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Held by 669 of 6,047 reporting institutions (98th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 1 positive fiscal year (FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $17.05 today, the market must believe free cash flow compounds 16.6%/yr for a decade (off $665.7M on the 3-yr avg basis).
On the basis ($646.5M) the requirement is 17.1%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 16.6% is more conservative than its 9-yr track record.
Default is 12.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 1.03B shares (market data) · net debt -$536.6M
mean -215.7% · volatility σ 319% · implied rate exceeded in 1/3 yrs
Central path = implied 16.6%/yr growth; shaded band = ±1σ (319%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Ranked against 7 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NEM | $122.0B | 18.1× | — | 5.4× | 21.3% | — | 31.3% | 20.9% | 18.2% | — | 1,732 |
| CDE | $17.5B | 17.9× | 17.7× | 8.5× | 96.4% | — | 28.3% | 17.7% | 17.6% | -0.6× | 669 |
| IAUX | $1.4B | — | — | 14.8× | 89.1% | 12.1% | -209% | -57.3% | -38.1% | — | — |
| MUX | $1.1B | 30.3× | 38.5× | 5.6× | 13.2% | 24.1% | -0.6% | -0.2% | -0.2% | 2.5× | 170 |
| GORO | $549M | — | 57.3× | 5.5× | 51.8% | 26.8% | -6.5% | -14.7% | -14.7% | -2.7× | 91 |
| IDR | $441M | 24.4× | 25.0× | 10.4× | 64.6% | 61.8% | 39.4% | 15.5% | 15.1% | 0.1× | 131 |
| URG | $422M | — | — | 15.5× | -19.3% | 0.3% | -275% | -96.7% | -96.7% | — | 163 |
| FTCO | $130M | 228.0× | — | 7.1× | -50.7% | 54.1% | 2.3% | 0.4% | 0.4% | -8.1× | 1 |
Peers = companies sharing CDE's sector (Gold and Silver Ores) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $665.7M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 18%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $553.6M (at 2025-12-31) covers all $303.6M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2012-12-31 (10-K). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~163.4% on $31.4M of debt. Interest last disclosed in FY2024 (no longer broken out).
Cash of $553.6M fully covers short-term debt of $17.0M.
Mostly short-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-05
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.07B 100.0% | $1.05B 100.0% | $821.2M 100.0% | $785.6M 100.0% | $832.8M 100.0% | $785.5M 100.0% | $711.5M 100.0% | $625.9M 100.0% | $709.6M 100.0% | $571.9M 100.0% |
| Cost of Revenue | — | — | — | — | — | — | — | — | $440.3M 62.0% | $335.4M 58.6% |
| Cost of Products | — | — | — | — | — | — | — | — | $440.3M 62.0% | $335.4M 58.6% |
| Selling, General & Admin | $57.2M 2.8% | $47.7M 4.5% | $41.6M 5.1% | $39.5M 5.0% | $40.4M 4.9% | $33.7M 4.3% | $34.5M 4.8% | $31.3M 5.0% | $33.6M 4.7% | $29.3M 5.1% |
| Total Operating Expenses | $1.36B 65.8% | $889.8M 84.4% | $859.9M 104.7% | $824.9M 105.0% | $776.0M 93.2% | $703.7M 89.6% | $1.06B 148.5% | $646.2M 103.2% | $669.7M 94.4% | $513.0M 89.7% |
| Operating Income | $707.0M 34.2% | $164.2M 15.6% | -$38.7M -4.7% | -$39.3M -5.0% | — | — | — | — | — | — |
| Interest Expense | — | $51.3M 4.9% | $29.1M 3.5% | $23.9M 3.0% | $16.5M 2.0% | $20.7M 2.6% | $24.8M 3.5% | $24.4M 3.9% | $16.4M 2.3% | $36.9M 6.5% |
| Interest & Investment Income | $4.7M 0.2% | $1.4M 0.1% | $1.7M 0.2% | $1.7M 0.2% | $1.7M 0.2% | $1.7M 0.2% | $198K 0.0% | $1.8M 0.3% | $0 0.0% | $0 0.0% |
| Other Income (Expense), net | -$24.5M -1.2% | -$37.8M -3.6% | -$29.7M -3.6% | -$24.2M -3.1% | -$53.2M -6.4% | -$19.0M -2.4% | -$13.2M -1.9% | -$45.4M -7.3% | -$3K -0.0% | -$69.7M -12.2% |
| Pretax Income | $682.5M 33.0% | $126.3M 12.0% | -$68.5M -8.3% | -$63.4M -8.1% | $3.6M 0.4% | $62.7M 8.0% | -$358.0M -50.3% | -$65.7M -10.5% | $39.9M 5.6% | -$10.8M -1.9% |
| Income Tax Expense | $96.7M 4.7% | $67.5M 6.4% | $35.2M 4.3% | $14.7M 1.9% | $35.0M 4.2% | $37.0M 4.7% | -$11.1M -1.6% | -$16.8M -2.7% | $29.0M 4.1% | -$33.2M -5.8% |
| Net Income | $585.9M 28.3% | $58.9M 5.6% | -$103.6M -12.6% | -$78.1M -9.9% | -$31.3M -3.8% | $25.6M 3.3% | -$341.2M -48.0% | -$48.4M -7.7% | -$1.3M -0.2% | $55.4M 9.7% |
| Per Share | ||||||||||
| EPS (Basic) | $0.96 | $0.15 | -$0.30 | -$0.28 | -$0.13 | $0.11 | -$1.56 | -$0.26 | -$0.01 | $0.35 |
| EPS (Diluted) | $0.95 | $0.15 | -$0.30 | -$0.28 | -$0.13 | $0.11 | -$1.56 | -$0.26 | -$0.01 | $0.34 |
| Weighted Avg Shares (Basic) | 607.2M | 391.7M | 343.1M | 275.2M | 250.0M | 240.8M | 218.8M | 188.6M | 180.1M | 159.9M |
| Weighted Avg Shares (Diluted) | 614.7M | 397.4M | 343.1M | 275.2M | 250.0M | 242.5M | 218.8M | 188.6M | 184.1M | 163.5M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-05
Where each multiple sits in its own 14-yr range · 55th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 18% against ROIC 18% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 26.4% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 3.4× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 5.0 | 4.8 | 4.3 | 4.9 | 5.0 | 5.1 | 4.5 | 2.8 |
| Operating Income | — | — | — | — | -5.0 | -4.7 | 15.6 | 34.2 |
| Income Tax | -2.7 | -1.6 | 4.7 | 4.2 | 1.9 | 4.3 | 6.4 | 4.7 |
| Net Income | -7.7 | -48.0 | 3.3 | -3.8 | -9.9 | -12.6 | 5.6 | 28.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CDE: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -3.99pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2022 | -2.9% | 8.7% | -11.5pts |
| FY2023 | -2.5% | 9.5% | -12.0pts |
| FY2024 | 9.2% | 14.7% | -5.6pts |
| FY2025 | 17.1% | 12.9% (today's — no rate published for this year) | 4.2pts |
| Now | 17.6% | 12.9% | 4.7pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 41.4% | not reported | 9.7% |
| FY2017 | 38.0% | not reported | -0.2% |
| FY2018 | not reported | not reported | -7.7% |
| FY2019 | not reported | not reported | -48.0% |
| FY2020 | not reported | not reported | 3.3% |
| FY2021 | not reported | not reported | -3.8% |
| FY2022 | not reported | -5.0% | -9.9% |
| FY2023 | not reported | -4.7% | -12.6% |
| FY2024 | not reported | 15.6% | 5.6% |
| FY2025 | not reported | 34.2% | 28.3% |
Return on equity (18%) and return on invested capital (18%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$626M of goodwill — 11% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
The spread was positive in only 1 of the last 4 years.
Converts 0.97x of reported profit into free cash flow over 3 years, with accruals negative.
Shares outstanding are up 166% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Covers interest 9.7x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 13.79x |
| 5% | 13.10x |
| 10% | 12.41x |
| 15% | 11.72x |
| 20% | 11.03x |
| 25% | 10.34x |
| 30% | 9.65x |
| 35% | 8.96x |
| 40% | 8.27x |
| 45% | 7.58x |
| 50% | 6.89x |
| 55% | 6.20x |
| 60% | 5.52x |
This schedule comes from a filing dated 2012-12-31, 5027 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2012-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $68,170,000 of the $85,166,000 total — a fixed obligation that does not appear in a headline debt figure.
At $17.05, free cash flow must compound 16.69%/yr for 10 years. It has no positive compounding record to compare against.
The implied rate of 16.69% has not been achieved in any of the last 1 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $586M | $586M |
| Share-based comp | $19M | $605M |
| Other non-cash & working capital | $282M | $887M |
| Operating cash flow | $887M | $887M |
| Capex | −$221M | $666M |
| Free cash flow | $666M | $666M |
| FCF after SBC | $647M | $647M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 10.4% | 25.8% | 15.4 points |
| FY2021 | 6.0% | 38.0% | 32.0 points |
| FY2022 | -5.7% | 12.1% | 17.8 points |
| FY2023 | 4.5% | -14.6% | -19.1 points |
| FY2024 | 28.4% | -3.6% | -31.9 points |
| FY2025 | 96.4% | 131.1% | 34.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 9.6 days | not reported | not reported | not reported |
| FY2020 | 10.9 days | not reported | not reported | not reported |
| FY2021 | 14.2 days | not reported | not reported | not reported |
| FY2022 | 16.9 days | not reported | not reported | not reported |
| FY2023 | 13.8 days | not reported | not reported | not reported |
| FY2024 | 10.4 days | not reported | not reported | not reported |
| FY2025 | 12.2 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -31.4 percent |
| FY2020 | -8.8 percent |
| FY2021 | -8.2 percent |
| FY2022 | -5.6 percent |
| FY2023 | -8.2 percent |
| FY2024 | -5.0 percent |
| FY2025 | -6.4 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.