Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data McEwen Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
60.4
67.5
128
117
105
137
110
166
174
198
Cost of revenue
28.1
45.2
91.3
119
113
123
Gross profit
32.3
20.1
32.1
8.99
-26.9
-6.48
-0.54
17.8
30.9
47.6
General and administrative
12.7
12.3
11.1
12.8
9.2
11.4
11.9
15.4
17.2
26.7
Operating income
15.3
-26.3
-47.2
-63.9
-153
-64.3
-95.4
-162
-50.6
2.65
Interest expense
1.9
6.5
5.6
3.03
Interest income
0.5
0.37
0.13
0.16
0.65
34.7
0.64
1.13
Other non-operating income
1.96
0.28
-0.45
0.32
-0.54
0.08
15.1
229
3.83
4.3
Pre-tax income
17.3
-26
-47.6
-63.6
-154
-64.2
-80.3
67
-46.7
6.95
Income tax
-3.75
-15.4
-2.77
-3.84
-1.39
-7.32
5.81
33.9
-3.05
-27.5
Net income to minority interests
-0.17
-5.02
-22.1
Net income
21.1
-10.6
-44.9
-59.7
-152
-56.7
-81.1
55.3
-43.7
34.4
EBITDA
16.5
-22.9
-38
-39.2
-38.9
-75.9
-132
-19.7
30.5
EPS, basic
0.70
-0.30
-1.29
-1.69
-3.78
-1.25
-1.71
1.16
-0.86
0.64
EPS, diluted
0.70
-0.30
-1.29
-1.69
-3.78
-1.25
-1.71
1.16
-0.86
0.59
Shares, basic (weighted)
30
31.6
33.9
36.4
40.3
45.5
47.4
47.5
51
54
Shares, diluted (weighted)
30.2
31.6
33.9
36.4
40.3
45.5
47.4
47.5
51
65.6
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
37.4
27.2
15.8
46.5
20.8
54.3
39.8
23
13.7
51
Short-term investments
1.74
1.62
21.1
Receivables
9.22
Inventory
26.6
32
22
38.4
27
15.8
31.7
19.9
18.1
26.8
Other current assets
1.67
4.54
1.69
2.61
Total current assets
78.6
86.9
59.4
92
53.5
85
81.7
52.7
41.2
108
Property, plant and equipment
14.3
51
115
108
49
Lease right-of-use assets
1
0.8
Other non-current assets
0.53
10.7
1.28
0.62
0.62
0.71
1.11
0.67
0.1
0.03
Total assets
498
592
617
631
500
525
529
657
665
820
Accounts payable
20
34.9
30.8
34.1
36.1
39.6
42.5
22.7
28.4
44.9
Deferred revenue
6.16
3.54
7.55
Short-term debt
0
5
10
12
Total current liabilities
20.6
37.6
36
48.8
45.6
52.4
84.2
30
47.7
63.8
Long-term debt
48.2
48.9
64
40
40
126
Other non-current liabilities
1.73
0.63
5.77
3.91
3.26
2.93
3.66
3.84
2.93
3.2
Total liabilities
55.3
70.9
131
132
135
135
172
155
170
274
Total debt
24.6
19.8
48.2
48.9
54
40
40
126
Retained earnings
-919
-930
-971
-1,031
-1,184
-1,240
-1,321
-1,266
-1,310
-1,275
Other comprehensive income
1.67
3
Shareholders' equity
443
521
486
499
365
Minority interests
14.8
33.5
Total equity
443
521
486
499
365
390
356
502
495
546
Total liabilities and equity
498
592
617
631
500
525
529
657
665
820
Shares outstanding
30.1
33.9
34.6
40.2
417
45.9
47.4
49.4
53.1
55.5
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
21.1
-10.6
-44.9
-59.7
-152
-56.9
-86.1
33.2
-43.7
34.4
Depreciation and amortization
1.17
3.38
9.17
24.8
25.3
19.5
30.4
30.9
27.8
Stock-based compensation
1
1.3
0.3
0.7
0.6
0.8
0.3
0.3
0.9
1.3
Deferred income tax
-3.75
-15.4
-2.77
-3.84
1.39
7.32
1.86
37
-7.35
-27.9
Change in inventory
4.55
-0.71
-18.9
Change in payables
-19.9
5.79
13
Cash from operations
7.45
-27.6
0.49
-39.5
-27.9
-20.1
-56.6
-39.6
29.5
6.87
Capital expenditures
-1.17
-5.08
-62.3
Purchases of investments
-4.42
-1.38
-34.2
-0.37
-2.15
Sales and maturities of investments
0.47
2.16
2.9
6.77
1.27
1.57
Cash from investing
7.62
-22.3
-69.3
-14.1
-11.8
-24.6
-23.9
-99.6
-58
-48
Debt issued
25
Debt repaid
-25
-20
Stock issued
3.73
43.2
0.19
69.5
0.14
29.9
41.3
0.01
3.54
Share buybacks
-0.58
Cash from financing
-3.23
49.7
60.4
70
17.6
81
65.5
172
19.2
78.7
Exchange rate effect
-0.27
-0.11
1.75
-0.41
Net change in cash
11.6
-0.29
-6.66
16
-22.1
36.2
-17.1
-16.1
-10
37.8
Free cash flow
6.27
-32.7
-61.9
Interest paid
0.01
1.92
5.22
5.13
4.88
4.73
3.91
5.07
Income taxes paid
0.02
1.41
0.71
1.98
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $13.55 on November 10, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
30.2%
Gross profit / revenue.
Operating margin
20.6%
Operating income / revenue.
EBITDA margin
32.8%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
12.2%
Pre-tax income / revenue.
Net margin
18.4%
Net income / revenue.
Operating cash flow margin
13.1%
Cash from operations / revenue.
Effective tax rate
-51.2%
Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)
4.6%
Net income / average total assets.
D&A / revenue
12.2%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
13.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
21.4%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
13.5%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
53.8%
Gross profit vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
-76.7%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
23.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
15.8%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
10.4%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
28.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
11.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
10.2%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.34x
Current assets / current liabilities.
Quick ratio
0.78x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.78x
(Cash + short-term investments) / current liabilities.
Debt / assets
13.0%
Total debt / total assets.
Liabilities / assets
30.9%
Total liabilities / total assets.
Net debt
$67.3M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
0.85x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital
$25.6M
Current assets - current liabilities.
Efficiency
Metric
Value
How it is calculated
Asset turnover
0.25x
Revenue / average total assets.
Inventory turnover
4.77x
Cost of revenue / average inventory.
Days inventory
77 days
365 x average inventory / cost of revenue.
Days payables
127 days
365 x average accounts payable / cost of revenue.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.58
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Market cap + total debt - cash - short-term investments.
P/E
18.7x
Market cap / net income. Only when net income is positive.
P/S
3.44x
Market cap / revenue.
P/OCF
26.3x
Market cap / cash from operations, when positive.
EV/Sales
3.72x
Enterprise value / revenue.
EV/EBIT
18.1x
Enterprise value / operating income, when both are positive.
EV/EBITDA
11.3x
Enterprise value / EBITDA, when both are positive.
Earnings yield
5.3%
Net income / market cap (the inverse of P/E).
What was McEwen Inc.'s revenue in fiscal 2025?
McEwen Inc. reported revenue of $197.6M for fiscal 2025, 13.2% higher than the year before.
Was McEwen Inc. profitable in fiscal 2025?
Yes. Net income was $34.4M, a net margin of 17.4%.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.