MeritValue

Americas Gold & Silver Corp

USASdata completeness 88%10 fiscal years on file
The thesis, from the filings

Americas Gold & Silver Corp earns about -81% on invested capital, but has diluted owners by 94% 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$45.1M1$85M1$95.2M2$100.2M3$117.9M3
Net income$160.6M4−$43.1M5−$35M6−$45.1M7−$87.4M7
Operating cash flow−$50.9M8−$1.18M8−$1.01M9−$3.07M10−$3.95M10
Capital expenditure$12.6M11$19.6M11−$19.9M12$18.9M13$69.2M13
Free cash flow (derived)−$63.6M8−$20.8M8$18.9M9−$21.9M10−$73.2M10
Total debt—————
Cash & equivalents$2.9M14$1.96M15$2.06M16$20M16$129.8M16
Diluted shares165.1M204.5M247.7M594.5M320.4M

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
$6.92
your share of equity
Profit it earned you last year
−$2.73
Free cash flow it threw off
−$2.28
Debt you’d be carrying
—

10 shares is a claim on $6.92 of net worth that earned you −$2.73 and generated −$2.28 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-81% avg · 5y
FY21 -139%FY22 -41%FY23 -62%FY24 -91%FY25 -71%

It earned an average -81% 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
+94% shares · 5y

Share count is up 94% over 5 years — owners have been diluted. Worth asking what they got for it.

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. 20-F · period ending 2021-12-31 · accession 0001477932-24-002432 (Revenue)
  2. 40-F · period ending 2023-12-31 · accession 0001477932-25-002262 (Revenue)
  3. 40-F/A · period ending 2024-12-31 · accession 0001062993-26-001831 (Revenue)
  4. 40-F · period ending 2021-12-31 · accession 0000891092-22-001154 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001477932-24-002432 (ProfitLossAttributableToOwnersOfParent)
  6. 40-F · period ending 2023-12-31 · accession 0001477932-25-002262 (ProfitLossAttributableToOwnersOfParent)
  7. 40-F/A · period ending 2024-12-31 · accession 0001062993-26-001831 (ProfitLossAttributableToOwnersOfParent)
  8. 20-F · period ending 2021-12-31 · accession 0001477932-24-002432 (CashFlowsFromUsedInOperatingActivities)
  9. 40-F · period ending 2023-12-31 · accession 0001477932-25-002262 (CashFlowsFromUsedInOperatingActivities)
  10. 40-F/A · period ending 2024-12-31 · accession 0001062993-26-001831 (CashFlowsFromUsedInOperatingActivities)
  11. 20-F · period ending 2021-12-31 · accession 0001477932-24-002432 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 40-F · period ending 2023-12-31 · accession 0001477932-25-002262 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 40-F/A · period ending 2024-12-31 · accession 0001062993-26-001831 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  14. 40-F · period ending 2021-12-31 · accession 0000891092-22-001154 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2022-12-31 · accession 0001477932-24-002432 (CashAndCashEquivalents)
  16. 40-F/A · period ending 2023-12-31 · accession 0001062993-26-001831 (CashAndCashEquivalents)