Coeur Mining
CDE
$19.76
-1.10%
Coeur Mining, Inc. is a precious metals producer focused on the discovery, mining, and sale of gold and silver across the Americas, operating mines including Palmarejo, Rochester, Wharf, and Kensington in the United States, Canada, and Mexico, with the majority of revenue generated from US operations. The company occupies a mid-tier position in the gold and silver mining industry, distinguished by its dual precious-metals exposure and a portfolio that has been undergoing significant operational transformation, particularly at the Rochester mine in Nevada. The current investor narrative centers on a dramatic earnings inflection — Q1 2026 revenue surged 137.8% year-over-year to $856 million with net income of $247 million — driven by higher realized precious metal prices and the Rochester expansion ramp-up, alongside balance sheet strengthening and capital return initiatives following a major acquisition. However, the stock has become a high-beta proxy for gold and silver price movements, with recent news flow highlighting both the upside from proven reserves valued at a significant premium to market capitalization and the vulnerability to precious metal price corrections driven by dollar strength and inflation concerns.…
CDE
Coeur Mining
$19.76
Related headlines
Investment Opinion: Should I buy CDE Today?
Coeur Mining presents a compelling Buy rating, underpinned by an exceptional earnings inflection and a deeply discounted forward valuation. The analyst consensus is 'buy' with a mean recommendation of 1.73 from 11 analysts, and the average target price of $23.77 implies 20.3% upside from the current $19.76. The core thesis is that the company's Q1 2026 revenue surge of 137.8% year-over-year to $856.2 million, combined with a forward PE of just 9.74x, offers an attractive risk/reward for investors willing to tolerate commodity price volatility.
The supporting evidence is robust: revenue has grown sequentially for four consecutive quarters (from $480.7M in Q2 2025 to $856.2M in Q1 2026), net margin has expanded to 28.8%, and trailing twelve-month free cash flow stands at $914.8 million. The balance sheet is conservatively managed with a debt-to-equity ratio of 0.11 and $843.2 million in cash, providing ample liquidity for growth initiatives. The forward PE of 9.74x is well below the trailing PE of 19.38x, and the PEG ratio of 0.038 suggests the stock is undervalued relative to its earnings growth trajectory. Compared to the broader gold mining industry, where established producers often trade in the 15-25x trailing earnings range, Coeur's forward multiple appears attractive if earnings estimates are met.
The biggest risks that could invalidate this thesis are a sustained decline in gold and silver prices, operational setbacks at key mines (particularly the Rochester expansion), and multiple compression if the market re-rates the stock lower. The rating would upgrade to a Strong Buy if the stock pulls back to the $15-$16 range while forward EPS estimates remain stable, or downgrade to Hold if revenue growth decelerates below 20% year-over-year or if the forward PE rises above 15x without corresponding earnings growth. Relative to its own history and peers, the stock appears undervalued on a forward earnings basis but fairly valued to slightly expensive on a price-to-book basis, making it a compelling but volatile investment for those with a long-term horizon.
Sign up to view all
CDE 12-Month Price Forecast
Coeur Mining presents a compelling bullish case driven by its exceptional earnings inflection, deeply discounted forward valuation, and strong balance sheet. The company's Q1 2026 revenue surged 137.8% year-over-year to $856.2 million, with net income of $246.8 million, and the forward PE of 9.74x suggests the market is not fully pricing in the expected earnings growth. Analyst sentiment is strongly positive, with a consensus buy rating and an average target price of $23.77, implying 20.3% upside. However, the stock's high beta of 1.389 and recent 1-month underperformance (-5.59% vs. SPY -0.96%) highlight the risks associated with commodity price volatility. I would upgrade to a high-conviction bullish stance if gold and silver prices show sustained strength and the Rochester expansion continues to deliver, but I would downgrade to neutral if commodity prices weaken or if operational issues emerge at key mines.
Wall Street consensus
Most Wall Street analysts maintain a constructive view on Coeur Mining's 12-month outlook, with a consensus price target around $23.77 and implied upside of +20.3% versus the current price.
Average Target
$23.77
0 analysts
Implied Upside
+20.3%
vs. current price
Analyst Count
—
covering this stock
Price Range
$18 - $35
Analyst target range
Coeur Mining is covered by 11 analysts with a consensus recommendation of "buy" and a recommendation mean of 1.73 (on a scale where 1 is Strong Buy and 5 is Strong Sell), indicating a bullish consensus tilt. The average target price of $23.77 implies approximately 20.3% upside from the current price of $19.76, while the estimated average EPS of $0.93 for the forward period suggests analysts expect a substantial earnings recovery from the trailing $0.052. The consensus leans clearly bullish, with the recommendation mean of 1.73 falling between Strong Buy and Buy, and the estimated revenue average of $7.96 billion for the forward period implies analysts anticipate continued top-line expansion from the current annualized run-rate.
The target price range spans from a low of $18.00 to a high of $35.00, representing a spread of $17.00 or approximately 96% of the low target, which signals significant disagreement among analysts about the company's future trajectory. The high target of $35.00 likely assumes sustained or rising gold and silver prices, successful integration of recent acquisitions, continued margin expansion, and potentially multiple expansion as the company demonstrates consistent free cash flow generation. The low target of $18.00, which is below the current price, likely prices in commodity price weakness, margin compression from rising input costs, or operational challenges at key mines. Institutional ratings show a recent upgrade from Canaccord Genuity in April 2026 (Hold to Buy) following a downgrade in February 2026 (Buy to Hold), suggesting analysts are responsive to the volatile commodity price environment, while RBC Capital, Roth Capital, TD Securities, and BMO Capital have maintained bullish ratings, indicating that the broader institutional view remains constructive despite near-term price volatility.
Drowning in data?
Find the real signal!
Bulls vs Bears: CDE Investment Factors
The bull case for Coeur Mining is currently stronger, anchored by an exceptional earnings inflection (Q1 2026 revenue +137.8% YoY, net income $246.8M), a fortress balance sheet (D/E 0.11, cash $843.2M), and a forward PE of 9.74x that implies significant undervaluation if earnings estimates are met. However, the bear case is not without merit: the stock's high beta (1.389), recent 1-month underperformance (-5.59% vs. SPY -0.96%), and premium price-to-book (3.42x) highlight vulnerability to precious metal price corrections. The single most important tension is whether gold and silver prices can sustain their elevated levels long enough for Coeur to realize the $0.93 forward EPS that underpins the bullish valuation; a sustained commodity price decline would quickly invalidate the growth narrative and likely trigger multiple compression. Given the analyst consensus buy rating and 20.3% upside to the average target, the risk/reward currently tilts positive, but the high volatility demands careful position sizing and a long-term horizon.
Bullish
- Explosive Revenue and Earnings Growth: Q1 2026 revenue surged 137.8% year-over-year to $856.2 million, with net income reaching $246.8 million (28.8% net margin) versus just $33.4 million (9.3% margin) in Q1 2025. This dramatic inflection is driven by higher realized precious metal prices and the Rochester expansion ramp-up, and the sequential trend shows no slowdown: revenue climbed from $480.7M in Q2 2025 to $554.6M in Q3, $674.8M in Q4, and $856.2M in Q1 2026.
- Deep Undervaluation on Forward Earnings: The forward PE of 9.74x is less than half the trailing PE of 19.38x, implying the market expects earnings to roughly double to $0.93 per share over the next twelve months. The PEG ratio of 0.038 is exceptionally low, suggesting the stock is significantly undervalued relative to its earnings growth trajectory, even after accounting for commodity-price cyclicality.
- Fortress Balance Sheet with Strong Cash Generation: The debt-to-equity ratio is just 0.11, the current ratio is 2.00, and cash stood at $843.2 million at the end of Q1 2026, up from $553.6 million at the start of the quarter. Trailing twelve-month free cash flow of $914.8 million and Q1 2026 operating cash flow of $340.8 million demonstrate the company's ability to fund growth internally without external financing.
- Analyst Consensus Bullish with 20% Upside: All 11 covering analysts have a consensus recommendation of 'buy' with a mean of 1.73, and the average target price of $23.77 implies 20.3% upside from the current $19.76. The high target of $35.00 suggests even greater potential if gold and silver prices remain elevated and the Rochester ramp-up continues smoothly.
Bearish
- High Beta and Extreme Volatility: With a beta of 1.389, CDE is approximately 38.9% more volatile than the broader market, and the stock has experienced a maximum drawdown of -47.85% over the past year. This amplified sensitivity to both equity market swings and precious metal price movements makes the stock unsuitable for risk-averse investors and exposes holders to severe drawdowns.
- Commodity Price Dependency: Revenue is entirely dependent on gold and silver prices, with gold generating $475.2 million and silver $362.2 million in Q1 2026. Recent news flow shows the stock declining directly in response to falling precious metal prices driven by dollar strength and inflation concerns, and any sustained reversal in gold or silver would immediately pressure both the top line and margins.
- Premium Valuation Relative to Book Value: The price-to-book ratio of 3.42x is near the higher end of its historical range (which has ranged from 0.76x in Q3 2023 to 3.85x in Q3 2025), and the price-to-sales ratio of 5.47x suggests the market is pricing in optimistic expectations. If earnings disappoint or commodity prices decline, multiple compression could be severe given the premium to book value.
- Recent Momentum Divergence and Underperformance: The stock has declined 5.59% over the past month while the S&P 500 fell only 0.96%, resulting in a relative strength of -4.63% versus SPY. This recent underperformance, combined with the stock trading at just 43.4% of its 52-week range, suggests that near-term momentum has turned negative and could signal further consolidation or a deeper pullback.
CDE Technical Analysis
Coeur Mining is in a sustained but volatile uptrend, with the current price of $19.76 representing a 21.38% gain over the past year and a 12.59% advance year-to-date. The stock is trading at approximately 43.4% of its 52-week range (calculated as ($19.76 - $13.55) / ($27.77 - $13.55)), positioning it in the lower-middle portion of its annual range despite the positive 1-year return. This mid-range positioning suggests the stock has recovered substantially from its 52-week low of $13.55 but remains well below its 52-week high of $27.77, implying the market has not fully re-rated the shares to prior peak levels and that meaningful overhead resistance remains. The maximum drawdown of -47.85% over the period underscores the significant volatility inherent in this precious metals equity, which is characteristic of the sector's sensitivity to commodity price swings.
Recent momentum has turned negative and diverges from the longer-term trend, with the stock declining 5.59% over the past month while still holding a 12.85% gain over three months and an 11.83% gain over six months. This 1-month pullback against a positive 1-year trend signals a potential mean-reversion phase or a temporary consolidation within a broader uptrend, particularly as the stock has fallen from its August 2026 peak of $22.21 to the current $19.76. The relative strength versus SPY over the past month is -4.63%, meaning CDE has underperformed the broader market by a meaningful margin recently, while its 3-month relative strength of +10.85% confirms that the medium-term outperformance story remains intact. The short ratio of 1.23 indicates that short sellers are not aggressively positioned against the stock, suggesting the recent pullback is driven more by profit-taking and commodity price softness than by bearish conviction.
Key technical support is anchored at the 52-week low of $13.55, with intermediate support likely around the $15.00-$15.50 zone where the stock consolidated in July 2026, while resistance is established at the 52-week high of $27.77, with nearer-term resistance around the $22.00-$22.50 area that capped the August rally. A breakout above $22.50 would signal renewed bullish momentum and potentially open a path toward the 52-week high, while a breakdown below $15.00 would threaten the longer-term uptrend and could accelerate selling pressure toward the $13.55 low. The stock's beta of 1.389 means it is approximately 38.9% more volatile than the broader market, which has significant implications for position sizing — a 1% move in SPY would theoretically correspond to a 1.39% move in CDE, and risk management should account for this amplified sensitivity, particularly given the additional layer of gold and silver price volatility.
Beta
1.39
1.39x market volatility
Max Drawdown
-47.9%
Largest decline past year
52-Week Range
$14-$28
Price range past year
Annual Return
+21.4%
Cumulative gain past year
| Period | CDE Return | S&P 500 |
|---|---|---|
| 1m | -5.6% | -0.5% |
| 3m | +12.8% | +2.3% |
| 6m | +11.8% | +16.6% |
| 1y | +21.4% | +14.8% |
| ytd | +12.6% | +11.7% |
Bobby - Your AI Investment Partner
Get real-time data, AI-driven personalized investment analysis to make smarter investment decisions
CDE Fundamental Analysis
Coeur Mining's revenue trajectory has been exceptionally strong, with Q1 2026 revenue reaching $856.2 million, representing 137.8% year-over-year growth from $360.1 million in Q1 2025. The multi-quarter trend shows consistent acceleration: revenue climbed from $480.7 million in Q2 2025 to $554.6 million in Q3 2025, $674.8 million in Q4 2025, and $856.2 million in Q1 2026, demonstrating both sequential and year-over-year momentum. Segment data reveals that gold generated $475.2 million and silver contributed $362.2 million in the most recent period, with both precious metals benefiting from elevated price realizations. This growth trajectory implies that the investment case is heavily leveraged to sustained or rising precious metal prices, and any reversal in gold or silver markets would directly pressure the top line.
Profitability has expanded dramatically, with Q1 2026 net income of $246.8 million translating to a 28.8% net margin, up from just 9.3% in Q1 2025. Gross margin in Q1 2026 stood at 46.2%, compared to 38.6% in the year-ago quarter, while operating margin reached 43.4%, reflecting strong operating leverage as revenue growth outpaces cost increases. The trailing twelve-month free cash flow of $914.8 million and Q1 2026 free cash flow of $266.8 million demonstrate the company's ability to convert earnings into cash, with EBITDA of $446.9 million in the most recent quarter representing a 52.2% EBITDA margin. These margin levels are competitive for the mid-tier gold mining industry, where all-in sustaining costs are the key profitability driver, and the improvement reflects both higher realized prices and operational efficiencies at key assets.
The balance sheet is conservatively positioned with a debt-to-equity ratio of just 0.11, a current ratio of 2.00, and cash of $843.2 million at the end of Q1 2026, up from $553.6 million at the start of the quarter. Return on equity stands at 17.68% and return on assets at 7.14%, indicating efficient capital deployment, while the company generated $340.8 million in operating cash flow during Q1 2026 against $74.1 million in capital expenditures. The low leverage and strong cash generation suggest the company can fund growth internally without reliance on external financing, and the absence of a dividend (payout ratio of 0) means all free cash flow is available for reinvestment, debt reduction, or potential future capital returns. The net change in cash of $289.6 million in Q1 2026, driven by operating cash flow and acquisition-related inflows, further reinforces the improving liquidity profile.
Quarterly Revenue
$856192000.0B
2026-03
Revenue YoY Growth
+137.8%
YoY Comparison
Gross Margin
46.2%
Latest Quarter
Free Cash Flow
$914841000.0B
Last 12 Months
Revenue & Net Income Trends (2 Years)
Revenue Breakdown
Open an Account, get $2 TSLA now!
Valuation Analysis: Is CDE Overvalued?
With net income positive at $246.8 million in Q1 2026 and trailing EPS of $0.052, the PE ratio is the appropriate primary valuation metric, and the trailing PE of 19.38x compares to a forward PE of 9.74x, implying the market expects earnings to roughly double over the next twelve months. This wide gap between trailing and forward multiples reflects analyst consensus EPS estimates of $0.93 for the forward period versus the trailing $0.052, a dramatic expected increase that is likely predicated on sustained high precious metal prices and continued operational ramp-up. The PEG ratio of 0.038 is exceptionally low, suggesting that when growth is factored in, the stock appears undervalued relative to its earnings expansion trajectory, though this metric should be treated with caution given the commodity-price-dependent nature of the earnings growth.
Comparing to sector benchmarks, Coeur Mining's trailing PE of 19.38x and forward PE of 9.74x must be evaluated against the broader gold mining industry, where established producers often trade in the 15-25x trailing earnings range depending on the commodity price environment. The price-to-book ratio of 3.42x and price-to-sales ratio of 5.47x suggest the market is assigning a premium to the company's asset base and revenue stream, potentially justified by the 137.8% revenue growth rate and expanding margins. The EV/EBITDA of 11.30x is moderate for the sector, and the price-to-cash-flow ratio of 12.77x indicates reasonable cash flow valuation, though the price-to-free-cash-flow ratio of 44.70x from historical data suggests the market is pricing in significant future cash flow growth.
Historically, Coeur Mining's valuation multiples have been highly volatile, with the PE ratio ranging from negative territory during loss-making periods in 2023 to a low of 4.94x in Q4 2022 and a high of 375x in Q2 2024 when earnings were near zero. The current trailing PE of 19.38x is above the Q1 2026 historical reading of 12.03x and the Q4 2025 reading of 13.51x, suggesting the stock has been re-rated upward as earnings have grown, but the forward PE of 9.74x implies the market expects this multiple to compress significantly. The price-to-book ratio of 3.42x is near the higher end of its historical range (which has ranged from 0.76x in Q3 2023 to 3.85x in Q3 2025), indicating the market is pricing in optimistic expectations relative to the company's book value, which could present downside risk if earnings disappoint or commodity prices decline.
PE
19.4x
Latest Quarter
vs. Historical
High-End
5-Year PE Range 5x~23x
vs. Industry Avg
N/A
Industry PE ~N/A*
EV/EBITDA
11.3x
Enterprise Value Multiple
Investment Risk Disclosure
Coeur Mining's financial and operational risks are primarily tied to its dependence on precious metal prices and the execution of its operational transformation. While the balance sheet is conservatively positioned with a debt-to-equity ratio of 0.11 and a current ratio of 2.00, the company's revenue is entirely commodity-driven: gold generated $475.2 million and silver $362.2 million in Q1 2026, meaning any sustained decline in these prices would directly hit the top line. The dramatic margin expansion—gross margin improved from 38.6% in Q1 2025 to 46.2% in Q1 2026, and net margin from 9.3% to 28.8%—is largely a function of higher realized prices rather than structural cost improvements, so margins could compress just as quickly if prices reverse. Additionally, the company's free cash flow of $914.8 million TTM and $266.8 million in Q1 2026, while strong, are also commodity-price dependent, and the absence of a dividend (payout ratio 0) means there is no income cushion for investors during downturns.
Market and competitive risks are significant given Coeur's high beta of 1.389 and its recent underperformance relative to the broader market. The stock has declined 5.59% over the past month while the S&P 500 fell only 0.96%, resulting in a relative strength of -4.63%, indicating that the market is currently favoring other sectors or that commodity-related equities are out of favor. The valuation premium—price-to-book of 3.42x near the high end of its historical range, and price-to-sales of 5.47x—leaves little room for error; if earnings growth decelerates or commodity prices weaken, multiple compression could be swift. Recent news flow highlights the stock's vulnerability to dollar strength and inflation concerns, with articles explicitly linking declines to falling gold and silver prices. Furthermore, the wide analyst target range ($18.00 to $35.00) reflects deep uncertainty about the sustainability of current profitability, and any downgrade from the current 'buy' consensus could trigger selling pressure.
The worst-case scenario for Coeur Mining would be a sharp and sustained decline in gold and silver prices, driven by a strengthening U.S. dollar, rising real interest rates, or a global economic slowdown that reduces safe-haven demand. In this scenario, revenue and margins would contract rapidly, earnings estimates would be revised downward, and the stock could retest its 52-week low of $13.55, representing a decline of approximately 31.4% from the current price of $19.76. The analyst low target of $18.00 implies a more modest 8.9% downside, but in a severe commodity bear market, the stock could overshoot to the downside given its high beta and historical maximum drawdown of -47.85%. Investors should be prepared for the possibility of a 30-50% drawdown from current levels if the commodity cycle turns decisively negative, and position sizes should reflect this risk.
FAQ
The most severe risk is commodity price exposure: revenue is entirely dependent on gold and silver prices, and a sustained decline would directly hit the top line and margins. Second, the stock's high beta of 1.389 and maximum drawdown of -47.85% mean it is significantly more volatile than the broader market, exposing holders to large swings. Third, valuation risk is elevated given the price-to-book ratio of 3.42x near historical highs; if earnings disappoint, multiple compression could be swift. Fourth, operational risks include potential setbacks at key mines, particularly the Rochester expansion, which is critical to the growth narrative. Finally, analyst target dispersion is wide ($18.00 to $35.00), reflecting deep uncertainty about the sustainability of current profitability. Investors should rank these risks by severity, with commodity price risk being the most immediate and impactful.
Our 12-month forecast for CDE includes three scenarios. The base case (50% probability) targets $22.00-$25.00, assuming gold and silver prices stabilize and the company meets its $0.93 forward EPS estimate. The bull case (30% probability) targets $27.77-$35.00, driven by rising precious metal prices, successful Rochester ramp-up, and multiple expansion. The bear case (20% probability) targets $13.55-$18.00, reflecting a sharp commodity price decline and earnings misses. The most likely scenario is the base case, which aligns with the analyst average target of $23.77 and implies 11-27% upside. The key assumption behind the base case is that gold prices average $2,300-$2,400/oz and silver averages $27-$29/oz over the next 12 months, allowing Coeur to sustain its revenue and margin momentum.
CDE appears undervalued on a forward earnings basis but fairly valued to slightly expensive on asset-based metrics. The forward PE of 9.74x is less than half the trailing PE of 19.38x, and the PEG ratio of 0.038 is exceptionally low, suggesting the market is not fully pricing in the expected earnings growth. However, the price-to-book ratio of 3.42x is near the high end of its historical range (0.76x to 3.85x), and the price-to-sales ratio of 5.47x indicates a premium to revenue. The market is pricing in optimistic expectations for sustained high precious metal prices and successful execution of the Rochester expansion. If these expectations are met, the stock is undervalued; if not, multiple compression could be severe. Compared to the broader gold mining industry, where established producers trade at 15-25x trailing earnings, CDE's forward multiple is attractive, but the premium to book value warrants caution.
Coeur Mining presents a favorable risk/reward for investors who can tolerate high volatility and have a long-term horizon. The stock trades at $19.76, with the analyst average target of $23.77 implying 20.3% upside, and the forward PE of 9.74x suggests significant undervaluation if the company meets its $0.93 EPS estimate. The bull case is supported by a 137.8% year-over-year revenue surge in Q1 2026, a debt-to-equity ratio of just 0.11, and $843.2 million in cash. However, the bear case is equally compelling: the stock has a beta of 1.389, a maximum drawdown of -47.85% over the past year, and is highly vulnerable to precious metal price corrections. For investors with a high risk tolerance and a 2-3 year horizon, CDE could be a good buy on dips, but it is not suitable for conservative portfolios or those seeking income.
CDE is better suited for long-term investment (minimum 2-3 years) rather than short-term trading, given its high volatility and commodity-price dependency. The stock has a beta of 1.389, a maximum drawdown of -47.85%, and no dividend, meaning short-term price movements are largely driven by unpredictable precious metal price swings. However, the long-term thesis is supported by the company's proven reserves (valued at 49% more than its market cap), strong free cash flow generation ($914.8 million TTM), and a conservative balance sheet (debt-to-equity of 0.11). For short-term traders, the stock offers high liquidity (volume of 57.7 million shares) and significant volatility, but timing commodity cycles is extremely difficult. A suggested minimum holding period of 2-3 years allows time for the Rochester expansion to fully ramp up and for the company to demonstrate sustainable earnings growth, while weathering potential commodity price downturns.
