CDECoeur Mining, Inc.

Gold And Silver Ores

Revenue: $2.1B; 96% YoY
Operating margin: 34.2%; 119% YoY
EBITDA: $958M; 231% YoY
Market cap: $13.5B
Employees: 2,620; $790K revenue each
Net debt / EBITDA: -0.6×; −$590M net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
151% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$790K · 60th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 28th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.6× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$13.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$833M	$786M	$821M	$1.1B	$2.1B	96%
Operating income	—	−$39M	−$39M	$164M	$707M	331%
Net income	−$31M	−$78M	−$104M	$59M	$586M	895%
Operating cash flow	$110M	$26M	$67M	$174M	$887M	409%
Capex	$310M	$352M	$365M	$183M	$221M	21%
Stock-based comp	$14M	$10M	$11M	$12M	$19M	60%

Deal filings

Filed	Form	Acquirer	Price	Premium
Dec 22, 2025	DEFM14A	—	—	—
Dec 3, 2025	PREM14A	—	$0.50	0%
Dec 30, 2024	DEFM14A	—	$1.60	22.6%
Nov 14, 2024	PREM14A	—	$1.60	63%

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $11K · 1
Open-market sells, 12 mo: $2M · 6
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.