McEwen Inc Financials
McEwen Inc (MUX) reported $197.6M in revenue for fiscal year 2025, up 13.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
McEwen's margin repair finally pushed it into operating break-even, but cash generation still trails the income statement.
FY2025 reached positive operating margin at1.3% and gross margin at24.1% even as SG&A increased, so the turnaround appears to come more from better production economics than from simple cost cutting. Yet cash conversion did not keep pace: operating cash flow was only$6.9M after$29.5M in FY2024, meaning the accounting recovery is ahead of the cash recovery.
Liquidity improved meaningfully, with cash rising to
FY2023's net margin of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of McEwen Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for McEwen Inc, and counted as zero in the overall score.
McEwen Inc scores 0.93, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.3B) relative to total liabilities ($274.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
McEwen Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
McEwen Inc reported a net loss of $1.3M while generating $6.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
McEwen Inc earns $0.37 in operating income for every $1 of interest expense ($2.7M vs $7.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
McEwen Inc generated $197.6M in revenue in fiscal year 2025. This represents an increase of 13.2% from the prior year.
McEwen Inc's EBITDA was $30.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 254.8% from the prior year.
McEwen Inc reported -$1.3M in net income in fiscal year 2025. This represents an increase of 97.1% from the prior year.
McEwen Inc earned $0.59 per diluted share (EPS) in fiscal year 2025. This represents an increase of 168.6% from the prior year.
Cash & Balance Sheet
McEwen Inc held $51.0M in cash against $126.2M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
McEwen Inc's gross margin was 24.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 6.3 percentage points from the prior year.
McEwen Inc's operating margin was 1.3% in fiscal year 2025, reflecting core business profitability. This is up 30.3 percentage points from the prior year.
McEwen Inc's net profit margin was -0.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 24.4 percentage points from the prior year.
McEwen Inc's ROE was -0.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 8.6 percentage points from the prior year.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
MUX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $248.4M | $197.6M+13.2% | $174.5M+5.0% | $166.2M+50.5% | $110.4M-19.1% | $136.5M+30.3% | $104.8M-10.5% | $117.0M-8.7% | $128.2M+90.0% | $67.5M+11.7% | $60.4M-17.2% | $73.0M+61.0% | $45.3M-1.5% | $46.0M+670.7% | $6.0M | N/A |
| Cost of Revenue | N/A | $122.8M+8.3% | $113.3M-5.0% | $119.2M+30.6% | $91.3M | N/A | N/A | N/A | N/A | $45.2M+60.6% | $28.1M-18.7% | $34.6M-14.8% | $40.6M+17.4% | $34.6M+796.0% | $3.9M | N/A |
| Gross Profit | $76.8M | $47.6M+53.8% | $30.9M+74.0% | $17.8M-7.2% | $19.2M+395.6% | -$6.5M+76.0% | -$26.9M-399.9% | $9.0M-72.0% | $32.1M+59.8% | $20.1M-37.7% | $32.3M-15.9% | $38.3M+716.8% | $4.7M-58.8% | $11.4M+441.0% | $2.1M | N/A |
| SG&A Expenses | N/A | $26.7M+55.5% | $17.2M+11.1% | $15.4M+29.9% | $11.9M+4.0% | $11.4M+24.3% | $9.2M-28.0% | $12.8M+14.9% | $11.1M-9.9% | $12.3M-3.1% | $12.7M+5.7% | $12.0M-0.2% | $12.1M-13.8% | $14.0M-16.9% | $16.8M+139.4% | $7.0M |
| Operating Income | N/A | $2.7M+105.2% | -$50.6M+68.8% | -$162.1M-69.8% | -$95.4M-48.5% | -$64.3M+58.0% | -$153.2M-139.7% | -$63.9M-35.4% | -$47.2M-79.5% | -$26.3M-271.3% | $15.3M+131.1% | -$49.3M+88.0% | -$410.2M-104.7% | -$200.4M-119.2% | -$91.4M-51.9% | -$60.2M |
| Interest Expense | N/A | -$7.2M-337.9% | $3.0M-45.8% | $5.6M-13.8% | $6.5M+204.8% | -$6.2M+16.6% | -$7.4M-9.1% | -$6.8M-458.8% | $1.9M+302.6% | -$938K-212.3% | $835K-65.3% | $2.4M | N/A | N/A | N/A | N/A |
| Income Tax | N/A | -$27.5M-801.7% | -$3.0M-109.0% | $33.9M+483.2% | $5.8M+179.4% | -$7.3M-426.3% | -$1.4M+63.8% | -$3.8M-38.8% | -$2.8M+82.0% | -$15.4M-309.9% | -$3.7M+84.7% | -$24.6M+77.1% | -$107.2M-100.8% | -$53.4M-95.9% | -$27.2M-15035.6% | -$180K |
| Net Income | $80.6M | -$1.3M+97.1% | -$43.7M-179.0% | $55.3M+168.2% | -$81.1M-43.0% | -$56.7M+62.8% | -$152.3M-155.0% | -$59.7M-33.2% | -$44.9M-321.9% | -$10.6M-150.5% | $21.1M+203.0% | -$20.4M+93.4% | -$311.9M-111.1% | -$147.7M-121.7% | -$66.7M-7.7% | -$61.9M |
| EPS (Diluted) | $1.17 | $0.59+168.6% | -$0.86-174.1% | $1.16+167.8% | -$1.71-36.8% | -$1.25 | -$3.78 | -$0.17 | N/A | -$0.03-142.9% | $0.07+200.0% | -$0.07+93.3% | -$1.05-110.0% | -$0.50-92.3% | -$0.26 | -$0.42 |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
MUX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $820.2M+23.4% | $664.6M+1.1% | $657.2M+24.3% | $528.7M+0.6% | $525.3M+5.1% | $499.9M-20.8% | $631.2M+2.3% | $616.9M+4.2% | $592.1M+18.8% | $498.3M+4.9% | $475.1M-9.2% | $523.0M-43.3% | $923.1M-19.8% | $1.2B+270.8% | $310.4M |
| Current Assets | $107.9M+161.9% | $41.2M-21.8% | $52.7M-35.5% | $81.7M-4.0% | $85.0M+58.9% | $53.5M-41.8% | $92.0M+54.9% | $59.4M-31.6% | $86.9M+10.6% | $78.6M+44.3% | $54.4M+37.1% | $39.7M-15.1% | $46.8M-49.1% | $91.9M+92.0% | $47.9M |
| Cash & Equivalents | $51.0M+272.6% | $13.7M-40.5% | $23.0M-42.1% | $39.8M-26.7% | $54.3M+160.5% | $20.8M-55.1% | $46.5M+194.8% | $15.8M-42.0% | $27.2M-27.5% | $37.4M+44.7% | $25.9M+109.0% | $12.4M-49.1% | $24.3M-65.7% | $70.9M+428.6% | $13.4M |
| Inventory | $26.8M+48.2% | $18.1M-9.2% | $19.9M-37.2% | $31.7M+101.0% | $15.8M-41.4% | $27.0M-29.7% | $38.4M+74.1% | $22.0M-31.0% | $32.0M+20.0% | $26.6M+77.8% | $15.0M+20.7% | $12.4M+41.0% | $8.8M+21.2% | $7.3M+5124.5% | $139K |
| Total Liabilities | $274.0M+61.5% | $169.6M+9.6% | $154.8M-10.2% | $172.4M+27.4% | $135.4M+0.6% | $134.6M+2.2% | $131.7M+0.6% | $131.0M+84.9% | $70.9M+28.2% | $55.3M-2.7% | $56.8M-30.5% | $81.7M-53.6% | $176.3M-32.5% | $261.3M+187.0% | $91.1M |
| Current Liabilities | $63.8M+33.8% | $47.7M+59.0% | $30.0M-64.4% | $84.2M+60.7% | $52.4M+15.0% | $45.6M-6.6% | $48.8M+35.5% | $36.0M-4.3% | $37.6M+82.9% | $20.6M-6.6% | $22.0M-8.5% | $24.1M+115.2% | $11.2M-55.6% | $25.2M+311.4% | $6.1M |
| Long-Term Debt | $126.2M+215.4% | $40.0M0.0% | $40.0M-37.5% | $64.0M+30.9% | $48.9M+1.5% | $48.2M+143.7% | $19.8M-19.7% | $24.6M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $546.2M+10.4% | $495.0M-1.5% | $502.4M+41.0% | $356.3M-8.6% | $389.9M+6.7% | $365.3M-26.9% | $499.5M+2.8% | $485.9M-6.8% | $521.3M+17.7% | $443.0M+5.9% | $418.3M-5.2% | $441.2M-40.9% | $746.8M-16.1% | $889.6M+305.6% | $219.3M |
| Retained Earnings | -$1.3B+2.6% | -$1.3B-3.5% | -$1.3B+4.2% | -$1.3B-6.5% | -$1.2B-4.8% | -$1.2B-14.8% | -$1.0B-6.2% | -$971.5M-4.5% | -$929.6M-1.2% | -$919.0M+2.2% | -$940.0M-2.2% | -$919.6M-51.3% | -$607.6M-32.1% | -$459.9M-17.0% | -$393.2M |
Not reported in any period shown, so not listed: Accounts Receivable, Goodwill.
MUX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $66.6M | $6.9M-76.7% | $29.5M+174.3% | -$39.6M+29.9% | -$56.6M-182.0% | -$20.1M+28.0% | -$27.9M+29.5% | -$39.5M-8216.4% | $487K+101.8% | -$27.6M-471.2% | $7.4M-52.2% | $15.6M+204.6% | -$14.9M+64.8% | -$42.4M+11.1% | -$47.7M+39.3% | -$78.6M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $62.3M+1127.9% | $5.1M+332.5% | $1.2M+51.1% | $777K-72.1% | $2.8M-35.3% | $4.3M+129.2% | $1.9M-76.4% | $8.0M |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -$61.9M-89.0% | -$32.7M-621.6% | $6.3M-57.7% | $14.8M+183.8% | -$17.7M+62.1% | -$46.7M+5.7% | -$49.5M+42.7% | -$86.5M |
| Investing Cash Flow | -$64.9M | -$48.0M+17.3% | -$58.0M+41.7% | -$99.6M-316.9% | -$23.9M+2.7% | -$24.6M-108.8% | -$11.8M+16.3% | -$14.1M+79.7% | -$69.3M-211.5% | -$22.3M-392.0% | $7.6M+506.0% | -$1.9M | N/A | N/A | N/A | N/A |
| Financing Cash Flow | $23.0M | $78.7M+310.0% | $19.2M-88.8% | $172.2M+163.1% | $65.5M-19.2% | $81.0M+360.7% | $17.6M-74.9% | $70.0M+15.8% | $60.4M+21.5% | $49.7M+1638.1% | -$3.2M-2728.5% | $123K | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $582K-67.1% | $1.8M | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
MUX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.1%+6.3pp | 17.7%+7.0pp | 10.7%-6.6pp | 17.3%+22.1pp | -4.8%+21.0pp | -25.7%-33.4pp | 7.7%-17.4pp | 25.0%-4.7pp | 29.8%-23.7pp | 53.4%+0.9pp | 52.6%+42.2pp | 10.4%-14.4pp | 24.8%-10.5pp | 35.3% | N/A |
| Operating Margin | 1.3%+30.3pp | -29.0%+68.5pp | -97.5%-11.1pp | -86.4%-39.3pp | -47.1% | -146.2% | -54.6%-17.8pp | -36.8%+2.1pp | -39.0%-64.4pp | 25.4%+93.0pp | -67.6% | -905.4% | -435.8% | -1532.1% | N/A |
| Net Margin | -0.6%+24.4pp | -25.0%-58.3pp | 33.3%+106.7pp | -73.4%-31.9pp | -41.5% | -145.4% | -51.1%-16.1pp | -35.0%-19.3pp | -15.8%-50.6pp | 34.9%+62.9pp | -28.0% | -688.6% | -321.3% | -1117.2% | N/A |
| Return on Equity | -0.2%+8.6pp | -8.8%-19.8pp | 11.0%+33.8pp | -22.8%-8.2pp | -14.5%+27.2pp | -41.7%-29.7pp | -12.0%-2.7pp | -9.2%-7.2pp | -2.0%-6.8pp | 4.8%+9.6pp | -4.9%+65.8pp | -70.7%-50.9pp | -19.8%-12.3pp | -7.5%+20.7pp | -28.2% |
| Return on Assets | -0.1%+6.4pp | -6.6%-15.0pp | 8.4%+23.8pp | -15.3%-4.6pp | -10.8%+19.7pp | -30.5%-21.0pp | -9.5%-2.2pp | -7.3%-5.5pp | -1.8%-6.0pp | 4.2%+8.5pp | -4.3%+55.4pp | -59.7%-43.6pp | -16.0%-10.2pp | -5.8%+14.1pp | -19.9% |
| Current Ratio | 1.69+0.8x | 0.86-0.9x | 1.76+0.8x | 0.97-0.7x | 1.62+0.4x | 1.17-0.7x | 1.89+0.2x | 1.65-0.7x | 2.31-1.5x | 3.82+1.3x | 2.47+0.8x | 1.65-2.5x | 4.18+0.5x | 3.65-4.2x | 7.82 |
| Debt-to-Equity | 0.23+0.2x | 0.080.0x | 0.08-0.1x | 0.18+0.1x | 0.130.0x | 0.13+0.1x | 0.040.0x | 0.05-0.1x | 0.140.0x | 0.120.0x | 0.140.0x | 0.19-0.1x | 0.24-0.1x | 0.29-0.1x | 0.42 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -48.3%+0.2pp | -48.5%-58.9pp | 10.4%-9.9pp | 20.3%+59.4pp | -39.1% | -101.6% | -830.5% | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where McEwen Inc Ranks
Frequently Asked Questions
What is McEwen Inc's annual revenue?
McEwen Inc (MUX) reported $197.6M in total revenue for fiscal year 2025. This represents a 13.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is McEwen Inc's revenue growing?
McEwen Inc (MUX) revenue grew by 13.2% year-over-year, from $174.5M to $197.6M in fiscal year 2025.
Is McEwen Inc profitable?
No, McEwen Inc (MUX) reported a net income of -$1.3M in fiscal year 2025, with a net profit margin of -0.6%.
What is McEwen Inc's EBITDA?
McEwen Inc (MUX) had EBITDA of $30.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does McEwen Inc have?
As of fiscal year 2025, McEwen Inc (MUX) had $51.0M in cash and equivalents against $126.2M in long-term debt.
What is McEwen Inc's gross margin?
McEwen Inc (MUX) had a gross margin of 24.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is McEwen Inc's operating margin?
McEwen Inc (MUX) had an operating margin of 1.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is McEwen Inc's net profit margin?
McEwen Inc (MUX) had a net profit margin of -0.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is McEwen Inc's return on equity (ROE)?
McEwen Inc (MUX) has a return on equity of -0.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is McEwen Inc's operating cash flow?
McEwen Inc (MUX) generated $6.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are McEwen Inc's total assets?
McEwen Inc (MUX) had $820.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What is McEwen Inc's current ratio?
McEwen Inc (MUX) had a current ratio of 1.69 as of fiscal year 2025, which is generally considered healthy.
What is McEwen Inc's debt-to-equity ratio?
McEwen Inc (MUX) had a debt-to-equity ratio of 0.23 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is McEwen Inc's return on assets (ROA)?
McEwen Inc (MUX) had a return on assets of -0.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is McEwen Inc's Altman Z-Score?
McEwen Inc (MUX) has an Altman Z-Score of 0.93, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is McEwen Inc's Piotroski F-Score?
McEwen Inc (MUX) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are McEwen Inc's earnings high quality?
McEwen Inc (MUX) reported a net loss of $1.3M while generating $6.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can McEwen Inc cover its interest payments?
McEwen Inc (MUX) has an interest coverage ratio of 0.37x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is McEwen Inc?
McEwen Inc (MUX) scores 54 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.