Mux

McEwen trades at 193.5x trailing earnings while 2024 still points to a $0.86 per-share loss.

If you own MUX, you own a miner the market prices like a winner before the numbers agree.

mux

general small cap updated dec 26, 2025
$23.22
market cap ~$1B · 52-week range $6–$30
xvary composite: 62 / 100 · average
our overall rating — combines growth, value, risk, and momentum
Start here if you're new
what it is
McEwen digs for gold and silver, plus one large copper project that investors treat like a lottery ticket.
how it gets paid
Last year Mux made $174M in revenue.
why it's growing
Revenue grew 420.5% last year. 22.7% gross margin mattered most because revenue growth means less if the company still cannot turn ore into durable profits.
what just happened
McEwen posted $133M of quarterly revenue, but still lost money with EPS at -$0.07.
At a glance
B balance sheet — gets the job done, barely
40/100 earnings predictability — expect surprises
193.5x trailing p/e — you're paying up for this one
-$0.86 fy2024 eps est
$175M fy2024 rev est
xvary composite: 62/100 — average
What they do
McEwen digs for gold and silver, plus one large copper project that investors treat like a lottery ticket.
The edge is asset optionality. You get producing mines in the U.S., Canada, Mexico, and Argentina, plus a 47.7% stake in Los Azules copper. If metal prices rise, your leverage is brutal in the good way. Annual revenue was $174 million, but the market value is about $1 billion, so investors are paying up for what these deposits might become.
materials small-cap gold-miner copper-optionality high-risk
How they make money
$174M annual revenue · their business grew +420.5% last year
total revenue
$174M
+420.5%
The products that matter
gold and silver production
Fox Complex
$166M revenue engine
it produced $166M of the company's roughly $175M in annual revenue. this is the operating business you actually have today.
current cash source
long-dated copper development
Los Azules
2030s timeline
this project is the reason the stock gets a premium multiple, even though production is framed as a 2030s event and still at least 4–6 years away.
valuation driver
Key numbers
193.5x
trailing p/e
P/E → price divided by earnings → you are paying almost 194 years of trailing profit for a company still expected to lose $0.86 per share in 2024.
29.0%
operating margin
Operating margin → profit after running the business → McEwen burned about $0.29 on every $1 of sales before interest and taxes.
$127M
long-term debt
Long-term debt → money the company owes over years → it equals 8% of capital, which is decent for a miner but still large against $174M of annual revenue.
$174M
annual revenue
Revenue → total sales → the business generated $174M last year against a market cap near $1B, or roughly 5.7x sales.
Financial health
B
strength
  • balance sheet grade B — adequate — nothing special
  • risk rank 1 — safer than 95% of stocks
  • price stability 10 / 100
  • long-term debt $127M (8% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market

Return history isn't available for MUX right now.

same standard. no invented return math.

source: institutional data · return history unavailable
What just happened
missed estimates
McEwen posted $133M of quarterly revenue, but still lost money with EPS at -$0.07.
Revenue exploded versus last year, but the company did not convert that jump into profits. Gross margin was 22.7%, while full-year operating margin stayed deep in the red at -29.0%.
$44M
revenue
$0.07
eps
22.7%
gross margin
the number that mattered
22.7% gross margin mattered most because revenue growth means less if the company still cannot turn ore into durable profits.
source: company earnings report, 2026

Get this snapshot in your inbox

This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.

weekly updates earnings alerts plain english no spam
What could go wrong

the #1 risk is paying a growth multiple for Los Azules before Los Azules exists as an operating mine.

!
high
premium valuation vs. peers
MUX trades at 7.9x sales versus a 5.1x peer average. That's a 55% premium on a company with just $175M in revenue. If the market decides this should trade like a miner instead of a copper option, that premium can disappear fast.
MUX trades at 7.9x sales versus a 5.1x peer average. That's a 55% premium on a company with just $175M in revenue. If the market decides this should trade like a miner instead of a copper option, that premium can disappear fast.
!
high
Los Azules is still a 2030s story
The flagship growth asset is not expected to produce until the 2030s and is framed as at least 4–6 years away. That's a long time to carry execution, permitting, financing, and timeline risk in a small-cap stock.
The flagship growth asset is not expected to produce until the 2030s and is framed as at least 4–6 years away. That's a long time to carry execution, permitting, financing, and timeline risk in a small-cap stock.
∘
med
current operations are still thin
Gross margin is 18.34%, but operating margin is -9.44%. In plain English: the operating mine base is not yet strong enough to make the development story feel self-funded.
Gross margin is 18.34%, but operating margin is -9.44%. In plain English: the operating mine base is not yet strong enough to make the development story feel self-funded.
∘
med
commodity prices still run the show
Almost all current revenue comes from gold and silver mining — $166M of the $175M total. If metal prices move against the company, margins and sentiment usually move with them.
Almost all current revenue comes from gold and silver mining — $166M of the $175M total. If metal prices move against the company, margins and sentiment usually move with them.
you are underwriting a $1B market cap on top of a $175M revenue base, a 7.9x sales multiple, and a copper asset that does not contribute operating cash today.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
next earnings report
Estimated for May 6, 2026. You want to see whether the Q4 profitability snapback turns into a pattern instead of a one-quarter event.
trend
operating margin direction
The stock can survive a -9.44% operating margin for only so long while trading at 7.9x sales. Positive operating leverage is the cleanest proof the current mines are improving.
metric
2026 production guidance
Management has framed 16,000–19,000 gold equivalent ounces for 2026. If that moves, your near-term cash-generation story moves with it.
risk
Los Azules timeline credibility
This project is why investors pay the premium. Any slippage from an already long 2030s timeline makes the valuation look more like hope than underwriting.
Analyst rankings
earnings predictability
40 / 100
earnings are harder to model here. in human-speak, analysts expect surprises because miners can swing with prices, grades, and project timing.
risk rank
1
this metric scores safer than 95% of stocks, but don't confuse that with low volatility. price stability is still just 10 / 100.
source: institutional data
Institutional activity

institutional ownership data for MUX is being compiled.

source: institutional data
source: institutional data
Price targets
3-5 year target range
n/a n/a
$23 current price
n/a target midpoint · n/a from current
target data not available

Want the deeper analysis?

The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.

see plans from $5/mo
The deep dive
MUX
xvary deep dive
mux
the full analysis is in the works.
what you'll get
dcf valuation model
bull / base / bear scenarios
competitive moat breakdown
quarterly earnings tracker
operating model projections
risk matrix with kill criteria
original price target + conviction
updated with every earnings
free · no spam · you'll be first to read it