y/y —
344.6
y/y —
-0.9%-30.0Link
2023-06-30Q2 2023 (3M)OK50.1
y/y —
5.4
y/y —
7.0
y/y —
12.4
y/y —
-1.1
y/y —
4.9-23.9405.0
y/y —
323.4
y/y —
-1.3%-30.9Link
2023-03-31Q1 2023 (3M)OK55.5
y/y —
6.9
y/y —
6.6
y/y —
13.6
y/y —
6.5
y/y —
-0.4-20.7401.9
y/y —
323.4
y/y —
—-47.6Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)3
Long-term debt (incl. LT leases)244
− Cash & equivalents237
Net debt10

Net debt / LTM EBITDA: 0.0x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0501001502002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%300%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-150-100-5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-300-200-10001002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.92x of reported net profit; after capex, -8.82x. Loss years (2024, 2025) are left out of the ratio.
year20212022202320242025
cash flow / profit1.68x8.87x1.92x——
accruals, % of assets-3.2%-12.2%-1.2%-7.0%-15.1%
Last twelve months (to 2025-Q3): 1.57x of profit came back as operating cash flow.
net debt / EBITDA -1.9x · capex 3.5x 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

Silver

Proved reserves
93.24 mln silver oz eq.
2025
Reserve life (R/P)
10.4 yrs
reserves ÷ annual output
Annual production
8.97 mln silver oz eq.
2023

Production, mln silver oz eq.

8.2520218.9720228.972023

Proved reserves

YearReserves, mln silver oz eq.
202593.24
202498.34
2023103.70
2022110.51

Production

YearProduction, mln silver oz eq.per day, mln silver oz eq.
20263.34 * (3M)
−27.3%		0.04
202516.46 * (9M)
+86.1%		0.06
20248.85 * (9M)
+29.3%		0.03
20238.97
+0.0%		0.02
20228.97
+8.7%		0.02
20218.250.02

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Silver

Current 65spot vs LTM +3%

Commodity-player potential

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

Upside: -66.5% ▼ -0.8 pp 1d

Main driver: Silver +4% vs LTM; revenue ×1.04 vs costs ×1.04; EBITDA 303→192; at 11.8× EV/EBITDA → -66%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Silver (rev)+65%64.6962.3042.21+4%-32%
Gold (rev)+35%4 370.224 242.243 229.19+3%-24%

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

1 · Reported baseline (LTM)
LTM revenue730
LTM EBITDA303
LTM cash costs (revenue − EBITDA)427
2 · Revenue projection
Revenue multiplier — spot×1.035 (+4%)
= Spot revenue756
Revenue multiplier — 3y price×0.707 (-29%)
= 3-year-price revenue516
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs444
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs444
4 · EBITDA projection (revenue − costs)
= Spot EBITDA312
= 3-year-price EBITDA72
Conservative EBITDA = min(spot, avg)192
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)11.8x
Target EV = EV/EBITDA × conservative EBITDA2 260
Net debt10
Target market cap = EV − net debt2 246
Current market cap3 128

Upside = target market cap ÷ current − 1 = -66.5%

Life of mine: 6 yrs — before haircut -28.2%

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 Q34961-18.7%513-60.9%
2023 Q45061-17.2%611-43.7%
2024 Q16353+19.3%1210+22.5%
2024 Q25864-8.8%1118-42.8%
2024 Q35466-18.3%1118-39.1%
2024 Q44367-36.3%620-68.2%
2025 Q16463+0.7%1417-21.2%
2025 Q28963+39.8%1018-42.3%
2025 Q313677+75.8%2024-18.4%
2025 Q4173125+37.8%5953+10.4%
2026 Q1210210-0.2%113118-4.6%
2026 Q2212199+6.6%11195+16.8%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +115% vs +6% the year before — a +108.9 pp move. 3-year CAGR +31%.
revenue growth by year: 2023 -2% · 2024 +6% · 2025 +115%
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 4.4x · target 75th pct (3y) 11.8x · LTM avg 21.1x

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

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (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 Endeavour Silver (EXK) — from primary filings.

Endeavour Silver Corp. is a mining company that explores, develops, and produces silver and gold from properties in Mexico, Chile, Peru, and the United States.

Frequently asked questions

What is Endeavour Silver (EXK)'s P/E ratio?
Endeavour Silver (EXK) trades at a P/E of 47.3x (price to trailing 12-month earnings).
What is Endeavour Silver (EXK)'s EV/EBITDA?
Endeavour Silver (EXK) trades at 11.4x EV/EBITDA.
What is Endeavour Silver (EXK)'s P/B ratio?
Endeavour Silver (EXK) trades at a P/B of 6.5x.
What is Endeavour Silver (EXK)'s return on equity (ROE)?
Endeavour Silver (EXK)'s ROE is 39.2%.
What is Endeavour Silver (EXK)'s market capitalization?
Endeavour Silver (EXK)'s market cap is 3.1 bn USD.

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