MUX · Materials(gold and silver ores) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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McEwen Inc. reported revenue of $197.6 million in fiscal 2025, after growing 14.1% a year over the previous 9 years. Its operating margin narrowed from 25.4% in 2016 to 1.3%, and it earned -1.2% on its invested capital in the latest year. On the accounting screens, it passes 4 of 8 Piotroski tests and its Altman Z'' of -2.60 is in the distress zone; 2 of the six cross-checks between its statements fire.
Revenue, fiscal 2025197.6M+14.1% a year over 9 years
Operating margin1.3%gross margin —
Return on invested capital-1.2%-13.2% on average over 5 years
Free cash flow—
Net debt ÷ EBITDA2.5×net debt 75.2M
Piotroski F-score4/8tests of improvement passed
Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units:
1-for-10 before fiscal 2021.
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-200.0M-100.0M0100.0M200.0M
2016Revenue 60.4MOperating income 15.3M
2017Revenue 67.5MOperating income -26.3M
2018Revenue 128.2MOperating income -47.2M
2019Revenue 117.0MOperating income -63.9M
2020Revenue 104.8MOperating income -153.2M
2021Revenue 136.5MOperating income -64.3M
2022Revenue 110.4MOperating income -95.4M
2023Revenue 166.2MOperating income -162.1M
2024Revenue 174.5MOperating income -50.6M
2025Revenue 197.6MOperating income 2.7M
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+21.4%
+13.5%
+14.1%
Operating income
—
—
-17.7%
Net income
—
—
+5.6%
Earnings per share
—
—
+25.1%
Shares
+11.4%
+10.2%
-15.6%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
6.3%
Return on assets
4.2%
Asset turnover
0.24×
Overheads (SG&A)
13.5% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-200.0M-100.0M0100.0M
2016Net income 21.1MFree cash flow 6.3MAfter stock-based pay 5.3M
2017Net income -10.6MFree cash flow -32.7MAfter stock-based pay -34.0M
2018Net income -44.9MFree cash flow -61.9MAfter stock-based pay -62.2M
2019Net income -59.7M
2020Net income -152.3M
2021Net income -56.7M
2022Net income -81.1M
2023Net income 55.3M
2024Net income -43.7M
2025Net income 34.4M
2016201720182019202020212022202320242025
Per share
Earnings per shareFree cash flow per shareDividend per share
$-4.00$-2.00$0.00$2.00
2016Earnings per share $0.07Free cash flow per share $0.02
2017Earnings per share $-0.03Free cash flow per share $-0.10
2018Earnings per share $-0.13Free cash flow per share $-0.18
2019Earnings per share $-0.17
2020Earnings per share $-3.78
2021Earnings per share $-1.25
2022Earnings per share $-1.71
2023Earnings per share $1.16
2024Earnings per share $-0.86
2025Earnings per share $0.53
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
0100.0M200.0M300.0M400.0M
2016Diluted shares 300.5M
2017Diluted shares 313.9M
2018Diluted shares 337.3M
2019Diluted shares 361.8M
2020Diluted shares 40.3M
2021Diluted shares 45.5M
2022Diluted shares 47.4M
2023Diluted shares 47.5M
2024Diluted shares 51.0M
2025Diluted shares 65.6M
2016201720182019202020212022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-25.0M025.0M50.0M75.0M100.0M
2016
2017
2018Net debt 8.8M
2019Net debt -21.7M
2020Net debt 27.3M
2021Net debt -5.4M
2022Net debt 34.2M
2023Net debt 17.0M
2024Net debt 38.3M
2025Net debt 75.2M
2016201720182019202020212022202320242025
Net debt ÷ EBITDA
2.5×
Interest coverage
0× operating income ÷ interest
Current ratio
1.69 current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
4of 8 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✕Profit backed by cashOperating cash flow above net income (low accruals)failed
✕Less long-term debtLong-term debt as a share of assets fellfailed
✓More liquidCurrent ratio higher than a year beforepassed
✕No new sharesShare count did not growfailed
–Better gross marginGross margin higher than a year before — not reportedno data
✕Sells more per assetAsset turnover higher than a year beforefailed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
-2.60distress zone
1.12.6
Working capital ÷ assets 0.05 × 6.56+0.35
Retained earnings ÷ assets -1.55 × 3.26-5.07
Operating income ÷ assets 0.00 × 6.72+0.02
Equity ÷ liabilities 1.99 × 1.05+2.09
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Inventory is growing 48% against revenue growing 13%.
Benign
Stocking up for a launch, or securing supply.
Worrying
Demand is softening; discounts or write-downs tend to follow.
Reported profit comfortably exceeds the cash generated (34M against 7M).
Benign
Growth consuming working capital, or the seasonality of the year-end.
Worrying
Profit held up by accounting entries that do not turn into money.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 6 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$59,3721 sale(s) by 1 insider(s)
Under pre-arranged plans0%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Companies like this one
Same SEC industry (gold and silver ores) first, then the rest of materials.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
