McEwen (MUX) Financials

$11.00 +0.02 (+0.14%)

Closing price 08/28/2025 03:59 PM Eastern

Extended Trading

$10.95 -0.05 (-0.45%)

As of 04:05 AM Eastern

Annual Income Statements for McEwen

This table shows McEwen's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-81	55	-44
Consolidated Net Income / (Loss)	-86	33	-44
Net Income / (Loss) Continuing Operations	-86	33	-44
Total Pre-Tax Income	-80	67	-47
Total Operating Income	-95	-162	-51
Total Gross Profit	-0.54	18	31
Total Revenue	110	166	174
Operating Revenue	110	166	174
Total Cost of Revenue	111	148	144
Operating Cost of Revenue	111	148	144
Total Operating Expenses	95	180	82
Selling, General & Admin Expense	12	15	17
Exploration Expense	15	20	17
Depreciation Expense	0.73	1.14	0.63
Other Operating Expenses / (Income)	67	143	47
Total Other Income / (Expense), net	15	229	3.83
Interest Expense	7.79	-37	4.60
Interest & Investment Income	0.00	222	0.00
Other Income / (Expense), net	23	-30	8.43
Income Tax Expense	5.81	34	-3.05
Net Income / (Loss) Attributable to Noncontrolling Interest	-5.02	-22	0.00
Basic Earnings per Share	($1.71)	$1.16	($0.86)
Weighted Average Basic Shares Outstanding	47.43M	47.54M	51.02M
Diluted Earnings per Share	($1.71)	$1.16	($0.86)
Weighted Average Diluted Shares Outstanding	47.43M	47.54M	51.02M
Weighted Average Basic & Diluted Shares Outstanding	47.43M	49.44M	53.93M

This table shows McEwen's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-11	-37	-43	-22	-18	138	-20	-13	-2.08	-8.23
Consolidated Net Income / (Loss)	-11	-42	-36	-43	-28	141	-20	-13	-2.08	-8.23
Net Income / (Loss) Continuing Operations	-11	-42	-36	-43	-28	141	-20	-13	-2.08	-8.23
Total Pre-Tax Income	-11	-35	-37	-45	-29	178	-23	-15	-1.27	-7.16
Total Operating Income	-16	-39	-43	-43	-29	-47	-22	-14	-0.10	-15
Total Gross Profit	1.50	-0.29	4.44	-3.47	3.76	13	6.01	11	14	0.36
Total Revenue	26	28	35	34	38	59	41	47	52	34
Operating Revenue	26	28	35	34	38	59	41	47	52	34
Total Cost of Revenue	24	29	30	38	35	46	35	37	38	33
Operating Cost of Revenue	24	29	30	38	35	46	35	37	38	33
Total Operating Expenses	17	39	47	40	33	60	28	25	14	15
Selling, General & Admin Expense	4.35	3.10	3.44	2.05	3.72	6.24	4.07	4.46	2.14	6.49
Exploration Expense	3.93	3.54	5.90	5.85	4.67	3.74	3.87	4.98	5.33	2.36
Depreciation Expense	0.21	0.24	0.28	0.31	0.33	0.22	0.17	0.16	0.16	0.15
Other Operating Expenses / (Income)	8.59	32	38	31	24	50	20	15	6.28	5.91
Total Other Income / (Expense), net	4.51	4.24	5.89	-2.30	0.22	225	-0.96	-1.42	-1.17	7.39
Interest Expense	1.82	2.69	-8.46	-20	-10	1.45	0.87	1.73	1.08	0.91
Other Income / (Expense), net	6.33	6.94	-2.58	-22	-10	4.59	-0.09	0.31	-0.09	8.29
Income Tax Expense	-0.52	7.14	-0.54	-2.05	-0.24	37	-2.56	-2.38	0.81	1.07
Basic Earnings per Share	($0.22)	($0.79)	($0.91)	($0.46)	($0.39)	$2.91	($0.41)	($0.26)	($0.04)	($0.15)
Weighted Average Basic Shares Outstanding	47.43M	47.43M	47.43M	47.43M	47.47M	47.54M	49.44M	49.72M	51.95M	51.02M
Diluted Earnings per Share	($0.22)	($0.79)	($0.91)	($0.46)	($0.39)	$2.91	($0.41)	($0.26)	($0.04)	($0.15)
Weighted Average Diluted Shares Outstanding	47.43M	47.43M	47.43M	47.43M	47.47M	47.54M	49.44M	49.72M	51.95M	51.02M
Weighted Average Basic & Diluted Shares Outstanding	47.43M	47.43M	47.43M	47.47M	47.49M	49.44M	49.44M	51.09M	52.92M	53.93M

This table details how cash moves in and out of McEwen's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-17	-16	-10
Net Cash From Operating Activities	-57	-40	29
Net Cash From Continuing Operating Activities	-57	-40	29
Net Income / (Loss) Continuing Operations	-86	33	-44
Consolidated Net Income / (Loss)	-86	33	-44
Depreciation Expense	20	30	31
Non-Cash Adjustments To Reconcile Net Income	5.42	-85	30
Changes in Operating Assets and Liabilities, net	4.57	-18	12
Net Cash From Investing Activities	-24	-100	-58
Net Cash From Continuing Investing Activities	-24	-100	-58
Purchase of Property, Plant & Equipment	-24	-26	-43
Acquisitions	0.00	-46	-14
Purchase of Investments	0.00	-34	-0.37
Divestitures	0.00	0.00	1.13
Sale and/or Maturity of Investments	0.00	6.03	0.00
Other Investing Activities, net	0.29	0.00	-1.72
Net Cash From Financing Activities	65	172	19
Net Cash From Continuing Financing Activities	65	172	19
Repayment of Debt	0.00	-25	0.00
Issuance of Debt	15	0.00	0.00
Issuance of Common Equity	14	13	20
Other Financing Activities, net	36	184	-1.22
Effect of Exchange Rate Changes	-2.03	-49	-0.66
Cash Interest Paid	4.88	4.73	3.91
Cash Income Taxes Paid	0.02	1.41	0.71

This table details how cash moves in and out of McEwen's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	11	-15	151	-106	-36	-26	-1.09	17	-11	-15
Net Cash From Operating Activities	-10	6.04	-19	-34	-2.28	16	3.88	3.61	23	-1.21
Net Cash From Continuing Operating Activities	-10	6.04	-19	-34	-2.28	16	3.88	3.61	23	-1.21
Net Income / (Loss) Continuing Operations	-11	-42	-36	-43	-28	141	-20	-13	-2.08	-8.23
Consolidated Net Income / (Loss)	-11	-42	-36	-43	-28	141	-20	-13	-2.08	-8.23
Depreciation Expense	4.67	7.37	7.26	8.52	8.51	6.07	7.44	7.65	8.92	6.85
Non-Cash Adjustments To Reconcile Net Income	-4.35	17	12	15	14	-126	15	11	3.91	0.40
Changes in Operating Assets and Liabilities, net	-0.07	23	-2.75	-14	3.98	-4.96	2.03	-1.97	12	-0.24
Net Cash From Investing Activities	-8.89	-7.05	-4.95	-31	-16	-47	-4.58	-6.55	-34	-13
Net Cash From Continuing Investing Activities	-8.89	-7.05	-4.95	-31	-16	-48	-4.58	-6.55	-34	-13
Purchase of Property, Plant & Equipment	-8.89	-7.05	-4.95	-4.01	-9.32	-7.82	-4.52	-6.68	-19	-13
Purchase of Investments	-	-	0.00	-27	-7.05	-0.25	-0.05	0.05	-0.08	-0.29
Divestitures	-	-	-	-	-	-	-	-	-	-0.00
Sale and/or Maturity of Investments	-	-0.29	0.00	-	-	6.03	0.00	0.08	-	-0.08
Other Investing Activities, net	-	-	-	-	-	-	-	-	-	0.22
Net Cash From Financing Activities	26	0.00	185	-26	-0.56	13	-0.14	20	-0.50	-0.33
Net Cash From Continuing Financing Activities	26	0.00	185	-26	-0.56	13	-0.14	20	-0.50	-0.33
Other Financing Activities, net	26	0.00	185	-0.54	-0.56	-0.13	-0.14	-0.24	-0.50	-0.33
Effect of Exchange Rate Changes	-	-14	-9.11	-16	-16	-7.79	-0.26	-0.45	0.42	-0.38
Cash Interest Paid	1.48	0.57	1.25	32	13	-41	0.97	1.60	1.09	0.25
Cash Income Taxes Paid	-	0.02	-	-	0.99	-4.33	-	-	-	0.31

This table presents McEwen's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Total Assets	529	657	665
Total Current Assets	82	53	41
Cash & Equivalents	40	23	14
Short-Term Investments	1.30	1.74	1.62
Note & Lease Receivable	0.00	0.00	0.00
Accounts Receivable	0.00	2.38	0.29
Inventories, net	32	20	18
Other Current Assets	-	5.58	7.49
Plant, Property, & Equipment, net	0.00	0.00	0.00
Total Noncurrent Assets	541	605	623
Long-Term Investments	187	326	299
Other Noncurrent Operating Assets	354	278	324
Total Liabilities & Shareholders' Equity	529	657	665
Total Liabilities	172	155	170
Total Current Liabilities	84	30	48
Accounts Payable	43	23	28
Current Deferred Revenue	6.16	0.00	3.54
Current Deferred & Payable Income Tax Liabilities	7.66	1.60	4.48
Other Current Liabilities	18	5.74	11
Total Noncurrent Liabilities	88	125	122
Long-Term Debt	54	40	40
Asset Retirement Reserve & Litigation Obligation	29	40	41
Noncurrent Deferred & Payable Income Tax Liabilities	0.16	41	37
Other Noncurrent Operating Liabilities	4.86	4.33	4.25
Total Equity & Noncontrolling Interests	356	502	495
Total Preferred & Common Equity	323	502	495
Total Common Equity	323	502	495
Common Stock	1,644	1,768	1,805
Retained Earnings	-1,321	-1,266	-1,310

This table presents McEwen's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	545	678	593	573	639	645	668
Total Current Assets	96	223	145	126	52	72	60
Cash & Equivalents	55	191	85	49	22	41	29
Short-Term Investments	1.43	1.59	29	41	1.57	1.95	1.00
Note & Lease Receivable	-	-	-	-	0.00	0.00	0.00
Accounts Receivable	-	-	-	-	2.75	3.15	0.00
Inventories, net	30	24	24	27	20	20	22
Other Current Assets	-	-	-	8.68	5.84	6.39	7.41
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	449	454	448	447	587	573	608
Long-Term Investments	93	90	89	86	308	291	303
Other Noncurrent Operating Assets	356	364	359	361	279	282	305
Total Liabilities & Shareholders' Equity	545	678	593	573	639	645	668
Total Liabilities	147	172	131	139	156	160	166
Total Current Liabilities	58	89	53	53	38	43	51
Short-Term Debt	4.00	16	0.00	0.00	3.00	6.00	9.00
Accounts Payable	31	46	35	39	25	25	29
Current Deferred & Payable Income Tax Liabilities	-	8.23	0.61	0.61	1.98	2.46	3.05
Other Current Liabilities	19	17	12	3.85	6.23	9.78	10
Total Noncurrent Liabilities	89	83	78	85	118	117	115
Long-Term Debt	60	48	40	40	37	34	31
Asset Retirement Reserve & Litigation Obligation	25	29	33	40	39	42	41
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	38	36	37
Other Noncurrent Operating Liabilities	3.72	5.48	5.14	5.44	4.37	5.01	5.82
Total Equity & Noncontrolling Interests	398	505	462	434	483	485	502
Total Preferred & Common Equity	360	390	368	350	483	485	502
Total Common Equity	360	390	368	350	483	485	502
Common Stock	1,644	1,754	1,754	1,754	1,769	1,785	1,804
Retained Earnings	-1,284	-1,364	-1,386	-1,404	-1,286	-1,299	-1,301

This table displays calculated financial ratios and metrics derived from McEwen's official financial filings.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-
Revenue Growth	-19.13%	50.55%	4.96%
EBITDA Growth	-62.17%	-205.25%	93.02%
EBIT Growth	-25.00%	-164.89%	78.05%
NOPAT Growth	-48.47%	-20.06%	55.86%
Net Income Growth	-51.35%	138.54%	-231.69%
EPS Growth	-36.80%	167.84%	-174.14%
Operating Cash Flow Growth	-182.01%	29.95%	174.31%
Free Cash Flow Firm Growth	-26.96%	122.12%	-561.24%
Invested Capital Growth	-1.20%	-32.97%	15.25%
Revenue Q/Q Growth	-5.74%	22.42%	-12.60%
EBITDA Q/Q Growth	-29.64%	-7.90%	76.79%
EBIT Q/Q Growth	-15.15%	-5.81%	46.44%
NOPAT Q/Q Growth	-21.16%	25.53%	44.49%
Net Income Q/Q Growth	-32.37%	122.10%	-141.31%
EPS Q/Q Growth	-25.74%	145.67%	-143.43%
Operating Cash Flow Q/Q Growth	11.05%	20.26%	-37.03%
Free Cash Flow Firm Q/Q Growth	14.19%	115.13%	-351.02%
Invested Capital Q/Q Growth	-8.72%	-35.72%	5.91%
Profitability Metrics	-	-	-
Gross Margin	-0.49%	10.70%	17.73%
EBITDA Margin	-47.97%	-97.26%	-6.47%
Operating Margin	-86.43%	-97.49%	-28.98%
EBIT Margin	-65.66%	-115.53%	-24.15%
Profit (Net Income) Margin	-77.97%	19.96%	-25.04%
Tax Burden Percent	107.23%	49.49%	93.48%
Interest Burden Percent	110.74%	-34.91%	110.90%
Effective Tax Rate	0.00%	50.51%	0.00%
Return on Invested Capital (ROIC)	-23.24%	-33.61%	-17.18%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.72%	-93.06%	-14.34%
Return on Net Nonoperating Assets (RNNOA)	0.16%	41.34%	8.41%
Return on Equity (ROE)	-23.07%	7.73%	-8.76%
Cash Return on Invested Capital (CROIC)	-22.03%	5.87%	-31.35%
Operating Return on Assets (OROA)	-13.76%	-32.39%	-6.38%
Return on Assets (ROA)	-16.34%	5.60%	-6.61%
Return on Common Equity (ROCE)	-21.58%	7.43%	-8.76%
Return on Equity Simple (ROE_SIMPLE)	-26.67%	6.60%	-8.83%
Net Operating Profit after Tax (NOPAT)	-67	-80	-35
NOPAT Margin	-60.50%	-48.25%	-20.29%
Net Nonoperating Expense Percent (NNEP)	-22.52%	59.45%	-2.83%
Return On Investment Capital (ROIC_SIMPLE)	-15.90%	-14.79%	-6.62%
Cost of Revenue to Revenue	100.49%	89.30%	82.27%
SG&A Expenses to Revenue	10.77%	9.29%	9.84%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	85.94%	108.19%	46.72%
Earnings before Interest and Taxes (EBIT)	-72	-192	-42
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-53	-162	-11
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	0.86	0.68	0.83
Price to Tangible Book Value (P/TBV)	0.86	0.68	0.83
Price to Revenue (P/Rev)	2.52	2.06	2.36
Price to Earnings (P/E)	0.00	6.19	0.00
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	0.00%	16.15%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.52	0.16	0.62
Enterprise Value to Revenue (EV/Rev)	1.33	0.19	0.79
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	4.67
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	2.25	0.00
Leverage & Solvency	-	-	-
Debt to Equity	0.18	0.08	0.08
Long-Term Debt to Equity	0.15	0.08	0.08
Financial Leverage	-0.23	-0.44	-0.59
Leverage Ratio	1.41	1.38	1.33
Compound Leverage Factor	1.56	-0.48	1.47
Debt to Total Capital	15.22%	7.37%	7.48%
Short-Term Debt to Total Capital	2.38%	0.00%	0.00%
Long-Term Debt to Total Capital	12.84%	7.37%	7.48%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	7.96%	0.00%	0.00%
Common Equity to Total Capital	76.81%	92.63%	92.52%
Debt to EBITDA	-1.21	-0.25	-3.55
Net Debt to EBITDA	3.10	1.92	24.31
Long-Term Debt to EBITDA	-1.02	-0.25	-3.55
Debt to NOPAT	-0.96	-0.50	-1.13
Net Debt to NOPAT	2.45	3.88	7.75
Long-Term Debt to NOPAT	-0.81	-0.50	-1.13
Altman Z-Score	-2.78	-2.04	-1.26
Noncontrolling Interest Sharing Ratio	6.46%	3.90%	0.00%
Liquidity Ratios	-	-	-
Current Ratio	0.97	1.76	0.86
Quick Ratio	0.49	0.90	0.33
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	-63	14	-65
Operating Cash Flow to CapEx	-233.93%	-151.87%	68.35%
Free Cash Flow to Firm to Interest Expense	-8.13	0.00	-14.06
Operating Cash Flow to Interest Expense	-7.26	0.00	6.41
Operating Cash Flow Less CapEx to Interest Expense	-10.37	0.00	-2.97
Efficiency Ratios	-	-	-
Asset Turnover	0.21	0.28	0.26
Accounts Receivable Turnover	0.00	0.00	131.09
Inventory Turnover	4.67	5.75	7.54
Fixed Asset Turnover	0.00	0.00	0.00
Accounts Payable Turnover	2.70	4.56	5.62
Days Sales Outstanding (DSO)	0.00	0.00	2.78
Days Inventory Outstanding (DIO)	78.17	63.53	48.38
Days Payable Outstanding (DPO)	135.09	80.13	64.97
Cash Conversion Cycle (CCC)	-56.92	-16.59	-13.81
Capital & Investment Metrics	-	-	-
Invested Capital	286	192	221
Invested Capital Turnover	0.38	0.70	0.85
Increase / (Decrease) in Invested Capital	-3.48	-94	29
Enterprise Value (EV)	147	32	137
Market Capitalization	278	342	412
Book Value per Share	$6.81	$10.58	$9.35
Tangible Book Value per Share	$6.81	$10.58	$9.35
Total Capital	420	542	535
Total Debt	64	40	40
Total Long-Term Debt	54	40	40
Net Debt	-164	-311	-274
Capital Expenditures (CapEx)	24	26	43
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-34	-2.11	-22
Debt-free Net Working Capital (DFNWC)	7.47	23	-6.50
Net Working Capital (NWC)	-2.53	23	-6.50
Net Nonoperating Expense (NNE)	19	-113	8.29
Net Nonoperating Obligations (NNO)	-71	-311	-274
Total Depreciation and Amortization (D&A)	20	30	31
Debt-free, Cash-free Net Working Capital to Revenue	-30.44%	-1.27%	-12.50%
Debt-free Net Working Capital to Revenue	6.76%	13.63%	-3.73%
Net Working Capital to Revenue	-2.29%	13.63%	-3.73%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	($1.71)	$1.16	($0.86)
Adjusted Weighted Average Basic Shares Outstanding	47.43M	47.54M	51.02M
Adjusted Diluted Earnings per Share	($1.71)	$1.16	($0.86)
Adjusted Weighted Average Diluted Shares Outstanding	47.43M	47.54M	51.02M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	47.43M	49.44M	53.93M
Normalized Net Operating Profit after Tax (NOPAT)	-67	-113	-35
Normalized NOPAT Margin	-60.50%	-68.24%	-20.29%
Pre Tax Income Margin	-72.71%	40.33%	-26.79%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	-9.31	0.00	-9.17
NOPAT to Interest Expense	-8.58	0.00	-7.70
EBIT Less CapEx to Interest Expense	-12.41	0.00	-18.55
NOPAT Less CapEx to Interest Expense	-11.68	0.00	-17.08
Payout Ratios	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from McEwen's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-30.01%	-19.24%	36.06%	12.23%	47.78%	107.79%	18.63%	38.03%	36.05%	-42.87%
EBITDA Growth	57.54%	-94.84%	-129.36%	-719.21%	-565.40%	-47.60%	61.64%	89.38%	128.70%	101.63%
EBIT Growth	42.80%	-42.02%	-124.38%	-502.65%	-321.11%	-32.72%	51.40%	78.98%	99.53%	85.39%
NOPAT Growth	10.65%	-74.03%	-77.66%	-159.59%	-85.14%	-37.12%	48.68%	67.57%	99.66%	72.93%
Net Income Growth	39.42%	-100.12%	-72.85%	-248.71%	-169.14%	435.59%	44.02%	69.96%	92.67%	-105.83%
EPS Growth	42.11%	-71.74%	-102.22%	-76.92%	-77.27%	468.35%	54.95%	43.48%	89.74%	-105.15%
Operating Cash Flow Growth	6.51%	712.16%	-24.81%	7.47%	77.84%	166.63%	119.91%	110.61%	1,116.62%	-107.52%
Free Cash Flow Firm Growth	-531.27%	-16.01%	-266.36%	9.99%	82.81%	336.36%	345.02%	542.59%	1,859.57%	-169.59%
Invested Capital Growth	6.34%	-1.20%	1.06%	-2.57%	-4.83%	-32.97%	-33.53%	-36.09%	-30.04%	15.25%
Revenue Q/Q Growth	-15.20%	8.67%	23.06%	-1.03%	11.66%	52.80%	-29.74%	15.15%	10.06%	-35.84%
EBITDA Q/Q Growth	33.51%	-443.80%	-53.33%	-47.77%	46.00%	-20.63%	60.15%	59.10%	246.00%	-93.13%
EBIT Q/Q Growth	14.10%	-248.63%	-40.83%	-42.89%	39.98%	-9.87%	48.43%	38.21%	98.66%	-3,317.49%
NOPAT Q/Q Growth	5.99%	-151.54%	-9.31%	-0.42%	32.95%	-86.30%	59.09%	36.55%	99.30%	-14,895.88%
Net Income Q/Q Growth	15.03%	-299.18%	13.48%	-18.82%	34.41%	597.73%	-114.43%	36.25%	83.99%	-295.58%
EPS Q/Q Growth	15.38%	-259.09%	-15.19%	49.45%	15.22%	846.15%	-114.09%	36.59%	84.62%	-275.00%
Operating Cash Flow Q/Q Growth	71.98%	158.73%	-422.66%	-74.26%	93.29%	806.58%	-75.91%	-7.09%	542.79%	-105.23%
Free Cash Flow Firm Q/Q Growth	-19.85%	18.98%	-37.77%	32.71%	77.11%	1,213.63%	42.82%	21.54%	-8.98%	-144.04%
Invested Capital Q/Q Growth	1.90%	-8.72%	0.46%	4.26%	-0.46%	-35.72%	-0.36%	0.23%	8.97%	5.91%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	5.78%	-1.02%	12.78%	-10.08%	9.78%	22.24%	14.58%	22.66%	26.42%	1.08%
EBITDA Margin	-17.60%	-88.10%	-109.77%	-163.89%	-79.27%	-62.58%	-35.50%	-12.61%	16.72%	1.79%
Operating Margin	-59.94%	-138.75%	-123.25%	-125.05%	-75.10%	-80.74%	-53.32%	-29.38%	-0.19%	-43.39%
EBIT Margin	-35.59%	-114.18%	-130.67%	-188.65%	-101.42%	-72.93%	-53.53%	-28.72%	-0.35%	-18.66%
Profit (Net Income) Margin	-40.56%	-149.02%	-104.77%	-125.78%	-73.88%	240.66%	-49.44%	-27.37%	-3.98%	-24.56%
Tax Burden Percent	95.26%	120.45%	98.55%	95.48%	99.15%	79.38%	88.85%	84.54%	164.25%	114.96%
Interest Burden Percent	119.65%	108.35%	81.36%	69.83%	73.47%	-415.73%	103.94%	112.72%	692.35%	114.50%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	20.62%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-16.18%	-37.31%	-36.14%	-35.62%	-23.37%	-44.65%	-26.98%	-15.58%	-0.10%	-25.71%
ROIC Less NNEP Spread (ROIC-NNEP)	-16.54%	-20.19%	-32.04%	-24.54%	-15.97%	-138.41%	-25.02%	-14.16%	0.83%	-26.38%
Return on Net Nonoperating Assets (RNNOA)	4.13%	4.64%	11.36%	6.91%	4.25%	61.49%	12.92%	6.83%	-0.38%	15.48%
Return on Equity (ROE)	-12.06%	-32.67%	-24.79%	-28.71%	-19.12%	16.84%	-14.06%	-8.75%	-0.49%	-10.24%
Cash Return on Invested Capital (CROIC)	-24.30%	-22.03%	-29.04%	-29.85%	-30.31%	5.87%	4.39%	11.30%	10.17%	-31.35%
Operating Return on Assets (OROA)	-7.69%	-23.92%	-25.76%	-41.79%	-24.64%	-20.44%	-14.05%	-8.62%	-0.11%	-4.92%
Return on Assets (ROA)	-8.76%	-31.22%	-20.66%	-27.86%	-17.95%	67.47%	-12.97%	-8.21%	-1.28%	-6.48%
Return on Common Equity (ROCE)	-11.27%	-30.56%	-21.18%	-24.76%	-16.31%	16.18%	-12.42%	-7.88%	-0.44%	-10.24%
Return on Equity Simple (ROE_SIMPLE)	-18.06%	0.00%	-26.03%	-35.94%	-42.90%	0.00%	10.20%	16.38%	21.06%	0.00%
Net Operating Profit after Tax (NOPAT)	-11	-27	-30	-30	-20	-38	-15	-9.76	-0.07	-10
NOPAT Margin	-41.96%	-97.12%	-86.27%	-87.54%	-52.57%	-64.09%	-37.32%	-20.56%	-0.13%	-30.37%
Net Nonoperating Expense Percent (NNEP)	0.36%	-17.11%	-4.10%	-11.07%	-7.40%	93.76%	-1.96%	-1.42%	-0.94%	0.67%
Return On Investment Capital (ROIC_SIMPLE)	-2.36%	-6.53%	-5.27%	-6.00%	-4.26%	-6.93%	-2.94%	-1.86%	-0.01%	-1.90%
Cost of Revenue to Revenue	94.22%	101.02%	87.22%	110.08%	90.22%	77.76%	85.42%	77.34%	73.58%	98.92%
SG&A Expenses to Revenue	16.75%	10.98%	9.90%	5.96%	9.69%	10.63%	9.88%	9.40%	4.09%	19.37%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	65.72%	137.73%	136.03%	114.97%	84.87%	102.98%	67.90%	52.04%	26.60%	44.47%
Earnings before Interest and Taxes (EBIT)	-9.25	-32	-45	-65	-39	-43	-22	-14	-0.18	-6.25
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-4.58	-25	-38	-56	-30	-37	-15	-5.99	8.74	0.60
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.43	0.86	1.03	0.93	0.88	0.68	1.01	0.00	0.95	0.83
Price to Tangible Book Value (P/TBV)	0.43	0.86	1.03	0.93	0.88	0.68	1.01	0.00	0.95	0.83
Price to Revenue (P/Rev)	1.32	2.52	3.36	2.76	2.27	2.06	2.82	0.00	2.38	2.36
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	6.19	6.25	0.00	4.61	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	16.15%	16.00%	0.00%	21.68%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.34	0.52	1.04	0.91	0.86	0.16	1.03	0.00	0.87	0.62
Enterprise Value to Revenue (EV/Rev)	0.92	1.33	2.50	2.21	1.89	0.19	1.13	0.00	0.91	0.79
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.88	4.67
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	2.25	18.65	0.00	7.05	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.16	0.18	0.13	0.09	0.09	0.08	0.08	0.08	0.08	0.08
Long-Term Debt to Equity	0.15	0.15	0.10	0.09	0.09	0.08	0.08	0.07	0.06	0.08
Financial Leverage	-0.25	-0.23	-0.35	-0.28	-0.27	-0.44	-0.52	-0.48	-0.46	-0.59
Leverage Ratio	1.34	1.41	1.37	1.32	1.34	1.38	1.33	1.31	1.33	1.33
Compound Leverage Factor	1.60	1.53	1.12	0.92	0.99	-5.74	1.39	1.47	9.18	1.52
Debt to Total Capital	13.81%	15.22%	11.26%	7.97%	8.44%	7.37%	7.66%	7.62%	7.38%	7.48%
Short-Term Debt to Total Capital	0.87%	2.38%	2.81%	0.00%	0.00%	0.00%	0.57%	1.14%	1.66%	0.00%
Long-Term Debt to Total Capital	12.95%	12.84%	8.45%	7.97%	8.44%	7.37%	7.08%	6.47%	5.72%	7.48%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	8.26%	7.96%	20.30%	18.72%	17.73%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	77.93%	76.81%	68.44%	73.32%	73.83%	92.63%	92.34%	92.38%	92.62%	92.52%
Debt to EBITDA	-1.56	-1.21	-0.86	-0.32	-0.27	-0.25	-0.29	-0.46	-0.82	-3.55
Net Debt to EBITDA	2.09	3.10	2.93	1.31	0.91	1.92	2.11	3.35	6.04	24.31
Long-Term Debt to EBITDA	-1.46	-1.02	-0.65	-0.32	-0.27	-0.25	-0.27	-0.39	-0.64	-3.55
Debt to NOPAT	-1.16	-0.96	-0.80	-0.41	-0.37	-0.50	-0.47	-0.50	-0.63	-1.13
Net Debt to NOPAT	1.55	2.45	2.73	1.65	1.26	3.88	3.40	3.66	4.61	7.75
Long-Term Debt to NOPAT	-1.09	-0.81	-0.60	-0.41	-0.37	-0.50	-0.43	-0.42	-0.49	-1.13
Altman Z-Score	-2.42	-2.53	-1.23	-1.68	-1.93	-1.29	-0.76	0.00	-0.69	-1.08
Noncontrolling Interest Sharing Ratio	6.56%	6.46%	14.54%	13.75%	14.69%	3.90%	11.70%	9.92%	8.98%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.65	0.97	2.50	2.74	2.35	1.76	1.37	1.68	1.17	0.86
Quick Ratio	0.97	0.49	2.15	2.16	1.68	0.90	0.69	1.06	0.59	0.33
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-30	-24	-33	-22	-5.08	57	81	98	89	-39
Operating Cash Flow to CapEx	-115.74%	85.74%	-393.84%	-847.60%	-24.47%	205.96%	85.82%	53.95%	121.10%	-9.51%
Free Cash Flow to Firm to Interest Expense	-16.27	-8.89	0.00	0.00	0.00	38.93	92.93	56.67	82.51	-43.43
Operating Cash Flow to Interest Expense	-5.66	2.24	0.00	0.00	0.00	11.08	4.46	2.08	21.38	-1.34
Operating Cash Flow Less CapEx to Interest Expense	-10.55	-0.37	0.00	0.00	0.00	5.70	-0.74	-1.78	3.73	-15.39
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.22	0.21	0.20	0.22	0.24	0.28	0.26	0.30	0.32	0.26
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	131.09
Inventory Turnover	3.34	4.67	5.51	5.66	4.58	5.75	7.06	6.91	6.36	7.54
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	2.67	2.70	2.48	3.98	3.79	4.56	4.33	5.08	4.61	5.62
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.78
Days Inventory Outstanding (DIO)	109.41	78.17	66.28	64.47	79.64	63.53	51.68	52.81	57.43	48.38
Days Payable Outstanding (DPO)	136.85	135.09	147.34	91.75	96.32	80.13	84.36	71.80	79.13	64.97
Cash Conversion Cycle (CCC)	-27.44	-56.92	-81.06	-27.28	-16.68	-16.59	-32.67	-18.99	-21.70	-13.81
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	313	286	287	299	298	192	191	191	208	221
Invested Capital Turnover	0.39	0.38	0.42	0.41	0.44	0.70	0.72	0.76	0.79	0.85
Increase / (Decrease) in Invested Capital	19	-3.48	3.01	-7.91	-15	-94	-96	-108	-90	29
Enterprise Value (EV)	107	147	299	272	257	32	196	0.00	181	137
Market Capitalization	155	278	402	341	309	342	487	0.00	475	412
Book Value per Share	$7.59	$6.81	$8.22	$7.76	$7.37	$10.58	$9.76	$9.76	$9.83	$9.35
Tangible Book Value per Share	$7.59	$6.81	$8.22	$7.76	$7.37	$10.58	$9.76	$9.76	$9.83	$9.35
Total Capital	462	420	569	502	474	542	523	525	542	535
Total Debt	64	64	64	40	40	40	40	40	40	40
Total Long-Term Debt	60	54	48	40	40	40	37	34	31	40
Net Debt	-85	-164	-218	-163	-136	-311	-292	-294	-294	-274
Capital Expenditures (CapEx)	8.89	7.05	4.95	4.01	9.32	7.82	4.52	6.68	19	13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-14	-34	-42	-22	-18	-2.11	-6.45	-7.49	-13	-22
Debt-free Net Working Capital (DFNWC)	42	7.47	150	92	72	23	17	35	18	-6.50
Net Working Capital (NWC)	38	-2.53	134	92	72	23	14	29	8.64	-6.50
Net Nonoperating Expense (NNE)	-0.36	15	6.43	13	8.19	-179	5.00	3.23	2.01	-1.95
Net Nonoperating Obligations (NNO)	-85	-71	-218	-163	-136	-311	-292	-294	-294	-274
Total Depreciation and Amortization (D&A)	4.67	7.37	7.26	8.52	8.51	6.07	7.44	7.65	8.92	6.85
Debt-free, Cash-free Net Working Capital to Revenue	-12.21%	-30.44%	-35.35%	-17.82%	-12.98%	-1.27%	-3.73%	-4.03%	-6.31%	-12.50%
Debt-free Net Working Capital to Revenue	35.86%	6.76%	125.46%	74.59%	53.26%	13.63%	9.91%	18.91%	8.83%	-3.73%
Net Working Capital to Revenue	32.45%	-2.29%	112.08%	74.59%	53.26%	13.63%	8.17%	15.68%	4.33%	-3.73%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.21)	($0.79)	($0.91)	($0.46)	($0.39)	$2.91	($0.41)	($0.26)	($0.04)	($0.15)
Adjusted Weighted Average Basic Shares Outstanding	50.78M	47.43M	47.43M	47.43M	47.47M	47.54M	49.44M	49.72M	51.95M	51.02M
Adjusted Diluted Earnings per Share	($0.21)	($0.79)	($0.91)	($0.46)	($0.39)	$2.91	($0.41)	($0.26)	($0.04)	($0.15)
Adjusted Weighted Average Diluted Shares Outstanding	50.78M	47.43M	47.43M	47.43M	47.47M	47.54M	49.44M	49.72M	51.95M	51.02M
Adjusted Basic & Diluted Earnings per Share	$0.00	($0.79)	$0.00	$0.00	$0.00	$2.91	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	47.43M	47.43M	47.43M	47.47M	47.49M	49.44M	49.44M	51.09M	52.92M	53.93M
Normalized Net Operating Profit after Tax (NOPAT)	-11	-27	-30	-30	-20	-38	-15	-9.76	-0.07	-10
Normalized NOPAT Margin	-41.96%	-97.12%	-86.27%	-87.54%	-52.57%	-64.09%	-37.32%	-20.56%	-0.13%	-30.37%
Pre Tax Income Margin	-42.58%	-123.72%	-106.31%	-131.73%	-74.52%	303.19%	-55.64%	-32.38%	-2.42%	-21.36%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-5.09	-11.97	0.00	0.00	0.00	-29.43	-25.37	-7.86	-0.17	-6.90
NOPAT to Interest Expense	-6.00	-10.18	0.00	0.00	0.00	-25.87	-17.69	-5.63	-0.06	-11.23
EBIT Less CapEx to Interest Expense	-9.98	-14.59	0.00	0.00	0.00	-34.81	-30.57	-11.72	-17.83	-20.95
NOPAT Less CapEx to Interest Expense	-10.89	-12.80	0.00	0.00	0.00	-31.25	-22.88	-9.48	-17.72	-25.28
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

McEwen Mining Inc. (NYSE:MUX) has exhibited several notable financial trends over the past four years across its income statements, cash flow statements, and balance sheets.

Operating revenue generally increased from around $26 million in Q3 2022 to a peak of $58.7 million in Q4 2023, reflecting growth in sales and production capacity before dipping in 2024.
Total equity increased notably from about $398 million in Q1 2022 to over $502 million by Q3 2024, indicating a strengthening capital base.
Depreciation expenses remained relatively stable, supporting steady asset utilization and investment in plant and equipment.
Net income swung from a strong positive $141 million in Q4 2023 to a negative $8.2 million in Q4 2024, highlighting volatility in profitability possibly related to commodity prices or operational costs.
Cash and equivalents fluctuated significantly, with as high as $190 million in early 2023 declining to $29 million in Q3 2024, potentially reflecting capital expenditures and operational cash flows.
Investments in property, plant, and equipment, as well as acquisitions, have been substantial and continuous, often exceeding operating cash flow, which could strain liquidity.
Operating costs and other operating expenses have increased significantly, notably with "Other Operating Expenses / (Income)" reaching nearly $50-60 million in recent quarters, severely affecting operating income.
Consistent net losses throughout 2024 quarters with widening losses each quarter, including Q1 to Q4 2024, where earnings per share dropped from -$0.41 to -$0.15, underscoring ongoing profitability challenges.
Increasing liabilities, including long-term debt rising to $31 million by Q3 2024, indicating higher financial leverage and potential interest burden.
Negative cash flow from investing and financing activities in recent quarters suggests heavy cash use in investments and debt/other financing costs, which may pressure cash reserves.

In summary, while McEwen Mining showed strong growth and profitability culminating in 2023, the company faced significant earnings pressure and cash outflows in 2024. The increase in operational and exploration expenses alongside capital-intensive investments has strained financial performance and liquidity. Investors should monitor how management addresses operational efficiency, cost control, and capital allocation moving forward to return to profitability and stabilize cash flow.

08/29/25 06:10 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About McEwen's Financials

When does McEwen's financial year end?

According to the most recent income statement we have on file, McEwen's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has McEwen's net income changed over the last 2 years?

McEwen's net income appears to be on a downward trend, with a most recent value of -$43.69 million in 2024, falling from -$86.09 million in 2022. The previous period was $33.18 million in 2023. Check out McEwen's forecast to explore projected trends and price targets.

What is McEwen's operating income?

McEwen's total operating income in 2024 was -$50.57 million, based on the following breakdown:

Total Gross Profit: $30.94 million
Total Operating Expenses: $81.51 million

How has McEwen's revenue changed over the last 2 years?

Over the last 2 years, McEwen's total revenue changed from $110.42 million in 2022 to $174.48 million in 2024, a change of 58.0%.

How much debt does McEwen have?

McEwen's total liabilities were at $169.65 million at the end of 2024, a 9.6% increase from 2023, and a 1.6% decrease since 2022.

How much cash does McEwen have?

In the past 2 years, McEwen's cash and equivalents has ranged from $13.69 million in 2024 to $39.78 million in 2022, and is currently $13.69 million as of their latest financial filing in 2024.

How has McEwen's book value per share changed over the last 2 years?

Over the last 2 years, McEwen's book value per share changed from 6.81 in 2022 to 9.35 in 2024, a change of 37.4%.

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This page (NYSE:MUX) was last updated on 8/29/2025 by MarketBeat.com Staff

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McEwen (MUX) Financials

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