Orla Mining Ltd.

ORLA

Orla Mining Ltd. acquires, explores, develops, and exploits mineral properties. It explores gold, silver, zinc, lead, and copper deposits. The company owns 100% interests in the Camino Rojo project that consists of seven concessions covering an area of 138,636 hectares located in Zacatecas, Mexico; Cerro Quema project totaling an area of 15,000 hectares located in the Azuero Peninsula, Panama; and the South Railroad project consisting of an area of 21,000 hectares located in Elko, Nevada. It also holds interest in acquisition of the Musselwhite Gold Mine project located in Ontario, Canada.

About the company

Country: CanadaPrice: $9.44Market Cap: $3.5B

Investment snapshot

35%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

3 / 8

NEUTRAL / FAIL

Median fair value

$6.12

-35.2% vs price

Models with upside

4 / 17

Positive margin of safety

Strongest signal

9 of 10 pass — Sleep objects

Key risk

9 of 12 flag ORLA's debt & leverage — Graham, Buffett, Lynch +6 more

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	NEUTRAL	BUY · Rank #100 (Top 3.2%)	FAIL	NEUTRAL	PASS	FAIL	PASS	FAIL	BUY	PASS	PASS	FAIL	FAIL	FAIL	NEUTRAL
Score
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Intrinsic Value (annual)					N/A				N/A				N/A	N/A	N/A	N/A	N/A
Margin of Safety	-161.5%	+40.3%	-72.9%	-39.4%	N/A	-293.3%	+82.5%	+19.1%	N/A	-472.1%	+88.3%	-493.7%	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-03-20 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-20 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-20 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-20 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-20 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-10-01 Latest source filing: 2026-03-20 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-20 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-20 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-20 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-20 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-10-01 Latest source filing: 2026-03-20 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-10-01 Latest source filing: 2026-03-20 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-20 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-10-01 Latest source filing: 2026-03-20 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-20 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-20 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-10-01 Latest source filing: 2026-03-20 Score computed: 2026-11-14

Where It Passes

Cash Flow90% pass✓ 11✗ 1▾
9 of 10 pass — Sleep objects
Free Cash Flow Proxy$217.5M
✓BuffettPositive and growing
FCF Positive and Growing$768.2M
✓LynchPositive and growing
Operating Cash Flow$803.3M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=38.65%, ROA=5.14%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)4.0x
✓Dreman< 8x
P/E or FCF YieldP/E=31.5x, FCF Yield=21.7%
✓PabraiP/E < 15 or FCF Yield > 10%
FCF Positive4/7 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap23.9%
✓Ackman>= 4%
Price / FCF per Share4.2x
✓Ackman<= 25
Positive Operating Cash Flow frequency4/7 years positive
✗SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$768.2M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+21.68%; #269/4519 (top 6.0%)
✓OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

Debt & Leverage25% pass✓ 6✗ 9▾
9 of 12 flag ORLA's debt & leverage — Graham, Buffett, Lynch +6 more
LT Debt vs Net Current AssetsLT Debt $335.7M vs NCA $41.3M
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.54, IC: 27.4x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.54
✗Lynch< 0.33
Cash - Long-term Debt$85.0M
✓LynchPositive preferred
LT Debt / Total Assets Change0.00% -> 16.15%
✗PiotroskiDecreased YoY
Current Assets / Current Liabilities1.08
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.54
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.54
✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=27.4x, D/EBITDA=0.5x
✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.54
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.5422; #2551/4210 (top 60.6%)
✗AsnessTop 30% of eligible cross-section
Valuation31% pass✓ 8✗ 20▾
9 of 13 flag ORLA's valuation — Graham, Lynch, Dreman +6 more
Price / 3-yr avg EPS59.0x
✗Graham<= 15x
Price-to-Book Ratio4.9x
✗Graham<= 1.5x
P/E x P/B288.70
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)1.73
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value17.8%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=17.8%, ROC=64.3%
✓GreenblattBoth EY > 10% and ROC > 25%
Price / EPS31.5x
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)4.0x
✓Dreman< 8x
Price / Book Value per Share4.9x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessP/E=31.5x, OE Yield=6.8%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=31.5x, FCF Yield=21.7%
✓PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=31.5x, P/B=4.9x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-293.3% (IV=$2.40 vs Price=$9.44)
✗Marks>= 20% below intrinsic value
Price / FCF per Share4.2x
✓Ackman<= 25
Price vs. Trailing Low153% of trailing low ($6.17)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization+3.02%; #2369/6340 (top 37.4%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.1852; #4253/6449 (top 65.9%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS31.5x
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share4.89x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change+168.2%
✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.2986; #3338/5247 (top 63.6%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+21.68%; #269/4519 (top 6.0%)
✓OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-27.94%; #4325/6202 (top 69.7%)
✗OshaughnessyTop 10% of eligible cross-section
Valuation models40% pass✓ 4✗ 6▾
Models split on ORLA at $9.44 — fair values range $1.59–$80.91
Graham fair value$3.61
✗Graham-161.5% margin vs $9.44
Buffett fair value$15.80
✓Buffett+40.3% margin vs $9.44
Lynch fair value$5.46
✗Lynch-72.9% margin vs $9.44
Greenblatt fair value$6.77
✗Greenblatt-39.4% margin vs $9.44
Dreman fair value$2.40
✗Dreman-293.3% margin vs $9.44
Munger fair value$53.87
✓Munger+82.5% margin vs $9.44
Pabrai fair value$11.67
✓Pabrai+19.1% margin vs $9.44
Marks fair value$1.65
✗Marks-472.1% margin vs $9.44
Ackman fair value$80.91
✓Ackman+88.3% margin vs $9.44
Templeton fair value$1.59
✗Templeton-493.7% margin vs $9.44
Verdicts43% pass✓ 6✗ 8▾
Split decision: 8 FAIL · 4 PASS · 3 NEUTRAL · 1 BUY
Overall verdict
✗GrahamFAIL (1/9)✗BuffettFAIL (3/9)•LynchNEUTRAL (5/7)✓GreenblattRank #100✗PiotroskiFAIL (F-Score 3)•DremanNEUTRAL (7/11)✓MungerPASS (2/4)✗PabraiFAIL (1/3)✓AkrePASS (3/6)✗MarksFAIL (2/5)✓AckmanBUY (9/9)✓TempletonPASS (4/8)✓SleepPASS (3/6)✗AsnessFAIL (Rank #1490/2370 (Top 62.9%))✗NeffFAIL (3/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)
Profitability44% pass✓ 17✗ 18▾
9 of 16 flag ORLA's profitability — Graham, Buffett, Lynch +6 more
Positive EPS (10 years)5/8 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)23.1%
✗Graham>= 33% growth
Net Income Positive (10+ years)3/8 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)4.9%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$217.5M
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)0.86
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)1.73
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR18.2%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE16.3%
✓Lynch> 15%
EBIT / Enterprise Value17.8%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=17.8%, ROC=64.3%
✓GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets5.14%
✓PiotroskiROA > 0
ROA Change YoY14.87% -> 5.14% (delta: -9.73%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=38.65%, ROA=5.14%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY63.3% -> 53.2%
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue24.7%
✓Dreman>= 8%
Net Income / Shareholders' Equity16.3%
✓Dreman> 12%
Margin of SafetyP/E=31.5x, P/B=4.9x
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity9.0% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value-293.3% (IV=$2.40 vs Price=$9.44)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency3/7 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue58.5%
✓Ackman>= 15%
Net Income / Shareholders Equity16.3%
✓Ackman>= 15%
5-Year EPS CAGR18.2% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend21.1% (2023) -> 58.5% (2025)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 60.6% -> 53.2%, operating margin 21.1% -> 58.5%
✓SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization+3.02%; #2369/6340 (top 37.4%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+27.05%; #1586/3702 (top 42.8%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+16.29%; #1043/5226 (top 20.0%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0817; #3228/5884 (top 54.9%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR18.2% over 5 years
✓Neff7%-20% annualized
Positive Diluted-EPS Years5/6 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
Growth50% pass✓ 9✗ 4▾
4 of 8 pass — Graham, Lynch, Marks +1 more object
EPS Growth (3-yr avg, 10-yr window)23.1%
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)1.73
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR18.2%
✓Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: 193.4% vs Rev: 207.6%
✓LynchInventory growth < Revenue growth
EPS Growth Direction$0.13 (2020) -> $0.30 (2025)
✓DremanPositive over recent years
EPS CAGR18.2% CAGR over 5 years
✓Dreman> 5% annualized
Positive Net Income Frequency3/7 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth47.2%
✓Ackman>= 5%
Positive EPS Growth Frequency3/5 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR18.2% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 60.6% -> 53.2%, operating margin 21.1% -> 58.5%
✓SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR18.2% over 5 years
✓Neff7%-20% annualized
Efficiency50% pass✓ 6✗ 5▾
4 of 8 pass — Graham, Piotroski, Dreman +1 more object
Current Ratio1.08
✗Graham>= 2.0
ROIC (3-5 yr avg)46.5%
✓Buffett> 10%
ROIC - WACC+36.5%
✓BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)64.3%
✓Greenblatt> 25%
Current Ratio Change YoY3.97 -> 1.08
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.57x -> 0.51x
✗PiotroskiImproved YoY
Current Assets / Current Liabilities1.08
✗Dreman> 1.5
Return on Invested Capital48.3%
✓Munger> 15%
ROIC (high and growing)FY2023: ROIC=8.0%; FY2024: ROIC=32.1%; FY2025: ROIC=48.3%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC48.3% (RR=100% x ROIC=48.3%)
✓AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)2/3 years above 12% (latest 48.3%)
✓SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Precious Metals

SIC Sector: Metal Mining

Size: Mid Cap($3.5B)

Revenue: $1.1B+207.6% YoY

Net Income: $106.9M+20.1% YoY

Financial Snapshot

Operating Margin58.5%

Return on Equity16.3%

Debt / Equity0.54

Current Ratio1.08

EPS (Diluted)$0.30+11.1% 1y

Shares Retired−5.7% / −8.0% 2y

Similar Companies

AEMAGNICO EAGLE MINES LTD

Shareholder Return

Fiscal 2025

Issued 5.7% of shares last year, 8.0% issued over two.

Buybacks: —
Dividends: —

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY25

11.1% = 20.1% + −7.5%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2025 Sources 40-F · 2026-03-20	FY 2024 Sources 40-F · 2025-03-19	FY 2023 Sources 40-F · 2024-03-20	FY 2022 Sources 40-F · 2023-03-20	FY 2021 Sources 40-F · 2022-03-21
Market Cap	$3.5Bcurrent	$2.0Best.	$1.1Best.	$1.3Best.	$809.7Mest.
Revenue	$1.1B↑208%	$343.9M↑47%	$233.6M↑21%	$193.2M↑4585%	$4.1M
Operating Income	$618.5M↑199%	$206.8M↑319%	$49.4M	--	--
Net Income	$106.9M↑20%	$89.0M↑429%	-$27.0M↓159%	$45.8M↑274%	-$26.3M
EPS (Diluted)	$0.30↑11%	$0.27↑400%	$-0.09↓156%	$0.16↑45%	$0.11
Gross Margin	53.2%↓16%	63.3%↑4%	60.6%↓8%	66.2%	66.3%
Operating Margin	58.5%↓3%	60.1%↑184%	21.1%	—	—
ROE	16.3%↓7%	17.5%↑360%	-6.7%↓158%	11.5%↑181%	-14.2%
Total Debt	$355.7M↑16226%	$2.2M↓98%	$88.3M↓39%	$145.8M↓10%	$161.4M
Shareholders' Equity	$656.2M↑29%	$507.4M↑27%	$400.5M↑1%	$397.0M↑115%	$184.4M
Current Ratio	1.08↓73%	3.97↓22%	5.07↑273%	1.36↑6%	1.28
Debt / Equity	0.54↑12526%	0.00↓98%	0.22↓40%	0.37↓58%	0.87
Operating Cash Flow	$803.3M↑360%	$174.6M↑167%	$65.3M↓31%	$95.3M↑485%	-$24.7M
Free Cash Flow	$768.2M↑385%	$158.5M↑177%	$57.1M↓36%	$89.6M↑419%	-$28.0M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Precious Metals

ORLA vs Peers — Financial Grading

Revenue$1.1BBottom 25%

Net Income$106.9MBottom 25%

ROE16.3%Bottom 25%

D/E0.54Bottom 25%

Op. Margin58.5%Top 25%

Curr. Ratio1.08Bottom 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
AGNICO EAGLE MINES LTDAEM	$90.2B	$178.45	$11.9B	$4.5B	18.0%	0.01	—	2.02	3/9	5/9	5/7	1/3	F-Score 9	5/11
BARRICK MINING CORPB	$61.2B	$37.59	$17.0B	$5.0B	18.8%	0.17	—	2.92	3/9	5/9	7/7	3/3	F-Score 9	5/11
GOLD FIELDS LTDGFI	$31.6B	$35.76	$5.2B	$1.2B	23.9%	0.48	—	—	2/9	3/9	5/7	0/3	F-Score 5	6/11
KINROSS GOLD CORPKGC	$24.5B	$20.76	$7.1B	$2.4B	27.9%	0.09	46.5%	2.35	4/9	5/9	7/7	3/3	F-Score 9	9/11
PAN AMERICAN SILVER CORPPAAS	$15.5B	$37.50	$3.6B	$980.0M	14.0%	0.10	34.1%	2.69	3/9	2/9	4/7	0/3	F-Score 7	5/11
Coeur Mining, Inc.CDE	$14.3B	$13.98	$2.1B	$585.9M	17.7%	0.02	34.2%	2.47	2/9	2/9	2/7	1/3	F-Score 6	4/11
Equinox Gold Corp.EQX	$12.3B	$10.31	$1.8B	$221.5M	3.8%	0.27	23.8%	—	2/9	2/9	3/7	0/3	F-Score 6	2/11
ALAMOS GOLD INCAGI	$12.0B	$28.61	$1.8B	$885.8M	19.9%	0.04	60.7%	2.00	4/9	2/9	7/7	0/3	F-Score 8	7/11