MeritValue

HYCROFT MINING HOLDING CORP

HYMCdata completeness 88%8 fiscal years on file
The thesis, from the filings

HYCROFT MINING HOLDING CORP earns about -19% on invested capital, and has bought back 28% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$110.7M1$33.2M2$02——
Net income−$88.6M3−$60.8M4−$55M5−$60.9M6−$40.7M6
Operating cash flow−$37M7−$34.9M8−$41.4M9−$35.9M10−$82.9M10
Capital expenditure$6.99M11$951,00012$1.07M13$1.25M14$564,00014
Free cash flow (derived)−$44M7−$35.8M8−$42.5M9−$37.2M10−$83.4M10
Total debt$320.6M15$270M16$289.8M17$250M18$018
Cash & equivalents$12.3M19$142M20$106.2M21$49.6M22$181.7M22
Diluted shares60.1M17.0M21.1M23.2M43.3M

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
$49.4
your share of equity
Profit it earned you last year
−$9.4
Free cash flow it threw off
−$19.29
Debt you’d be carrying
$0

10 shares is a claim on $49.4 of net worth that earned you −$9.4 and generated −$19.29 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-19% avg · 5y
FY21 -23%FY22 -17%FY23 -15%FY24 -19%FY25 —

It earned an average -19% 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
−28% shares · 5y

Share count is down 28% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. 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.

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 2021-12-31 · accession 0001718405-23-000038 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001718405-24-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001718405-23-000038 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001718405-24-000012 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001718405-25-000006 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001718405-26-000009 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001718405-23-000038 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001718405-24-000012 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001718405-25-000006 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001718405-26-000009 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001718405-23-000038 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001718405-24-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001718405-25-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001718405-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001718405-23-000038 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2022-12-31 · accession 0001718405-24-000012 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2023-12-31 · accession 0001718405-25-000006 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2024-12-31 · accession 0001718405-26-000009 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2021-12-31 · accession 0001718405-23-000038 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001718405-24-000012 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001718405-25-000006 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001718405-26-000009 (CashAndCashEquivalentsAtCarryingValue)