# Endeavour Mining (EDV.LSE)

Canonical: https://gigainvestors.com/s/EDV.LSE

Analysis as of: 2026-10-16T07:35:23.944Z. Financial observations: FY2007–FY2025.

Listing currency: GBX. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 4,120.00 per share; close as of 2026-10-15.

Estimated value: low GBX 906.01 per share, central GBX 1,133.14 per share, high GBX 1,265.40 per share. Buy at or below the central value GBX 1,133.14 per share. Valuation as of 2026-10-16T07:35:23.944Z; scenarios are not confidence intervals.

Expected annual return: 4.5% at the stated quote. About 4.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 7

- Operating margin variation: 0.65×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.15×

- FY2017: 0.11×

- FY2018: 0.13×

- FY2019: -0.04×

- FY2020: 0.24×

- FY2021: 0.18×

- FY2022: 0.28×

- FY2023: 0.21×

- FY2024: 0.14×

- FY2025: 0.44×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 7.5%

- ROIC, second-lowest year: 4.5%

- Typical minus recent gross margin: -1.4 pp

- Typical gross margin (annual median): 33.9%

- Recent gross margin (lower of latest and 3-year median): 35.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 29.6%

- ROIC including acquisitions, ten-year median: -7.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.2%

- FY2017: 5.0%

- FY2018: 4.5%

- FY2019: -1.7%

- FY2020: 10.8%

- FY2021: 8.7%

- FY2022: 11.1%

- FY2023: 7.8%

- FY2024: 7.2%

- FY2025: 40.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.49×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $505M

- Net income, five-year total: $339M

- Return on incremental invested capital: 116.1%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 3.2 pp

- Working capital / revenue, final three-year average: 5.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.54×

- FY2022: -0.94×

- FY2023: 1.66×

- FY2024: 1.03×

- FY2025: 1.13×

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 5.0% vs 7.8%

- Per-share earnings: -0.26 to -0.85 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.5%

- Ordinary dilution, 5-year annual growth: -1.0%

- Diluted shares, 10-year annual growth: -0.5%

- Diluted shares, 5-year annual growth: -1.0%

- Per-share value change: -$0.59

- Per-share value, starting three-year median: -$0.26

- Per-share value, ending three-year median: -$0.85

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 1.5%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: $134M

- Cumulative net income, 10 years: -$154M

- ROIC, first three-year median: 5.0%

- ROIC, last three-year median: 7.8%

- Market cap gain: $4.8B

- Cumulative retained earnings: $3.8B

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.26

- FY2017: -$0.75

- FY2018: -$0.57

- FY2019: -$0.65

- FY2020: $0.29

- FY2021: $0.86

- FY2022: -$0.23

- FY2023: -$0.85

- FY2024: -$1.23

- FY2025: $2.87

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -17.9%

- Receivables to sales index (DSRI): 1.67×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.45×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -16.3%

- FY2017: -24.4%

- FY2018: -20.6%

- FY2019: -24.9%

- FY2020: -17.4%

- FY2021: -14.0%

- FY2022: -16.8%

- FY2023: -14.6%

- FY2024: -22.6%

- FY2025: -17.9%

## Holders

## Price story

Down 22% since Feb 2026 · "Endeavour Mining Assafou study points to lower costs and long-term growth potential, says Stifel" (finance.yahoo.com, Apr 2026) · sales +60.8%

Story as of 2026-10-16T10:00:04.720Z; price observation 2026-10-15.

Price needs cash profits to grow 27.4% a year for ten years

### Sales · FY2024–2025

sales +60.8%; source https://filings.xbrl.org/529900NI5MXQ91GHXR07/2024-12-31/ESEF/GB/0/529900NI5MXQ91GHXR07-2024-12-31/reports/529900NI5MXQ91GHXR07-2024-12-31-T01.xhtml; observed 2025-04-17.

- FY2016: $673M 

- FY2017: $652M 

- FY2018: $752M 

- FY2019: $695M 

- FY2020: $1.4B 

- FY2021: $2.6B 

- FY2022: $2.1B 

- FY2023: $2.1B 

- FY2024: $2.7B 

- FY2025: $4.3B 

### Gross margin · FY2025

gross margin 48.7%; source https://filings.xbrl.org/529900NI5MXQ91GHXR07/2024-12-31/ESEF/GB/0/529900NI5MXQ91GHXR07-2024-12-31/reports/529900NI5MXQ91GHXR07-2024-12-31-T01.xhtml; observed 2025-04-17.

- FY2016: 25.3% 

- FY2017: 18.7% 

- FY2018: 20.6% 

- FY2019: 30.2% 

- FY2020: 52.7% 

- FY2021: 56.7% 

- FY2022: 36.7% 

- FY2023: 35.2% 

- FY2024: 32.5% 

- FY2025: 48.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in gold; annual sales are USD 4.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-17); FY2025: revenue 4302708403; grossProfit 2094291664; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 32.5% to 48.7% during 2023–25; it earns 7.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-17); FY2023: grossProfit / revenue = 35.2%.

- Source: https://filings.xbrl.org/529900NI5MXQ91GHXR07/2024-12-31/ESEF/GB/0/529900NI5MXQ91GHXR07-2024-12-31/reports/529900NI5MXQ91GHXR07-2024-12-31-T01.xhtml (filed 2025-04-17); FY2024: grossProfit / revenue = 32.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-17); FY2025: grossProfit / revenue = 48.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-17); 10-year return on capital observations [[2016,0.07209498846023511],[2017,0.05041771845687486],[2018,0.04521957151356264],[2019,-0.01732869566881907],[2020,0.10783338148226443],[2021,0.08713239222823621],[2022,0.11117724097788126],[2023,0.07809879223775275],[2024,0.07186184922447998],[2025,0.4018904526640087]]; median 0.07509689034899393. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 90.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-17); FY2020: growth capex 0; upkeep 241285000; owner earnings 85574000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-17); FY2021: growth capex 0; upkeep 522500000; owner earnings 331480000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-17); FY2022: growth capex 0; upkeep 518300000; owner earnings 54080000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-17); FY2025: growth capex 0; upkeep 539019944; owner earnings 777660262. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-17); Dividend observations: [[2016,1856000],[2017,5177000],[2018,1956000],[2019,129900000],[2020,129900000],[2021,129900000],[2022,166600000],[2023,200400000],[2024,200000000],[2025,292883761]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-17); FY2025: cash repurchases 90548032 USD.

### Are managers owners

Insiders own 10.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EDV.LSE SharesStats.PercentInsiders = 10.141 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 27.4% yearly over ten years; actual growth was 58%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-17); Ten-year compound average after fade. Initial solved rate 0.38788383786371716. Price 4120; FX 75.34943299551671; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.03336253294821409 → FY2025 3.230827843788949. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2021-06: GBX 1,550.00 per share

- 2021-07: GBX 1,715.00 per share

- 2021-08: GBX 1,765.00 per share

- 2021-09: GBX 1,710.00 per share

- 2021-10: GBX 1,855.00 per share

- 2021-11: GBX 1,775.00 per share

- 2021-12: GBX 1,670.00 per share

- 2022-01: GBX 1,635.00 per share

- 2022-02: GBX 1,990.00 per share

- 2022-03: GBX 1,910.00 per share

- 2022-04: GBX 1,959.00 per share

- 2022-05: GBX 1,792.00 per share

- 2022-06: GBX 1,702.00 per share

- 2022-07: GBX 1,600.00 per share

- 2022-08: GBX 1,683.00 per share

- 2022-09: GBX 1,641.00 per share

- 2022-10: GBX 1,516.00 per share

- 2022-11: GBX 1,731.00 per share

- 2022-12: GBX 1,752.00 per share

- 2023-01: GBX 1,909.00 per share

- 2023-02: GBX 1,697.00 per share

- 2023-03: GBX 1,998.00 per share

- 2023-04: GBX 2,058.00 per share

- 2023-05: GBX 2,152.00 per share

- 2023-06: GBX 1,885.00 per share

- 2023-07: GBX 1,880.00 per share

- 2023-08: GBX 1,613.00 per share

- 2023-09: GBX 1,586.00 per share

- 2023-10: GBX 1,700.00 per share

- 2023-11: GBX 1,839.00 per share

- 2023-12: GBX 1,757.00 per share

- 2024-01: GBX 1,412.00 per share

- 2024-02: GBX 1,275.00 per share

- 2024-03: GBX 1,609.00 per share

- 2024-04: GBX 1,703.00 per share

- 2024-05: GBX 1,717.00 per share

- 2024-06: GBX 1,686.00 per share

- 2024-07: GBX 1,730.00 per share

- 2024-08: GBX 1,614.00 per share

- 2024-09: GBX 1,771.00 per share

- 2024-10: GBX 1,735.00 per share

- 2024-11: GBX 1,544.00 per share

- 2024-12: GBX 1,425.00 per share

- 2025-01: GBX 1,643.00 per share

- 2025-02: GBX 1,544.00 per share

- 2025-03: GBX 1,819.00 per share

- 2025-04: GBX 2,016.00 per share

- 2025-05: GBX 2,252.00 per share

- 2025-06: GBX 2,228.00 per share

- 2025-07: GBX 2,300.00 per share

- 2025-08: GBX 2,536.00 per share

- 2025-09: GBX 3,100.00 per share

- 2025-10: GBX 3,074.00 per share

- 2025-11: GBX 3,490.00 per share

- 2025-12: GBX 3,872.00 per share

- 2026-01: GBX 4,222.00 per share

- 2026-02: GBX 5,290.00 per share

- 2026-03: GBX 4,460.00 per share

- 2026-04: GBX 4,414.00 per share

- 2026-05: GBX 4,594.00 per share

- 2026-06: GBX 3,704.00 per share

- 2026-07: GBX 3,522.00 per share

- 2026-08: GBX 4,742.00 per share

- 2026-09: GBX 4,245.00 per share

- 2026-10: GBX 4,132.00 per share

## Annual estimated value (GBX per share)

- FY2022: low GBX 473.41 per share, central GBX 569.01 per share, high GBX 624.69 per share

- FY2023: low GBX 377.09 per share, central GBX 476.10 per share, high GBX 533.76 per share

- FY2024: low GBX 404.82 per share, central GBX 530.18 per share, high GBX 603.17 per share

- FY2025: low GBX 580.28 per share, central GBX 785.39 per share, high GBX 904.82 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:10.565Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/529900NI5MXQ91GHXR07/2024-12-31/ESEF/GB/0/529900NI5MXQ91GHXR07-2024-12-31/reports/529900NI5MXQ91GHXR07-2024-12-31-T01.xhtml); period 2024-12-31, filed 2025-04-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.