Evolution Mining Valuation Multiples

Evolution Mining Overview

About Evolution Mining

Evolution Mining is an Australia-based gold miner. It sold around 750,000 ounces of gold in fiscal 2025 from six wholly or majority owned mines in Australia and Canada. Formed in 2011 via the merger of Conquest Mining and Catalpa Resources and the purchase of Newcrest Mining’s Mt Rawdon and Cracow mines, Evolution has acquired more mines and sold the generally less attractive, higher-cost mines. Cowal and Mungari were purchased in 2015, with an initial interest in Glencore’s Ernest Henry mine following in 2016, Red Lake in Canada in 2020, the rest of Ernest Henry in 2022 and an 80% stake in the Northparkes copper and gold mine in December 2023. It had roughly 15 years of gold reserves and two decades of copper reserves at the end of December 2024.

Founded

1998

HQ

Employees

5.7K

Website

evolutionmining.com.au

Sectors

Metals & Mining

Financials (LTM)

Revenue: $4B

EBITDA: $2B

EV

$20B

Valuation Multiples

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Evolution Mining Financials

Evolution Mining reported last 12-month revenue of $4B and EBITDA of $2B.

In the same LTM period, Evolution Mining generated $2B in gross profit, $2B in EBITDA, and $1B in net income.

Evolution Mining P&L

In the most recent fiscal year, Evolution Mining reported revenue of $3B and EBITDA of $2B.

Evolution Mining expects next 12-month revenue of XXX and NTM EBITDA of XXX

Evolution Mining Stock Performance

Evolution Mining has current market cap of $20B, and enterprise value of $20B.

Evolution Mining's stock price is $9.72.

Evolution Mining Valuation Multiples

Evolution Mining trades at 5.2x EV/Revenue multiple, and 9.1x EV/EBITDA.

Evolution Mining Financial Valuation Multiples

As of April 20, 2026, Evolution Mining has market cap of $20B and EV of $20B.

Equity research analysts estimate Evolution Mining's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Evolution Mining has a P/E ratio of 17.8x.

Evolution Mining Margins & Growth Rates

Evolution Mining's revenue in the last 12 month grew by 17%.

Evolution Mining's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $0.1M for the same period.

Evolution Mining's rule of 40 is 80% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Evolution Mining's rule of X is 110% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Evolution Mining Public Comps

See public comps and valuation multiples for other Metals & Mining comps.

Evolution Mining M&A Activity

Evolution Mining acquired XXX companies to date.

Last acquisition by Evolution Mining was on XXXXXXXX, XXXXX. Evolution Mining acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

Evolution Mining Investment Activity

Evolution Mining invested in XXX companies to date.

Evolution Mining made its latest investment on XXXXXXXX, XXXXX. Evolution Mining invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).