MeritValue

Coeur Mining, Inc.

CDEdata completeness 100%18 fiscal years on file
The thesis, from the filings

Coeur Mining, Inc. earns about 4% on invested capital, but has diluted owners by 146% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$832.8M1$785.6M2$821.2M3$1.05B3$2.07B3
Net income−$31.3M4−$78.1M5−$103.6M6$58.9M6$585.9M6
Operating cash flow$110.5M7$25.6M8$67.3M9$174.2M9$886.9M9
Capital expenditure$309.8M10$352.4M11$364.6M12$183.2M12$221.2M12
Free cash flow (derived)−$199.3M7−$326.7M8−$297.3M9−$8.95M9$665.7M9
Total debt$29.8M13$24.6M14$22.6M15$31.4M16$17M16
Cash & equivalents$56.7M17$61.5M18$61.6M19$55.1M20$553.6M20
Diluted shares250.0M275.2M343.1M397.4M614.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$53.9
your share of equity
Profit it earned you last year
$9.53
Free cash flow it threw off
$10.83
Debt you’d be carrying
$0.28

10 shares is a claim on $53.9 of net worth that earned you $9.53 and generated $10.83 of cash last year, against $0.28 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
4% avg · 5y
FY21 1%FY22 -4%FY23 -3%FY24 6%FY25 21%

It earned an average 4% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+146% shares · 5y

Share count is up 146% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 43% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$10.73
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000215466-24-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0000215466-25-000069 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000215466-26-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000215466-24-000008 (NetIncomeLoss)
  5. 10-K/A · period ending 2022-12-31 · accession 0000215466-25-000069 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000215466-26-000004 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000215466-24-000008 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K/A · period ending 2022-12-31 · accession 0000215466-25-000069 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000215466-26-000004 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000215466-24-000008 (PaymentsToAcquireProductiveAssets)
  11. 10-K/A · period ending 2022-12-31 · accession 0000215466-25-000069 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0000215466-26-000004 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0000215466-23-000027 (DebtCurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000215466-24-000008 (DebtCurrent)
  15. 10-K/A · period ending 2023-12-31 · accession 0000215466-25-000069 (DebtCurrent)
  16. 10-K · period ending 2024-12-31 · accession 0000215466-26-000004 (DebtCurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000215466-23-000027 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000215466-24-000008 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K/A · period ending 2023-12-31 · accession 0000215466-25-000069 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0000215466-26-000004 (CashAndCashEquivalentsAtCarryingValue)