MeritValue

UNITED STATES ANTIMONY CORP

UAMYdata completeness 100%17 fiscal years on file
The thesis, from the filings

UNITED STATES ANTIMONY CORP earns about -10% on invested capital, but has diluted owners by 16% 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$7.75M1$11M2$8.69M3$14.9M4$39.3M4
Net income−$60,4695$428,6616−$6.35M7−$1.73M8−$4.34M8
Operating cash flow−$2.43M9−$249,27710−$4.75M11$2.22M12−$9.69M12
Capital expenditure$648,12813$1.73M14$1.53M15$430,59616$27.8M16
Free cash flow (derived)−$3.08M9−$1.98M10−$6.28M11$1.79M12−$37.5M12
Total debt$430,30017$529,86018$28,44319$655,35420$390,85020
Cash & equivalents$21.4M21$19.1M22$11.9M23$18.2M24$30.5M24
Diluted shares106.2M106.3M107.6M108.6M123.6M

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
$11.4
your share of equity
Profit it earned you last year
−$0.35
Free cash flow it threw off
−$3.03
Debt you’d be carrying
$0.03

10 shares is a claim on $11.4 of net worth that earned you −$0.35 and generated −$3.03 of cash last year, against $0.03 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-10% avg · 5y
FY21 -0%FY22 3%FY23 -37%FY24 -12%FY25 -3%

It earned an average -10% 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
+16% shares · 5y

Share count is up 16% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 0001654954-23-009305 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001654954-24-004576 (Revenues)
  3. 10-K/A · period ending 2023-12-31 · accession 0001654954-25-004433 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-032049 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001654954-23-009305 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001654954-24-004576 (NetIncomeLoss)
  7. 10-K/A · period ending 2023-12-31 · accession 0001654954-25-004433 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-032049 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001654954-23-009305 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001654954-24-004576 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2023-12-31 · accession 0001654954-25-004433 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-032049 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001654954-23-009305 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001654954-24-004576 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2023-12-31 · accession 0001654954-25-004433 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-032049 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001654954-23-009305 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001654954-24-004576 (LongTermDebtNoncurrent)
  19. 10-K/A · period ending 2023-12-31 · accession 0001654954-25-004433 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001104659-26-032049 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001654954-23-009305 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001654954-24-004576 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K/A · period ending 2023-12-31 · accession 0001654954-25-004433 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001104659-26-032049 (CashAndCashEquivalentsAtCarryingValue)