MeritValue

ENDEAVOUR SILVER CORP

EXKdata completeness 100%10 fiscal years on file
The thesis, from the filings

ENDEAVOUR SILVER CORP earns about -0% on invested capital, but has diluted owners by 54% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.24 a share.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$165.3M1$210.2M2$205.5M3$217.6M4$467.5M4
Net income$14M5$6.2M6$6.12M7−$31.5M8−$119.1M8
Operating cash flow$23.5M9$55M10$11.8M11$19.1M12$67.4M12
Capital expenditure$54.1M13$109.7M14$117.8M15$195.4M16$169.2M16
Free cash flow (derived)−$30.6M9−$54.7M10−$106M11−$176.3M12−$101.8M12
Total debt$10.5M17$14.5M18$8.5M19$122.6M19$12.7M19
Cash & equivalents$103.3M20$83.4M21$35.3M21$106.4M22$215.4M22
Diluted shares170.5M189.6M216.9M262.3M262.3M

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
$22.08
your share of equity
Profit it earned you last year
−$4.54
Free cash flow it threw off
−$3.88
Debt you’d be carrying
$0.48

10 shares is a claim on $22.08 of net worth that earned you −$4.54 and generated −$3.88 of cash last year, against $0.48 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-0% avg · 5y
FY21 10%FY22 5%FY23 3%FY24 -2%FY25 -18%

It earned an average -0% 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
+54% shares · 5y

Share count is up 54% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 21% over the same window.

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
$0.24
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$6.12M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 40-F · period ending 2021-12-31 · accession 0001062993-23-008096 (Revenue)
  2. 40-F · period ending 2022-12-31 · accession 0001062993-24-006089 (Revenue)
  3. 40-F · period ending 2023-12-31 · accession 0001062993-25-005063 (Revenue)
  4. 40-F · period ending 2024-12-31 · accession 0001062993-26-001662 (Revenue)
  5. 40-F · period ending 2021-12-31 · accession 0001062993-23-008096 (ProfitLoss)
  6. 40-F · period ending 2022-12-31 · accession 0001062993-24-006089 (ProfitLoss)
  7. 40-F · period ending 2023-12-31 · accession 0001062993-25-005063 (ProfitLoss)
  8. 40-F · period ending 2024-12-31 · accession 0001062993-26-001662 (ProfitLoss)
  9. 40-F · period ending 2021-12-31 · accession 0001062993-23-008096 (CashFlowsFromUsedInOperatingActivities)
  10. 40-F · period ending 2022-12-31 · accession 0001062993-24-006089 (CashFlowsFromUsedInOperatingActivities)
  11. 40-F · period ending 2023-12-31 · accession 0001062993-25-005063 (CashFlowsFromUsedInOperatingActivities)
  12. 40-F · period ending 2024-12-31 · accession 0001062993-26-001662 (CashFlowsFromUsedInOperatingActivities)
  13. 40-F · period ending 2021-12-31 · accession 0001062993-23-008096 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  14. 40-F · period ending 2022-12-31 · accession 0001062993-24-006089 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  15. 40-F · period ending 2023-12-31 · accession 0001062993-25-005063 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  16. 40-F · period ending 2024-12-31 · accession 0001062993-26-001662 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  17. 40-F · period ending 2021-12-31 · accession 0001062993-24-006089 (Borrowings)
  18. 40-F · period ending 2022-12-31 · accession 0001062993-25-005063 (Borrowings)
  19. 40-F · period ending 2023-12-31 · accession 0001062993-26-001662 (Borrowings)
  20. 40-F · period ending 2021-12-31 · accession 0001062993-24-006089 (CashAndCashEquivalents)
  21. 40-F · period ending 2022-12-31 · accession 0001062993-25-005063 (CashAndCashEquivalents)
  22. 40-F · period ending 2024-12-31 · accession 0001062993-26-001662 (CashAndCashEquivalents)