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Australian gold and copper miner operating mines across Australia plus the Red Lake gold mine in Canada.
Australian gold and copper miner operating mines across Australia plus the Red Lake gold mine in Canada.
Sells gold and copper in concentrate or doré at market prices, with gold priced in US dollars while most costs are in Australian dollars, so metal prices and the exchange rate both matter. Copper-rich mines such as Ernest Henry give by-product credits that lower its reported gold cost. It bought Red Lake in Canada from Newmont in 2020.
In one line: A mid-tier Australian gold producer, akin to Kinross Gold.
Moat: narrow (scale, installed base). Portfolio of long-life gold/copper mines with established processing infrastructure.
Headquarters: Sydney, Australia · Founded: 2011 · Employees: 2,000
Size Evolution Mining (EVN.AX) is an Australia Materials company (Precious Metals) with a market value of $18.3B, the 22nd largest of 316 Australia companies the cockpit tracks. Shares closed at A$12.91 on 6 Nov 2026.
Performance Over six months the shares fell 3.7%, against -11.5% for the median peer and +4.1% for the Australia market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 27.7% over the last twelve months (peer median +36.3%); the operating margin is 42.5% (peer median 46.0%).
Valuation It trades at 13.4× forward earnings against a peer median of 11.6× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +24%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 15.1 points above its cost of capital (12.9% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$5.56B | A$5.56B | A$4.35B | A$3.22B | A$2.23B |
| Revenue growth | — | +28% | +35% | +44% | — |
| Gross profit | A$2.49B | A$2.49B | A$1.54B | A$903M | A$416M |
| EBITDA | A$3.14B | A$3.14B | A$2.20B | A$1.52B | A$892M |
| Net income | A$1.48B | A$1.48B | A$926M | A$422M | A$164M |
| Free cash flow | A$1.43B | A$1.43B | A$1.16B | A$769M | A$252M |
| Capital expenditure | A$1.20B | A$1.20B | A$1.18B | A$918M | A$839M |
| Total debt | n/a | A$1.42B | A$1.77B | A$2.02B | A$1.82B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Evolution Mining EVN.AX | $18.3B | -4% | +28% | 42% | 13.4× | 10.8% |
| Northern Star Resources NST.AX | $25.3B | +19% | +19% | 35% | 17.8× | 17.5% |
| Newmont NEM | $126B | +4% | +23% | 55% | 12.7× | -8.9% |
| Kinross Gold K.TO | $26.4B | -25% | +30% | 51% | 8.5× | -3.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EVN.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.4% | -0.4% | 10th highest of 21 |
| 6-month return | -3.7% | -11.5% | 8th highest of 21 |
| Distance from 52-week high | -27.3% | -36.8% | 7th highest of 21 |
| Revenue growth (TTM) | +27.7% | +36.3% | 8th lowest of 21 |
| Operating margin | 42.5% | 46.0% | 8th lowest of 21 |
| Forward P/E | 13.4× | 11.6× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 10.8% | -1.2% | 5th most demanding of 19 |
| Growth delivered (Del g) | +24.4% | +17.7% | 3rd highest of 19 |
| Hurdle (Req g minus delivered) | -13.6 pp | -17.0 pp | 7th most demanding of 19 |
| ROIC minus cost of capital | +15.1 pp | +11.9 pp | 9th highest of 20 |
| EV / EBITDA | 8.4× | 8.6× | 9th cheapest of 17 |
| Net debt / EBITDA | 0.0× | -0.1× | 7th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Evolution Mining EVN.AX | Australia | $18.3B | -4% | +28% | 42% | 13.4× | 10.8% | +24.4% |
| Pan American Silver PAAS.TO | Canada | $17.2B | -26% | +37% | 39% | 9.5× | 4.4% | +23.0% |
| Lundin Gold LUG.TO | Canada | $17.0B | +7% | +36% | 65% | 16.0× | 9.9% | +39.0% |
| Shandong Gold Mining 600547.SS | China | $16.5B | -24% | +12% | 13% | 18.9× | -5.6% | +10.6% |
| Coeur Mining CDE | United States | $15.9B | -17% | +117% | 35% | 12.1× | 10.9% | +21.6% |
| Zhongjin Gold 600489.SS | China | $15.1B | -20% | +25% | 13% | 11.4× | -5.9% | +10.5% |
| Royal Gold RGLD | United States | $22.5B | +11% | +94% | 63% | 20.9× | 10.9% | +15.6% |
| Endeavour Mining EDV.TO | Canada | $13.7B | -10% | +27% | 47% | 9.3× | -6.5% | +25.4% |
| Equinox Gold EQX.TO | Canada | $13.5B | -17% | +63% | 36% | 9.7× | 21.0% | +17.5% |
| Fresnillo FRES.L | United Kingdom | $24.9B | -31% | +48% | 59% | 11.8× | -8.2% | +12.6% |
| Alamos Gold AGI.TO | Canada | $13.4B | -22% | +41% | 57% | 11.3× | 7.8% | +20.3% |
| Northern Star Resources NST.AX | Australia | $25.3B | +19% | +19% | 35% | 17.8× | 17.5% | +22.5% |
| Kinross Gold K.TO | Canada | $26.4B | -25% | +30% | 51% | 8.5× | -3.9% | +11.8% |
| Chifeng Jilong Gold Mining 600988.SS | China | $11.6B | -2% | +23% | 43% | 17.4× | -5.7% | +22.6% |
| IAMGOLD IMG.TO | Canada | $10.8B | +6% | +83% | 48% | 9.1× | 1.4% | +19.1% |
| Gold Fields Limited Sponsored ADR GFI | United States | $31.5B | -13% | +71% | 53% | 9.2× | -14.1% | +17.7% |
| Shanjin International Gold 000975.SZ | China | $10.2B | -6% | -4% | 36% | 15.2× | -5.7% | +16.7% |
| G Mining Ventures GMIN.TO | Canada | $9.98B | -10% | +72% | 66% | 19.4× | n/a | n/a |
| Hecla Mining HL | United States | $9.90B | -21% | +30% | 48% | 18.1× | 8.0% | +15.0% |
| Harmony Gold Mining Co. Ltd. Sponsored ADR HMY | United States | $9.84B | -3% | +50% | 45% | 5.3× | -14.1% | +17.7% |
| Eldorado Gold ELD.TO | Canada | $9.37B | +11% | +25% | 45% | 7.7× | n/a | n/a |