At a glance
Coeur Mining Inc is worth $14.82B, about 15 times its fiscal 2025 earnings. Revenue grew 96.4% to $2.07B in fiscal 2025, with 28.3% kept as profit; over 5 years it has grown 21.4% a year. It pays no dividend. The stock returned −21.0% over the past year with dividends reinvested and +18.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 59.4% in the 2020 crash (S&P 500: 33.7%) and 51.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 20 months after the lows.
The business in plain English
Coeur Mining, founded in 1928, is a gold and silver miner with assets in the United States, Mexico and Canada. At the end of fiscal 2025 it ran five mines. Two are in northern Mexico: the Las Chispas silver-gold mine, acquired in early 2025, and the Palmarejo silver-gold complex. Rochester in Nevada and Wharf in South Dakota are open pit heap leach mines, where crushed ore is stacked and sprayed with a solution that dissolves the metal. Kensington is an underground gold mine near Juneau, Alaska. Coeur also has Silvertip, a silver-zinc-lead exploration project in British Columbia.
Most mines produce doré, a rough bar of mixed gold and silver, while Kensington produces gold concentrate. Outside refiners turn the doré into bullion meeting London Bullion Market Association standards. Coeur's bullion customers are multinational banks, bullion trading houses and refiners. Kensington's concentrate goes to smelters under a long-term offtake (supply) agreement. All revenue comes from metal sales, so profits rise and fall with gold and silver prices.
Fiscal 2025 revenue was about $2.07 billion. Gold brought in 64.9% and silver 35.1%. The United States supplied 56.8% and Mexico 43.2%. In November 2025, Coeur agreed to acquire New Gold, which would add two Canadian mines, New Afton (gold-copper) and Rainy River (gold-silver), plus exposure to copper.
Price history
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CDE -21.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Gold sales | $1.34B | 64.9% |
| Silver sales | $726.4M | 35.1% |
By geography
| United States | $1.17B | 56.8% |
| Mexico | $895.2M | 43.2% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.09B, up 125.9% from a year earlier, and net income was $121.9M (+72.3%).
- For fiscal 2025, revenue was $2.07B (+96.4% year over year; +21.4% a year from FY2020 to FY2025) with a 28.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +21.4% good |
|---|---|
| Operating margin | 34.2% good |
| Free cash flow margin | 32.2% good |
| Return on equity (FY2025) | 17.7% good |
| Return on assets (FY2025) | 12.5% good |
| Net cash (cash minus debt) | $1.05B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $785.5M | $25.6M | $49.4M |
| FY2021 | $832.8M | $-31.3M | $-199.3M |
| FY2022 | $785.6M | $-78.1M | $-326.7M |
| FY2023 | $821.2M | $-103.6M | $-297.3M |
| FY2024 | $1.05B | $58.9M | $-9.0M |
| FY2025 | $2.07B | $585.9M | $665.7M |
Valuation snapshot
| Market value | $14.82B |
|---|---|
| P/E ratio | 15.2 |
| Dividend yield | 0.14% |
Rank among 1514 US companies
Market value at each year end
Coeur Mining’s market value went from $1.55B at the end of 2016 to $14.82B on Oct 28, 2026, about 9.6 times as much; since the end of 2025 it is up 29%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $14.82B | +29.4% |
| 2025 | $11.45B | +401.4% |
| 2024 | $2.28B | +83.1% |
| 2023 | $1.25B | +32.1% |
| 2022 | $944.0M | -27.1% |
| 2021 | $1.30B | -48.7% |
| 2020 | $2.52B | +29.8% |
| 2019 | $1.94B | +118.3% |
| 2018 | $890.1M | -36.1% |
| 2017 | $1.39B | -10.1% |
| 2016 | $1.55B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CDE price data to Oct 28, 2026 | -19.0% | -21.0% | +78.2% | +18.4% | +2.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -19.0% |
| 2025 | +211.7% |
| 2024 | +75.5% |
| 2023 | -3.0% |
| 2022 | -33.3% |
| 2021 | -51.3% |
| 2020 | +28.1% |
| 2019 | +80.8% |
| 2018 | -40.4% |
| 2017 | -17.5% |
| 2016 | +266.5% |
| 2015 | -51.5% |
| 2014 | -52.9% |
| 2013 | -55.9% |
| 2012 | +1.9% |
| 2011 | -11.6% |
| 2010 | +51.3% |
| 2009 | +105.2% |
| 2008 | -82.2% |
| 2007 | -0.2% |
| 2006 | +23.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 85.2% over that stretch · deepest drop along the way 93%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 48.1% over that stretch · deepest drop along the way 59.4%, back to its old high 4.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 28% over that stretch · deepest drop along the way 51.8%, back to its old high 20.2 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($11K) and 5 sales ($1.8M), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 1, 2026 | Kenneth J Watkinson VP, Corporate Controller & CAO | sell | $725K |
| Aug 19, 2026 | J Kenneth Thompson Director | sell | $519K |
| Sep 8, 2026 | Casey M. Nault EVP, GC & Secretary | sell (plan) | $211K |
| Aug 19, 2026 | Casey M. Nault EVP, GC & Secretary | sell (plan) | $200K |
| Aug 19, 2026 | Thomas S Whelan EVP & CFO | sell | $125K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.7% | Jun 30, 2026 |
| VAN ECK ASSOCIATES CORP | 10.3% | Sep 30, 2025 |
| Van Eck Associates Corporation | 6.5% | Jun 30, 2026 |
ETFs with the most weight in CDE
| SILJ Amplify Junior Silver Miners ETF | 6.87% |
| SIL Global X Silver Miners ETF | 6.05% |
| XME SPDR S&P Metals & Mining ETF | 4.81% |
| AGMI Themes Silver Miners ETF | 4.2% |
| GBUG Sprott Active Gold & Silver Miners ETF | 3.91% |
| MGNR American Beacon GLG Natural Resources ETF | 3.08% |
| GOEX Global X Gold Explorers ETF | 2.91% |
| GDXJ VanEck Junior Gold Miners ETF | 1.94% |
What could go wrong
- Big acquisitions may not pay off. Coeur added Las Chispas in early 2025 and agreed in November 2025 to acquire New Gold. Combining companies brings integration problems and heavy transaction costs, and expected benefits may never arrive.
- Mexico supplies a big share of revenue. Mexico produced 43.2% of fiscal 2025 revenue, exposing Coeur to political, social and economic risks there. A Las Chispas operating permit expiring in November 2026 was being amended as of the February 2026 annual report.
- New shares dilute existing owners. Coeur has used its own shares to pay for deals. Shares outstanding rose about 300%, from roughly 257 million in October 2021 to about 1.03 billion in August 2026, shrinking each holder's slice of profits.
- Profits hinge on gold and silver prices. All revenue comes from gold and silver sales. In 2025 gold ranged from $2,633 to $4,449 an ounce and silver from $29.41 to $74.84. A sustained price slump could force cutbacks or mine closures.
- The stock swings harder than the metals. Between October 3 and 16, 2025, silver rose 11% while Coeur's stock jumped 23%; when silver then fell 9%, the stock dropped 21%. The company said those moves didn't reflect changes in its business.
- Mines may produce less than expected. Reserve estimates rest on judgment and price assumptions and may not match actual output. Mining accidents and ground or water failures could halt production, and insurance may not cover every loss.
Recent events
- Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Executive or board change; Bylaws or fiscal year changed; Shareholder vote results; Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Major agreement signed; Acquisition or sale of assets completed; Unregistered sale of shares; Change to shareholder rights; Executive or board change; Bylaws or fiscal year changed; Investor presentation or announcement; Other company announcement
- Quarterly results released; Executive or board change; Other company announcement
- Shareholder vote results
- Other company announcement
For income and retirement investors
Coeur Mining offers little for income investors. It paid no dividends and bought back no shares from fiscal 2021 through fiscal 2025, and its annual report (10-K) warns shareholders may not receive dividends. The dividend yield was about 0.14% as of October 28, 2026, too small to fund retirement spending. The share count also grew about 300% between October 2021 and August 2026 as Coeur issued stock. Returns depend almost entirely on the share price.
Downturns have been brutal. The stock fell 93% during the 2008 financial crisis and had not regained its early-2008 peak as of October 28, 2026. It dropped 59.4% in the 2020 COVID crash, recovering about four months after its low, and 51.8% in the 2022 bear market, taking about 20 months from its low to recover. A retiree drawing on it in a slump could have locked in steep losses. Single stocks carry more risk than diversified funds, which spread money across many companies.
Questions investors ask
Does Coeur Mining pay a dividend?
Not in any meaningful way. Coeur paid no dividends from fiscal 2021 through fiscal 2025, and its 10-K annual report warns that shareholders may not receive dividends. The dividend yield was only about 0.14% as of October 28, 2026, which is negligible for anyone seeking income. Coeur also bought back no shares over fiscal 2021 to 2025, and its share count grew about 300% between October 2021 and August 2026. Returns depend on the share price, which swings sharply with gold and silver.
How does Coeur Mining make money?
Coeur makes money by mining gold and silver and marketing the refined metal. Fiscal 2025 revenue was about $2.07 billion, with 64.9% from gold and 35.1% from silver. At the end of fiscal 2025 its five mines were in Nevada, South Dakota, Alaska and northern Mexico; the United States supplied 56.8% of revenue and Mexico 43.2%. Customers include multinational banks, bullion trading houses and refiners. Because all revenue comes from metal sales, results track gold and silver prices closely.
Is Coeur Mining profitable?
Yes, in its latest full fiscal year. For fiscal 2025 Coeur earned net income of about $586 million on revenue of $2.07 billion, a net margin of 28.3%, and generated about $666 million of free cash flow (cash left after running the business and investing in mines). That followed net losses in fiscal 2021, 2022 and 2023. In the quarter ended June 30, 2026, revenue rose 125.9% from a year earlier to about $1.09 billion. The stock traded at 15.2 times fiscal 2025 earnings as of October 28, 2026.
What is Coeur Mining's deal with New Gold?
Coeur agreed on November 2, 2025 to acquire New Gold Inc., paying in its own shares: New Gold shareholders were to receive 0.4959 Coeur shares for each New Gold share. The deal adds two Canadian operations, the New Afton gold-copper mine and the Rainy River gold-silver mine, bringing exposure to copper prices. Coeur's February 2026 annual report expected the deal to close in the first half of 2026, and a March 23, 2026 filing reported a completed acquisition. Risks include integration problems, transaction costs and dilution.
How risky is Coeur Mining stock?
Very risky by most measures. Over the year to October 28, 2026, its beta was 3.08, meaning it tended to move about three times as much as the overall market. It fell as much as 50.4% within that year, and its worst decline on record was 97.7%. Calendar returns swing wildly: up 211.7% in 2025, then down 19.0% in 2026 through October 28. Moves in silver prices can jolt the stock far more than the metal itself.