Evolution Mining Limited EVMNY

MaterialsMetals & MiningAustralia

Last close 82.53 USD on Nov 2, 2026, +3.7% year to date

Quant rating

Quant rating B Rank 50 of 220 in Materials

Growth A 12 of 220
Valuation C 92 of 220
Quality C 102 of 220
Revisions B 68 of 220
Momentum B 73 of 220

Wall Street consensus Hold (2.59)Average target 9.68 USD −88.3%

Historical valuation

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

Key data

Market cap: 16.6B
Enterprise value: 16.6B
52-week range: 66.62 – 135.52
3-year range: 33.03 – 135.52
Dividend yield: 3.52%
Beta (5 years): –
Shares outstanding: 2,045M
Next earnings: Feb 8, 2027

About the company

Evolution Mining Limited is an Australia-based gold mining company. The Company operates six mines, being five wholly owned mines: Cowal in New South Wales, Ernest Henry and Mt Rawdon in Queensland, Mungari in Western Australia, and Red Lake in Ontario, Canada, and an 80% share of Northparkes in New South Wales. The Cowal open pit and underground gold operations is located 350 kilometers (km) west of Sydney, New South Wales, on the lands of the Wiradjuri people. The Ernest Henry is a large-scale, copper-gold operation located 38 km north-east of Cloncurry, Queensland. It holds 80% mining ownership in Northparkes underground and open pit copper-gold mine located 27 km north-west of Parkes, New South Wales. The Red Lake is an underground gold mine in north-western Ontario. The Mungari is a gold mine and processing hub located 600 km east of Perth and 20 km west of Kalgoorlie in Western Australia. The Mt Rawdon is an open pit gold mine located 75 km south-west of Bundaberg, Queensland.

Growth and profitability fiscal year ends June 30

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	3,846	2,863	2,144	1,484	1,425	–
Revenue growth	34.3%	33.5%	44.4%	4.2%	2.0%	22.4%
EPS (basic, normalized)	0.55	0.31	0.16	0.07	0.10	–
EPS growth	74.6%	90.5%	132.0%	−31.5%	–	–
Gross margin	45.4%	35.8%	28.7%	19.3%	23.8%	30.6%
Net margin	26.5%	21.3%	13.1%	7.3%	15.7%	16.8%
ROE	27.4%	20.4%	11.4%	5.0%	11.2%	15.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

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
2026 actual	3,846	+34.3%	4.3x	2,259	+57.0%	7.3x	0.55	+74.6%	150.5x
2027	3,972	+3.3%	4.2x	2,320	+2.7%	7.1x	0.62	+13.4%	132.7x
2028	4,466	+12.4%	3.7x	2,705	+16.6%	6.1x	0.74	+18.4%	112.0x
2029	4,596	+2.9%	3.6x	2,774	+2.6%	6.0x	0.75	+2.2%	109.6x

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
2027	3,972	−1.8%	−0.3%	−10.4%	0.62	−1.0%	+2.9%	−18.1%
2028	4,466	+1.0%	+2.6%	−1.9%	0.74	+2.4%	+5.3%	−5.8%
2029	4,596	+1.9%	−0.4%	−4.2%	0.75	+2.6%	+0.9%	−3.1%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

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
EVMNY Evolution Mining Limited	16.6B	–	26.5%	4.03x	132.7x	112.0x	7.1x	6.1x
LNDMY Lundin Mining Corporation	18.3B	0.68x	25.8%	2.61x	18.9x	17.2x	7.4x	6.7x
ANGPY Valterra Platinum Ltd	17.8B	–	13.3%	2.72x	–	–	–	–
JXAMY JX Advanced Metals Corp	17.6B	1.35x	11.8%	4.33x	30.4x	27.6x	9.6x	8.9x
PKX POSCO Holdings Inc.	16.8B	3.73x	1.0%	0.36x	10.6x	8.9x	5.8x	5.5x
PAAS Pan American Silver Corp.	16.2B	–	27.0%	2.21x	8.3x	7.0x	5.3x	4.6x
Mean		1.92x	17.6%	2.71x	40.2x	34.5x	7.1x	6.4x
Median		1.35x	19.5%	2.66x	18.9x	17.2x	7.1x	6.1x

Technical analysis

1M−9.5%
3M+7.4%
1Y+18.9%
3Y+156.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Evolution Mining Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	3,846	2,863	2,144	1,484	1,425	1,398
Cost of revenue	2,100	1,837	1,528	1,198	1,085	964
Gross profit	1,746	1,026	616	286	340	434
Selling, general & administrative expenses	90.3	64.7	43.3	38.0	34.1	33.9
Research & development	8.6	17.6	21.3	11.7	11.4	9.7
Depreciation/amortization	6.9	1.1	1.1	1.8	2.0	2.5
Interest expense (income), operating	33.3	57.8	73.2	63.2	−77.6	14.2
Unusual expense (income)	67.1	0.7	62.8	12.6	82.9	11.3
Other operating expenses	26.6	44.5	0.7	2.9	−1.6	−9.4
Operating income	1,514	839	413	156	288	372
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	1,514	839	413	156	288	372
Provision for taxes	493	230	132	46.9	65.2	113
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,021	609	282	109	223	259
Extraordinary items	–	–	–	–	–	–
Net income	1,021	609	282	109	223	259
EBIT, normalized	1,614	898	549	232	294	397
EBITDA, normalized	2,137	1,387	993	580	616	685
Basic EPS, normalized	0.55	0.31	0.16	0.07	0.10	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Evolution Mining Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	932	500	269	30.8	395	120
Receivables	229	138	163	90.3	120	86.8
Total inventory	266	296	266	222	173	141
Prepaid expenses	15.9	15.6	15.5	–	9.0	–
Other current assets	0	6.6	0	1.6	0	0
Total current assets	1,443	957	714	345	697	348
Property, plant & equipment	5,521	5,048	4,791	3,872	3,768	2,379
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	43.1	34.7	26.4	30.0	42.0	47.2
Note receivable	–	–	–	–	–	–
Other long-term assets	289	302	341	255	255	193
Total assets	7,297	6,341	5,872	4,501	4,762	2,967
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	364	321	288	311	170	143
Accrued expenses	86.8	75.7	68.1	–	51.0	28.8
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	10.7	19.4	84.4	243	124	87.9
Other current liabilities	330	211	213	53.3	250	2.0
Total current liabilities	791	626	653	607	595	262
Long-term debt	969	1,144	1,262	972	1,159	389
Minority interest	–	–	–	–	–	–
Other liabilities	1,504	1,309	1,203	722	763	415
Total liabilities	3,264	3,079	3,118	2,300	2,517	1,066
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,367	2,099	2,127	1,763	1,825	1,637
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	1,764	1,176	665	438	384	276
Treasury stock	–	–	–	–	–	–
Other equity	−98.0	−13.7	−38.0	0	36.8	−13.1
Total equity	4,033	3,262	2,754	2,201	2,246	1,901
Total liabilities & shareholders' equity	7,297	6,341	5,872	4,501	4,762	2,967

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Evolution Mining Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	30.5	16.7	8.1	6.1	−18.4	−7.3
Cash from operations	1,824	1,294	854	490	536	568
Investing activities
Capital expenditures	−833	−774	−612	−559	−462	−328
Other investing cash flows	7.3	−10.0	−393	−129	−800	−215
Cash from investing	−826	−784	−1,005	−688	−1,262	−543
Financing activities
Financing cash flow items	–	–	−6.8	–	–	–
Cash dividends paid	−357	−106	−51.0	−61.1	−101	−205
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−230	−181	449	−89.7	1,114	21.4
Cash from financing	−587	−287	391	−151	1,013	−184
Foreign exchange effects	−4.8	11.2	−2.0	−2.2	−3.0	−0.5
Net change in cash	407	234	238	−351	285	−159
Free cash flow	991	520	242	−68.9	74.2	240

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.