MeritValue

McEwen Inc.

MUXdata completeness 88%17 fiscal years on file
The thesis, from the filings

McEwen Inc. earns about -5% on invested capital, but has diluted owners by 44% 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.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$136.5M1$110.4M2$166.2M3$174.5M3$197.6M3
Net income−$56.7M4−$81.1M5$55.3M6−$43.7M6$34.4M6
Operating cash flow−$20.1M7−$56.6M8−$39.6M9$29.5M9$6.87M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$97.7M10$128M11$80M11$92M12$252.3M12
Cash & equivalents$54.3M13$39.8M14$23M15$13.7M15$51M15
Diluted shares45.5M47.4M47.5M51.0M65.6M

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
$83.32
your share of equity
Profit it earned you last year
$5.25
Free cash flow it threw off
—
Debt you’d be carrying
$38.49

10 shares is a claim on $83.32 of net worth that earned you $5.25 last year, against $38.49 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-5% avg · 5y
FY21 -13%FY22 -16%FY23 9%FY24 -7%FY25 -0%

It earned an average -5% 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
+44% shares · 5y

Share count is up 44% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 158% over the same window.

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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$10.52
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-24-003434 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-003017 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-028705 (Revenues)
  4. 10-K/A · period ending 2021-12-31 · accession 0001104659-24-054209 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-003017 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-028705 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-003434 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-003017 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-028705 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-003434 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-25-003017 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-028705 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-003621 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-003434 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001104659-26-028705 (CashAndCashEquivalentsAtCarryingValue)