McEwen
MUX on NYSE. McEwen Mining sells gold and silver to refiners and metal traders. Market value $1.1bn.
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
See Materials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $0.58 of spare cash in the past 12 months. A savings account pays about $4.
You pay 18.3 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns -13 cents a year. Above 10 is good.
Quality score: 40 of 100. Price score: 47 of 100. Our list needs 70 on quality and 60 on price.
$17.90 a share, 20% above its 1-year low
Over the past year the price has ranged from $14.93 to $29.70.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $6 million in the past 12 months, a shortfall of $38 million in the year to December 2025.
| Revenue | |||||
| Revenue | $137m | $110m | $166m | $174m | $198m |
| Operating margin | |||||
| Operating margin | -47.1% | -86.4% | -97.5% | -29.0% | 1.3% |
| Debt to equity | |||||
| Debt to equity | 0.14 | 0.21 | 0.08 | 0.11 | 0.23 |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.05bn | 0.05bn | 0.06bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 9
- Profit backed by cash (accruals)Yes
- Debt0.23× equity
- Revenue growth, five yearsStrong, 13.5% a year
- Buying back its own sharesNo, 29% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $59 million last quarter, up 27% on a year ago.
- Profit: $10 million, up 216% on a year ago.
- It keeps 25 cents of each $1 of sales as operating profit, after losing 15 cents a year earlier.
- Spare cash over the past 12 months: $6 million. A year earlier it spent $36 million more than it brought in.
- 38% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $48 million more than cash, down from $72 million a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $52m |
| December 2024 | $34m |
| March 2025 | $36m |
| June 2025 | $47m |
| September 2025 | $51m |
| December 2025 | $65m |
| March 2026 | $74m |
| June 2026 | $59m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$2m |
| December 2024 | -$8m |
| March 2025 | -$6m |
| June 2025 | $3m |
| September 2025 | -$462,000 |
| December 2025 | $38m |
| March 2026 | $33m |
| June 2026 | $10m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 17 March 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 171 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Mawer Investment ManagementMawer team | $7m | <0.1% | Cut |
Largest holders overall
- BlackRock$86mAdded
- State Street$77mAdded
- Mirae Asset Global Etfs Holdings$37mCut
- VAN ECK Associates$28mCut
- Tidal Investments$27mAdded
- Geode Capital Management$26mAdded
- Dimensional Fund Advisors LP$25mAdded
- TWO Sigma Investments, LP$19mCut
- Bank of Montreal /can$16mAdded
- BNP Paribas Financial Markets$16mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- BlackRock, Inc.Passive investor7.7%Since 30 June 2026
- STATE STREET CORPORATIONPassive investorat least 7.1%+1.4 pts(filed with 1 related holder)Since 30 June 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 7.7% | 30 June 2026 | |
STATE STREET CORPORATION Passive investor | at least 7.1%+1.4 pts (filed with 1 related holder) | 30 June 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $18,360 of shares on the open market. 1 sold $59,372.
- Brissenden Richard W.DirectorSold
- Date
- 29 June 2026
- Shares
- 3,275
- Price
- $18.13
- Value
- $59,372
- Kaszas Stephen DouglasDirectorBought
- Date
- 5 June 2026
- Shares
- 1,000
- Price
- $18.36
- Value
- $18,360
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 29 June 2026 | Brissenden Richard W. Director | Sold | 3,275 | $18.13 | $59,372 |
| 5 June 2026 | Kaszas Stephen Douglas Director | Bought | 1,000 | $18.36 | $18,360 |
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 serious warning signs we check for were found. 1 thing worth knowing.
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 17 Mar 2026, plus the 10-Q filed 5 Aug 2026 and 10 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 66% last year. Losing that customer would hurt.
“During the year ended December 31, 2025, in respect of our 100% owned mines, 32% of our sales were made to Asahi and 66% of our sales were made to Auramet, with the remaining 2% made to other customers.”
From the 10-K filed 17 March 2026, Item 1. Business. Read it in the filing
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
Cheap for a reason is the question the numbers cannot answer.
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
Your first deep dive is free.
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.