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MUX, McEwen Inc.

Gold & Precious Metals capital-intensive

McEwen Inc. is a gold and silver mining production and exploration company with an advanced copper development project, focused on the Americas.

McEwen Inc. is currently developing its Stock Property as an underground mine, with production expected to begin by mid-2026.

Latest annual: FY2025 10-K

MUX · McEwen Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$198M

+13.2% YoY · 14% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $248M 5-yr avg $157M

Operating margin 25.2% 5-yr avg −51.7%

Next report By 11/8 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~36 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Operating margin has reached 25% at its best but run negative through the cycle (median −43%) on a 11% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. Inventory runs near 17% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the commodity price and the cost position. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −9%, above 15% in 0 of 10 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

41% of revenue comes from outside the United States.

Revenue by geography, FY2025

United States59%$117M
Canada38%$76M
Mexico2%$5M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMJun 2026
											Income statement
$60M	$67M	$128M	$117M	$105M	$137M	$110M	$166M	$174M	$198M	$248M	RevenueRevenue
$32M	—	$32M	$9M	($27M)	($6M)	($544K)	$18M	$31M	$48M	$203M	Gross profitGross prof.
53%	—	25%	8%	−26%	−5%	−0%	11%	18%	24%	82%	Gross marginGross mgn
21%	18%	9%	11%	9%	8%	11%	9%	10%	14%	14%	SG&A / revenueSG&A/rev
$15M	($26M)	($47M)	($64M)	($153M)	($64M)	($95M)	($162M)	($51M)	$3M	$63M	Operating incomeOp. inc.
25.4%	−39.0%	−36.8%	−54.6%	−146.2%	−47.1%	−86.4%	−97.5%	−29.0%	1.3%	25.2%	Operating marginOp. mgn
$17M	($26M)	($48M)	($64M)	($154M)	($64M)	($80M)	$67M	($47M)	$7M	—	Pretax incomePretax
$21M	($11M)	($45M)	($60M)	($152M)	($57M)	($81M)	$55M	($44M)	$34M	$45M	Net incomeNet inc.
											Cash flow & returns
$7M	($28M)	$487K	($40M)	($28M)	($20M)	($57M)	($40M)	$29M	$7M	$67M	Operating cash flowOp. cash
$1M	$3M	$9M	$25M	—	$25M	$20M	$30M	$31M	$28M	$30M	Depreciation & amortizationD&A
($15M)	($20M)	$36M	($5M)	$124M	$11M	$5M	($125M)	$42M	($55M)	($8M)	Working capital & otherWC & other
$1M	$5M	$62M	—	—	—	—	—	—	—	—	CapexCapex
1.9%	7.5%	48.6%	—	—	—	—	—	—	—	—	Capex / revenueCapex/rev
$6M	($31M)	($9M)	—	—	—	—	—	—	—	—	Owner earningsOwner earn.
10.4%	−46.0%	−6.8%	—	—	—	—	—	—	—	—	Owner earnings marginOE mgn
$6M	($33M)	($62M)	—	—	—	—	—	—	—	—	Free cash flowFCF
10.4%	−48.5%	−48.3%	—	—	—	—	—	—	—	—	Free cash flow marginFCF mgn
$8M	($22M)	($69M)	($14M)	($12M)	($25M)	($24M)	($100M)	($58M)	($48M)	—	Investing cash flowInv. cash
($3M)	$50M	$60M	$70M	$18M	$81M	$65M	$172M	$19M	$79M	—	Financing cash flowFin. cash
($273K)	($108K)	$2M	($408K)	—	($160K)	($2M)	($49M)	($656K)	$235K	—	Exchange-rate effectFX
$12M	($287K)	($7M)	$16M	($22M)	$36M	($17M)	($16M)	($10M)	$38M	—	Change in cashΔ cash
4%	-4%	-7%	-11%	-31%	-13%	-19%	-19%	-8%	0%	—	ROICROIC
5%	-2%	-9%	-12%	-42%	-15%	-23%	11%	-9%	6%	6%	Return on equityROE
5%	−2%	−9%	−12%	−42%	−15%	−23%	11%	−9%	6%	6%	Retained to equityRetained/eq
											Balance sheet
$37M	$27M	$16M	$46M	$21M	$54M	$40M	$25M	$15M	$72M	$92M	Cash & investmentsCash+inv
$27M	$32M	$22M	$38M	$27M	$16M	$32M	$20M	$18M	$27M	$27M	InventoryInvent.
$20M	$35M	$31M	$34M	$36M	$40M	$43M	$23M	$28M	$45M	—	Accounts payablePayables
$7M	($3M)	($9M)	$4M	($9M)	($24M)	($11M)	($3M)	($10M)	($18M)	$30M	Operating working capitalOper. WC
$79M	$87M	$59M	$92M	$53M	$85M	$82M	$53M	$41M	$108M	$130M	Current assetsCur. assets
$21M	$38M	$36M	$49M	$46M	$52M	$84M	$30M	$48M	$64M	$64M	Current liabilitiesCur. liab.
3.8×	2.3×	1.6×	1.9×	1.2×	1.6×	1.0×	1.8×	0.9×	1.7×	2.0×	Current ratioCurr. ratio
$14M	$51M	$115M	$108M	$49M	—	—	—	—	—	—	Net PP&ENet PP&E
$498M	$592M	$617M	$631M	$500M	$525M	$529M	$657M	$665M	$820M	$992M	Total assetsAssets
—	—	$62M	$20M	$48M	$49M	$74M	$40M	$40M	$126M	$127M	Total debtDebt
—	—	$46M	($27M)	$27M	($5M)	$34M	$15M	$25M	$54M	$35M	Net debt / (cash)Net debt
—	—	—	—	—	—	-14.7×	-29.0×	-16.7×	—	12.8×	Interest coverageInt. cov.
$55M	$71M	$131M	$132M	$135M	$135M	$172M	$155M	$170M	$274M	—	Total liabilitiesTotal liab.
$443M	$521M	$486M	$499M	$365M	$390M	$356M	$502M	$495M	$546M	$707M	Shareholders’ equityEquity
											Per share
37.6M	39.2M	42.2M	45.2M	40.3M	45.5M	47.4M	47.5M	51.0M	65.6M	74.5M	Shares out (diluted)Shares
$1.61	$1.72	$3.04	$2.59	$2.60	$3.00	$2.33	$3.50	$3.42	$3.01	$3.33	Revenue / shareRev/sh
$0.56	$-0.27	$-1.06	$-1.32	$-3.78	$-1.25	$-1.71	$1.16	$-0.86	$0.53	$0.60	EPS (diluted)EPS
$0.17	$-0.79	$-0.21	—	—	—	—	—	—	—	—	Owner earnings / shareOE/sh
$0.17	$-0.83	$-1.47	—	—	—	—	—	—	—	—	Free cash flow / shareFCF/sh
$0.03	$0.13	$1.48	—	—	—	—	—	—	—	—	Cap. spending / shareCapex/sh
$11.80	$13.29	$11.53	$11.04	$9.05	$8.57	$7.51	$10.57	$9.70	$8.33	$9.48	Book value / shareBVPS

Share counts before 2020 are restated ×1/8 for a stock split, so per-share figures sit on one basis.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+7.2%/yr	+3.0%/yr
EPS	−0.7%/yr	—
Capital spending / share	+587.8%/yr (2-yr)	+587.8%/yr (2-yr)
Book value / share	−3.8%/yr	−1.7%/yr

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2016–FY2018cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2018 the business earned ($9M) of owner earnings, the operating cash left after the $9M it takes just to hold its position. It put $53M more into growth; free cash flow, after that spending, was ($62M).

	FY2018	FY2017	FY2016
Reported net income	($45M)	($11M)	$21M
Depreciation & amortizationnon-cash charge added back	+$9M	+$3M	+$1M
Working capital & othertiming of cash in and out, other non-cash items	+$36M	−$20M	−$15M
Cash from operations	$487K	($28M)	$7M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$9M	−$3M	−$1M
Owner earnings	($9M)	($31M)	$6M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$53M	−$2M	—
Free cash flow	($62M)	($33M)	$6M
Owner-earnings marginowner earnings ÷ revenue	-7%	-46%	10%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $9M, roughly its depreciation, the rate its assets wear out). The other $53M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

Interest expense not tagged in the data

What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
How heavy is the debt, net of cash? $64M · 24.1× operating profit

Heavy net debt

Cash $51M + ST investments $21M − debt $136M

What this means
Netting $72M of cash and short-term investments against $136M of debt leaves $64M owed, about 24.1× a year's operating profit (51.3× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital -9%

Below average through the cycle

10-yr median, range -31%–4%; 0% latest = NOPAT $3M ÷ invested capital $631M

Industry peers: median 13%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 0% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin —

Not enough data

Industry peers: median 18%

What this means
The filing data didn't include the inputs for this check.
Are earnings backed by cash? 0.20×

Thinly cash-backed

Cash from ops $7M ÷ net income $34M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

The promise and the pay packet

Is the buyback buying ownership, or mopping up? 0.7%

The count is rising

Stock compensation $1M (fiscal 2025), 0.7% of revenue · no repurchases · diluted shares +38.2% since 2022

What this means
Stock handed to employees is a real cost paid in the owner's own currency: it is charged against profit, but the shares it creates are permanent. Many companies repurchase stock at the same time, which looks like a return of capital and often is not — if the count barely moves, the cash merely cancelled the pay packet and bought the owner nothing. The three states worth telling apart are a count genuinely shrinking, a count standing still despite large repurchases, and a count rising because the issuance was never offset at all.

Graham’s defensive tests · 0 of 4 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $198M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.69×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $136M vs $44M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 7 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record —

Uninterrupted dividends · no dividend line tagged in the data

What this means
An unbroken dividend was Graham's mark of durability. This record carries no dividends-paid line in any year — common for partnerships, whose distributions file under tags the chain doesn't read — so the criterion is withheld rather than judged on silence.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.25/share (latest year $0.56), the averaged base the calculator's gate runs on, and book value is $8.90/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 3 of 10

What this means
Lost money in 7 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 8 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −17% → −42% (3-yr avg ends)

What this means
The recent-years average (−42%) sits below the early years (−17%), but the latest year (1%) is back near the early level: a cyclical trough dragging the window down, not a one-way slide. The through-cycle median is −47% — read it across the cycle, not on the dip.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2020 · −146.2% op. margin

What this means
Operations went underwater in 2020, understand why before trusting the good years.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Jun 30, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$130M

Cash & short-term investments$92M
Receivables$3M
Inventory$27M
Other current assets$8M

Current liabilities$64M

Debt due within a year$6M
Accounts payable$41M
Other current liabilities$16M

Current ratio2.04×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.61×stricter: inventory excluded

Cash ratio1.44×strictest: cash alone against what's due

Working capital$66Mthe cushion left after near-term bills

Debt due this year vs. cash$6M due · $92M cash covered by cash on hand, no refinancing forced · both figures from the Jun 30, 2026 balance sheet

Revenue, latest quarter vs. a year ago+26.8%the freshest read on whether the business is still growing

Current ratio, recent quarters1.2× → 2.0×

Deeper floors

Tangible book value$707Mequity stripped of goodwill & intangibles

Net current asset value($156M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$127Mno operating-lease liability tagged this quarter, so debt alone

Deferred revenue$8Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Net income
2021	Mr. McEwen	$3,706	−$47k	($57M)
2022	Mr. McEwen	$3,586	−$69k	($81M)
2023	Mr. McEwen	$342k	$378k	$55M
2024	Mr. McEwen	$4,907	−$2,810	($44M)
2025	Mr. McEwen	$686k	$615k	$34M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Net income is the whole business's, as filed, for the same fiscal years.

Insider ownership14.8%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes, Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Gold & Precious Metals

The same industry, side by side on owner economics. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	Gross marginmedian over the record	Op. marginmedian over the record	ROICmedian over the record	Owner earn. marginmedian over the record
EXKENDEAVOUR SILVER CORP.	$468M	19%	4.7%	3%	-1%
BTGB2Gold Corp Common shares (Canada)	$402M	—	343.9%1y	13%	—
SVMSilvercorp Metals Inc.	$299M	41%	34.5%	16%	40%
ITRGIntegra Resources Corp.	$244M	28%2y	-13.5%2y	-83%	-8%2y
MUXMcEwen Inc.	$198M	9%	-43.0%	-9%	-7%3y
CMCLCaledonia Mining Corporation Plc	$183M	50%	29.7%	19%	19%
IAUXi-80 Gold Corp.	$95M	-9%	-177.0%	-15%	-157%
NAMMNamib Minerals	$83M	49%2y	18.7%	144%1y	17%
Group median	—	28%	11.7%	8%	-1%

The price

What a price has to assume.

What the price implies

reverse-DCF

McEwen Inc. is profitable, but its owner-earnings base could not be formed from this filing’s tagged data (operating cash flow or capital spending is missing), so the owner-earnings reverse-DCF has no base to grow. We read the price from both ends instead: type a price to see the profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.

Today’s price $

The assumptions Required return 9% Years to get there 10 Revenue growth 0%

Revenue, delivered13%/yr’20→’25

Mature owner-earnings margin 15%

Enter a price to run it.

Owner earnings it must reach—

Margin the price demands—

Owner-earnings margin today—

Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.

Weigh MUX against another business →

Cite: Owner Scorecard, "McEwen Inc. (MUX), the owner's record," https://ownerscorecard.com/c/MUX, data as of 2026-08-17.

Manual order: ← MUSA its page in the Manual MVBF →

Industry order: ← MTA the Gold & Precious Metals chapter NAMM →