CDE

Coeur Mining has executed a dramatic operational and financial turnaround. FY2025 revenue nearly doubled (+96.4%) to $2.07B and net income jumped to $586M (+894.7%, $0.95 diluted EPS) from $58.9M a year earlier, capping a transition from three straight loss years (FY2021-FY2023) to genuine profitability. Operating margin reached 34.2%, net margin 28.3%, and ROE 17.7%. Management reports record full-year output of 419,046 gold ounces (+23%) and 17.9 million silver ounces (+57%), amplified by sharply higher realized prices — gold averaged $3,184/oz (+45%) and silver $40.01/oz (+43%) — and a full ramp at Rochester plus post-acquisition Las Chispas volumes.

The balance sheet transformation is the standout. Operating cash flow surged 409.0% to $887M, cash more than doubled to $554M (+905.0%, 'tenfold compared to the prior year-end'), and management notes total debt fell 42% to $341M, achieving its 'long-term objective of net cash.' Stockholders' equity rose 195.0% to $3.31B, helped partly by a $209.8M valuation-allowance release on U.S. deferred tax assets — a non-cash benefit that flatters GAAP earnings but signals management's confidence in sustained profitability. Capex was a modest $221M against the $887M of operating cash flow, leaving roughly $666M of full-year free cash flow.