McEwen Inc
MUX—
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McEwen Inc AI Insights
Informational only. Not investment advice.Snapshot
- FCF TTM of -45.2M with capex of 47.8M (29% of revenue) signals heavy mine development phase burning cash despite positive EBITDA of 11.8M[Free Cash Flow TTM]
- P/S ratio of 6.3x vs industry median 6.1x while operating at -9.4% margin - market pricing in future production, not current profitability[Price to Sales Ratio]
- Debt/equity of 0.26 with 51.2M cash provides runway, but 127.7M total debt vs -45M FCF requires monitoring[Debt to Equity]
Watch Triggers
- Free Cash Flow TTM: Turns positive or cash burn accelerates beyond -50M — Current runway is ~14 months; FCF inflection signals development phase ending
- Gross Margin TTM: Rises above 25% or falls below 15% — 18.3% margin vs 27.3% industry median indicates cost or grade issues
- Shares Outstanding: Increases beyond 60M (currently 54.2M) — Dilution is primary funding risk given negative FCF
Bull Case
Conservative balance sheet (0.26 debt/equity vs mining peers) with 51.2M cash provides flexibility for development without dilution risk
Debt to EquityCash and Equivalents
Trading at 2.1x book value with 488.6M tangible equity (zero goodwill) - asset-backed valuation floor if gold prices hold
Price to Book RatioTangible Book Value
Bear Case
Negative FCF of -45.2M with only 51.2M cash means ~14 months runway at current burn - dilution or debt likely
Free Cash Flow TTMCash and Equivalents
Operating margin of -9.4% while industry median is 0% - cost structure uncompetitive at current production levels
Operating Margin TTMGross Margin TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
35%
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Forward Thesis
Capex-heavy phase should transition to positive FCF as mine development completes
1-3ylow
- Capex TTM of 47.8M is 69% of invested capital turnover
- Positive EBITDA of 11.8M shows underlying operational viability
- Working capital of 62.6M provides near-term buffer
EBITDA TTM 11.8M positive vs net loss of 11.9MGross margin 18.3% vs industry median 27.3%Cash flow from operations 2.5M TTM positive
Valuation Context
Caveats
Public Strategies Rankings
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MUX Fundamentals
Mining, Quarrying, and Oil and Gas Extraction → Mining (except Oil and Gas)
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$1.13B | — | ||
$1.21B | — | ||
0.00 | — | ||
$166.45M | -16.6% | — | |
$-0.23 | — | ||
-9.44% | -9.1% | — | |
-7.16% | -58.8% | — | |
$-45.21M | — | ||
-2.41% | -26.6% | — | |
Beta 5Y (Monthly) | unknown | — |
MUX Dividend History
8 dividends
2019
$0.050003/07/19$0.0500
2018
$0.100008/24/18$0.0500
02/01/18$0.0500
2017
$0.100008/10/17$0.0500
02/01/17$0.0500
2016
$0.100008/22/16$0.0500
02/01/16$0.0500
2015
$0.050007/29/15$0.0500
MUX Stock Splits
1 stock split
07/28/2210:1 split
MUX SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/05/25 | 09/30/25 | 10-Q | |
08/06/25 | 06/30/25 | 10-Q | |
05/07/25 | 03/31/25 | 10-Q | |
03/14/25 | 12/31/24 | 10-K | |
11/05/24 | 09/30/24 | 10-Q | |
08/07/24 | 06/30/24 | 10-Q | |
05/08/24 | 03/31/24 | 10-Q | |
03/15/24 | 12/31/23 | 10-K | |
11/08/23 | 09/30/23 | 10-Q | |
08/09/23 | 06/30/23 | 10-Q | |
05/08/23 | 03/31/23 | 10-Q | |
03/14/23 | 12/31/22 | 10-K | |
11/04/22 | 09/30/22 | 10-Q | |
08/10/22 | 06/30/22 | 10-Q | |
05/10/22 | 03/31/22 | 10-Q | |
03/07/22 | 12/31/21 | 10-K | |
11/03/21 | 09/30/21 | 10-Q | |
08/04/21 | 06/30/21 | 10-Q | |
05/07/21 | 03/31/21 | 10-Q | |
03/10/21 | 12/31/20 | 10-K | |
10/29/20 | 09/30/20 | 10-Q | |
08/06/20 | 06/30/20 | 10-Q | |
05/18/20 | 03/31/20 | 10-Q | |
05/27/22 | 12/31/19 | 10-K/A | |
03/16/20 | 12/31/19 | 10-K | |
10/30/19 | 09/30/19 | 10-Q | |
07/30/19 | 06/30/19 | 10-Q | |
04/30/19 | 03/31/19 | 10-Q | |
02/20/19 | 12/31/18 | 10-K | |
10/30/18 | 09/30/18 | 10-Q | |
07/31/18 | 06/30/18 | 10-Q | |
05/02/18 | 03/31/18 | 10-Q | |
02/21/18 | 12/31/17 | 10-K | |
11/02/17 | 09/30/17 | 10-Q | |
08/02/17 | 06/30/17 | 10-Q | |
05/04/17 | 03/31/17 | 10-Q | |
03/01/17 | 12/31/16 | 10-K | |
11/03/16 | 09/30/16 | 10-Q | |
08/04/16 | 06/30/16 | 10-Q | |
05/05/16 | 03/31/16 | 10-Q | |
03/11/16 | 12/31/15 | 10-K | |
11/05/15 | 09/30/15 | 10-Q | |
11/03/16 | 06/30/15 | 10-Q/A | |
08/06/15 | 06/30/15 | 10-Q | |
05/08/15 | 03/31/15 | 10-Q | |
03/09/15 | 12/31/14 | 10-K | |
11/07/14 | 09/30/14 | 10-Q | |
08/06/14 | 06/30/14 | 10-Q | |
05/07/14 | 03/31/14 | 10-Q | |
03/10/14 | 12/31/13 | 10-K | |
11/07/13 | 09/30/13 | 10-Q | |
08/09/13 | 06/30/13 | 10-Q | |
05/08/13 | 03/31/13 | 10-Q | |
03/11/13 | 12/31/12 | 10-K | |
11/07/12 | 09/30/12 | 10-Q | |
08/08/12 | 06/30/12 | 10-Q | |
05/09/12 | 03/31/12 | 10-Q | |
03/12/12 | 12/31/11 | 10-K | |
11/03/11 | 09/30/11 | 10-Q | |
08/05/11 | 06/30/11 | 10-Q | |
05/06/11 | 03/31/11 | 10-Q | |
03/14/11 | 12/31/10 | 10-K | |
11/03/10 | 09/30/10 | 10-Q | |
08/06/10 | 06/30/10 | 10-Q | |
05/07/10 | 03/31/10 | 10-Q | |
03/16/10 | 12/31/09 | 10-K | |
11/06/09 | 09/30/09 | 10-Q | |
08/07/09 | 06/30/09 | 10-Q | |
05/08/09 | 03/31/09 | 10-Q | |
03/13/09 | 12/31/08 | 10-K | |
11/07/08 | 09/30/08 | 10-Q | |
08/08/08 | 06/30/08 | 10-Q | |
05/09/08 | 03/30/08 | Unknown | -- |
03/18/08 | 12/31/07 | NT 10-K | |
11/09/07 | 09/30/07 | 10-Q | |
08/14/07 | 06/30/07 | NT 10-Q | |
05/15/07 | 03/30/07 | Unknown | -- |
12/31/06 | 12/31/06 | 10KSB | |
09/30/06 | 09/30/06 | 10QSB | |
06/30/06 | 06/30/06 | 8-K | |
03/31/06 | 03/31/06 | 8-K | |
12/31/05 | 12/31/05 | NT 10-K | |
09/30/05 | 09/30/05 | 10QSB | |
06/30/05 | 06/30/05 | 10QSB | |
03/31/05 | 03/30/05 | Unknown | -- |
12/31/04 | 12/31/04 | 10KSB | |
09/30/04 | 09/30/04 | 10QSB | |
06/30/04 | 06/30/04 | 10QSB | |
03/31/04 | 03/31/04 | 10QSB/A | |
12/31/03 | 12/31/03 | 10KSB | |
09/30/03 | 09/30/03 | 10QSB | |
06/30/03 | 06/30/03 | 10QSB | |
03/31/03 | 03/30/03 | Unknown | -- |
12/31/02 | 12/31/02 | NT 10-K | |
09/30/02 | 09/30/02 | NT 10-Q | |
06/30/02 | 06/30/02 | 10QSB | |
03/31/02 | 03/30/02 | Unknown | -- |
12/31/01 | 12/31/01 | 10KSB | |
09/30/01 | 09/30/01 | 10QSB | |
06/30/01 | 06/30/01 | 10QSB | |
03/31/01 | 03/30/01 | Unknown | -- |
12/31/00 | 12/31/00 | 10KSB | |
09/30/00 | 09/30/00 | 10QSB | |
06/30/00 | 06/30/00 | 10QSB | |
03/31/00 | 03/30/00 | Unknown | -- |