Alamos Gold Inc. AGI

MaterialsMetals & MiningCanada

Last close 38.83 CAD on Nov 2, 2026, −26.5% year to date

Quant rating

Quant rating B Rank 50 of 154 in Materials

Growth B 27 of 154
Valuation B 46 of 154
Quality A 17 of 154
Revisions C 107 of 154
Momentum C 104 of 154

Wall Street consensus Buy (2.00)Average target 60.77 CAD +56.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 16.3B
Enterprise value: 15.7B
52-week range: 37.57 – 75.78
3-year range: 15.43 – 75.78
Dividend yield: 0.58%
Beta (5 years): 1.46
Shares outstanding: 419M
Next earnings: Feb 15, 2027

About the company

Alamos Gold Inc. is a Canadian intermediate gold producer with diversified production from three operations in North America. This includes the Island Gold District and Young-Davidson mine in northern Ontario, Canada, and the Mulatos District in Sonora State, Mexico. Additionally, the Company has a portfolio of growth projects, including the Phase 3+ Expansion at Island Gold, and the Lynn Lake project in Manitoba, Canada. The Island Gold District is located just east of the town of Dubreuilville, 83 kilometers northeast of Wawa in Northern Ontario. The Young-Davidson Mine is in northern Ontario, Canada, centrally located between Timmins, Kirkland Lake, North Bay, and Sudbury. The Mulatos district is in the Sierra Madre Occidental Mountain range in the east-central portion of the State of Sonora, Mexico. The Lynn Lake project is in northern Manitoba and consists of two primary sites, MacLellan and Gordon. Its other project is Qiqavik Gold Project.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,482	1,937	1,355	1,113	1,041	–
Revenue growth	28.2%	42.9%	21.8%	6.9%	9.3%	21.1%
EPS (basic, normalized)	1.92	1.15	0.71	0.38	0.51	–
EPS growth	66.3%	62.6%	86.9%	−26.1%	–	–
Gross margin	55.2%	44.2%	56.3%	50.9%	55.9%	52.5%
Net margin	49.0%	21.1%	20.5%	4.5%	−8.1%	17.4%
ROE	22.1%	8.7%	7.4%	1.4%	−2.4%	7.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	913
Current ratio	2.01x
Long-term debt (mil)	309
Net debt (mil)	−591
Total equity (mil)	7,045
Net debt / equity	−0.08x
Net debt / EBITDA	−0.40x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,482	+28.2%	6.3x	1,470	+46.3%	10.7x	1.92	+66.3%	20.3x
2026	3,288	+32.5%	4.8x	2,211	+50.4%	7.1x	3.05	+58.9%	12.7x
2027	3,991	+21.4%	3.9x	2,921	+32.1%	5.4x	3.91	+28.3%	9.9x
2028	4,928	+23.5%	3.2x	3,879	+32.8%	4.0x	5.20	+32.9%	7.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3,288	−3.7%	−4.8%	−19.2%	3.05	−7.5%	−6.0%	−22.7%
2027	3,991	−6.9%	−7.7%	−16.9%	3.91	−9.5%	−10.3%	−26.1%
2028	4,928	+0.1%	−1.8%	−3.0%	5.20	−1.1%	−0.3%	−9.2%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	278	333	361	376	333	438	462	575	597	594
Sales mean (mil)	267	282	348	375	378	451	487	642	589	594
Surprise	+4.0%	+18.1%	+3.6%	+0.2%	−12.0%	−2.9%	−5.1%	−10.3%	+1.4%	+0.1%
EPS reported	0.13	0.24	0.19	0.25	0.14	0.34	0.37	0.54	0.55	0.59
EPS mean	0.13	0.19	0.21	0.23	0.19	0.32	0.38	0.57	0.64	0.57
Surprise	+1.1%	+28.0%	−9.5%	+11.1%	−27.9%	+6.7%	−2.6%	−5.9%	−13.6%	+3.7%

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AGI Alamos Gold Inc.	16.3B	−0.40x	49.0%	2.35x	12.7x	9.9x	7.1x	5.4x
AEM Agnico Eagle Mines Limited	120.6B	−0.43x	37.5%	2.91x	14.6x	14.9x	7.6x	7.4x
ABX Barrick Mining Corporation	87.5B	1.05x	29.4%	2.29x	10.4x	8.7x	5.1x	4.3x
FNV Franco-Nevada Corporation	62.0B	–	61.0%	5.37x	27.4x	25.2x	19.2x	18.0x
WPM Wheaton Precious Metals Corp.	75.8B	1.05x	63.6%	5.59x	25.6x	24.4x	18.2x	16.6x
K Kinross Gold Corporation	33.8B	−0.43x	33.9%	2.43x	8.1x	7.5x	4.4x	3.8x
Mean		0.17x	45.7%	3.49x	16.5x	15.1x	10.3x	9.3x
Median		−0.40x	43.2%	2.67x	13.7x	12.4x	7.3x	6.4x

Technical analysis

1M−16.1%
3M−0.2%
1Y−9.9%
3Y+123.7%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Alamos Gold Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,482	1,937	1,355	1,113	1,041	952
Cost of revenue	1,111	1,080	593	547	459	411
Gross profit	1,371	857	763	566	582	541
Selling, general & administrative expenses	129	92.5	65.3	59.9	45.0	39.8
Research & development	36.1	38.4	24.1	24.9	18.6	9.2
Depreciation/amortization	–	–	252	232	216	194
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−300	−68.7	0	97.7	285	8.3
Other operating expenses	0	0	0	0	0	0
Operating income	1,506	795	421	151	17.7	290
Net interest income (expense)	−301	−13.1	−2.0	−5.8	−6.3	−6.4
Gain (loss) on sale of assets	312	−15.2	−2.5	−0.9	0	−0.5
Other non-operating income (expense)	−21.0	−44.1	−27.8	−5.6	−8.5	−5.1
Net income before taxes	1,496	722	389	139	2.9	278
Provision for taxes	280	313	111	88.5	87.2	94.2
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,216	409	278	50.3	−84.3	184
Extraordinary items	–	–	–	–	–	–
Net income	1,216	409	278	50.3	−84.3	184
EBIT, normalized	1,206	726	421	249	302	298
EBITDA, normalized	1,521	1,045	696	494	526	508
Basic EPS, normalized	1.92	1.15	0.71	0.38	0.51	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Alamos Gold Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	936	505	315	201	248	336
Receivables	61.8	67.2	70.7	50.4	50.3	44.2
Total inventory	309	335	359	317	251	189
Prepaid expenses	–	–	–	17.7	13.8	–
Other current assets	251	25.7	31.3	11.0	16.8	33.1
Total current assets	1,558	933	776	598	580	603
Property, plant & equipment	6,804	6,641	4,450	4,300	3,927	3,948
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	400	99.9	73.0	80.5	67.7	78.7
Total assets	8,762	7,673	5,300	4,978	4,575	4,629
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	339	276	222	200	174	150
Accrued expenses	82.6	49.2	30.1	24.8	16.6	12.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	16.2	21.9	0.5	0.5	0.5	0.6
Other current liabilities	341	273	75.5	21.1	8.0	23.9
Total current liabilities	779	620	328	246	199	187
Long-term debt	290	390	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	1,592	1,509	1,099	1,045	920	812
Total liabilities	2,661	2,519	1,427	1,291	1,119	999
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	5,683	5,951	4,952	5,018	4,666	4,714
Additional paid-in capital	120	128	117	123	113	113
Retained earnings (accumulated deficit)	298	−872	−1,161	−1,421	−1,325	−1,220
Treasury stock	–	–	–	–	–	–
Other equity	0.4	−53.8	−35.6	−33.6	2.4	23.2
Total equity	6,101	5,154	3,872	3,687	3,456	3,630
Total liabilities & shareholders' equity	8,762	7,673	5,300	4,978	4,575	4,629

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Alamos Gold Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,216	409	278	50.3	−84.3	184
Depreciation, depletion & amortization	288	314	252	232	216	196
Deferred taxes	114	171	41.1	74.0	80.5	55.9
Non-cash items	−370	132	106	131	305	50.3
Changes in working capital	−157	−75.5	−50.9	−82.9	−67.1	−16.5
Cash from operations	1,091	951	626	404	450	469
Investing activities
Capital expenditures	−696	−601	−462	−425	−460	−383
Other investing cash flows	206	−71.2	−3.8	1.4	9.1	−16.8
Cash from investing	−490	−672	−466	−424	−451	−400
Financing activities
Financing cash flow items	−3.6	−3.9	0	−1.1	−1.4	8.7
Cash dividends paid	−54.2	−50.5	−46.8	−47.6	−43.6	−30.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−139	−74.2	12.3	10.2	−14.8	1.9
Cash from financing	−197	−129	−34.4	−38.5	−59.8	−19.9
Foreign exchange effects	1.1	−3.2	0.1	−0.1	−0.1	−1.3
Net change in cash	406	147	126	−57.9	−60.6	48.0
Free cash flow	396	350	164	−20.6	−9.9	85.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.