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McEwen Inc. (MUX) stock analysis

MUXNYSEGold and Silver OresFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 9, 2026Score 7/309% below fair value
$11.95−0.76 (-5.98%)

Close on Nov 12, 2026Market cap $733.24MP/E 20.6Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Value2Growth3Performance0Health2Dividend0

Weak7 of 30 checks passed

McEwen passes 7 of the 30 checks behind our score; 18 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
2/6
Growth
3/6
Past performance
0/6
Financial health
2/6
Dividend
0/6

What stands out

  • Trading below fair value

    The share price of $12.71 is below our fair value estimate of $13.97.

  • Revenue growing 10%+ a year

    Revenue grew 21.4% a year over the last three fiscal years.

  • Debt covered by cash flow

    Operating cash flow over the last twelve months equals 24.9% of total debt.

  • Guidance raised

    McEwen raised its Full Year 2026 AISC/GEO outlook on Aug 7, 2026.

What to watch

  • Margin of safety under 20%

    The price is 9.0% below fair value, less than the 20% cushion we look for.

  • Elevated bankruptcy risk

    The Altman Z-score is 0.18; above 3 is the safe zone and below 1.8 the distress zone.

  • P/E above the industry

    McEwen's P/E of 21.9 is above the Materials median of 21.9.

  • Growing slower than the industry

    Revenue grew 45.1% over the last twelve months; the Materials median is 46.4%.

Valuation2/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E above the industry

    McEwen's P/E of 21.9 is above the Materials median of 21.9.

  • EV/EBITDA against its history

    Needs positive EBITDA and price history.

  • P/S below the industry

    McEwen's price-to-sales of 3.23 is below the Materials median of 5.46 (book value is negative, so we use sales).

  • Trading below fair value

    The share price of $12.71 is below our fair value estimate of $13.97.

  • Margin of safety under 20%

    The price is 9.0% below fair value, less than the 20% cushion we look for.

Growth3/6

  • Revenue growing 10%+ a year

    Revenue grew 21.4% a year over the last three fiscal years.

  • EPS growth over 3 years

    Needs positive EPS three years ago and today.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing slower than the industry

    Revenue grew 45.1% over the last twelve months; the Materials median is 46.4%.

  • Guidance raised

    McEwen raised its Full Year 2026 AISC/GEO outlook on Aug 7, 2026.

  • Gross margin improving

    Gross margin was 30.2% over the last twelve months, against 18.3% a year earlier.

Past performance0/6

  • Return on equity

    Needs positive equity and five years of results.

  • Return on invested capital

    Needs operating income and invested capital.

  • Return on equity against the industry

    Needs positive equity.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin against its history

    Needs five years of revenue and net income.

  • Net margin against the industry

    Needs revenue and net income.

Financial health2/6

  • Debt level

    Needs debt and equity figures.

  • Debt trend

    Needs a balance sheet from five years ago with positive equity.

  • Debt covered by cash flow

    Operating cash flow over the last twelve months equals 24.9% of total debt.

  • Interest coverage

    Interest expense is not reported separately.

  • Short-term assets cover short-term debts

    Current assets are 1.34 times current liabilities.

  • Elevated bankruptcy risk

    The Altman Z-score is 0.18; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

  • No dividend

    McEwen has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$13.97

The share price is 9% below this estimate.

20%+ below
Near fair value
20%+ above
$12.71Price
MethodMultiple usedOwn 5Y medianIndustry medianValue per shareWeight
P/E21.9×–21.9×$12.7153%
EV/EBITDA12.8×–12.8×$15.4147%
Fair value$13.97100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • P/E at month end
  • Materials median 21.9

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Medium risk

Average value traded per day
$16.16M
Value traded per 1% price move
$5.79M

Downside

High risk

Typical loss in a bad month
30.2%
Volatility (annualized)
66%
Sharpe ratio, 1 year
-0.45
Beta to the S&P 500 (5Y)
1.48

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2011 to 2025

Gross margin

24.1%+49.8 pts over 5 years

Operating margin

1.3%+147.5 pts over 5 years

Net margin

-0.6%+144.7 pts over 5 years

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