What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies. Negative P/B indicates book equity has been reduced by buybacks — common in highly profitable capital-return businesses.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Endeavour Silver Corp., a silver mining company, engages in the acquisition, exploration, development, extraction, processing, refining, and reclamation of mineral properties in Mexico, Chile, Peru, and the United States. It primarily explores for gold and silver deposits, and precious metals, as well as polymetals. The company was formerly known as Endeavour Gold Corp. and changed its name to Endeavour Silver Corp. in September 2004. Endeavour Silver Corp. was incorporated in 1981 and is headquartered in Vancouver, Canada.
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
17.6%▼
19.1%
17.6%
24.4%
N/A
Operating Margin %
8.2%▲
3.5%
4.2%
11.3%
N/A
Net Income %
-25.5%▼
-14.5%
3.0%
3.0%
N/A
Diluted EPS
-0.42▼
-0.13
0.03
0.03
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$1.2B
$719M
$475M
$399M
N/A
Total Debt
$244M↑
$120M
$9M
$16M
N/A
Working Capital
$146M▲
$79M
$43M
$94M
N/A
Years to Pay Debt
-2.05
-3.82
1.39
2.51
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
-$102M▲
-$176M
-$106M
-$55M
N/A
Owner Earnings
$124M
$195M
$153M
$142M
N/A
CapEx % of Net Income
N/A
N/A
1,923.7%
1,769.3%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
-20,565
-4,350
4,206
551
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
112,300
38,900
37,348
49,724
Total Unusual Items
-137,100
-29,000
10,516
2,103
Total Unusual Items Excluding Goodwill
-137,100
-29,000
10,516
2,103
Net Income From Continuing Operation Net Minority Interest
-119,100
-31,500
6,123
6,201
Reconciled Depreciation
73,800
31,100
28,789
26,088
Reconciled Cost Of Revenue
385,100
176,000
169,228
158,849
EBITDA
-24,800
9,900
47,864
51,827
EBIT
-98,600
-21,200
19,075
25,739
Net Interest Income
-6,300
-800
-822
-821
Interest Expense
6,300
800
822
790
Normalized Income
-2,565
-6,850
-187
4,649
Net Income From Continuing And Discontinued Operation
-119,100
-31,500
6,123
6,201
Total Expenses
429,000
209,900
196,904
186,493
Total Operating Income As Reported
35,700
8,300
8,700
23,464
Diluted Average Shares
283,078
242,181
197,765
185,350
Basic Average Shares
283,078
242,181
196,019
183,009
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
-119,100
-31,500
6,123
6,201
Net Income Common Stockholders
-119,100
-31,500
6,123
6,201
Net Income
-119,100
-31,500
6,123
6,201
Net Income Including Noncontrolling Interests
-119,100
-31,500
6,123
6,201
Net Income Continuous Operations
-119,100
-31,500
6,123
6,201
Tax Provision
14,200
9,500
12,130
18,748
Pretax Income
-104,900
-22,000
18,253
24,949
Other Income Expense
-137,100
-29,000
10,516
2,103
Special Income Charges
-11,000
-200
6,637
1,821
Gain On Sale Of Ppe
69
7,072
2,503
5,841
Write Off
7,000
0
Impairment Of Capital Assets
400
200
435
682
Restructuring And Mergern Acquisition
3,600
0
0
870
Gain On Sale Of Security
-126,100
-28,800
3,879
282
Net Non Operating Interest Income Expense
-6,300
-800
-822
-821
Total Other Finance Cost
31
Interest Expense Non Operating
6,300
800
822
790
Operating Income
38,500
7,700
8,559
23,667
Operating Expense
43,900
33,900
27,676
27,644
Other Operating Expenses
24,600
20,100
15,689
16,665
Depreciation Amortization Depletion Income Statement
400
400
376
838
Depreciation And Amortization In Income Statement
403
376
838
Depreciation Income Statement
403
376
838
Selling General And Administration
19,300
13,800
11,987
10,399
General And Administrative Expense
19,300
13,800
11,987
10,399
Other Gand A
6,700
5,300
5,969
4,352
Salaries And Wages
12,600
8,500
6,018
6,047
Gross Profit
82,400
41,600
36,235
51,311
Cost Of Revenue
385,100
176,000
169,228
158,849
Total Revenue
467,500
217,600
205,463
210,160
Operating Revenue
476,500
219,600
207,914
213,189
Balance Sheet
2025
2024
2023
2022
2021
Ordinary Shares Number
295,411
262,324
217,245
189,645
Share Issued
295,411
262,324
217,245
189,645
Net Debt
28,400
13,800
Total Debt
243,800
120,200
8,519
15,583
Tangible Book Value
579,100
484,400
386,341
315,894
Invested Capital
822,900
604,600
394,860
330,404
Working Capital
146,400
78,700
42,529
93,584
Net Tangible Assets
579,100
484,400
386,341
315,894
Capital Lease Obligations
1,011
1,073
1,001
Common Stock Equity
579,100
484,400
386,341
315,894
Total Capitalization
814,100
599,400
390,999
324,363
Total Equity Gross Minority Interest
579,100
484,400
386,341
315,894
Stockholders Equity
579,100
484,400
386,341
315,894
Retained Earnings
-491,300
-372,200
-340,910
-348,087
Additional Paid In Capital
89,200
5,600
4,556
6,115
Capital Stock
981,200
851,000
722,695
657,866
Common Stock
981,200
851,000
722,695
657,866
Total Liabilities Net Minority Interest
656,600
234,800
88,466
83,543
Total Non Current Liabilities Net Minority Interest
379,800
155,900
30,222
30,794
Other Non Current Liabilities
48,100
2,400
3,089
968
Derivative Product Liabilities
36,200
16,600
0
Non Current Deferred Liabilities
38,200
10,300
13,730
12,944
Non Current Deferred Taxes Liabilities
38,200
10,300
13,730
12,944
Long Term Debt And Capital Lease Obligation
235,000
115,000
4,658
9,281
Long Term Capital Lease Obligation
575
812
794
Long Term Debt
235,000
115,000
4,658
8,469
Long Term Provisions
22,300
11,600
8,745
7,601
Current Liabilities
276,800
78,900
58,244
52,749
Other Current Liabilities
123,300
10,200
Current Debt And Capital Lease Obligation
8,800
5,200
3,861
6,302
Current Capital Lease Obligation
436
261
207
Current Debt
8,800
5,200
3,861
6,041
Other Current Borrowings
3,800
5,200
3,861
6,041
Line Of Credit
5,000
Payables And Accrued Expenses
144,700
63,500
54,383
46,447
Payables
144,700
63,500
54,383
46,447
Total Tax Payable
24,300
9,500
7,801
6,616
Income Tax Payable
24,300
9,500
7,801
6,616
Accounts Payable
120,400
54,000
46,582
39,831
Total Assets
1,235,700
719,200
474,807
399,437
Total Non Current Assets
812,500
561,600
374,034
253,104
Other Non Current Assets
10,200
20,500
1,424
Non Current Prepaid Assets
21,670
565
599
Non Current Deferred Assets
0
7,545
0
936
Non Current Deferred Taxes Assets
0
936
Non Current Note Receivables
1,156
1,874
2,729
0
Non Current Accounts Receivable
8,400
34,900
27,582
13,724
Financial Assets
8,000
0
Investments And Advances
0
1,388
0
Other Investments
1,388
0
Investmentin Financial Assets
0
1,388
Financial Assets Designatedas Fair Value Through Profitor Loss Total
0
1,388
Goodwill And Other Intangible Assets
0
40
Other Intangible Assets
40
Net PPE
785,900
506,200
335,609
234,698
Accumulated Depreciation
-611,200
-667,700
-633,667
-602,929
Gross PPE
1,397,100
1,173,900
969,276
837,627
Leases
806
664
Construction In Progress
18,299
20,952
Other Properties
706
806
Machinery Furniture Equipment
613,400
395,900
266,627
216,397
Buildings And Improvements
35,727
25,550
20,356
14,109
Current Assets
423,200
157,600
100,773
146,333
Other Current Assets
6,000
3,800
7,550
16,951
Hedging Assets Current
1,100
0
Assets Held For Sale Current
47,600
0
Prepaid Assets
16,951
5,135
Inventory
62,300
36,000
27,258
19,184
Finished Goods
14,900
7,200
9,491
6,138
Work In Process
2,300
1,800
1,603
975
Raw Materials
45,100
27,000
16,164
12,071
Receivables
89,800
10,300
25,544
18,160
Other Receivables
2,200
400
1,654
689
Duefrom Related Parties Current
0
1
Taxes Receivable
64,700
5,200
15,832
12,086
Loans Receivable
2,300
1,400
1,450
1,000
Accounts Receivable
20,600
3,300
6,608
4,385
Cash Cash Equivalents And Short Term Investments
216,400
107,500
40,421
92,038
Other Short Term Investments
1,000
1,100
5,135
8,647
Cash And Cash Equivalents
215,400
106,400
35,286
83,391
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
-101,800
-176,300
-106,016
-54,722
Repurchase Of Capital Stock
-1,904
-2,363
Repayment Of Debt
-160,600
-4,500
-6,333
-5,273
Issuance Of Debt
354,100
120,000
0
0
Issuance Of Capital Stock
70,500
122,400
60,666
46,001
Capital Expenditure
-169,200
-195,400
-117,787
-109,715
Income Tax Paid Supplemental Data
22,200
5,200
7,002
6,337
End Cash Position
223,700
106,400
35,286
83,391
Beginning Cash Position
106,400
35,300
83,391
103,303
Effect Of Exchange Rate Changes
300
-500
-806
-211
Changes In Cash
117,000
71,600
-47,299
-19,701
Financing Cash Flow
287,000
236,000
48,125
36,756
Cash Flow From Continuing Financing Activities
287,000
236,000
48,125
36,756
Net Other Financing Charges
31,500
-1,700
-7,839
-4,789
Interest Paid Cff
-15,700
-4,200
-822
-790
Proceeds From Stock Option Exercised
7,200
4,000
2,453
1,607
Net Common Stock Issuance
70,500
122,400
60,666
46,001
Common Stock Payments
-1,904
-2,363
Common Stock Issuance
70,500
122,400
60,666
46,001
Net Issuance Payments Of Debt
193,500
115,500
-6,333
-5,273
Net Long Term Debt Issuance
193,500
115,500
-6,333
-5,273
Long Term Debt Payments
-160,600
-4,500
-6,333
-5,273
Long Term Debt Issuance
354,100
120,000
0
0
Investing Cash Flow
-237,400
-183,500
-107,195
-111,450
Cash Flow From Continuing Investing Activities
-237,400
-183,500
-107,195
-111,450
Net Other Investing Changes
200
1,100
800
34
Interest Received Cfi
2,900
7,500
0
Net Investment Purchase And Sale
800
3,200
2,225
-2,119
Sale Of Investment
800
3,200
2,451
0
Purchase Of Investment
0
-226
-2,119
-3,307
Net Business Purchase And Sale
-72,100
0
Purchase Of Business
-72,100
0
Net PPE Purchase And Sale
-169,200
-195,300
-110,220
-109,365
Sale Of PPE
0
100
7,567
350
Purchase Of PPE
-169,200
-195,400
-117,787
-109,715
Operating Cash Flow
67,400
19,100
11,771
54,993
Cash Flow From Continuing Operating Activities
67,500
19,100
11,771
54,993
Change In Working Capital
16,000
-8,100
-25,243
967
Change In Payables And Accrued Expense
77,800
-3,400
1,552
4,835
Change In Payable
77,800
-3,400
1,552
4,835
Change In Account Payable
58,000
-5,100
367
2,447
Change In Tax Payable
19,800
1,700
1,185
2,388
Change In Income Tax Payable
19,800
1,700
1,185
2,388
Change In Prepaid Assets
1,600
3,900
187
-862
Change In Inventory
-19,900
-7,900
-6,882
5,226
Change In Receivables
-43,500
-700
-20,100
-8,232
Changes In Account Receivables
-17,200
-4,000
-20,856
-4,385
Other Non Cash Items
26,600
-6,300
-1,115
1,203
Stock Based Compensation
3,900
3,200
3,617
3,878
Unrealized Gain Loss On Investment Securities
-800
1,800
Asset Impairment Charge
-2,400
0
435
2,005
Deferred Tax
-22,400
-3,400
786
12,372
Deferred Income Tax
-22,400
-3,400
786
12,372
Depreciation Amortization Depletion
73,800
31,100
28,789
26,088
Depreciation And Amortization
73,800
31,100
28,789
26,088
Depreciation
73,800
31,100
28,789
26,088
Operating Gains Losses
91,800
32,300
-1,621
2,279
Pension And Employee Benefit Expense
-90
1,508
968
0
Gain Loss On Investment Securities
96,200
26,900
2,522
3,470
Net Foreign Currency Exchange Gain Loss
-4,400
5,400
1,421
344
Net Income From Continuing Operations
-119,100
-31,500
6,123
6,201
These metrics estimate what Endeavour Silver Corp. is worth based on its fundamentals — independent of what the market currently prices it at.
Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles.
EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.
Graham's Fair Value
N/A (negative EPS)
Margin of Safety
—
Market Cap ÷ Company Value
1.41
P/B Ratio
4.65
Warren's Owner Earnings
$124M
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
1/7 — Speculative Investor
❌Adequate Size
$468M
vs > $1.5B revenue
❌Strong Financial Condition
1.53x
vs Current Ratio > 2.0x
❌Earnings Stability
2 loss years (4 yrs data)
vs No negative EPS years
❌Dividend Record
No dividend
vs Uninterrupted dividends
❌Earnings Growth
+0.0% EPS growth
vs > 33% EPS growth
✅Moderate P/E Ratio
6.7x
vs P/E ≤ 15.0x
❌Moderate Price-to-Book
4.65x P/B (P/E×P/B: 31.2)
vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5
Graham's 7 Criteria — Explained
What each criterion measures and why it may or may not apply to modern businesses.
❌ Adequate Size — $468Mvs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
❌ Strong Financial Condition — 1.53xvs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
❌ Earnings Stability — 2 loss years (4 yrs data)vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
❌ Dividend Record — No dividendvs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
EPS grew from $0.03 to $0.03 over 1 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
"A minimum increase of at least one-third in per-share earnings over ten years."
✅ Moderate P/E Ratio — 6.7xvs P/E ≤ 15.0x
Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.
"The price-earnings ratio should be no more than 15 times average earnings."
Graham's 1.5x P/B threshold made sense when most company value was tangible. Today, intangible assets — brand, software, patents, network effects — rarely appear on the balance sheet. A high P/B in tech, pharma, or consumer brands often reflects intangible value, not overvaluation. P/FCF or EV/EBITDA are more reliable for asset-light businesses.
"The price should not be more than 1½ times book value. P/E × P/B ≤ 22.5."
Net Current Asset Value
$-0.79
Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
$1.44
Per share, no-growth floor. Compare to current price.
Cash Flow Analysis
Metric
2025
2024
2023
2022
2021
Capital Expenditure % of Net Income
N/A
N/A
1,923.7%
1,769.3%
N/A
Repurchase of Capital Stock
N/A
N/A
N/A
-$2M
-$2M
Free Cash Flow
-$102M▲
-$176M▼
-$106M▼
-$55M•
N/A•
Warren's Owner Earnings
$124M
$195M
$153M
$142M
N/A
Peers & Industry
No auto-detected peers for Silver. You can manually compare EXK against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
0.19%
Low — management has little skin in the game
Return on Equity (ROE)
-20.6%
Weak — poor returns on equity
Return on Assets (ROA)
-9.6%
Poor — assets are not generating adequate returns
Debt Trend YoY
+102.8% YoY
Debt is growing — management is leveraging up
Leadership Team
Daniel Dickson Com., Comm,
CEO & Director
Age 45
Pay: $793,913
Elizabeth Senez
Chief Financial Officer
Age 43
Pay: $468,244
Luis Castro Valdez Ing.
Chief Operating Officer
Pay: $374,723
Gregory Arnold Blaylock
Vice President of Operations
Pay: $459,472
Allison Lauren Pettit
Vice President of Investor Relations
Top Institutional Holders
Institution
% Owned
Shares
Tidal Investments LLC
6.17%
18,259,395
Mirae Asset Global ETFs Holdings Ltd.
4.13%
12,209,447
Jupiter Asset Management Limited
3.46%
10,234,917
Van Eck Associates Corporation
3.31%
9,794,705
Vanguard Group Inc
2.67%
7,899,506
Condire Management, LP
1.52%
4,503,543
Alps Advisors Inc.
1.40%
4,146,836
Waratah Capital Advisors Ltd.
1.26%
3,737,025
⚠️Very high beta — extreme price volatility
Risk Analysis
Beta (Market Risk)
2.41
High volatility — moves more than the market
Debt-to-Equity
0.42x
Conservative balance sheet — low financial risk
Current Ratio
1.53x
Adequate liquidity
52-Week Price Range
Low: $3.14Current: $9.09High: $15.15
Currently at 50% of 52-week range
Endeavour Silver Corp. (EXK) fundamental analysis — Overall grade F based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 17.6%. Operating margin: 8.2%. Net margin: -25.5%. Market cap: $2.7B. Sector: Basic Materials. Industry: Silver. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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