Coeur Mining, Inc.
CDE Basic Materials Gold
Coeur Mining, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.1 billion, up 96.4% from fiscal 2024. In the quarter to June 2026, revenue grew 125.9%, EPS grew 9.09%, free cash flow grew 165.5% and total debt rose 85.3%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
Follow CDE
Coeur Mining, Inc. (CDE) Beneish M-score
Coeur Mining, Inc.'s Beneish M-score for fiscal 2025 is −1.13; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.13 | 1.58 |
| FY2024 | −2.71 | 0.37 |
| FY2023 | −3.08 | (0.79) |
| FY2022 | −2.29 | 0.20 |
| FY2021 | −2.50 | 0.42 |
| FY2020 | −2.92 | 1.18 |
| FY2019 | −4.10 | (2.26) |
| FY2018 | −1.84 | 1.68 |
| FY2017 | −3.52 | (0.37) |
| FY2016 | −3.16 | 0.92 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.18 | — | 1.08 | |
| Gross margin index | 0.75 | — | 0.40 | |
| Asset quality index | 2.27 | — | 0.92 | |
| Sales growth index | 1.96 | — | 1.75 | |
| Depreciation index | 0.81 | — | 0.09 | |
| SG&A index | 0.61 | — | −0.10 | |
| Total accruals to total assets | (0.06) | — | −0.30 | |
| Leverage index | 0.39 | — | −0.13 | |
| Beneish M-score | Flagged by the model | −1.13 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| AUGO Aura Minerals Inc. compare | −3.0× |
| GFI Gold Fields Limited compare | −2.6× |
| EQX Equinox Gold Corp. compare | −2.6× |
| BTG B2Gold Corp compare | −2.5× |
| SSRM Silver Standard Resources Inc. compare | −2.2× |
| HMY Harmony Gold Mining Company Limited compare | −2.2× |
| RGLD Royal Gold, Inc. compare | −2.2× |
| OR OR Royalties Inc. compare | −2.1× |
| CDE Coeur Mining, Inc. | −1.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI