UAMY · Materials(primary smelting & refining of nonferrous metals) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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United States Antimony Corp reported revenue of $39.3 million in fiscal 2025, after growing 14.2% a year over the previous 9 years. Its operating margin narrowed from -6.9% in 2016 to -21.5%, and it earned -6.0% on its invested capital in the latest year. On the accounting screens, it passes 4 of 9 Piotroski tests, its Altman Z'' of 11.98 is in the safe zone and its Beneish M-score is above the -1.78 line; 5 of the six cross-checks between its statements fire.
Revenue, fiscal 202539.3M+14.2% a year over 9 years
Operating margin-21.5%gross margin 25.2%
Return on invested capital-6.0%-10.2% on average over 4 years
Free cash flow after stock pay-44.6M-113.6% of revenue
Net debt ÷ EBITDANet cash30.3M more cash than debt
Piotroski F-score4/9tests of improvement passed
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
-20M020M40M
2016Revenue 11.9MOperating income -816,522
2017Revenue 10.2MOperating income -959,699
2018Revenue 9.0MOperating income 547,036
2019Revenue 8.3MOperating income -3.8M
2020Revenue 5.2MOperating income -3.3M
2021Revenue 7.7MOperating income -660,257
2022Revenue 11.0MOperating income 348,205
2023Revenue 8.7MOperating income -7.1M
2024Revenue 14.9MOperating income -2.4M
2025Revenue 39.3MOperating income -8.5M
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+52.6%
+49.6%
+14.2%
Shares
+5.2%
+10.2%
+7.0%
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
-3.1%
Return on assets
-2.8%
Asset turnover
0.26×
Overheads (SG&A)
8.0% 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
-60M-40M-20M020M
2016Net income -1.3MFree cash flow -170,002After stock-based pay -307,502
2017Net income -1.1MFree cash flow 351,235After stock-based pay 182,485
2018Net income 873,225Free cash flow -1.6MAfter stock-based pay -1.7M
2019Net income -3.7MFree cash flow -804,280After stock-based pay -979,280
2020Net income -3.3MFree cash flow -1.5MAfter stock-based pay -1.7M
2021Net income -60,469Free cash flow -3.1M
2022Net income 428,661Free cash flow -2.0M
2023Net income -6.3MFree cash flow -6.3MAfter stock-based pay -6.3M
2024Net income -1.7MFree cash flow 1.8MAfter stock-based pay 1.2M
2025Net income -4.3MFree cash flow -37.5MAfter stock-based pay -44.6M
2016201720182019202020212022202320242025
Per share
Earnings per shareFree cash flow per shareDividend per share
-$0.40-$0.30-$0.20-$0.10$0.00$0.10
2016Earnings per share $-0.02Free cash flow per share $-0.00
2017Earnings per share $-0.02Free cash flow per share $0.01
2018Earnings per share $0.01Free cash flow per share $-0.02
2019Earnings per share $-0.05Free cash flow per share $-0.01
2020Earnings per share $-0.04Free cash flow per share $-0.02
2021Earnings per share $-0.00Free cash flow per share $-0.03
2022Earnings per share $0.00Free cash flow per share $-0.02Dividend per share $0.00
2023Earnings per share $-0.06Free cash flow per share $-0.06Dividend per share $0.01
2024Earnings per share $-0.02Free cash flow per share $0.02Dividend per share $0.00
2025Earnings per share $-0.04Free cash flow per share $-0.30
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
60M80M100M120M140M
2016Diluted shares 67.1M
2017Diluted shares 67.4M
2018Diluted shares 68.1M
2019Diluted shares 69.0M
2020Diluted shares 75.9M
2021Diluted shares 106.2M
2022Diluted shares 106.3M
2023Diluted shares 107.6M
2024Diluted shares 108.6M
2025Diluted shares 123.6M
2016201720182019202020212022202320242025
Debt and liquidity
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
-40M-30M-20M-10M010M
2016Net debt 1.9M
2017Net debt 1.8M
2018Net debt 1.7M
2019Net debt 17,590
2020Net debt -578,676
2021Net debt -21.1M
2022Net debt -18.7M
2023Net debt -11.9M
2024Net debt -17.8M
2025Net debt -30.3M
2016201720182019202020212022202320242025
Net debt ÷ EBITDA
4.2×
Interest coverage
— operating income ÷ interest
Current ratio
5.38 current assets ÷ current liabilities
Cash conversion cycle
109 days collects in 39d, stock 156d, pays in 86d
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 9 tests passed
✕ProfitableReturn on assets above zerofailed
✕Cash from operationsOperating cash flow above zerofailed
✓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 fellpassed
✓More liquidCurrent ratio higher than a year beforepassed
✕No new sharesShare count did not growfailed
✓Better gross marginGross margin higher than a year beforepassed
✕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?
11.98safe zone
1.12.6
Working capital ÷ assets 0.29 × 6.56+1.90
Retained earnings ÷ assets -0.30 × 3.26-0.96
Operating income ÷ assets -0.05 × 6.72-0.37
Equity ÷ liabilities 10.87 × 1.05+11.41
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?
4.37above the -1.78 line
-1.78
Receivables vs sales 1.46+1.34
Gross margin slipping 0.92+0.49
Soft assets 11.92+4.82
Sales growth 2.63+2.34
Slower depreciation 2.90+0.33
Overheads vs sales 0.58-0.10
Profit not in cash 0.03+0.16
Leverage rising 0.55-0.18
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
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.
Receivables are growing 283% against revenue growing 163%.
Benign
A shift towards larger customers on longer terms, or sales concentrated at the end of the period.
Worrying
Sales are being made on looser credit, or revenue has been booked that may never be collected.
Inventory is growing 905% against revenue growing 163%.
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 (-4M against -10M).
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.
The effective tax rate is -0.0%.
Benign
A favourable geographic mix, or legitimate tax credits.
Worrying
Not sustainable; projecting it forward inflates the valuation.
Net debt is 4.2 times EBITDA.
Benign
A stable sector with predictable cash flows and comfortable maturities.
Worrying
Little room if earnings fall; the maturity schedule is what to check.
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.
With a free cash flow margin at or below zero in year ten, the business never generates cash for its owners and a DCF says nothing useful. Set a positive margin for year ten to see what it would take.
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$391,8105 purchase(s) by 5 insider(s)
Sold on the open market—none in the period
Under pre-arranged plans—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 (primary smelting & refining of nonferrous metals) 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.
