Coeur Mining Doubles Revenue, Loses 16.6% in Six Months

Coeur Mining's sales more than doubled to $3.6 billion in the twelve months to September 30, 2026, yet its shares fell 16.6% over the past six months while the S&P 500 barely moved. That divergence frames the central question for holders of the NYSE-listed silver and gold producer: a business roughly twice the size of a year ago, with a stock going the other way. On its November 5 call, management said it expects record full-year results — and described the forces working against them.

What is squeezing the business?

Two pressures at once: Coeur is getting less for its metal while paying more to produce it. In fiscal Q3 2026, the company's average realized silver price fell 13% from the prior quarter, and gold fetched 4% less. Management said the quarter came in lighter than expected given those lower prices and a handful of operational setbacks, including heavy rain at the Rainy River and Palmarejo mines and a conveyor belt failure at New Afton.

The cost side is just as pointed. Diesel ran 32% above plan, an overrun management put at roughly $30 million. Management also said it expects full-year production near the low end of guidance, with the adjusted cost of metal sold landing near the upper end of its guided range. Lower output plus higher per-unit costs equals an all-in cost picture worse than originally planned.

How exposed is the revenue base?

Almost entirely. Gold generated about 66% of fiscal Q3 revenue, management said, with silver and copper making up most of the rest. Silver — the metal whose price fell hardest — contributed roughly $266 million of the quarter's $984 million in revenue. The 13% sequential drop in realized silver prices hit the top line directly.

The revenue base itself is expanding fast. Sales of $3.6 billion over the trailing twelve months mark a 111.7% increase year over year. Management credited a sharp rise in gold production to the New Afton and Rainy River mines acquired in late March. Those acquisitions changed the scale of the company; they also brought integration and accounting complications that help explain why cost and production figures now draw close scrutiny. The takeaway: Coeur is a much bigger business with much bigger moving parts.

How far has the stock already fallen?

A long way. Coeur closed at $15.47 on November 6, 2026, 43.0% below its February 27 high. Even after that drop, the shares trade at 22.8 times trailing earnings, above the S&P 500's 21.8. On a sales basis, the multiple has compressed to 4.4 times, down from 7.0 at the end of September 2025. The stock has de-rated meaningfully; whether it has de-rated enough is the open question.

How worried should holders be?

The squeeze is real but, by management's own figures, small so far. The diesel overrun translates into less than a 2% increase in annual total direct costs. On the call, management put the decline in third-quarter adjusted cost of gold sold at about 16%, and said a noncash accounting charge tied to the new Canadian mines is now substantially complete. That 16% improvement from the second quarter mainly reflected production mix and the fading of that charge — meaning part of the cost movement was accounting and mix, not a permanent deterioration in the underlying cost structure.

The caveats deserve weight. Management's framing is its own; the market will want independent evidence in upcoming quarters that production stabilizes, fuel and labor inflation stays contained, and the expanded asset base delivers the promised benefits. What management did not say is how much of the price weakness it expects to persist. For now, investors should track three things: the trajectory of metal prices, execution against production guidance, and cost discipline — particularly fuel and labor.