NYSE : MUX
McEwen Inc. — Financial statements
Materials · Other Precious Metals & Mining · Canada
Last price 14.03 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 860.86M
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Financial statements
McEwen Inc. (MUX) reported revenue of 248.44M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 248.44M | 197.55M | 174.48M | 166.23M | 110.42M | 136.54M |
| Cost of Revenue | 155.74M | 130.72M | 120.47M | 201.87M | 157.99M | 131.66M |
| Gross Profit | 92.70M | 66.83M | 54.01M | -35.64M | -47.57M | 4.88M |
| Selling, General & Admin | 35.67M | 26.70M | 17.16M | 15.45M | 11.89M | 11.44M |
| Other Operating Expenses | 2.92M | 3.02M | 2.05M | 2.69M | 3.35M | 3.45M |
| Operating Expenses | 98.67M | 79.76M | 66.63M | 68.67M | 50.64M | 61.63M |
| Operating Income | -5.96M | -12.93M | -12.62M | -104.30M | -98.21M | -56.75M |
| Interest Expense | -8.63M | -7.22M | -4.59M | -5.75M | -7.79M | -6.20M |
| Interest & Investment Income | 1.44M | 42.67M | ||||
| Earnings From Equity Investments | 68.58M | 15.58M | -37.96M | -57.76M | 2.78M | -7.53M |
| Currency Exchange Gain (Loss) | -2.04M | -2.04M | 1.46M | -51.51M | 23.80M | 513.00K |
| Other Non Operating Income (Expenses) | -3.27M | -56.00K | 759.00K | 1.07M | -353.00K | 2.20M |
| EBT Excluding Unusual Items | 50.11M | -6.66M | -52.95M | -175.58M | -79.78M | -67.77M |
| Gain (Loss) on Sale of Investments | 1.25M | 13.61M | 6.21M | 20.46M | -511.00K | 28.00K |
| Gain (Loss) on Sale of Assets | 222.16M | |||||
| Other Unusual Items | 3.54M | |||||
| Pretax Income | 51.36M | 6.95M | -46.74M | 67.04M | -80.29M | -64.20M |
| Income Tax Expense | -29.29M | -27.48M | -3.05M | 33.86M | 5.81M | -7.32M |
| Earnings From Continuing Operations | 80.65M | 34.43M | -43.69M | 33.18M | -86.09M | -56.88M |
| Minority Interest in Earnings | 22.12M | 5.02M | 172.00K | |||
| Net Income | 80.65M | 34.43M | -43.69M | 55.30M | -81.08M | -56.71M |
| Net Income to Common | 80.65M | 34.43M | -43.69M | 55.30M | -81.08M | -56.71M |
| Shares Outstanding (Basic) | 57.08M | 54.05M | 51.02M | 47.54M | 47.43M | 45.49M |
| Shares Outstanding (Diluted) | 76.00M | 65.56M | 51.02M | 47.54M | 47.43M | 45.49M |
| EPS (Basic) | 1.41 | 0.64 | -0.86 | 1.16 | -1.71 | -1.25 |
| EPS (Diluted) | 1.14 | 0.59 | -0.86 | 1.16 | -1.71 | -1.25 |
| Free Cash Flow | 6.34M | -37.77M | -13.64M | -65.74M | -80.77M | -54.95M |
| Free Cash Flow Per Share | 0.08 | -0.58 | -0.27 | -1.38 | -1.70 | -1.21 |
| Gross Margin | 37.31% | 33.83% | 30.96% | -21.44% | -43.08% | 3.57% |
| Operating Margin | -2.40% | -6.54% | -7.23% | -62.75% | -88.95% | -41.56% |
| Profit Margin | 32.46% | 17.43% | -25.04% | 33.27% | -73.43% | -41.53% |
| Free Cash Flow Margin | 2.55% | -19.12% | -7.82% | -39.55% | -73.15% | -40.24% |
| EBITDA | 28.58M | 17.94M | 21.00M | -73.94M | -78.68M | -29.00M |
| EBITDA Margin | 11.51% | 9.08% | 12.04% | -44.48% | -71.26% | -21.24% |
| D&A For EBITDA | 34.55M | 30.87M | 33.62M | 30.36M | 19.53M | 27.74M |
| EBIT | -5.96M | -12.93M | -12.62M | -104.30M | -98.21M | -56.75M |
| EBIT Margin | -2.40% | -6.54% | -7.23% | -62.75% | -88.95% | -41.56% |
| Effective Tax Rate | 50.51% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 78.88M | 51.02M | 13.69M | 23.02M | 39.78M | 54.29M |
| Short-Term Investments | 12.82M | 21.11M | 1.62M | 1.74M | 1.29M | 1.81M |
| Cash & Short-Term Investments | 91.71M | 72.13M | 15.31M | 24.76M | 41.08M | 56.09M |
| Accounts Receivable | 3.00M | 3.17M | 286.00K | 2.38M | ||
| Other Receivables | 3.65M | 3.07M | 3.92M | 2.51M | 2.87M | 3.71M |
| Receivables | 6.65M | 6.24M | 4.20M | 4.89M | 2.87M | 3.71M |
| Inventory | 27.18M | 26.84M | 18.11M | 19.94M | 31.73M | 15.79M |
| Prepaid Expenses | 4.20M | 2.68M | 3.57M | 3.07M | 5.97M | 6.88M |
| Restricted Cash | 2.55M | |||||
| Total Current Assets | 129.74M | 107.89M | 41.19M | 52.66M | 81.65M | 85.03M |
| Property, Plant & Equipment | 376.89M | 227.21M | 210.92M | 169.95M | 346.28M | 342.30M |
| Long-Term Investments | 411.76M | 428.64M | 400.80M | 419.37M | 93.45M | 90.96M |
| Long-Term Deferred Tax Assets | 22.61M | 25.59M | ||||
| Other Long-Term Assets | 51.11M | 30.89M | 11.71M | 15.26M | 7.33M | 7.05M |
| Total Assets | 992.11M | 820.22M | 664.62M | 657.24M | 528.72M | 525.34M |
| Accounts Payable | 41.32M | 44.87M | 28.42M | 22.56M | 42.41M | 39.48M |
| Accrued Expenses | 46.00K | 30.00K | 96.00K | 112.00K | 137.00K | |
| Current Portion of Long-Term Debt | 6.00M | 10.00M | ||||
| Current Portion of Leases | 831.00K | 926.00K | 788.00K | 978.00K | 1.22M | 2.90M |
| Current Income Taxes Payable | 448.00K | 2.98M | 4.48M | 1.60M | 7.66M | |
| Current Unearned Revenue | 8.28M | 8.52M | 8.99M | 1.66M | 10.21M | 1.57M |
| Other Current Liabilities | 6.81M | 6.47M | 4.99M | 3.10M | 12.58M | 8.31M |
| Total Current Liabilities | 63.69M | 63.81M | 47.69M | 30.00M | 84.19M | 52.40M |
| Long-Term Debt | 120.57M | 126.17M | 40.00M | 40.00M | 53.98M | 48.87M |
| Long-Term Leases | 995.00K | 1.09M | 1.32M | 488.00K | 1.19M | 1.51M |
| Long-Term Deferred Tax Liabilities | 58.74M | 40.33M | 36.63M | 40.57M | 155.00K | |
| Other Long-Term Liabilities | 41.47M | 42.59M | 44.00M | 43.76M | 32.93M | 32.62M |
| Total Liabilities | 285.47M | 273.98M | 169.65M | 154.82M | 172.44M | 135.40M |
| Common Stock | 1.91B | 1.82B | 1.80B | 1.77B | 1.64B | 1.62B |
| Retained Earnings | -1.23B | -1.28B | -1.31B | -1.27B | -1.32B | -1.24B |
| Comprehensive Income & Other | 32.33M | |||||
| Total Common Equity | 706.64M | 546.24M | 494.98M | 502.42M | 322.81M | 375.16M |
| Minority Interest | 33.47M | 14.78M | ||||
| Shareholders' Equity | 706.64M | 546.24M | 494.98M | 502.42M | 356.27M | 389.94M |
| Total Liabilities & Equity | 992.11M | 820.22M | 664.62M | 657.24M | 528.72M | 525.34M |
| Total Debt | 128.40M | 128.18M | 42.11M | 41.47M | 66.39M | 53.28M |
| Net Cash (Debt) | -36.69M | -56.05M | -26.80M | -16.70M | -25.31M | 2.81M |
| Net Cash Per Share | -0.48 | -0.85 | -0.53 | -0.35 | -0.53 | 0.06 |
| Filing Date Shares Outstanding | 61.36M | 59.45M | 53.93M | 49.44M | 47.43M | 47.37M |
| Total Common Shares Outstanding | 59.74M | 55.52M | 53.05M | 49.44M | 47.43M | 45.92M |
| Working Capital | 66.04M | 44.08M | -6.50M | 22.66M | -2.53M | 32.63M |
| Book Value Per Share | 11.83 | 9.84 | 9.33 | 10.16 | 6.81 | 8.17 |
| Tangible Book Value | 706.64M | 546.24M | 494.98M | 502.42M | 322.81M | 375.16M |
| Tangible Book Value Per Share | 11.83 | 9.84 | 9.33 | 10.16 | 6.81 | 8.17 |
| Land | 15.14M | 12.88M | 18.04M | 17.85M | 8.95M | |
| Machinery | 77.16M | 73.63M | 79.97M | 73.74M | 76.89M | |
| Construction In Progress | 30.13M | 30.15M | 6.96M | 8.41M | 4.08M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 80.65M | 34.43M | -43.69M | 55.30M | -81.08M | -56.71M |
| Depreciation & Amortization | 34.55M | 30.87M | 33.62M | 30.36M | 19.53M | 27.74M |
| Other Amortization | 697.00K | 697.00K | ||||
| Loss (Gain) From Sale of Assets | -222.16M | -2.27M | ||||
| Loss (Gain) From Sale of Investments | -1.28M | -13.64M | -6.06M | -10.68M | 511.00K | -28.00K |
| Loss (Gain) on Equity Investments | -68.58M | -15.58M | 37.96M | 57.76M | -2.78M | 7.53M |
| Stock-Based Compensation | 3.71M | 3.71M | 3.24M | 971.00K | 340.00K | 837.00K |
| Other Operating Activities | 35.99M | -26.90M | -10.17M | 62.52M | 2.32M | -6.05M |
| Change in Inventory | -19.07M | -18.90M | -711.00K | 4.55M | ||
| Change in Accounts Payable | 5.06M | 13.02M | 5.79M | -19.86M | ||
| Change in Unearned Revenue | 8.05M | 4.00M | 3.54M | -6.15M | ||
| Change in Other Net Operating Assets | -13.13M | -4.86M | 5.93M | 7.76M | 4.57M | 8.89M |
| Operating Cash Flow | 66.64M | 6.87M | 29.45M | -39.64M | -56.58M | -20.06M |
| Capital Expenditures | -60.30M | -44.64M | -43.09M | -26.10M | -24.19M | -34.89M |
| Sale of Property, Plant & Equipment | 492.00K | |||||
| Divestitures | -45.71M | |||||
| Investment in Securities | 1.67M | 1.67M | -14.37M | -28.12M | ||
| Other Investing Activities | -3.78M | -5.06M | -585.00K | 295.00K | 286.00K | 9.83M |
| Investing Cash Flow | -64.86M | -48.03M | -58.05M | -99.64M | -23.90M | -24.56M |
| Long-Term Debt Issued | 110.00M | 15.00M | 40.00M | |||
| Total Debt Issued | 110.00M | 15.00M | 40.00M | |||
| Long-Term Debt Repaid | -21.05M | -1.23M | -26.64M | -2.34M | -3.41M | |
| Total Debt Repaid | -1.10M | -21.05M | -1.23M | -26.64M | -2.34M | -3.41M |
| Net Debt Issued (Repaid) | -1.10M | 88.95M | -1.23M | -26.64M | 12.66M | 36.59M |
| Issuance of Common Stock | 24.08M | 9.02M | 20.43M | 123.34M | 32.02M | 44.39M |
| Repurchase of Common Stock | -87.00K | |||||
| Other Financing Activities | -19.24M | 75.48M | 20.86M | |||
| Financing Cash Flow | 22.98M | 78.73M | 19.20M | 172.18M | 65.45M | 80.98M |
| Foreign Exchange Rate Adjustments | 1.21M | 235.00K | -656.00K | -48.98M | -2.03M | -160.00K |
| Net Cash Flow | 25.97M | 37.80M | -10.05M | -16.07M | -17.05M | 36.20M |
| Free Cash Flow | 6.34M | -37.77M | -13.64M | -65.74M | -80.77M | -54.95M |
| Free Cash Flow Margin | 2.55% | -19.12% | -7.82% | -39.55% | -73.15% | -40.24% |
| Free Cash Flow Per Share | 0.08 | -0.58 | -0.27 | -1.38 | -1.70 | -1.21 |
| Levered Free Cash Flow | -18.62M | -15.85M | 2.91M | -94.82M | -58.74M | -35.54M |
| Unlevered Free Cash Flow | -13.92M | -12.03M | 5.78M | -91.23M | -53.87M | -31.67M |
| Cash Interest Paid | 7.78M | 5.07M | 3.91M | 4.73M | 4.88M | |
| Cash Income Tax Paid | 1.79M | 1.98M | 712.00K | 1.41M | 24.00K | |
| Change in Working Capital | -19.10M | -6.74M | 14.56M | -13.71M | 4.57M | 8.89M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 860.86M | 1.01B | 411.77M | 356.14M | 277.93M | 407.07M |
| Enterprise Value | 897.55M | 1.06B | 424.00M | 392.21M | 325.95M | 410.83M |
| Last Close Price | 14.03 | 18.51 | 7.78 | 7.21 | 5.86 | 8.87 |
| PE Ratio | 12.25 | 29.40 | 6.44 | |||
| Forward PE | 9.09 | 21.28 | 19.80 | 19.80 | 19.80 | 19.70 |
| PS Ratio | 3.47 | 5.12 | 2.36 | 2.14 | 2.52 | 2.98 |
| PB Ratio | 1.19 | 1.85 | 0.83 | 0.71 | 0.78 | 1.04 |
| P/TBV Ratio | 1.22 | 1.85 | 0.83 | 0.71 | 0.86 | 1.08 |
| P/OCF Ratio | 12.92 | 147.47 | 13.98 | |||
| EV/Sales Ratio | 3.61 | 5.39 | 2.43 | 2.36 | 2.95 | 3.01 |
| EV/EBITDA Ratio | 31.40 | 59.34 | 20.19 | |||
| Debt / Equity Ratio | 0.18 | 0.23 | 0.09 | 0.08 | 0.19 | 0.14 |
| Debt / EBITDA Ratio | 4.48 | 7.12 | 2.00 | |||
| Debt / FCF Ratio | 20.26 | |||||
| Net Debt / Equity Ratio | 0.05 | 0.10 | 0.05 | 0.03 | 0.07 | -0.01 |
| Net Debt / EBITDA Ratio | 1.28 | 3.12 | 1.28 | -0.23 | -0.32 | 0.10 |
| Net Debt / FCF Ratio | 5.79 | -1.48 | -1.97 | -0.25 | -0.31 | 0.05 |
| Asset Turnover | 0.29 | 0.27 | 0.26 | 0.28 | 0.21 | 0.27 |
| Inventory Turnover | 6.07 | 5.82 | 6.33 | 7.81 | 6.65 | 6.16 |
| Quick Ratio | 1.54 | 1.23 | 0.41 | 0.99 | 0.52 | 1.14 |
| Current Ratio | 2.04 | 1.69 | 0.86 | 1.75 | 0.97 | 1.62 |
| Return on Equity (ROE) | 13.54% | 6.61% | -8.76% | 7.73% | -23.08% | -15.06% |
| Return on Assets (ROA) | -0.43% | -1.09% | -1.19% | -10.99% | -11.65% | -6.92% |
| Return on Invested Capital (ROIC) | -0.82% | -2.30% | -2.42% | -11.46% | -25.55% | -14.45% |
| Return on Capital Employed (ROCE) | -0.60% | -1.70% | -2.00% | -16.60% | -22.10% | -12.00% |
| Earnings Yield | 8.16% | 3.40% | -10.61% | 15.53% | -29.17% | -13.93% |
| FCF Yield | 0.74% | -3.73% | -3.31% | -18.46% | -29.06% | -13.50% |
| Buyback Yield / Dilution | -43.29% | -28.50% | -7.31% | -0.25% | -4.26% | -12.75% |