One-glance verdict
Undervalued
$44.19 our estimate vs market $27.95
37% below our estimate, below the bear case
Fundamentals snapshot
OceanaGold Corporation
OGC · NYQ · Basic Materials · Gold
Current price
$27.95
52-week range
$19.55 - $43.33
Market cap
$6.22B
Balance sheet
Healthy
60.74x Strong cushion
Net cash $604.70M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
0 Risks
3 rewards · 0 risks
- Reward Revenue grew 46.3% last year.
- Reward Free cash flow was positive in 4/10 years.
- Reward Dividend yield is 1.1% with 12-year payout history.
What this company does
OceanaGold Corporation
OceanaGold is a mining company that finds and operates mines to produce gold, copper, and silver in several countries, including the United States. The company makes money by selling the metals it digs out of the ground. This means its financial success is closely tied to the global prices of these metals, which can change frequently.
How the company got here
OceanaGold started in 1989 as the Macraes Mining Company in New Zealand, opening its first gold mine there in 1990. Over the years, it grew by expanding its operations and buying other mines. Key steps included acquiring the Didipio project in the Philippines in 2006 and the Waihi mine in New Zealand in 2015. The company also developed the major Haile Gold Mine in the United States, which has become a cornerstone of its operations. Today, while its roots are in New Zealand, the company is headquartered in Vancouver, Canada, and operates mines across three countries.
What it actually does
OceanaGold is in the business of finding and operating mines to extract precious metals from the ground. Its main products are gold and copper, and it also produces some silver. The company sells these metals in forms like gold bars and concentrated powders, which are then used to make everything from jewelry and electronics to life-saving medical devices. Think of them as a supplier of the raw materials that are essential for many modern industries.
Haile Gold Mine (United States)
Located in South Carolina, this is one of the company's most important and productive assets. The Haile mine is an open-pit and underground operation that produces gold and is a major source of the company's revenue (the total money earned from sales). It was the largest contributor to the company's sales in 2024, making it a critical piece of the business. The customers for this gold are typically banks, refiners, and other financial institutions.
Didipio Mine (Philippines)
This mine is a significant operation for OceanaGold because it produces both gold and copper. After a temporary shutdown, the mine returned to full production and is a major, low-cost contributor to the company's overall success. The copper it produces is sold to traders or smelters for use in construction and electronics, while the gold follows a similar path as the output from other mines. This operation represents a large portion of the company's business, second only to the Haile mine in recent revenue.
Macraes Operation (New Zealand)
This is the company's original mine and the largest gold-producing operation in New Zealand. Located on the South Island, it has been running for over 30 years and includes both a large open-pit mine and an underground section. While it's an older asset, it continues to be a steady and significant part of the company, consistently producing gold and contributing a substantial slice of total revenue.
Waihi Operation (New Zealand)
Also in New Zealand, the Waihi operation on the North Island was acquired in 2015 and consists of several underground mining projects. It is currently the smallest of the four main operations in terms of revenue contribution. However, the company sees a lot of future potential here and is investing heavily in its expansion. This part of the business is focused entirely on producing gold.
What management is betting on now
Management is focused on growing the company by investing in its existing mines to make them bigger and last longer. A major priority is the Waihi North Project in New Zealand, which is a high-quality, undeveloped gold deposit that could significantly boost future production. They are also increasing spending on exploration (the process of searching for new gold and copper deposits) near their current sites. At the same time, the company is focused on delivering returns to its owners, the shareholders, through both dividends (a share of the profits) and share buybacks (using cash to buy its own stock, which can make the remaining shares more valuable).
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $44.19 vs current price $27.95
Our most-likely fair value is $44.19 a share — about 58.1% above today's price of $27.95, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $604.7M - more cash than debt. Interest coverage 60.7x.
Net debt
$-604.70M
Interest coverage
60.74x
OceanaGold Corporation is healthier than 0 of 1 peers on balance-sheet leverage.
Healthy
Worse cushion
Baseline
Better cushion
OGC
BASELINE
OceanaGold Corporation
Total debt $50.10M Interest coverage 60.74x This is the baseline the peer rows are being compared against.
What you should know
The case for and against OGC
3 Rewards
0 Risks
Rewards
-
Revenue grew 46.3% last year.
-
Free cash flow was positive in 4/10 years.
-
Dividend yield is 1.1% with 12-year payout history.
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
7.41x
Forward P/E
—
P/B
2.45x
P/S
2.52x
EV/EBITDA
3.98x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
64.2%
Operating margin
50.0%
Net margin
35.1%
ROE
37.3%
ROA
23.6%
Health
Liquidity and balance-sheet strength
Debt / equity
0.02x
Current ratio
1.63x
Quick ratio
1.20x
Total debt
$50.10M
Total cash
$654.80M
Growth
How the business has been compounding
Revenue TTM
$2.46B
Revenue 5Y CAGR
25.1%
EPS TTM
3.77
EPS 5Y CAGR
70.8%
Cash flow
How much cash the business throws off
Operating CF TTM
$984.20M
Free CF TTM
$541.40M
FCF margin
22.0%
Dividend
Shareholder payout
Yield
1.1%
Payout ratio
6.4%
Last ex-div date
2026-08-19