MeritValue

Golden Minerals Co

AUMNdata completeness 63%15 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Golden Minerals Co earns about -262% on invested capital, and has bought back 89% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2020FY 2021FY 2022FY 2023FY 2024
Revenue$5.64M1$25.6M2$23.3M3$12M3—
Net income−$9.09M4−$2.1M5−$9.91M6−$9.23M7−$7.6M7
Operating cash flow−$9.48M8$1.41M9−$9.66M10−$9.91M11−$7.74M11
Capital expenditure$470,00012$1.62M13$52,00014——
Free cash flow (derived)−$9.95M8−$206,0009−$9.71M10——
Total debt—————
Cash & equivalents$9.7M15$12.2M16$3.97M17$3.77M18$3.18M18
Diluted shares131.8M161.9M6.6M8.5M14.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$1.43
your share of equity
Profit it earned you last year
−$5.16
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$1.43 of net worth that earned you −$5.16 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-262% avg · 5y
FY20 -315%FY21 -69%FY22 -309%FY23 -354%FY24 —

It earned an average -262% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−89% shares · 5y

Share count is down 89% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2020-12-31 · accession 0001558370-22-004084 (Revenues)
  2. 10-K · period ending 2021-12-31 · accession 0001558370-23-004375 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0001558370-24-003526 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2020-12-31 · accession 0001558370-22-004084 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-004375 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-003526 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-004847 (NetIncomeLoss)
  8. 10-K · period ending 2020-12-31 · accession 0001558370-22-004084 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-004375 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-003526 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-004847 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2020-12-31 · accession 0001558370-22-004084 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-004375 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-003526 (PaymentsToAcquireProductiveAssets)
  15. 10-K · period ending 2020-12-31 · accession 0001558370-22-004084 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2021-12-31 · accession 0001558370-23-004375 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001558370-24-003526 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001558370-25-004847 (CashAndCashEquivalentsAtCarryingValue)