MUX NYSE Gold And Silver Ores Financials FY2016βFY2025
McEwen Inc. had $198M of revenue in fiscal 2025, up 13.2% on the year before. Over five years, revenue changed +13.5% a year on average.
Last close Β· Oct 23, 2026
$14.63
1.8%Hi! I read McEwen Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+13.2%
Yes. Sales grew 13.2% last year.
Does it make a profit?
β0.6%
No. It lost money last year.
Is debt under control?
1.8x
Keep an eye on it. Repaying its debt would take 1.8 years of operating profit.
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
How is the share priced?
12.5x
One share costs 12.5 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· McEwen Inc. had $198M of revenue in fiscal 2025, up 13.2% on the year before. Over five years, revenue changed +13.5% a year on average. Its operating margin was 1.3%, up 30.3Β pts: of every 100 in sales, about 1 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· McEwen Inc. lost $1.3M in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 26.7% a year.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.0M and sold $0.1M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
1 insider
Sold, 12 months
$0.1M
1 insider
Of sales under plans
0%
$0.0M
Can it carry its debts, and how well does it use its money?
KIRA Β· McEwen Inc. owes $54.8M more than it holds in cash, about 1.8 years of operating profit.
Cash, debt and the ratios that show how comfortably McEwen Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $54.3M | $39.8M | $24.8M | $15.3M | $72.1M |
| Debt incl. finance leases | $52.7M | $65.3M | $41.1M | $52.9M | $127M |
| Net debt / EBITDA | β | β | β | β | 1.8x |
| Debt / equity | 0.1x | 0.2x | 0.1x | 0.1x | 0.2x |
| Current ratio | 1.6x | 1.0x | 1.8x | 0.9x | 1.7x |
| Quick ratio | 1.3x | 0.6x | 1.1x | 0.5x | 1.3x |
| Total assets | $525M | $529M | $657M | $665M | $820M |
| Total liabilities | $135M | $172M | $155M | $170M | $274M |
| Shareholders' equity | $390M | $356M | $502M | $495M | $546M |
| Net debt (β = net cash) | β$1.6M | $25.5M | $16.4M | $37.6M | $54.8M |
KIRA Β· Its return on capital was 0.4%: every 100 invested in the business earned about 0 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· McEwen Inc. passes 5 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 0 / 8 | 3 / 9 | 3 / 9 | 3 / 9 | 6 / 9 | 2 / 9 | 6 / 9 | 4 / 9 | 5 / 9 |
| Accruals ratio | 2.7% | 3.1% | β7.5% | β3.2% | β22.0% | β7.1% | β4.6% | 16.0% | β11.1% | β1.1% |
| Altman Z'' | 3.37 | 2.85 | β1.50 | β1.58 | β6.82 | β5.09 | β7.22 | β4.30 | β3.94 | β2.60 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $60.4M | $67.5M | $128M | $117M | $105M | $137M | $110M | $166M | $174M | $198M |
| Net interest income | $0.8M | β$0.9M | β$1.6M | β$6.8M | β$7.4M | β$6.2M | β$7.8M | $36.9M | β$4.6M | β$7.2M |
| Gross profit | $32.3M | $20.1M | $32.1M | $9.0M | β$26.9M | β$6.5M | β$0.5M | $17.8M | $30.9M | $47.6M |
| Operating income | $15.3M | β$26.3M | β$47.2M | β$63.9M | β$153M | β$64.3M | β$95.4M | β$162M | β$50.6M | $2.7M |
| Interest expense | β | β | $1.9M | β | β | β | β | β | β | β |
| Pretax income | $17.3M | β$26.0M | β$47.6M | β$63.6M | β$154M | β$64.2M | β$80.3M | $67.0M | β$46.7M | $6.9M |
| Income tax | β$3.7M | β$15.4M | β$2.8M | β$3.8M | β$1.4M | β$7.3M | $5.8M | $33.9M | β$3.0M | β$27.5M |
| Net income | $21.1M | β$10.6M | β$44.9M | β$59.7M | β$152M | β$56.7M | β$81.1M | $55.3M | β$43.7M | β$1.3M |
| Net income to common | $21.1M | β | β | β | β | β | β | $55.3M | β$43.7M | $34.4M |
| Diluted EPS | $0.07 | β$0.03 | β$0.13 | β$0.17 | β$3.78 | β$1.25 | β$1.71 | $1.16 | β$0.86 | $0.59 |
| Diluted shares | 0.30B | 0.31B | 0.34B | 0.36B | 0.04B | 0.05B | 0.05B | 0.05B | 0.05B | 0.07B |
| Cash flow | ||||||||||
| Cash from operations | $7.4M | β$27.6M | $0.5M | β$39.5M | β$27.9M | β$20.1M | β$56.6M | β$39.6M | $29.5M | $6.9M |
| Capital expenditure | $1.2M | $5.1M | $62.3M | β | β | β | β | β | β | β |
| Free cash flow | $6.3M | β$32.7M | β$61.9M | β | β | β | β | β | β | β |
| Depreciation and amortization | $1.2M | $3.4M | $9.2M | $24.8M | β | $25.3M | $19.5M | $30.4M | $30.9M | $27.8M |
| Stock-based compensation | $1.0M | $1.3M | $0.3M | $0.7M | $0.6M | $0.8M | $0.3M | $0.3M | $0.9M | $1.3M |
| Share buybacks | $0.6M | β | β | β | β | β | β | β | β | β |
| Dividends and buybacks | $0.6M | β | β | β | β | β | β | β | β | β |
| Balance sheet | ||||||||||
| Cash and short-term investments | $37.4M | $27.2M | $15.8M | $46.5M | $20.8M | $54.3M | $39.8M | $24.8M | $15.3M | $72.1M |
| Total debt | β | $0.0M | $24.6M | $24.8M | $48.2M | $48.9M | $64.0M | $40.0M | $52.0M | $126M |
| Finance lease liabilities | β | β | $6.4M | $6.2M | $4.7M | $3.8M | $1.3M | $1.1M | $0.9M | $0.7M |
| Current assets | $78.6M | $86.9M | $59.4M | $92.0M | $53.5M | $85.0M | $81.7M | $52.7M | $41.2M | $108M |
| Current liabilities | $20.6M | $37.6M | $36.0M | $48.8M | $45.6M | $52.4M | $84.2M | $30.0M | $47.7M | $63.8M |
| Inventory | $26.6M | $32.0M | $22.0M | $38.4M | $27.0M | $15.8M | $31.7M | $19.9M | $18.1M | $26.8M |
| Property and equipment, net | $14.3M | $51.0M | $115M | $108M | $49.0M | β | β | β | β | β |
| Total assets | $498M | $592M | $617M | $631M | $500M | $525M | $529M | $657M | $665M | $820M |
| Total liabilities | $55.3M | $70.9M | $131M | $132M | $135M | $135M | $172M | $155M | $170M | $274M |
| Shareholders' equity | $443M | $521M | $486M | $499M | $365M | $390M | $356M | $502M | $495M | $546M |
| Margins | ||||||||||
| Gross margin | 53.4% | 29.8% | 25.0% | 7.7% | β25.7% | β4.7% | β0.5% | 10.7% | 17.7% | 24.1% |
| Operating margin | 25.4% | β39.0% | β36.8% | β54.6% | β146.2% | β47.1% | β86.4% | β97.5% | β29.0% | 1.3% |
| EBITDA margin | 27.3% | β34.0% | β29.7% | β33.5% | β | β28.5% | β68.7% | β79.2% | β11.3% | 15.4% |
| Net margin | 34.9% | β15.8% | β35.0% | β51.1% | β145.4% | β41.5% | β73.4% | 33.3% | β25.0% | β0.6% |
| FCF margin | 10.4% | β48.5% | β48.3% | β | β | β | β | β | β | β |
| Net interest share of revenue | 1.4% | β1.4% | β1.3% | β5.8% | β7.1% | β4.5% | β7.1% | 22.2% | β2.6% | β3.7% |
| Returns | ||||||||||
| Return on capital | β | β4.2% | β7.5% | β10.6% | β30.8% | β13.2% | β19.8% | β20.3% | β7.5% | 0.4% |
| Return on capital employed | 3.2% | β4.7% | β8.1% | β11.0% | β33.7% | β13.6% | β21.5% | β25.8% | β8.2% | 0.4% |
| Return on equity | 4.8% | β2.2% | β8.9% | β12.1% | β35.2% | β15.0% | β21.7% | 12.9% | β8.8% | β0.2% |
| Return on assets | 4.2% | β2.0% | β7.4% | β9.6% | β26.9% | β11.1% | β15.4% | 9.3% | β6.6% | β0.2% |
| Return on tangible equity | 4.8% | β2.0% | β9.2% | β12.0% | β41.7% | β14.5% | β22.8% | 11.0% | β8.8% | 6.3% |
| Growth | ||||||||||
| Revenue growth | β | 11.7% | 90.0% | β8.7% | β10.5% | 30.3% | β19.1% | 50.5% | 5.0% | 13.2% |
| Net income growth | β | β150.5% | β | β | β | β | β | β | β179.0% | β |
| EPS growth | β | β142.9% | β | β | β | β | β | β | β174.1% | β |
| FCF growth | β | β621.6% | β | β | β | β | β | β | β | β |
| Share count change | β | 4.5% | 7.5% | 7.3% | β88.8% | 12.7% | 4.3% | 0.2% | 7.3% | 28.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | β | β | β | β | β | β | β | β | 1.8x |
| Debt / equity | β | 0.0x | 0.1x | 0.0x | 0.1x | 0.1x | 0.2x | 0.1x | 0.1x | 0.2x |
| Interest coverage | β | β | β24.8x | β | β | β | β | β | β | β |
| Current ratio | 3.8x | 2.3x | 1.6x | 1.9x | 1.2x | 1.6x | 1.0x | 1.8x | 0.9x | 1.7x |
| Quick ratio | 2.5x | 1.5x | 1.0x | 1.1x | 0.6x | 1.3x | 0.6x | 1.1x | 0.5x | 1.3x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.9% | 7.5% | 48.6% | β | β | β | β | β | β | β |
| Stock comp / revenue | 1.7% | 1.9% | 0.2% | 0.6% | 0.6% | 0.6% | 0.3% | 0.2% | 0.5% | 0.7% |
| Payouts / FCF | 9.3% | β | β | β | β | β | β | β | β | β |
| Quality scores | ||||||||||
| Piotroski F-score | β | 0.0 | 3.0 | 3.0 | 3.0 | 6.0 | 2.0 | 6.0 | 4.0 | 5.0 |
| Altman Z'' | 3.4 | 2.9 | β1.5 | β1.6 | β6.8 | β5.1 | β7.2 | β4.3 | β3.9 | β2.6 |
| Accruals ratio | 2.7% | 3.1% | β7.5% | β3.2% | β22.0% | β7.1% | β4.6% | 16.0% | β11.1% | β1.1% |
Source: SEC EDGAR XBRL filings (CIK 0000314203). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
