Value Investor
Start free

Hycroft Mining Holding

HYMC on Nasdaq. Hycroft sells no gold or silver yet and has no customers. Market value $1.8bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Materials stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-6.1%low

For every $100 of what the whole company costs, it produced $-6.14 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
-82.4%five-year median

Each dollar kept in the business earns -82 cents a year. Above 10 is good.

Quality score: 30 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$19.09 a share, 204% above its 1-year low

Over the past year the price has ranged from $6.28 to $58.73.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.0
-0.0
-0.0
-0.0
-0.1
-0.1
2021202220232024202512 monthsto Jun '26
Revenue
$111m$33m$0n/an/a
Operating margin
-75.8%-161.0%n/an/an/a
Debt to equity
n/a2.1311.45n/a0.00
Shares outstanding
0.20bn0.20bn0.02bn0.08bn0.09bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)No
  • Debt0.00× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesYes, 53% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • A loss of $21 million, compared with a loss of $12 million a year ago.
  • Over the past 12 months it spent $109 million more cash than it brought in, compared with $35 million a year earlier.
  • 232% more shares than a year ago. Each share owns a bit less of the company.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$14m
December 2024-$13m
March 2025-$12m
June 2025-$12m
September 2025-$9m
December 2025-$8m
March 2026-$48m
June 2026-$21m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
3 March 2026
Next quarterly (estimated, 10-Q)
27 October 2026

Who owns it

None of the long-term investors we follow own it. 172 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

  • Sprott Eric
    Passive investor
    at least 42.9%+0.8 pts
    (filed with 2 related holders)
    Since 24 December 2025
  • STATE STREET CORPORATION
    Passive investor
    at least 6.9%+1.8 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • AMERICAN MULTI-CINEMA, INC.
    Insider or founder
    5.7%
    Since 28 October 2025
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented as follows: In connection with the Underwriting Agreement, dated October 9, 2025 (the "Underwriting Agreement"), between the Issuer and BMO Capital Markets Corp., as representative of several underwriters ("BMO"),…

    Read the filing
  • BlackRock, Inc.
    Passive investor
    5.1%
    Since 30 June 2026
  • Tribeca Investment Partners Pty Ltd
    Passive investor
    Sold down below 5%
    Since 31 December 2025
  • AMC ENTERTAINMENT HOLDINGS, INC.
    Insider or founder
    Sold down below 5%
    Since 3 December 2025
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented as follows: After a period of negotiation, on December 3, 2025, AMC entered into a Stock Purchase Agreement with Sprott Mining (the "Stock Purchase Agreement"), pursuant to which the Reporting Persons sold 2,340,824…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 5 sold $4m.

  • Thomas David Brian
    SVP, General Manager
    Sold
    Date
    16 June 2026
    Shares
    25,000
    Price
    $26.32
    Value
    $658,000
  • Jennings Rebecca
    SVP & General Counsel
    Sold
    Date
    15 June 2026
    Shares
    1,194
    Price
    $28.64
    Value
    $34,196
  • Jennings Rebecca
    SVP & General Counsel
    Sold
    Date
    12 June 2026
    Shares
    15,329
    Price
    $26.25
    Value
    $402,386
  • Thomas David Brian
    SVP, General Manager
    Sold
    Date
    4 June 2026
    Shares
    9,000
    Price
    $30.15
    Value
    $271,350
  • RIDEOUT STANTON K
    Executive Vice President & CFO
    Sold
    Date
    4 June 2026
    Shares
    16,500
    Price
    $30.18
    Value
    $497,970
  • GARRETT DIANE R
    Chair, President & CEO, Director
    Sold
    Date
    4 June 2026
    Shares
    21,550
    Price
    $31.50
    Value
    $678,825
  • Jennings Rebecca
    SVP & General Counsel
    Sold
    Date
    4 June 2026
    Shares
    11,300
    Price
    $30.27
    Value
    $342,051
  • Jennings Rebecca
    SVP & General Counsel
    Sold
    Date
    17 March 2026
    Shares
    9,071
    Price
    $39.33
    Value
    $356,762
  • Thomas David Brian
    SVP, General Manager
    Sold
    Date
    29 December 2025
    Shares
    15,000
    Price
    $21.21
    Value
    $318,150
  • WIESHOFER MARNI
    Director
    Sold
    Date
    12 December 2025
    Shares
    3,859
    Price
    $13.37
    Value
    $51,595

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 3 Mar 2026, plus the 10-Q filed 28 Jul 2026 and 18 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Profits run ahead of cash.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.