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Gold Resource Corporation (GORO) USD

At a glance: strengths & risks
✓Revenue growing (+52%)✓Margins improving (-42%→9%)✓Net cash balance sheet✗Loss-making last FY

Sector: Gold mining

Geography: United States

COMM_GORO

Price chart

2.8 USDDay 0.00%

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
2.8 USD · 0.00%
Market cap
453 mln USD

Growth

Δ revenue y/y
255.7%
Δ EBITDA y/y
—

Multiples

P/E (LTM)
68.6x
P/B (FY)
10.3x
P/E (ann.)
23.9x
EV/EBITDA (LTM)
15.5x
EV/EBITDA (ann.)
7.9x

Cash return

Dividend yield
—
FCF yield (LTM)
3.2%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-44.6%
↓ details

Liquidity

Daily turnover (listing)
2.3 mln USD

Shares: yahoo_fundamentals_timeseries/GORO

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
2026-03-31Q1 2026 (3M)PARTIAL43.9
y/y 255.7%
9.5
y/y —
4.1
y/y 40.1%
13.5
y/y —
4.7
y/y —
14.8-8.8196.4
y/y 33.0%
48.8
y/y 98.6%
40.8%-25.3Link
2025-12-31Q4 2025 (3M)PARTIAL51.3
y/y 295.5%
20.0
y/y 258.8%
3.8
y/y -11.9%
23.7
y/y 386.7%
18.0
y/y 261.6%
24.2-8.9184.1
y/y 26.2%
44.0
y/y 61.4%
-18.5%-19.3Link
2025-09-30Q3 2025 (3M)PARTIAL24.9
y/y 87.4%
-3.7
y/y —
2.9
y/y -36.6%
-0.8
y/y —
-4.7
y/y —
-0.3-7.5164.3
y/y 5.7%
26.0
y/y -31.6%
-27.5%-4.1Link
2025-06-30Q2 2025 (3M)OK11.2
y/y -46.0%
-11.5
y/y —
2.6
y/y -59.5%
-8.9
y/y —
-11.5
y/y —
-1.3-2.5155.1
y/y -4.7%
19.2
y/y -61.6%
-210.1%-6.9Link
2025-03-31Q1 2025 (3M)PARTIAL12.4
y/y -33.9%
-7.8
y/y —
2.9
y/y -36.3%
-4.9
y/y —
-8.3
y/y —
-0.8-2.2147.7
y/y -19.2%
24.6
y/y -67.2%
-128.3%-2.1Link
2024-12-31Q4 2024 (3M)PARTIAL13.0
y/y -38.7%
-12.6
y/y -96.4%
4.3
y/y -47.2%
-8.3
y/y -580.8%
-11.1
y/y -110.2%
1.3-1.3145.9
y/y -20.7%
27.3
y/y -66.1%
-173.3%1.2Link
2024-09-30Q3 2024 (3M)PARTIAL13.3
y/y -35.4%
-16.3
y/y —
4.6
y/y -52.2%
-11.7
y/y —
-12.7
y/y —
-3.4-2.3155.4
y/y -18.1%
37.9
y/y -61.9%
-38.5%1.5Link
2024-06-30Q2 2024 (3M)OK20.8
y/y -16.2%
-10.8
y/y —
6.4
y/y -1.5%
-4.4
y/y —
-27.0
y/y —
-0.1-2.0162.7
y/y -14.8%
49.8
y/y -53.3%
-173.3%45.0Link
2024-03-31Q1 2024 (3M)OK18.7
y/y -40.1%
-7.6
y/y —
4.6
y/y -37.0%
-3.0
y/y -148.8%
-5.7
y/y —
1.5-2.0182.7
y/y -6.4%
74.9
y/y -32.6%
-29.2%41.0Link
2023-12-31Q4 2023 (3M)PARTIAL21.1
y/y —
-6.4
y/y —
8.1
y/y —
1.7
y/y —
-5.3
y/y —
1.8-2.7184.0
y/y —
80.4
y/y —
-26.8%-3.4Link
2023-09-30Q3 2023 (3M)OK20.6
y/y —
-11.8
y/y —
9.6
y/y —
-2.3
y/y —
-9.2
y/y —
-6.9-3.8189.7
y/y —
99.5
y/y —
-11.9%-3.9Link
2023-06-30Q2 2023 (3M)OK24.8
y/y —
-6.5
y/y —
6.5
y/y —
0.1
y/y —
-4.6
y/y —
-0.6-2.9191.1
y/y —
106.7
y/y —
-16.8%26.0Link
2023-03-31Q1 2023 (3M)PARTIAL31.2
y/y —
-1.2
y/y —
7.3
y/y —
6.1
y/y —
-1.0
y/y —
1.0-3.1195.2
y/y —
111.0
y/y —
—-18.6Link

Net debt structure (leases included, IFRS 16) 2026-03-31

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)6
− Cash & equivalents31
Net debt-25

Net debt / LTM EBITDA: -0.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-2002040602023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-400%-200%0%200%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-505102023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

-40-20020402023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 4.33x of reported net profit; after capex, 1.76x. Loss years (2022, 2023, 2024, 2025) are left out of the ratio.
year20212022202320242025
cash flow / profit4.33x————
accruals, % of assets-12.4%-9.8%-10.3%-38.3%-15.3%
Last twelve months (to 2025-Q2): 5.67x of profit came back as operating cash flow.
net debt / EBITDA -2.1x · capex 0.8x of depreciation · share count +16.1% a year
● Diluted share count grew 16.1% a year.
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

Proved reserves
0.05 mln gold ounces
2024
Annual production
1.46 mln oz
2025

Production, mln oz

3.3320142.5120151.8620161.7720171.6720181.7220191.1920202.2120211.8520221.0420231.462025

Proved reserves

YearReserves, mln gold ounces
20240.05
20220.05
20190.18
20180.19
20160.19

Production

YearProduction, mln ozper day, mln oz
20260.37 * (3M)
+62.5%		0.00
20251.460.00
20240.82 * (12M)
−21.1%		0.00
20231.04
−43.9%		0.00
20221.85
−16.4%		0.01
20212.21
+85.1%		0.01
20201.19
−30.7%		0.00
20191.72
+3.0%		0.00
20181.67
−5.7%		0.00

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Gold

Current 4 352spot vs LTM +2%

Commodity-player potential

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

Upside: -44.6% ▼ -1.7 pp 1d

Main driver: Gold +11% vs LTM; revenue ×1.16 vs costs ×1.04; EBITDA 32→27; at 8.3× EV/EBITDA → -45%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+55%4 352.153 936.853 233.73+11%-18%
Silver (rev)+45%64.4652.2842.29+23%-19%

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

1 · Reported baseline (LTM)
LTM revenue131
LTM EBITDA32
LTM cash costs (revenue − EBITDA)99
2 · Revenue projection
Revenue multiplier — spot×1.163 (+16%)
= Spot revenue153
Revenue multiplier — 3y price×0.816 (-18%)
= 3-year-price revenue107
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs103
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs103
4 · EBITDA projection (revenue − costs)
= Spot EBITDA50
= 3-year-price EBITDA4
Conservative EBITDA = min(spot, avg)27
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)8.3x
Target EV = EV/EBITDA × conservative EBITDA225
Net debt-26
Target market cap = EV − net debt251
Current market cap453

Upside = target market cap ÷ current − 1 = -44.6%

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 Q22535-28.3%08-99.1%
2023 Q32130-31.4%-23-177.1%
2023 Q42128-25.3%22-26.6%
2024 Q11925-26.2%-32-268.7%
2024 Q22125-18.1%-43-265.1%
2024 Q31324-45.1%-121-951.6%
2024 Q41322-41.4%-3-1—
2025 Q11219-35.7%-5-3—
2025 Q21118-36.7%-9-4—
2025 Q32515+61.5%-1-5—
2025 Q45122+128.0%292+1179.8%
2026 Q14442+3.8%1420-33.5%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +52% vs -33% the year before — a +84.5 pp move. 3-year CAGR -10%.
revenue growth by year: 2023 -30% · 2024 -33% · 2025 +52%
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 0.9x · target 75th pct (3y) 8.3x · LTM avg 4.8x

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 Gold Resource Corporation (GORO) — from primary filings.

Gold Resource Corporation explores, develops, and produces gold and silver, with additional exploration for copper, lead, and zinc. Its operations include the Don David gold mine in Mexico and the Back Forty project in Michigan.

Frequently asked questions

What is Gold Resource Corporation (GORO)'s P/E ratio?
Gold Resource Corporation (GORO) trades at a P/E of 68.6x (price to trailing 12-month earnings).
What is Gold Resource Corporation (GORO)'s EV/EBITDA?
Gold Resource Corporation (GORO) trades at 15.5x EV/EBITDA.
What is Gold Resource Corporation (GORO)'s P/B ratio?
Gold Resource Corporation (GORO) trades at a P/B of 10.3x.
What is Gold Resource Corporation (GORO)'s return on equity (ROE)?
Gold Resource Corporation (GORO)'s ROE is 40.8%.
What is Gold Resource Corporation (GORO)'s market capitalization?
Gold Resource Corporation (GORO)'s market cap is 453 mln USD.

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