Lundin Gold Past Earnings Performance
Past criteria checks 5/6
Lundin Gold has been growing earnings at an average annual rate of 44.3%, while the Metals and Mining industry saw earnings growing at 21.9% annually. Revenues have been growing at an average rate of 22.2% per year. Lundin Gold's return on equity is 66.9%, and it has net margins of 45.7%.
Key information
44.32%
Earnings growth rate
43.44%
EPS growth rate
| Metals and Mining Industry Growth | 27.39% |
| Revenue growth rate | 22.23% |
| Return on equity | 66.93% |
| Net Margin | 45.74% |
| Next Earnings Update | 04 Aug 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jun 05
LUG: High Margin Cash Flows And Silver Stream Dividend May Drive Upside
The analyst price target for Lundin Gold has shifted from CA$116.54 to CA$111.10 as analysts factor in slightly lower revenue growth assumptions, a modestly higher discount rate and updated views on future P/E multiples, while still highlighting the stock's high margin Fruta del Norte production and stable CA$1b per year cash flow at spot prices. Analyst Commentary Recent research updates show analysts reassessing Lundin Gold's valuation framework while still focusing on the cash generation profile of Fruta del Norte.
Narrative Update • May 14
LUG: Future Upside Will Depend On Reserves Execution And Share Repurchases
The analyst price target for Lundin Gold has shifted to CA$137 from CA$140.93 as analysts factor in updated assumptions for revenue growth, profit margins and valuation multiples following recent target changes across several firms. Analyst Commentary Recent research on Lundin Gold reflects a mix of cautious adjustments and selective optimism as analysts fine tune their views on valuation, execution and growth potential.Analysis Article • May 11
Analyst Estimates: Here's What Brokers Think Of Lundin Gold Inc. (TSE:LUG) After Its First-Quarter Report
Investors in Lundin Gold Inc. ( TSE:LUG ) had a good week, as its shares rose 9.4% to close at CA$95.99 following the...Narrative Update • Apr 27
LUG: Recent Share Buyback Authorization Will Support Further Upside Potential
Narrative Update The updated analyst price target for Lundin Gold moves from about CA$93 to roughly CA$117. Analysts cite revised discount rate assumptions, slightly lower revenue growth expectations, steady profit margins and a higher future P/E outlook as the key drivers of this change.Narrative Update • Apr 13
LUG: Future Upside Will Depend On Higher Margins And Share Repurchases
Analysts have made a modest upward adjustment to the CA$-denominated price target for Lundin Gold, reflecting slightly higher fair value estimates supported by recent mixed target revisions from BMO Capital, Canaccord, Scotiabank and Veritas. Analyst Commentary Recent Street research shows a mix of revisions, but the common thread is that most price targets cluster in a relatively tight CA$115 to CA$125 range.
Narrative Update • Mar 30
LUG: Cautious Ratings And Buyback Activity Will Shape Future Upside Potential
The analyst price target for Lundin Gold has been raised by CA$2.55 to CA$90.55, as analysts factor in slightly higher revenue growth and profit margin assumptions, along with a modestly adjusted P/E outlook reflected in recent target changes from BMO Capital, Canaccord, Scotiabank and Veritas. Analyst Commentary Recent Street research on Lundin Gold shows a mixed but cautious tone, with several bearish analysts flagging valuation and execution risks even as some price targets remain above the latest consensus figure of CA$90.55.Narrative Update • Mar 16
LUG: Future Upside Will Depend On Higher Margins And Share Buybacks
Lundin Gold’s updated fair value estimate moves to about CA$141 from CA$128 as analysts adjust price targets in a tight CA$115 to CA$125 range and point to expectations of a higher profit margin profile and a lower future P/E multiple, even with slightly softer revenue growth assumptions and a modestly higher discount rate. Analyst Commentary Recent research points to a cluster of price targets in the CA$115 to CA$125 band, which aligns with the updated fair value estimate of about CA$141.Narrative Update • Mar 02
LUG: Higher Discount Rate Will Cap Upside Despite Strong Mine Performance
The analyst price target for Lundin Gold has been reduced by CA$2 to reflect updated assumptions about slightly higher discount rates and lower profit margins. Analysts are also incorporating new Street research that has recently adjusted targets in both directions.Narrative Update • Feb 16
LUG: Higher Discount Rate Will Limit Upside Despite Rising Street Optimism
Analysts have lifted their Lundin Gold fair value estimate from CA$50 to CA$90, citing updated assumptions that include higher projected revenue growth, stronger profit margins, a higher discount rate, and a slightly richer future P/E multiple, all alongside a series of recent price target increases from CA$7 to CA$20 across several firms. Analyst Commentary Recent Street research on Lundin Gold has centered on price target revisions, with several firms updating their models and valuation ranges.Analysis Article • Feb 10
Investors Appear Satisfied With Lundin Gold Inc.'s (TSE:LUG) Prospects
Lundin Gold Inc.'s ( TSE:LUG ) price-to-earnings (or "P/E") ratio of 28x might make it look like a strong sell right...Narrative Update • Feb 02
LUG: Future Upside Will Depend On Sustained Mine Performance And Exploration
Analysts have lifted their fair value estimate for Lundin Gold to $128 from $125, reflecting updated assumptions for revenue growth, profit margins and future P/E multiples in light of several recent price target increases across the Street. Analyst Commentary Recent Street research has clustered around higher price targets for Lundin Gold, with multiple firms raising their C$ views in close succession.Narrative Update • Jan 18
LUG: Stable Outlook Will Rely On Sustained Mine Performance And Exploration Progress
Narrative Update on Lundin Gold Analysts have lifted their price target on Lundin Gold to C$125 from C$118, citing updated assumptions for discount rate, revenue growth, profit margins and future P/E that together support a slightly higher valuation framework. Analyst Commentary Bullish analysts are framing the new C$125 price target as confirmation that their updated assumptions on discount rate, revenue, margins and future P/E still support the current investment case, even under refreshed models.Narrative Update • Jan 04
LUG: Higher Long Term Gold Prices Will Support Stronger Future Outlook
Analysts have lifted their price target on Lundin Gold significantly, with recent updates pointing to a move from about C$85 to as high as C$116. This reflects higher long term gold and silver price assumptions and improved profitability expectations, despite a slightly higher discount rate and modestly lower forecast revenue growth.Narrative Update • Dec 14
LUG: Rising Gold And Silver Price Forecasts Will Drive Stronger Outlook
Lundin Gold's analyst price target has been raised significantly, from about C$85 to roughly C$125, as analysts factor in sharply higher long term gold and silver price assumptions along with stronger expected revenue growth and profitability. Analyst Commentary Bullish analysts are highlighting Lundin Gold as a key beneficiary of structurally higher precious metal price assumptions, pointing to meaningful upside to both earnings and net asset value under revised scenarios.Narrative Update • Nov 28
LUG: Recent Gold Price Rally Will Limit Further Upside For Shares
The analyst price target for Lundin Gold has increased from C$92.17 to C$93.42, as analysts cite a more favorable outlook due to rising gold price forecasts and improved financial projections. Analyst Commentary Recent analyst coverage has reflected notable shifts in sentiment towards Lundin Gold following adjustments to commodity price forecasts and company valuation.Narrative Update • Nov 07
LUG: Higher Gold Price Forecasts Will Shape Earnings and Future Performance
Lundin Gold's analyst price target saw an increase of approximately C$7 to reflect updated, higher gold price forecasts. Analysts are adjusting their outlooks for the sector in response to recent commodity price trends.Narrative Update • Oct 24
Rising Gold Prices Will Shape Mixed Fortunes For Ecuador Mining Ahead
Lundin Gold's analyst price target has risen significantly from approximately C$79.42 to C$91.58. Analysts cite higher gold price forecasts and a sector-wide upward revision as key factors behind the increase.Analysis Article • Oct 17
Why Investors Shouldn't Be Surprised By Lundin Gold Inc.'s (TSE:LUG) 28% Share Price Surge
Lundin Gold Inc. ( TSE:LUG ) shares have continued their recent momentum with a 28% gain in the last month alone. The...Narrative Update • Oct 10
Record Gold And Ecuador Mining Will Yield Mixed Outcomes
Analysts have raised their fair value estimate for Lundin Gold by approximately $8.33 per share. They cite an improved future profit margin and a more optimistic revenue outlook in recent updates.Narrative Update • Sep 26
Record Gold And Ecuador Mining Will Yield Mixed Outcomes
Analysts have raised Lundin Gold's price target to CA$71.08, citing improved gold production, higher realized prices, and reserve upgrades, while some caution remains due to cost and regulatory risks. Analyst Commentary Bullish analysts are increasing price targets due to improved gold production outlook and strong operational results at Lundin Gold’s flagship mine.Narrative Update • Sep 11
Record Gold And Ecuador Mining Will Yield Mixed Outcomes
Lundin Gold's analyst price target has been modestly raised to CA$70.17, reflecting higher gold price assumptions, improved operational performance, and confidence in long-term project execution, partly tempered by cost inflation and a market rotation toward larger miners. Analyst Commentary Bullish analysts highlight higher gold price assumptions, which improve Lundin Gold's revenue outlook and justify price target increases.Narrative Update • Aug 27
Record Gold And Ecuador Mining Will Yield Mixed Outcomes
Lundin Gold’s price target was revised slightly upward to CA$68.67, as analysts cited strong gold production, effective cost control, and improved free cash flow, while balancing stable gold price expectations and sector cost pressures against recent robust operational results. Analyst Commentary Bullish analysts cited robust gold production and solid cost performance, supporting upward revisions in price targets.Analysis Article • Aug 19
Lundin Gold Inc.'s (TSE:LUG) 26% Price Boost Is Out Of Tune With Earnings
TSX:LUG 1 Year Share Price vs Fair Value Explore Lundin Gold's Fair Values from the Community and select yours Lundin...Analysis Article • Aug 16
The Strong Earnings Posted By Lundin Gold (TSE:LUG) Are A Good Indication Of The Strength Of The Business
TSX:LUG 1 Year Share Price vs Fair Value Explore Lundin Gold's Fair Values from the Community and select yours Lundin...Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Lundin Gold makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 1,994 | 912 | 131 | 0 |
| 31 Dec 25 | 1,783 | 792 | 124 | 0 |
| 30 Sep 25 | 1,598 | 687 | 108 | 0 |
| 30 Jun 25 | 1,474 | 615 | 96 | 0 |
| 31 Mar 25 | 1,323 | 538 | 80 | 0 |
| 31 Dec 24 | 1,193 | 426 | 74 | 0 |
| 30 Sep 24 | 1,042 | 308 | 59 | 0 |
| 30 Jun 24 | 930 | 226 | 54 | 0 |
| 31 Mar 24 | 873 | 170 | 50 | 0 |
| 31 Dec 23 | 903 | 179 | 45 | 0 |
| 30 Sep 23 | 923 | 100 | 42 | 0 |
| 30 Jun 23 | 922 | 109 | 41 | 0 |
| 31 Mar 23 | 856 | 102 | 38 | 0 |
| 31 Dec 22 | 816 | 74 | 35 | 0 |
| 30 Sep 22 | 791 | 171 | 33 | 0 |
| 30 Jun 22 | 771 | 165 | 29 | 0 |
| 31 Mar 22 | 810 | 159 | 28 | 0 |
| 31 Dec 21 | 733 | 221 | 25 | 0 |
| 30 Sep 21 | 736 | 191 | 20 | 0 |
| 30 Jun 21 | 664 | 163 | 18 | 0 |
| 31 Mar 21 | 461 | 48 | 17 | 0 |
| 31 Dec 20 | 358 | -47 | 21 | 0 |
| 30 Sep 20 | 169 | -87 | 23 | 0 |
| 30 Jun 20 | 50 | -154 | 25 | 0 |
| 31 Mar 20 | 37 | -121 | 27 | 0 |
| 31 Dec 19 | 0 | -119 | 26 | 0 |
| 30 Sep 19 | 0 | -102 | 26 | 0 |
| 30 Jun 19 | 0 | -55 | 25 | 0 |
| 31 Mar 19 | 0 | -4 | 26 | 0 |
| 31 Dec 18 | 0 | -22 | 24 | 0 |
| 30 Sep 18 | 0 | -18 | 23 | 0 |
| 30 Jun 18 | 0 | -41 | 23 | 0 |
| 31 Mar 18 | 0 | -60 | 21 | 0 |
| 31 Dec 17 | 0 | -41 | 20 | 0 |
| 30 Sep 17 | 0 | -46 | 21 | 0 |
| 30 Jun 17 | 0 | -41 | 21 | 0 |
| 31 Mar 17 | 0 | -54 | 22 | 0 |
| 31 Dec 16 | 0 | -63 | 21 | 0 |
| 30 Sep 16 | 0 | -52 | 17 | 0 |
| 30 Jun 16 | 0 | -52 | 16 | 0 |
| 31 Mar 16 | 0 | -55 | 14 | 0 |
| 31 Dec 15 | 0 | -45 | 11 | 0 |
| 30 Sep 15 | 0 | -30 | 11 | 0 |
Quality Earnings: LUG has high quality earnings.
Growing Profit Margin: LUG's current net profit margins (45.7%) are higher than last year (40.6%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: LUG's earnings have grown significantly by 44.3% per year over the past 5 years.
Accelerating Growth: LUG's earnings growth over the past year (69.6%) exceeds its 5-year average (44.3% per year).
Earnings vs Industry: LUG earnings growth over the past year (69.6%) did not outperform the Metals and Mining industry 129.4%.
Return on Equity
High ROE: LUG's Return on Equity (66.9%) is considered outstanding.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/17 03:41 |
| End of Day Share Price | 2026/06/17 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Lundin Gold Inc. is covered by 27 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Nicolas Dion | ATB Cormark |
| Nicolas Dion | ATB Cormark Historical (Cormark Securities) |
| Brian Quast | BMO Capital Markets Equity Research |