McEwen Mining Inc. (MUX) 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

-314.0%

-$30.52

vs $14.26 price

Levered DCF

-$27.48

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.53

Distress zone

Rating

B+

Overall 3 / 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	28.92×	-9.05×	6.09×	-3.43×	-7.09×	-2.61×	-7.47×	-13.68×
P/B	1.83×	0.8×	0.67×	0.86×	1.07×	1.09×	0.89×	1.26×
P/S	5.06×	2.28×	2.02×	2.52×	2.95×	3.79×	3.81×	4.77×
EV / EBITDA	25.65×	23.31×	-4.81×	-3.87×	-12.4×	-3.49×	-14.62×	-22.09×
Gross margin	11.0%	17.7%	10.7%	-0.5%	-4.7%	-25.7%	7.7%	24.9%
Operating margin	-6.5%	-29.0%	-97.5%	-86.4%	-47.1%	-146.2%	-54.6%	-36.6%
Net margin	17.4%	-25.0%	33.3%	-73.4%	-41.5%	-145.4%	-51.1%	-34.8%
Current ratio	1.69×	0.86×	1.76×	0.97×	1.62×	1.17×	1.88×	1.65×
Debt / equity	0.23×	0.09×	0.08×	0.21×	0.15×	0.15×	0.11×	0.11×
Interest coverage	-1.79×	-11.01×	0×	-12.25×	-10.37×	-20.6×	-9.38×	-29.15×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.4%	0.5%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-2.9%	-7.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.3%	-8.8%	11.0%	-25.1%	-15.1%	-41.7%	-12.0%	-9.2%
Return on invested capital	-1.7%	-7.7%	-12.7%	-20.9%	-11.7%	-32.6%	-9.9%	-7.6%
Return on assets	4.2%	-6.6%	8.4%	-15.3%	-10.6%	-29.9%	-9.3%	-7.3%
Free cash flow yield	-3.8%	-3.4%	-19.6%	-29.1%	-13.7%	-10.4%	-15.5%	-13.2%
Earnings yield	3.4%	-11.0%	16.5%	-29.2%	-14.1%	-38.3%	-13.4%	-7.3%
Enterprise value	$1.1B	$425.4M	$355.4M	$304.4M	$402.4M	$430.2M	$456.5M	$653.8M
Net debt / EBITDA	1.84×	1.56×	-0.26×	-0.34×	0.03×	-0.27×	-0.33×	-1.35×
Cash conversion cycle (days)	-32	-17	-1	-26	-51	-19	23	-33