Revenue surged to $6.5 billion in 2026Q2, yet structural profitability remains strained with operating margins compressing to 0.5% as SG&A expenses climbed to $59.8 million.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 |
|---|
| Sales/Revenue | 15.68B | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 288.97M | 210.92M | 173.25M | 294.67M | 261.76M | 210.2M | 66.97M | 31.96M | 29.44M | 31.33M | 34.52M | 24.5M | 27.44M | 30.35M | 26.44M |
| Gross Margin % | 1.84% | 1.92% | 1.79% | 3.17% | 3.21% | 2.76% | 1.23% | 0.67% | 0.39% | 0.45% | 0.51% | 0.4% | 0.46% | 0.42% | 0.34% |
| Gross Profit Growth % | - | 21.74% | -41.2% | 12.57% | 24.53% | 213.85% | 109.57% | 8.54% | -6.04% | -9.23% | 40.91% | -10.72% | -9.58% | 14.78% | - |
| Operating Expenses | 227.58M | 162.11M | 101.2M | 97.81M | 103.92M | 58.81M | 36.76M | 32.5M | 33.4M | 23.34M | 22.23M | 17.13M | 15.57M | 14.12M | 15.56M |
| OpEx % of Revenue | - | 1.48% | 1.04% | 1.05% | 1.27% | 0.77% | 0.67% | 0.68% | 0.44% | 0.33% | 0.33% | 0.28% | 0.26% | 0.19% | 0.2% |
| Selling, General & Admin | 206.43M | 139.19M | 89.8M | 85.28M | 76.62M | 48.02M | 36.76M | 32.5M | 33.4M | 23.34M | 22.23M | 17.13M | 15.57M | 14.12M | 15.56M |
| SG&A % of Revenue | - | 1.27% | 0.93% | 0.92% | 0.94% | 0.63% | 0.67% | 0.68% | 0.44% | 0.33% | 0.33% | 0.28% | 0.26% | 0.19% | 0.2% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 61.39M | 48.8M | 72.06M | 196.86M | 157.85M | 151.39M | 30.22M | -544K | -3.96M | 7.99M | 12.29M | 7.37M | 11.87M | 16.23M | 10.88M |
| Operating Margin % | 0.39% | 0.44% | 0.74% | 2.12% | 1.93% | 1.99% | 0.55% | -0.01% | -0.05% | 0.11% | 0.18% | 0.12% | 0.2% | 0.22% | 0.14% |
| Operating Income Growth % | - | -32.27% | -63.4% | 24.72% | 4.27% | 401.01% | 5654.6% | 86.25% | -149.49% | -34.97% | 66.8% | -37.94% | -26.84% | 49.19% | - |
| EBITDA | 74.91M | 71.72M | 83.45M | 209.39M | 185.15M | 162.18M | 33.12M | 2.26M | -1.33M | 9.51M | 13.5M | 8.26M | 12.8M | 17.05M | 11.6M |
| EBITDA Margin % | 0.48% | 0.65% | 0.86% | 2.25% | 2.27% | 2.13% | 0.61% | 0.05% | -0.02% | 0.14% | 0.2% | 0.14% | 0.21% | 0.24% | 0.15% |
| EBITDA Growth % | 2.9% | -14.06% | -60.14% | 13.09% | 14.16% | 389.71% | 1363.41% | 270.28% | -113.97% | -29.56% | 63.45% | -35.48% | -24.91% | 46.96% | - |
| D&A (Non-Cash Add-back) | 13.52M | 22.92M | 11.4M | 12.53M | 27.3M | 10.79M | 2.9M | 2.81M | 2.63M | 1.52M | 1.22M | 895K | 934K | 826K | 727K |
| EBIT | 41.22M | 67.47M | 122.31M | 234.7M | 188.41M | 212.67M | 56.74M | 20.42M | 10.48M | 20.9M | 12.29M | 7.37M | 11.87M | 24.05M | 23.16M |
| Net Interest Income | -20.82M | -20.25M | -12.36M | -9.3M | -192K | -1.39M | 2.38M | 2.12M | 2.21M | 2.44M | 2.48M | 1.76M | 1.67M | 4.31M | 7.98M |
| Interest Income | 23.43M | 25.95M | 27.17M | 22.23M | 21.8M | 18.47M | 21.24M | 19.27M | 16.11M | 12.55M | 8.79M | 6.07M | 5.59M | 7.79M | 12.22M |
| Interest Expense | -3M | 46.2M | 39.53M | 31.53M | 21.99M | 19.86M | 18.86M | 17.15M | 13.89M | 10.12M | 6.32M | 4.31M | 3.93M | 3.48M | 4.25M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 18.55M | 21.27M | 82.78M | 203.17M | 166.42M | 192.8M | 37.88M | 3.28M | -3.41M | 10.79M | 15.56M | 9.15M | 13.53M | 20.57M | 18.92M |
| Pretax Margin % | 0.12% | 0.19% | 0.85% | 2.19% | 2.04% | 2.53% | 0.69% | 0.07% | -0.04% | 0.15% | 0.23% | 0.15% | 0.23% | 0.28% | 0.24% |
| Income Tax | 40K | 5.43M | 13.74M | 46.4M | 33.34M | 31.88M | 6.39M | 1.01M | 8K | 3.72M | 6.29M | 2.1M | 5.27M | 8.05M | 8.34M |
| Effective Tax Rate % | 0.22% | 25.51% | 16.6% | 22.84% | 20.03% | 16.53% | 16.86% | 30.97% | -0.23% | 34.5% | 40.43% | 22.92% | 38.96% | 39.15% | 44.1% |
| Net Income | 12.47M | 17.32M | 68.55M | 156.36M | 132.54M | 159.64M | 30.51M | 2.23M | -3.4M | 7.09M | 9.27M | 7.05M | 8.26M | 12.51M | 10.57M |
| Net Margin % | 0.08% | 0.16% | 0.71% | 1.68% | 1.62% | 2.1% | 0.56% | 0.05% | -0.04% | 0.1% | 0.14% | 0.12% | 0.14% | 0.17% | 0.14% |
| Net Income Growth % | -75.77% | -74.73% | -56.16% | 17.98% | -16.98% | 423.25% | 1271.19% | 165.5% | -147.94% | -23.57% | 31.48% | -14.63% | -34% | 18.35% | - |
| Net Income (Continuing) | 1.45M | 15.84M | 69.03M | 156.77M | 133.08M | 160.92M | 31.49M | 2.26M | -3.42M | 7.06M | 9.27M | 7.05M | 8.26M | 12.51M | 10.57M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 55.02M | 53.16M | 54.22M | 1.27M | 1.86M | 1.32M | 3.89M | 2.91M | 3.41M | 3.43M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.49 | 0.71 | 2.84 | 6.34 | 5.45 | 8.90 | 2.15 | 0.16 | -0.24 | 0.50 | 0.65 | 0.50 | 0.55 | 0.85 | 0.71 |
| EPS Growth % | -80.28% | -75% | -55.21% | 16.33% | -38.76% | 313.95% | 1243.75% | 166.67% | -148% | -23.08% | 30% | -9.09% | -35.29% | 19.72% | - |
| EPS (Basic) | - | 0.73 | 2.97 | 6.68 | 5.81 | 9.57 | 2.17 | 0.16 | -0.24 | 0.51 | 0.67 | 0.51 | 0.55 | 0.85 | 0.71 |
| Diluted Shares Outstanding | 25.49M | 24.44M | 24.12M | 24.65M | 24.33M | 17.94M | 14.16M | 14.17M | 14.06M | 14.24M | 14.24M | 14.13M | 15.18M | 14.81M | 14.81M |
| Basic Shares Outstanding | 24.75M | 23.63M | 23.09M | 23.4M | 22.81M | 16.69M | 14.06M | 14.06M | 14.06M | 14.06M | 13.96M | 13.93M | 15.06M | 14.81M | 14.81M |
| Dividend Payout Ratio | - | 108.57% | 61.05% | 23.96% | 17.09% | 13.27% | - | - | - | 29.78% | 18.07% | 9.9% | 121.08% | 119.87% | - |
High cyclical margin sensitivity
As reported in recent financial filings, A-Mark's quarterly revenue surged to $6.5 billion in 2026Q2, yet this top-line expansion appears largely driven by transactional volume rather than structural growth, warranting caution regarding the sustainability of such rapid fluctuations in a commodity-linked business model.
The significant revenue jump in the most recent quarter suggests a potential spike in retail or wholesale activity, but the lack of consistent sequential growth indicates that revenue remains highly sensitive to external market volatility. Investors should monitor whether this revenue expansion translates into durable market share gains or if it merely reflects temporary surges in precious metal trading interest.
Based on the company's reported figures, gross margins have fluctuated between 1.3% and 3.3% over the last ten quarters, highlighting the inherent difficulty in maintaining profitability within a high-volume, low-spread business model that is heavily dependent on physical metal premiums.
The compression of gross margins during periods of lower retail activity suggests that A-Mark lacks significant pricing power, as it operates as a price-taker in the broader precious metals market. The reliance on thin spreads means that even minor increases in operational costs can disproportionately impact the bottom line, leaving little room for error.
According to recent SEC filings, SG&A expenses have risen from $21.8 million in 2024Q1 to $59.8 million in 2026Q2, indicating that operating leverage is currently pressured as the company scales its infrastructure to support its expanded direct-to-consumer and minting operations.
The disproportionate growth in operating expenses relative to gross profit suggests that the company is currently in an investment phase that may be weighing on operating margins. Analysts should investigate whether these rising costs are fixed in nature or if they can be scaled back should the current revenue momentum prove transitory.
As indicated by the erratic net income performance, including a net loss in 2025Q3, the company's earnings quality appears vulnerable to the timing of inventory hedging and the inherent volatility of the precious metals market, which may obscure the true underlying economic performance.
Short-sellers may focus on the disconnect between headline revenue growth and the inconsistent bottom-line profitability, which suggests that the business model is highly susceptible to market cycles. The reliance on debt to fund inventory, combined with thin operating margins, creates a risk profile that may be underappreciated during periods of market stability.
Quick answers to the most common questions about buying AMRK stock.
A-Mark Precious Metals, Inc. (AMRK) is profitable, generating $17.3M in net income for the fiscal year ending 2025 with a net profit margin of 0.2%.
A-Mark Precious Metals, Inc. (AMRK) reported an operating income of $48.8M, resulting in an operating profit margin of 0.4%. This margin reflects the operational efficiency of the business before interest and taxes.
A-Mark Precious Metals, Inc. (AMRK) generated $210.9M in gross profit for the year, representing a gross profit margin of 1.9%. This demonstrates the company's core pricing power and production efficiency.