Start here if you're new
what it is
Endeavour Silver digs silver and gold out of underground mines in Mexico, then sells the metal into a brutal commodity market.
how it gets paid
Last year Endeavour Silver made $218M in revenue. Silver sales was the main engine at $122.1M, or 56% of sales.
what just happened
The key takeaway: EXK's last reported quarter showed just $0.01 in Q4 2024 EPS after three straight quarterly losses earlier in the year.
At a glance
B balance sheet — gets the job done, barely
30/100 earnings predictability — expect surprises
1.6% return on capital — nothing to write home about
-$0.13 fy2024 eps (reported)
$218M fy2024 revenue (reported)
xvary composite: 54/100 — below average
What they do
Endeavour Silver digs silver and gold out of underground mines in Mexico, then sells the metal into a brutal commodity market.
This is a scale and geology story, not a brand story. Endeavour has 1,539 employees and operating mines in Mexico, which gives you real production instead of exploration dreams. The catch is obvious: operating margin was 18.2% in 2024, but return on capital was just 1.6%, so the rocks are real and the payoff is thin.
How they make money
$218M
annual revenue
Silver sales
$122.1M
Gold sales
$58.9M
Lead sales
$19.6M
Zinc sales
$17.4M
The products that matter
primary revenue stream
Silver sales
$122.1M · 56% of revenue
This is the center of gravity. Silver brought in $122.1M of the $218M total (per segment breakdown), so your upside and downside mostly start with the silver price.
56% of revenue
secondary revenue stream
Gold sales
$58.9M · ~27% of revenue
Gold added $58.9M. That matters, but it is not large enough to bail out the model if silver pricing or mine costs break the other way.
~27% of revenue
new mine ramp
Terronera mine
$31.52/oz cost · 2025 loss driver
Terronera is the swing factor. Management is targeting 8.3–8.9M ounces of silver output in 2026. The catch is simple: higher volume only helps if the cost per ounce comes down from $31.52.
turnaround watch
Key numbers
$218M
2024 revenue
That is the whole revenue base you are paying for with a market cap near $3B.
-$0.13
2024 EPS
Jargon → EPS → profit per share → so what: EXK lost money in 2024 even with $218M in sales.
18.2%
operating margin
That shows the mines can produce operating profit before other costs, but it did not translate into strong shareholder returns.
1.6%
return on capital
For every $100 invested in the business, EXK generated $1.60 in profit. Most investors would call that a warning label.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 5 / 100
- long-term debt $115M (4% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for EXK right now.
source: institutional data · return history unavailable
What just happened
earnings recap
The key takeaway: EXK's last reported quarter showed just $0.01 in Q4 2024 EPS after three straight quarterly losses earlier in the year.
2024 quarterly EPS ran -$0.01, -$0.06, -$0.07, then $0.01 in Q4, for full-year EPS of -$0.13. Jargon → gross margin → money left after direct production costs → so what: at 19.3%, there was not much cushion.
$218M
2024 revenue
$0.01
Q4 2024 eps
19.3%
gross margin
the number that mattered
The number that mattered was -$0.13 in full-year 2024 EPS, because it tells you $218M of revenue still did not reach the bottom line.
source: company filings · EDGAR · 2024
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What could go wrong
EXK does not need a vague risk list. It needs Terronera to work, silver to cooperate, and guidance to survive contact with reality.
high
Terronera execution risk
Terronera is supposed to drive the next phase of growth. Right now it is tied to a $31.52 per ounce all-in sustaining cost and a $119.1M full-year loss. If the ramp stays expensive, the turnaround thesis breaks.
High risk to profitability and cash generation.
high
Silver concentration
Silver generated $122.1M of the $218M revenue base (~56%). In plain English: one commodity drives most of the business, and that commodity does not care what management budgeted.
A weaker silver price would pressure revenue, margins, and sentiment at the same time.
med
Guidance slip risk
The 2026 target is 8.3–8.9M ounces of silver. Missing that number would remove the main reason investors are paying for a recovery now instead of waiting for proof later.
Lower output with no cost relief is the bad combination.
med
Mine concentration
The company runs a small set of mines in Mexico. On a $218M revenue base, a delay, permitting issue, or site-level cost jump matters more than it would at a larger diversified miner.
Operational hiccups can quickly become financial ones.
With $31.52 per ounce costs and most of revenue tied to silver (~56% in the segment mix), EXK is exposed to execution risk and commodity risk at the same time. You are not buying stability here.
source: institutional data · regulatory filings · risk analysis
Pay attention to
costs
All-in sustaining cost
$31.52 per ounce is the number running the show. If that does not move down, the production ramp does not fix the economics.
calendar
Q1 2026 earnings report
Estimated report date May 12, 2026. You want updated mine-cost commentary, not just another headline EPS number.
production
2026 silver guidance
The 8.3–8.9M ounce target is the growth claim behind the stock. Watch whether management keeps repeating it as Terronera ramps.
street view
$14.50 analyst target versus 30/100 predictability
The upside case is easy to sketch. The low predictability score tells you the actual path there may stay rough.
Analyst rankings
earnings predictability
30 / 100
Low score. In human-speak, analysts do not have a clean read on what earnings will look like from quarter to quarter.
balance sheet strength
B
Solid enough to keep operating. Not strong enough to make the operating story irrelevant.
risk rank
2
This measure says safer than 80% of stocks. Price stability at 5 / 100 says the ride can still get wild.
source: institutional data
Institutional activity
institutional ownership data for EXK is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$9.97
current price
n/a
target midpoint · n/a from current
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