Contango Silver & Gold Inc. earns about -104% on invested capital, but has diluted owners by 92% over 5 years — worth asking whether the growth reaches owners. 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.
| Figure | FY 2022 | FY 2023 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Net income | −$23.5M1 | −$39.7M2 | −$59.1M2 | −$38M3 | −$36.1M3 |
| Operating cash flow | −$13.9M4 | −$14.7M5 | −$13.6M5 | $698,9876 | $25.7M6 |
| Capital expenditure | $43,9897 | $07 | — | — | — |
| Free cash flow (derived) | −$14M4,7 | −$14.7M5,7 | — | — | — |
| Total debt | $19.2B8 | $25.5B8 | $44.7M9 | $69M10 | $33.9M10 |
| Cash & equivalents | $23.1M11 | $11.6M11 | $15.5M12 | $20.1M13 | $64.8M13 |
| Diluted shares | 6.7M | 7.1M | 8.3M | 10.9M | 12.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $19.45 of net worth that earned you −$27.97 last year, against $26.24 of debt.
It earned an average -104% on invested capital over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 92% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 10-K filed 2023-09-13 · period ending 2022-06-30 · accession 0001437749-23-025785 (NetIncomeLoss)
- 10-K filed 2025-03-17 · periods ending 2023-06-30, 2023-12-31 · accession 0000950170-25-039841 (NetIncomeLoss)
- 10-K filed 2026-03-16 · periods ending 2024-12-31, 2025-12-31 · accession 0001193125-26-107141 (NetIncomeLoss)
- 10-K filed 2023-09-13 · period ending 2022-06-30 · accession 0001437749-23-025785 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-03-17 · periods ending 2023-06-30, 2023-12-31 · accession 0000950170-25-039841 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-03-16 · periods ending 2024-12-31, 2025-12-31 · accession 0001193125-26-107141 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2023-09-13 · periods ending 2022-06-30, 2023-06-30 · accession 0001437749-23-025785 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2023-09-13 · periods ending 2022-06-30, 2023-06-30 · accession 0001437749-23-025785 (LongTermDebt)
- 10-K filed 2025-03-17 · period ending 2023-12-31 · accession 0000950170-25-039841 (LongTermDebt)
- 10-K filed 2026-03-16 · periods ending 2024-12-31, 2025-12-31 · accession 0001193125-26-107141 (LongTermDebt)
- 10-K filed 2023-09-13 · periods ending 2022-06-30, 2023-06-30 · accession 0001437749-23-025785 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2025-03-17 · period ending 2023-12-31 · accession 0000950170-25-039841 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2026-03-16 · periods ending 2024-12-31, 2025-12-31 · accession 0001193125-26-107141 (CashAndCashEquivalentsAtCarryingValue)