NYSE · Basic Materials

Endeavour Silver Corp.

EXK · Silver

$8.61

▼ -0.25 (-2.82%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

A⤢

Gross Profit Margin 44.5%

Operating Margin 39.9%

Net Income Margin 30.9%

Fin. Health

C⤢

Years to Pay Off Debt 3.8 yrs

Working Capital vs Long-Term Debt -$66M

Working Capital $173M

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 3.95x

Cash Flow

F⤢

Free Cash Flow -$17M

CapEx % of Net Income 58.4%

Owner Earnings $124M

Profitability

Gross Profit Margin 44.5%

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 39.9%

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 30.9%

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.

Financial Health

Years to Pay Off Debt 3.8 yrs

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 -$66M

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 $173M

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.

Cash Flow

Free Cash Flow -$17M

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.

CapEx % of Net Income 58.4%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $124M

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.

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

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.

Market Data

Market Cap $2.5B

Enterprise Value $2.8B

P/E (TTM) 6.54

Dividend Yield N/A

Exchange NYSE

Key Margins

Gross Profit 44.5%

Operating Margin 39.9%

Net Margin 30.9%

Company Info

Sector Basic Materials

Industry Silver

Employees 2160

Country Canada

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Endeavour Silver Corp. at $8.61.

The business passes only 1 of 6 of Graham's defensive criteria — well below his required standard.

At $8.61, the stock trades at a 156% premium to its Graham Number of $3.36. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Gross Profit %	44.5%▲	27.0%•	N/A
Operating Margin %	39.9%▲	19.6%•	N/A
Net Income %	30.9%▲	-13.8%•	N/A
Diluted EPS	0.23•	N/A•	N/A

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$1.3B	$1.2B	N/A
Total Debt	$248M▲	$244M•	N/A
Working Capital	$173M▲	$146M•	N/A
Years to Pay Debt	3.82	-10.25	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	-$17M▲	-$23M•	N/A
Owner Earnings	$124M	$40M	N/A
CapEx % of Net Income	58.4%	N/A	N/A

Income Statement

	2026	2025	2024
Tax Effect Of Unusual Items	1,931	-2,768
Tax Rate For Calcs	0	0
Normalized EBITDA	105,100	58,816
Total Unusual Items	7,900	-55,128
Total Unusual Items Excluding Goodwill	7,900	-55,128
Net Income From Continuing Operation Net Minority Interest	64,900	-23,782
Reconciled Depreciation	21,300	24,977
Reconciled Cost Of Revenue	116,400	126,064
EBITDA	113,000	3,688
EBIT	91,700	-21,289
Net Interest Income	-5,800	-3,750
Interest Expense	5,800	3,750
Normalized Income	58,931	28,578
Net Income From Continuing And Discontinued Operation	64,900	-23,782
Total Expenses	126,000	138,735
Total Operating Income As Reported	83,800	34,641
Diluted Average Shares	326,963
Basic Average Shares	283,078
Diluted EPS	0
Basic EPS	0
Diluted NI Availto Com Stockholders	64,900	-23,782
Net Income Common Stockholders	64,900	-23,782
Net Income	64,900	-23,782
Net Income Including Noncontrolling Interests	64,900	-23,782
Net Income Continuous Operations	64,900	-23,782
Tax Provision	21,000	-1,257
Pretax Income	85,900	-25,039
Other Income Expense	7,900	-55,128
Special Income Charges	35,600	-7,398	-112
Gain On Sale Of Ppe			69
Gain On Sale Of Business	35,600
Impairment Of Capital Assets			181
Restructuring And Mergern Acquisition		-2
Gain On Sale Of Security	-27,700	-47,730
Net Non Operating Interest Income Expense	-5,800	-3,750
Interest Expense Non Operating	5,800	3,750
Operating Income	83,700	33,839
Operating Expense	9,600	12,671
Other Operating Expenses	5,000	7,882
Depreciation Amortization Depletion Income Statement		95	99
Depreciation And Amortization In Income Statement			99
Depreciation Income Statement			99
Selling General And Administration	4,600	4,789
General And Administrative Expense	4,600	4,789
Other Gand A	2,000	1,597
Salaries And Wages	2,600	3,192
Gross Profit	93,300	46,510
Cost Of Revenue	116,400	126,064
Total Revenue	209,700	172,574
Operating Revenue	213,700	176,459

Balance Sheet

	2026	2025	2024
Ordinary Shares Number	295,936	295,411
Share Issued	295,936	295,411
Net Debt	15,900	28,400
Total Debt	247,700	243,800
Tangible Book Value	644,700	579,100
Invested Capital	892,400	822,900
Working Capital	173,400	146,400
Net Tangible Assets	644,700	579,100
Common Stock Equity	644,700	579,100
Total Capitalization	884,200	814,100
Total Equity Gross Minority Interest	644,700	579,100
Stockholders Equity	644,700	579,100
Retained Earnings	-426,400	-491,300
Additional Paid In Capital	87,900	89,200
Capital Stock	983,200	981,200
Common Stock	983,200	981,200
Total Liabilities Net Minority Interest	609,000	656,600
Total Non Current Liabilities Net Minority Interest	359,500	379,800
Other Non Current Liabilities	47,800	48,100
Derivative Product Liabilities	23,800	36,200
Non Current Deferred Liabilities	25,400	38,200
Non Current Deferred Taxes Liabilities	25,400	38,200
Long Term Debt And Capital Lease Obligation	239,500	235,000
Long Term Debt	239,500	235,000
Long Term Provisions	23,000	22,300
Current Liabilities	249,500	276,800
Other Current Liabilities	105,600	123,300
Current Deferred Liabilities
Current Debt And Capital Lease Obligation	8,200	8,800
Current Debt	8,200	8,800
Other Current Borrowings	8,200	3,800
Line Of Credit		5,000
Payables And Accrued Expenses	135,700	144,700
Payables	135,700	144,700
Total Tax Payable	30,400	24,300
Income Tax Payable	30,400	24,300
Accounts Payable	105,300	120,400
Total Assets	1,253,700	1,235,700
Total Non Current Assets	830,700	812,500
Other Non Current Assets	8,900	10,200
Non Current Deferred Assets	7,600		0
Non Current Note Receivables			1,156
Non Current Accounts Receivable	8,300	8,400
Financial Assets	10,800	8,000	0
Investments And Advances	8,100
Other Investments	8,100
Net PPE	787,000	785,900
Accumulated Depreciation	-633,900	-611,200
Gross PPE	1,420,900	1,397,100
Construction In Progress			18,299
Machinery Furniture Equipment	623,800	613,400
Buildings And Improvements			35,727
Current Assets	422,900	423,200
Other Current Assets	8,300	6,000
Hedging Assets Current	300	1,100	0
Assets Held For Sale Current	0	47,600	0
Inventory	75,600	62,300
Finished Goods	25,700	14,900
Work In Process	2,400	2,300
Raw Materials	47,500	45,100
Receivables	97,800	89,800
Other Receivables	5,000	2,200
Taxes Receivable	63,800	64,700
Loans Receivable	2,600	2,300
Accounts Receivable	26,400	20,600
Cash Cash Equivalents And Short Term Investments	240,900	216,400
Other Short Term Investments	9,100	1,000
Cash And Cash Equivalents	231,800	215,400

Cash Flow

	2026	2025	2024
Free Cash Flow	-17,200	-23,394
Repayment Of Debt	-1,300	-152,887
Issuance Of Debt		339,100	35,000
Issuance Of Capital Stock		9,161	68,583
Capital Expenditure	-37,900	-38,816
Income Tax Paid Supplemental Data			224
End Cash Position	231,800	223,700
Beginning Cash Position	223,700	57,027
Effect Of Exchange Rate Changes	-200	90
Changes In Cash	8,300	166,617
Financing Cash Flow	-4,000	188,167
Cash Flow From Continuing Financing Activities	-4,000	188,167
Net Other Financing Charges	-3,300	-1,729	-344
Interest Paid Cff	-300	-5,844
Proceeds From Stock Option Exercised	900	366
Net Common Stock Issuance		9,161	68,583
Common Stock Issuance		9,161	68,583
Net Issuance Payments Of Debt	-1,300	186,213
Net Long Term Debt Issuance	-1,300	186,213
Long Term Debt Payments	-1,300	-152,887
Long Term Debt Issuance		339,100	35,000
Investing Cash Flow	-8,400	-36,972
Cash Flow From Continuing Investing Activities	-8,400	-36,972
Net Other Investing Changes		50	150
Interest Received Cfi	2,000	1,062
Net Investment Purchase And Sale		4	0
Sale Of Investment		4	0
Net Business Purchase And Sale	27,500	728
Sale Of Business	27,500
Purchase Of Business		728
Net PPE Purchase And Sale	-37,900	-38,816
Sale Of PPE			69
Purchase Of PPE	-37,900	-38,816
Operating Cash Flow	20,700	15,422
Cash Flow From Continuing Operating Activities	20,700	15,522
Change In Working Capital	-18,100	-14,279
Change In Payables And Accrued Expense		24,615	-2,847
Change In Account Payable		17,994	-714
Change In Tax Payable		6,621	-2,133
Change In Income Tax Payable		6,621	-2,133
Change In Prepaid Assets		-13,265	1,334
Change In Inventory		-7,041	-10,757
Change In Receivables		-18,588	1,655
Changes In Account Receivables		-12,101	1,721
Other Non Cash Items	5,300	22,117
Stock Based Compensation	1,400	761
Unrealized Gain Loss On Investment Securities	4,100	22
Asset Impairment Charge			181
Deferred Tax	-12,800	-12,821
Deferred Income Tax	-12,800	-12,821
Depreciation Amortization Depletion	21,300	24,977
Depreciation And Amortization	21,300	24,977
Depreciation	21,300	24,977
Operating Gains Losses	-45,400	20,827
Gain Loss On Investment Securities	-10,400	21,375
Net Foreign Currency Exchange Gain Loss	600	-548
Gain Loss On Sale Of Business	-35,600
Net Income From Continuing Operations	64,900	-23,782

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $64M ▲ $210M +230.2%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Gross Margin

Prior year: 20.2% ▲ 44.5% +24.3pp

Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.

Operating Margin

Prior year: 131.8% ▲ 39.9% -91.9pp

Graham: operating margin reflects true business economics before financing. Trend matters as much as level.

Net Margin

Prior year: -51.8% ▲ 30.9% +82.8pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

❌ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$210M/qtr (≈$839M ann.)

vs > $1.5B annualised revenue

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

1.69x current ratio

vs ≥ 2.0x

❌ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

-$17M

vs Positive

Operating Cash Flow

$21M

Latest quarter · Buffett's cash reality check

ROIC

6.6%

Based on latest annual operating income

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.

Market Cap / Net Assets

4.0x

Net Assets: $645M

⚠️ Revenue grew vs prior year but operating margin contracted. Possible explanations: deliberate investment in growth (hiring, marketing, R&D), input cost inflation, or pricing pressure from competition. Buffett distinguishes between spending that builds moat vs. spending that doesn't.

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)

10.1%

Adequate — returns are moderate

Return on Assets (ROA)

5.2%

Strong — management uses assets efficiently

Debt Trend YoY

+1.6% YoY

Debt is roughly stable

Leadership Team

Daniel Dickson Com., Comm,

CEO & Director

Age 45

Pay: $793,913

1.223% of net income

Elizabeth Senez

Chief Financial Officer

Age 43

Pay: $468,244

0.721% of net income

Luis Castro Valdez Ing.

Chief Operating Officer

Pay: $374,723

0.577% of net income

Gregory Arnold Blaylock

Vice President of Operations

Pay: $459,472

0.708% of net income

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.

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarter vs Same Quarter Last Year

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis