Avino Silver & Gold Mines Ltd. (ASM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-113.1%

-$0.58

vs $4.44 price

Levered DCF

$0.87

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

12.55

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	34.5×	14.68×	116.44×	26.16×	-42×	-14.44×	-17.28×	20.33×
P/B	3.93×	0.95×	0.6×	0.79×	1.1×	1.83×	0.75×	0.46×
P/S	10.59×	1.79×	1.45×	1.76×	7.68×	6.75×	1.27×	1.02×
EV / EBITDA	18.19×	5.16×	23.05×	7.34×	119.81×	-14.32×	34.29×	7.57×
Gross margin	48.3%	35.1%	17.8%	34.1%	31.6%	1.2%	-0.9%	18.4%
Operating margin	33.9%	22.3%	-0.3%	19.9%	-15.2%	-29.1%	-14.2%	5.6%
Net margin	31.3%	12.2%	1.2%	7.0%	-18.3%	-47.8%	-99.1%	4.8%
Current ratio	4.06×	2.62×	1.7×	1.53×	9.23×	3.92×	2.38×	2.33×
Debt / equity	0.03×	0.02×	0.03×	0.07×	0.01×	0.05×	0.07×	0.13×
Interest coverage	51.25×	38.1×	-0.31×	89.02×	-22.71×	-19.78×	-30.43×	3.46×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.6%	6.5%	0.5%	3.2%	-2.6%	-13.0%	-58.3%	2.2%
Return on invested capital	7.6%	6.1%	0.1%	3.2%	-2.1%	-5.9%	-5.5%	1.5%
Return on assets	9.4%	5.4%	0.4%	2.6%	-2.4%	-11.1%	-43.4%	1.5%
Free cash flow yield	0.1%	15.7%	-9.3%	5.1%	-2.1%	-1.8%	5.5%	-0.6%
Earnings yield	3.0%	6.8%	0.9%	4.0%	-2.4%	-7.1%	-77.9%	4.7%
Enterprise value	$821.8M	$93.9M	$64.3M	$73.2M	$62.5M	$99.5M	$34.7M	$41.1M
Net debt / EBITDA	-2.11×	-1.36×	0.27×	-0.46×	-45.39×	1.24×	-5.62×	1.18×
Cash conversion cycle (days)	42	-3	53	13	240	118	88	145