NEW YORK, August 8, 2026, 12:06 EDT
- U.S. markets are shut for the weekend. Coeur finished Friday at $17.39, gaining 11.1% on the day and advancing 16.6% over the week.
- Free cash flow for the second quarter was $387.5 million. The company expects to generate approximately $1.5 billion in 2026, suggesting a yield of 8.4% based on Friday’s market capitalization.
- The revised outlook lowered the midpoint for total gold production by 7.7%, while increasing the midpoint for capital expenditure by 16.8%.
Shares of Coeur Mining, Inc. NYSE:CDE rose sharply on Friday, gaining 11.1% as the market reconsidered a volatile quarter. The advance recouped most of Thursday’s 10.2% loss following the earnings release.
Cash flow was the main highlight. Free cash flow for the quarter jumped 45% from the previous period, reaching a record high. Based on Friday’s market capitalization of $17.88 billion, the company’s full-year outlook points to a free-cash-flow yield of 8.4% on market cap.
| Investor cash-flow perspective | Amount |
|---|---|
| Q2 2026 projected free cash flow | $387.5 million |
| 2026 anticipated free cash flow, company outlook | About $1.5 billion |
| Market cap as of Friday | $17.88 billion |
| Estimated free-cash-flow yield | 8.4% |
| Estimated market-cap to free-cash-flow ratio | 11.9 times |
Company guidance and Friday’s market value were used to determine yield and multiple.
Gold and silver both provided notable support, with futures rising 7.2% and 10.0%, respectively, over the week. Softer U.S. payrolls data dampened prospects for an imminent interest-rate hike.
| Market comparison | Friday close | Friday change | Weekly change |
|---|---|---|---|
| Coeur Mining NYSE:CDE | $17.39 | up 11.1% | up 16.6% |
| Hecla Mining Company NYSE:HL | $16.85 | up 6.3% | up 19.3% |
| Pan American Silver Corp. NYSE:PAAS | $51.22 | up 6.6% | up 18.8% |
| First Majestic Silver Corp. NYSE:AG | $18.40 | up 6.5% | up 22.4% |
Weekly movements are based on closing prices from July 31 and August 7.
The pattern among peers reflects both dynamics. Shares tied to silver outperformed the group across the week. On Friday, though, it was Coeur that set the pace after its earnings call. The action points to macro buying as the rally’s initial driver, with momentum sustained by company cash flow.
Revenue hit an all-time high of $1.086 billion. Adjusted EBITDA was almost unchanged from the previous quarter, even though realized metal prices softened. Free-cash-flow margin rose to 35.7%, up from 31.2%.
| Q2 operating and financial snapshot | Q2 2026 | Q1 2026 | Q2 2025 |
|---|---|---|---|
| Revenue | $1,085.6 million | $856.2 million | $480.7 million |
| Adjusted EBITDA | $478.3 million | $474.9 million | $213.8 million |
| Free cash flow | $387.5 million | $266.8 million | $146.2 million |
| Free-cash-flow margin | 35.7% | 31.2% | 30.4% |
| Adjusted EPS | $0.12 | $0.36 | $0.16 |
| Gold production | 163,490 oz | 96,457 oz | 108,487 oz |
| Silver production | 4.4 million oz | 4.4 million oz | 4.7 million oz |
Reported revenue and free cash flow are used to determine margins.
Adjusted earnings dropped to 12 cents a share, coming in 14 cents below the FactSet consensus of 26 cents. Earnings were lowered by 10 cents per share due to a $140 million noncash inventory-allocation expense, which accounts for most of the miss.
The Canadian mines obtained in the deal were significant sources of cash. Rainy River delivered $123.1 million in mine-level free cash flow, while New Afton contributed $50.6 million. Together, these accounted for 44.8% of total consolidated free cash flow, though mine-level numbers are not viewed as a formal accounting measure.
Chief Executive Mitchell Krebs stated the quarter demonstrated “growing momentum” throughout Coeur’s North American operations. He also noted the impact of softer prices, rising costs, lower grades and slower ramp-ups at mines. Coeur Mining
The execution cutbacks were significant. Coeur lowered its Canadian production outlooks and lifted its cost projections. Planned capital expenditures were also raised.
| Selected 2026 guidance | Previous range | Updated range | Midpoint change |
|---|---|---|---|
| Total gold output | 680,000–815,000 oz | 630,000–750,000 oz | -7.7% |
| Total silver output | 18.68–21.93 million oz | 18.68–21.93 million oz | Unchanged |
| Total copper output | 50–65 million lb | 40–50 million lb | -21.7% |
| Total capital spending | $437–$526 million | $520–$605 million | +16.8% |
| New Afton gold CAS | $1,000–$1,200/oz | $1,300–$1,600/oz | +31.8% |
| Rainy River gold CAS | $2,150–$2,350/oz | $2,700–$3,000/oz | +26.7% |
CAS refers to adjusted costs applicable to sales. Changes at the midpoint have been calculated.
Management continues to project roughly 690,000 ounces of gold and 20 million ounces of silver at the midpoint of its guidance. The cash-flow projection of $1.5 billion is based on gold prices at $4,000 and silver at $60.
Spot prices on Friday were approximately 8.4% and 5.5% higher than those projections. This provides a buffer for commodities. However, the benefit depends on whether the mines achieve the updated plan.
As of June 30, cash and short-term investments were $1.052 billion, while total debt amounted to $705 million, resulting in about $347 million in net cash. By July 31, Coeur had bought back $121 million in shares and distributed its first two-cent semiannual dividend.
Analysts hold an upbeat outlook, though earnings projections have declined. According to FactSet, there are nine Buy recommendations, one Overweight, and two Hold ratings. The EPS estimate for 2026 has decreased by 31% over the last month.
| Analyst ratings and projections | Current | One month prior | Three months prior |
|---|---|---|---|
| Buy | 9 | 10 | 9 |
| Overweight | 1 | 1 | 1 |
| Hold | 2 | 1 | 0 |
| Underweight | 0 | 0 | 1 |
| Sell | 0 | 0 | 0 |
| Consensus | Buy | Buy | Buy |
| EPS forecast for 2026 | $1.19 | $1.72 | $1.84 |
The median price target stands at $23, representing an increase of roughly 32% from Friday’s closing price. The lowest estimate is $18, offering an upside of just 3.5%. This disparity highlights the debate: robust asset valuation contrasts with limited clarity on near-term earnings.
July consumer-price figures are due Wednesday, August 12, followed by producer price data set for Thursday, August 13. Both reports are scheduled for 8:30 a.m. EDT release and may influence rate forecasts, the U.S. dollar, and precious metals markets.
Risks: Delays in scaling up Canadian operations, increased capital expenditure, and lower-than-expected grades continue to pose significant risks. The $1.5 billion cash-flow estimate comes from management guidance, rather than being an actual reported figure. Prolonged pricing below the company’s metal-price assumptions could undermine the yield outlook.
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