UNITED STATES ANTIMONY CORP (UAMY) Stock Analysis
UNITED STATES ANTIMONY CORP
▾ What's in the 26/100 risk score? (higher = riskier)
Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). It excludes the the Altman Z score, whose retained-earnings input this filer does not report separately, which relies on a proxied (estimated) input. See the Financial Health section for the full balance-sheet read.
How to read UAMY (cyclical commodity producer)
A miner or energy producer earns whatever the commodity price is, so a single DCF swings with the cycle. Judge it against peers and where you think the commodity cycle is heading.
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EV/Sales peer comparison ↓
How the price compares to similar producers is more meaningful than a through-cycle DCF.
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Interactive calculator (test cycle assumptions) ↓
Flex the growth/discount inputs to see how sensitive the value is to where we are in the cycle.
Standard DCF doesn't fit UAMY well — but that's expected for this kind of business. The Rule of 40 (Pre-Profit Growth) Lens below uses the metrics actually used by analysts who value nonferrous metals. Reverse DCF + Football Field also work as cross-checks.
Miners, metals and energy producers earn whatever the commodity price is at the time. A discounted-cash-flow model leans on recent cash flow, so it swings with the cycle: the result is dominated by where we are in the commodity cycle rather than by durable business economics.
For this business type, lean on the EV/Sales peer comparison and Reverse-DCF below (how today's price compares to similar producers and what growth it implies), and weigh the commodity-price outlook. Treat the DCF number as a rough mid-cycle reference, not a buy/sell trigger.
⚠ We found no genuine same-industry (Nonferrous Metals) comparables at all — fewer than the 4 we require for a reliable median. The 8 names in the table below therefore include 8 broader Basic Materials names marked fallback, whose business models and margins differ — which is why any median below is computed over that wider set, not over true comparables. So we do not derive a peer-implied share value here. Read the multiples as rough context only.
How does UAMY stack up against its closest peers?
Ideally we compare UAMY only to same-industry peers, but too few exist in our universe right now, so the basket below mixes in broader-sector names. Treat the multiples as rough context, not a valuation. For a leveraged business, EV/EBIT and FCF yield (both in the table) are usually more reliable than EV/Sales, because revenue multiples ignore differences in margins and debt.
▾ What's "EV / Sales" in plain English?
EV (Enterprise Value) = market cap + total debt − cash. It's "what you'd pay to buy the entire company outright" — you pay the market cap to shareholders and take over their debt, but you keep their cash. EV is fairer than market cap alone because it includes the debt the new owner inherits.
EV / Sales = EV ÷ annual revenue. So "2.5×" means investors pay $2.50 of enterprise value per $1 of yearly sales. Higher = market is paying more per dollar of sales (usually because they expect future growth or fat margins).
p25 / median / p75 are the 25th, 50th (middle), and 75th percentile of the peers' multiples. Half the peers fall between p25 and p75. The median (p50) is the typical peer — that's the benchmark we compare to.
| EV / SalesEV / Sales — For every $1 of yearly revenue, this is how many dollars investors pay to own the whole business (including debt). Why it matters: Works for pre-profit growth companies where P/E and FCF don't apply. The most apples-to-apples cross-company multiple because it ignores accounting choices. Reference: 1–3x for mature companies · 4–10x for software/SaaS · 10–20x for hypergrowth · >20x is rare and demanding Full explanation → |
0.4x / 0.7x / 23.7x |
Bold middle number = median peer. Half the peers trade above it, half below. Computed over 8 peers (broad — see caveat); implausible multiples excluded.
⚠️ Important caveat: peer multiples only work if the peers are genuinely comparable. Always check the peer list below — if the auto-picker grabbed micro-caps or unrelated businesses, the comparison is noise. A medical-device giant priced against tiny biotech startups won't produce a useful signal.
▾ View peer list (8)
| Ticker | Company | Industry | Mcap | EV/Sales | EV/GP | EV/EBIT | FCF Yield |
|---|---|---|---|---|---|---|---|
| TMCR | Metals Royalty Co Inc. | Gold & Silver Mining ·fallback | $654M | — | — | — | — |
| URG | UR-ENERGY INC | Gold & Silver Mining ·fallback | $644M | 23.7x | 8,698.3x | — | 0.6% |
| RYAM | RAYONIER ADVANCED MATERIALS INC. | Pulp Mills ·fallback | $617M | 0.4x | 5.4x | 155.7x | 8.9% |
| SXC | SunCoke Energy, Inc. | Steel ·fallback | $765M | 0.8x | — | — | 17.3% |
| WLKP | Westlake Chemical Partners LP | Industrial Organic Chemica ·fallback | $808M | 0.7x | 2.3x | 2.5x | 44.7% |
| TMQ | Trilogy Metals Inc. | Gold & Silver Mining ·fallback | $813M | — | — | — | 0.2% |
| THM | INTERNATIONAL TOWER HILL MINES LTD | Metal Mining ·fallback | $531M | — | — | — | 0.4% |
| SLI | STANDARD LITHIUM LTD. | Industrial Chemicals ·fallback | $964M | — | — | — | — |
Quality & solvency checks
Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
We can't produce a trustworthy Altman Z here: retained earnings weren't separately reported in our data, so a core input would have to be fabricated. Rather than show a categorical "distress" verdict from an invented number, we mark it unavailable. Judge financial health from the leverage, cash position, and the measurable Piotroski checks instead.
Why it matters: High score = fundamentals improving. Low score = deteriorating. Especially powerful for filtering cheap stocks: cheap + high F-score historically outperforms; cheap + low F-score is often a value trap.
Reference: 7–9 = strong · 4–6 = mediocre · 0–3 = weak
Full explanation →
▾ The checks — what passed, what didn't (and what we couldn't measure)
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✗ Positive net incomeNet income -$4.3M in the latest year.Why this matters: Does the company actually earn a profit? Sustained losses eventually force it to raise money — diluting you — or take on debt.
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✗ Positive operating cash flowOperating cash flow -$9.7M (was $2.2M the prior year).Why this matters: Profit can be an accounting figure; cash from running the business is harder to fake. Negative operating cash flow means the core business consumes cash and must be funded externally.
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✗ Cash flow backs up reported profitOperating cash flow -$9.7M vs net income -$4.3M.Why this matters: When cash generated exceeds reported earnings, profits are high-quality (not propped up by accruals or one-time items).
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✓ Return on assets improvingReturn on assets -2.8% vs -5.0% a year ago.
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✓ Debt load (vs assets)Long-term debt is 0.1% of assets vs 0.9% a year ago ($0.2M now).
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✓ Short-term liquidity (current ratio)Current ratio 5.38x vs 5.16x a year ago.
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✗ Share count (dilution)Share count rose 13.9% (108.6M → 123.6M year-over-year).Why this matters: Issuing lots of new shares splits the pie into more pieces, shrinking your slice. Stable or falling share count protects existing owners.
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✓ Pricing power (gross margin)Gross margin 25.2% vs 23.2% a year ago.
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✗ Sales per asset (asset turnover)Asset turnover 0.26x vs 0.43x a year ago.Why this matters: Asset turnover measures how much revenue each dollar of assets generates. Rising = more productive use of the asset base.
Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.
Plain English: the company holds about $30M in cash and is burning roughly $10M/year in operations. At that pace, the cash lasts 3.1 yrs before it must raise capital (diluting shareholders), take on debt, or cut spending.
Assumes constant burn and ignores financing/asset sales. For pre-profit biotech and growth companies, this matters more than a DCF — a great drug pipeline is worthless if they run out of money before approval.
What if you assume different inputs?
Here's where we land — and what happens if you change the assumptions. Drag the sliders to set your own Discount RateDiscount Rate — The annual return you demand for taking single-stock risk instead of buying a safe Treasury or index fund.
Why it matters: Higher discount rate = stricter valuation (a stock has to produce more cash to be worth holding). Lower = more generous.
Reference: 8–12% is standard · 9–10% matches S&P 500 historical return · Below 7% is illogical for single-stock risk
Full explanation → (the annual return you demand for single-stock risk) and terminal growth; the value updates live so you can see whether the stock looks cheaper or richer. The discount rate starts at 10.0%, the figure our model used for UAMY. Open Advanced to also change beta, growth and the rate path.
Note: no headline intrinsic value is published for this stock (the valuation is held for a data-quality reason — see the notes above). The calculator below is a what-if tool: the values it produces are your assumptions played out, not our estimate.
A full intrinsic value isn't shown for UAMY because the valuation is currently held for a data-quality reason (see the guardrail notes above). The reverse-DCF reading still works — it needs only the price and cash flow — but we won't publish a forward value until the underlying data passes our checks.
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⚙ Advanced — tinker with every input (beta, growth, rate path, margin → full intrinsic value)
A standard discounted cash flowDCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
Full explanation → valuation is not meaningful for United States Antimony Corp due to its negative operating cash flow and net income. Investors are likely focused on its significant revenue growth, which has been 50% per year over the last four years, and the expansion of its gross margin. The market is betting on the company's ability to achieve sustained profitability from its mining operations. The #1 quantifiable risk is its consistently negative operating cash flow, which indicates a reliance on external funding.
As of 2 months ago
Anatomy of a share
What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.
What's free cash flow / what do these mean?
Revenue per share — how much the business earns from customers, divided by the number of shares outstanding. Top of the income statement.
Earnings per share — profit left after operating costs, interest, and taxes, per share. Two versions appear on this page and are not interchangeable: GAAP diluted EPS uses the company's weighted-average diluted share count during the reporting period (this is the "earnings" in "price-to-earnings"); net income per current share divides annual net income by today's share count. They differ whenever the share count has changed.
Owner-earnings free cash flow per share — the cash the business produces for shareholders. Savng's owner-earnings FCF subtracts capital expenditures and stock-based compensation from operating cash flow (SBC is a real dilution cost even though it's non-cash). This is deliberately more conservative than "standard" FCF, which subtracts only capital expenditures — so our figure is lower than the headline FCF you'll see elsewhere. FCF funds dividends, buybacks, debt repayment, and acquisitions; a company can report positive earnings yet negative FCF.
Debt per share — total interest-bearing borrowings divided by shares. High debt-per-share next to thin FCF-per-share is a fragility signal.
What you actually need to decide
Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.
- Next quarter's gross margin percentage
- Operating cash flow turning positive
- Sustained positive net income
The trend, in plain numbers (2024 → 2025)
Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.
- Revenue grew +163% to $39.3M.
- Gross margin improved to 25% (+2 pts).
- Free cash flow is negative at -$44.6M — the cash burn widened vs last year.
- Still unprofitable at -$4.3M — loss widening.
Management & Leadership
John C. Lawrence serves as the President, CEO, and Chairman of United States Antimony Corp, having been involved with the company for many years. He has guided the company through its development in antimony and other mineral production.
What They Make
United States Antimony Corp mines, produces, and sells antimony, silver, and gold. Its primary customers are industrial buyers and other entities requiring these metals for various applications.
End Markets
Revenue Drivers
Why Is It Priced Like This?
Why Customers Pay
What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.
The market is pricing UAMY based on expectations for continued revenue growth (50%/yr over 4yr) and the potential for future profitability, given its expanding gross margin (10.8% to 25.2%). Despite negative net income and operating cash flow, investors are likely valuing the optionality and future cash-generating potential of its mining assets rather than current earnings.
Business Model & Valuation
How They Make Money
Normalized FCF
Cyclical/commodity sector (Nonferrous Metals) with negative current FCF: normalized FCF uses multi-year median to smooth through the cycle.
Show advanced inputs
| RevenueGrowth | 50.0% |
| SectorDefault | 5.0% |
| BestEstimate | 36.5% |
| Method | blend(70% revenue_cagr, 30% sector) |
| GrowthBasis | total |
What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project production volumes, realized commodity prices and unit cash costs independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.
Maturity & Competitive Position
Moat Signals
Revenue has been growing at 50% per year over the last four years, from $8M to $39M.
Geography & Markets
United States Antimony Corp primarily operates mining and processing facilities in the United States, specifically in Montana, with additional operations in Mexico. Exact geographic revenue splits are not available in current filings.
Geographic Risks
Market Signals
These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.
Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
Reference: 30–70 normal · >70 overbought · <30 oversold
Full explanation → (14)46.4NeutralMomentum is balanced — neither overbought nor oversold.
Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
Reference: Line above signal = bullish momentum · below = bearish
Full explanation →BearishLine below signalThe fast trend is below the slow trend — short-term momentum is currently downward.
Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.
QUALITY
Data Quality & Risk Flags (8 notes — click to expand/collapse)
Guardrail Notes (8)
- Cyclical sector: using normalized cash flow (median OCF minus estimated maintenance capex).
- Median OCF is negative — OCF-based normalization not applicable.
- Normalized OCF-capex was negative. Falling back to median raw FCF.
- No positive normalized FCF. Using EPS as proxy.
- Model implies no positive equity value under these assumptions. Valuation is speculative/low-confidence.
- Illiquidity discount 7% applied (small/micro-cap — harder to exit, demand a margin).
- Extreme valuation (P/IV 96.5591x, IV $0.09 vs price $8.98); output dominated by data/units issue (often a multi-class share-count mismatch). Suppressed.
- DATA UNAVAILABLE: per-share values suppressed due to missing/unreliable shares data.
FINANCIALS
Financial Statements (5-year tables — click to expand)
From UNITED STATES ANTIMONY CORP's SEC filings (EDGAR).
Income (5yr)
| Year | Revenue | Net Income | EPS |
|---|---|---|---|
| 2025 | 39.3M | -4.3M | $-0.04 |
| 2024 | 14.9M | -1.7M | $-0.02 |
| 2023 | 8.7M | -6.3M | $-0.06 |
| 2022 | 11.0M | 428,661 | $0.00 |
| 2021 | 7.7M | -60,469 | $0.00 |
Cash Flow (5yr)
| Year | Operating CF | CapEx | − SBC & adj. | Free Cash Flow |
|---|---|---|---|---|
| 2025 | -9.7M | 27.8M | 7.1M | -44.6M |
| 2024 | 2.2M | 430,596 | 568,588 | 1.2M |
| 2023 | -4.8M | 1.5M | — | -6.3M |
| 2022 | -249,277 | 1.7M | — | -2.0M |
| 2021 | -2.4M | 648,128 | 110,000 | -3.2M |
How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). Latest year: -9.7M − 27.8M − 7.1M (SBC & adj.) = -44.6M. This is the same owner-earnings FCF definition the valuation model uses, though the DCF's starting value is a normalized multi-year median, not this single year.
Balance Sheet
| Total Assets | 153.9M |
| Total Liabilities | 13.0M |
| Equity | 141.0M |
| Total Debt | 195,425 |