MUXMcEwen Inc.
Is the business good?
A genuinely good business: earnings fully cash-backed (1.3×) and margins widening.
Operating profit is fully backed by cash.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
Margin-driven, fat margins on slower asset turns. ROE 7% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is MUX?
McEwen Inc. earns 6.7% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 2.3 points below what the capital costs: growth destroys value
- Operating margin
- 25%
Operating margin · Other Precious Metals & Mining median 25% · 12 months to Q2 2026
- Cash conversion
- 1.35×
Cash conversion · operating cash flow covers the operating profit after tax
- Share count, year on year
- +38%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | −146% |
| FY2021 | −47% |
| FY2022 | −86% |
| FY2023 | −97% |
| FY2024 | −29% |
| FY2025 | 1.3% |
Details›
- Gross margin12 months to Q2 2026
- 31%
- Operating margin12 months to Q2 2026
- 25%
- Net margin12 months to Q2 2026
- 32%
- Revenue, trailing twelve months
- $248M
- Net income, trailing twelve months
- $81M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 6.7%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Other Precious Metals & Mining
Ranks #5 of 8 by RyuScore