Latest Ratios: P/E Ratio 32.0x · EV/EBITDA 60.1x · ROE 6.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.1B | $1.0B | $397M | $343M | $278M | $403M | $397M | $460M | $614M | $716M | $874M |
| Enterprise Value | $1.1B | $950M | $425M | $362M | $305M | $402M | $430M | $470M | $654M | $689M | $837M |
| P/E Ratio → | 32.03 | 31.37 | — | 6.22 | — | — | — | — | — | — | 41.57 |
| P/S Ratio | 5.72 | 5.06 | 2.28 | 2.06 | 2.52 | 2.95 | 3.79 | 3.93 | 4.77 | 10.57 | 14.48 |
| P/B Ratio | 1.87 | 1.83 | 0.80 | 0.68 | 0.78 | 1.03 | 1.09 | 0.92 | 1.26 | 1.37 | 1.97 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | 48.50 |
| P/OCF | 164.47 | 145.72 | 13.48 | — | — | — | — | — | 1260.55 | — | 34.72 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.81 | 2.44 | 2.18 | 2.76 | 2.95 | 4.11 | 4.01 | 5.07 | 10.17 | 13.86 |
| EV / EBITDA | 60.14 | 52.97 | — | — | — | — | — | — | — | — | 44.21 |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | 349.30 |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | 46.43 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 11.0% | 11.0% | 17.7% | 10.7% | -0.5% | -4.7% | -25.7% | 7.7% | 24.9% | 27.6% | 41.2% |
| Operating Margin | -6.5% | -6.5% | -29.0% | -97.5% | -86.4% | -47.1% | -146.2% | -54.6% | -36.6% | -38.8% | 25.4% |
| Net Profit Margin | 17.4% | 17.4% | -25.0% | 33.3% | -73.4% | -41.5% | -145.4% | -51.1% | -34.8% | -15.7% | 34.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.6% | 6.6% | -8.8% | 12.9% | -21.7% | -15.0% | -35.2% | -12.1% | -8.9% | -2.2% | 4.9% |
| ROA | 4.6% | 4.6% | -6.6% | 9.3% | -15.2% | -10.9% | -26.5% | -9.5% | -7.4% | -2.0% | 4.3% |
| ROIC | -1.9% | -1.9% | -7.3% | -26.9% | -18.5% | -12.2% | -25.3% | -9.3% | -6.9% | -4.4% | 2.9% |
| ROCE | -1.9% | -1.9% | -8.1% | -30.2% | -20.6% | -13.6% | -29.0% | -10.9% | -8.3% | -5.1% | 3.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.09 | 0.08 | 0.19 | 0.14 | 0.15 | 0.11 | 0.11 | 0.00 | — |
| Debt / EBITDA | 0.05 | 0.05 | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.09 | 0.06 | 0.04 | 0.07 | -0.00 | 0.09 | 0.02 | 0.08 | -0.05 | -0.08 |
| Net Debt / EBITDA | -2.79 | -2.79 | — | — | — | — | — | — | — | — | -1.98 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | -2.08 |
| Interest Coverage | -1.79 | -1.79 | -2.75 | — | -12.61 | -9.35 | -19.68 | -8.33 | -28.43 | -27.22 | 2.87 |
Net cash position: cash ($51M) exceeds total debt ($926000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.69 | 1.69 | 0.86 | 1.76 | 0.97 | 1.62 | 1.17 | 1.88 | 1.65 | 2.31 | 3.82 |
| Quick Ratio | 1.27 | 1.27 | 0.48 | 1.09 | 0.59 | 1.32 | 0.58 | 1.10 | 1.04 | 1.46 | 2.52 |
| Cash Ratio | 1.13 | 1.13 | 0.31 | 0.83 | 0.49 | 1.12 | 0.46 | 0.99 | 0.52 | 0.93 | 2.23 |
| Asset Turnover | — | 0.24 | 0.26 | 0.25 | 0.21 | 0.26 | 0.21 | 0.18 | 0.21 | 0.11 | 0.12 |
| Inventory Turnover | 6.55 | 6.55 | 7.93 | 7.44 | 3.50 | 9.06 | 4.89 | 2.82 | 4.36 | 1.53 | 1.33 |
| Days Sales Outstanding | — | — | 8.79 | 5.51 | 9.48 | 9.91 | 6.30 | 8.29 | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | 0.5% | 0.4% | 0.3% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | 14.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.1% | 3.2% | — | 16.1% | — | — | — | — | — | — | 2.4% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | 2.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.4% | 0.4% |
| Shares Outstanding | — | $54M | $51M | $48M | $47M | $45M | $40M | $36M | $34M | $31M | $30M |
Operational and jurisdictional volatility
According to current market data, MUX trades at an EV/EBITDA of 57.14, a multiple that significantly exceeds peer averages and suggests investors are pricing in the long-term development potential of the Los Azules copper project rather than the company's current, inconsistent precious metals production output.
The disconnect between the forward P/E of 13.72 and the trailing EV/EBITDA suggests that the market is heavily discounting current operational results in favor of future copper production. This valuation structure implies that the company is being treated as a venture-stage development vehicle, which warrants caution given the historical volatility in production targets.
Based on reported financial figures, the company's ROIC has struggled to remain consistently positive, frequently dipping into negative territory over the last ten quarters, which indicates that capital deployed into mining operations is failing to generate adequate returns relative to the company's cost of capital.
The persistent inability to achieve sustained positive ROIC highlights a fundamental challenge in converting capital expenditure into profitable growth. Investors should monitor whether the recent strategic investments in the copper subsidiary can eventually reverse this trend or if the parent company remains structurally trapped in a cycle of value destruction.
As reported in recent quarterly filings, the company's cash conversion cycle has exhibited significant instability, with erratic movements in days inventory outstanding and payables that suggest a lack of control over the timing of operational cash inflows and outflows compared to more stable industry peers.
The inconsistency in working capital management reflects the operational challenges inherent in maintaining multiple, high-cost mining sites. This volatility complicates liquidity planning and suggests that the company's internal processes for managing supplier and customer leverage are not yet optimized for consistent cash generation.
As noted in industry research, the P/E ratio is a frequently misapplied metric for MUX, as it obscures the company's true economic performance by failing to account for the equity-method accounting of the San José mine and the non-operating valuation adjustments of the copper subsidiary.
Relying on P/E or standard EBITDA multiples ignores the complexity of the company's sum-of-the-parts structure. Analysts should instead focus on a risk-adjusted net asset value (NAV) approach that separates the operational cash flows of the gold mines from the speculative value of the copper development project.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MUX stock.
McEwen Mining Inc.'s current P/E ratio is 32.0x. The historical average is 32.2x. This places it at the 50th percentile of its historical range.
McEwen Mining Inc.'s current EV/EBITDA is 60.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 47.0x.
McEwen Mining Inc.'s return on equity (ROE) is 6.6%. The historical average is -40.1%.
Based on historical data, McEwen Mining Inc. is trading at a P/E of 32.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
McEwen Mining Inc. has 11.0% gross margin and -6.5% operating margin.
McEwen Mining Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.