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Endeavour Silver Corp.

Data period: Annual Quarterly
NYSE · Basic Materials
Endeavour Silver Corp.
EXK · Silver
$8.61
▼ -0.25 (-2.82%)
Cached · 10 min
Overall Grade
F
Defensive
F
Enterprising
Profitability
F
Gross Profit Margin 17.6%
Operating Margin 8.2%
Net Income Margin -25.5%
Fin. Health
D
Years to Pay Off Debt -2.0 yrs
Working Capital vs Long-Term Debt -$89M
Working Capital $146M
Valuation
F
Price-to-Book 4.40x
Cash Flow
C
Free Cash Flow -$102M
Owner Earnings $124M
About Endeavour Silver Corp.
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.
Metric Explanations
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 like software and consumer brands.
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.
Market Cap $2.5B
Enterprise Value $2.8B
P/E (TTM) 6.54
Dividend Yield N/A
Exchange NYSE
Gross Profit 17.6%
Operating Margin 8.2%
Net Margin -25.5%
Sector Basic Materials
Industry Silver
Employees 2160
Country 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
1/7
Graham Score
Speculative Investor
Fails most of Graham's safety criteria. Treat with caution.
Graham's Fair Value
N/A (negative EPS)
Margin of Safety
Market Cap / Net Assets
4.4x
Net Assets: $579M
Warren's Owner Earnings
$124M
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
1/7 — Speculative Investor
Adequate Size
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.
$468M
vs > $1.5B revenue
Strong Financial Condition
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.
1.53x
vs Current Ratio > 2.0x
Earnings Stability
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.
2 loss years (4 yrs data)
vs No negative EPS years
Dividend Record
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.
No dividend
vs Uninterrupted dividends
Earnings Growth
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.
+0.0% EPS growth
vs > 33% EPS growth
Moderate P/E Ratio
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.
6.5x
vs P/E ≤ 15.0x
Moderate Price-to-Book
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.
4.40x P/B (P/E×P/B: 28.8)
vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
❌ Adequate Size — $468M vs > $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 — 1.53x vs 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 dividend vs 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."
❌ Earnings Growth — +0.0% EPS growth vs > 33% EPS growth
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 — 6.5x vs 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."
❌ Moderate Price-to-Book — 4.40x P/B (P/E×P/B: 28.8) vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5
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."
These metrics estimate what Endeavour Silver Corp. is worth based on fundamentals — independent of what the market prices it at. Graham's Fair Value and NCAV are conservative floors. EPV assumes zero growth. These are reference points, not price targets.
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.
ROIC — Return on Invested Capital
3.2%
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
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
0.16%
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
Van Eck Associates Corporation 7.95% 23,551,996
Tidal Investments LLC 6.07% 17,982,202
Mirae Asset Global ETFs Holdings Ltd. 3.99% 11,813,627
Jupiter Asset Management Limited 3.94% 11,660,396
Vanguard Capital Management LLC 2.87% 8,501,041
Two Sigma Investments, LP 2.76% 8,163,504
Alps Advisors Inc. 1.71% 5,053,504
Condire Management, LP 1.52% 4,503,543
⚠️ Very high beta — extreme price volatility
Risk Analysis
Beta (Market Risk)
2.32
High volatility — moves more than the market
Debt-to-Equity
0.39x
Conservative balance sheet — low financial risk
Current Ratio
1.70x
Adequate liquidity
52-Week Price Range
Low: $4.53 Current: $8.61 High: $15.15
Currently at 38% 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: $2.5B. 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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