Despite a 107.4% revenue increase in 2026Q1, the company's gross margin remains structurally fragile, frequently compressing toward near-zero levels as seen in the 0.2% margin reported in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 235.91M | 197.55M | 174.48M | 166.23M | 110.42M | 136.54M | 104.79M | 117.02M | 128.82M | 67.72M | 60.39M | 72.96M | 45.3M | 45.98M | 5.97M | 0 | 0 | 0 | 0 | 0 | 0 | 1.05M | 38.75K | 404.8K | 55.77K | 540K | 540K | 0 | 130.94K | 77.97K | 1.31M |
| Revenue Growth % | 39.63% | 13.23% | 4.96% | 50.55% | -19.13% | 30.3% | -10.45% | -9.16% | 90.22% | 12.15% | -17.23% | 61.04% | -1.48% | 670.73% | - | - | - | - | - | - | -100% | 2614.84% | -90.43% | 625.79% | -89.67% | 0% | - | -100% | 67.94% | -94.05% | -4.17% |
| Cost of Goods Sold | 180.98M | 175.82M | 143.54M | 148.45M | 110.96M | 143.02M | 131.74M | 108.03M | 96.09M | 49.02M | 35.53M | 35.78M | 48.8M | 35.44M | 3.86M | 0 | 0 | 0 | 0 | 23.08M | 9.24M | 761.08K | 0 | 443.22K | 1.09M | 0 | 0 | 0 | 1.99M | 13.63K | 0 |
| COGS % of Revenue | - | 89% | 82.27% | 89.3% | 100.49% | 104.75% | 125.72% | 92.32% | 74.59% | 72.38% | 58.84% | 49.04% | 107.72% | 77.08% | 64.72% | - | - | - | - | - | - | 72.35% | - | 109.49% | 1947.14% | - | - | - | 1518.97% | 17.47% | - |
| Gross Profit | 54.93M | 21.73M | 30.93M | 17.78M | -544K | -6.48M | -26.95M | 8.99M | 32.08M | 18.71M | 24.85M | 37.18M | 2.87M | 10.54M | 2.1M | 0 | 0 | 0 | 0 | -23.08M | -9.24M | 291.4K | 38.75K | -38.42K | -1.03M | 540K | 540K | 0 | -1.86M | 64.35K | 1.31M |
| Gross Margin % | 23.28% | 11% | 17.73% | 10.7% | -0.49% | -4.75% | -25.72% | 7.68% | 24.9% | 27.62% | 41.16% | 50.96% | 6.33% | 22.92% | 35.28% | - | - | - | - | - | - | 27.7% | 100% | -9.49% | -1846.74% | 100% | 100% | - | -1418.93% | 82.53% | 100% |
| Gross Profit Growth % | - | -29.75% | 73.99% | 3368.38% | 91.6% | 75.95% | -399.89% | -71.99% | 71.5% | -24.73% | -33.15% | 1197.28% | -72.81% | 400.76% | - | - | - | - | 100% | -149.72% | -3271.62% | 651.99% | 200.87% | 96.27% | -290.74% | 0% | - | 100% | -2987.42% | -95.09% | -4.17% |
| Operating Expenses | 51.39M | 34.66M | 81.51M | 179.84M | 94.89M | 57.8M | 126.23M | 72.9M | 62.61M | 43.98M | 22.46M | 26.55M | 406.69M | 210.94M | 93.51M | 60.22M | 29.42M | 18.65M | 20.88M | 9.07M | 5.2M | 2.76M | 831.08K | 798.28K | 341.28K | 693.8K | 654.33K | 680.79K | 887.92K | 1.22M | 819.23K |
| OpEx % of Revenue | - | 17.54% | 46.72% | 108.19% | 85.94% | 42.33% | 120.46% | 62.3% | 48.6% | 64.94% | 37.19% | 36.39% | 897.72% | 458.74% | 1567.38% | - | - | - | - | - | - | 262.17% | 2144.71% | 197.2% | 611.91% | 128.48% | 121.17% | - | 678.09% | 1567.22% | 62.49% |
| Selling, General & Admin | 32.79M | 26.7M | 17.16M | 15.45M | 11.89M | 11.44M | 9.2M | 12.79M | 23.16M | 12.34M | 12.73M | 12.04M | 12.07M | 14M | 16.84M | 14.39M | 9.76M | 9.03M | 8.86M | 7.88M | 5.13M | 2.42M | 826.2K | 782.88K | 330.2K | 682.01K | 638.85K | 664.56K | 862.42K | 1.21M | 807.71K |
| SG&A % of Revenue | - | 13.51% | 9.84% | 9.29% | 10.77% | 8.37% | 8.78% | 10.93% | 17.98% | 18.23% | 21.09% | 16.51% | 26.64% | 30.45% | 282.28% | - | - | - | - | - | - | 229.56% | 2132.12% | 193.4% | 592.04% | 126.3% | 118.31% | - | 658.62% | 1545.48% | 61.61% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 7.96M | 64.34M | 164.39M | 83M | 46.37M | 117.03M | 60.12M | 39.44M | 25.11M | -3.23M | 61.33M | 27.59M | 31.35M | 78.63M | 44.08M | 19.66M | 9.63M | 12.02M | 1.19M | 73.7K | 12.85K | 4.88K | 15.4K | 11.08K | 11.79K | 15.47K | 16.23K | 25.5K | 16.95K | 11.52K |
| Operating Income | 3.54M | -12.93M | -50.57M | -162.06M | -95.44M | -64.28M | -153.17M | -63.91M | -47.19M | -26.29M | 15.35M | -49.33M | -410.19M | -200.4M | -90.65M | -60.19M | -35.78M | -35.76M | -20.88M | -32.29M | -21.55M | -3.45M | -792K | -1.62M | -1.37M | -154K | -114.33K | -681K | -2.75M | -1.16M | 492.12K |
| Operating Margin % | 1.5% | -6.54% | -28.98% | -97.49% | -86.43% | -47.08% | -146.17% | -54.62% | -36.63% | -38.81% | 25.41% | -67.62% | -905.44% | -435.82% | -1519.49% | - | - | - | - | - | - | -328.04% | -2043.87% | -400.69% | -2458.13% | -28.52% | -21.17% | - | -2097.08% | -1484.69% | 37.54% |
| Operating Income Growth % | - | 74.44% | 68.79% | -69.81% | -48.47% | 58.03% | -139.66% | -35.44% | -79.52% | -271.28% | 131.11% | 87.97% | -104.69% | -121.06% | -50.62% | -68.19% | -0.07% | -71.28% | 35.35% | -49.87% | -524.37% | -335.73% | 51.17% | -18.31% | -790.26% | -34.7% | 83.21% | 75.2% | -137.2% | -335.24% | -17.84% |
| EBITDA | 33.8M | 17.94M | -19.71M | -131.7M | -75.91M | -38.94M | -130.08M | -38.37M | -30.76M | -19.71M | 18.93M | -47.1M | -407.98M | -197.93M | -89.62M | -59.61M | -35.33M | -35.13M | -20.25M | -31.82M | -21.47M | -3.44M | -787.12K | -1.6M | -1.36M | -142.21K | -98.85K | -664.77K | -2.72M | -1.14M | 503.64K |
| EBITDA Margin % | 14.33% | 9.08% | -11.3% | -79.23% | -68.74% | -28.52% | -124.14% | -32.79% | -23.88% | -29.1% | 31.35% | -64.56% | -900.55% | -430.44% | -1502.18% | - | - | - | - | - | - | -326.82% | -2031.28% | -395.18% | -2438.27% | -26.33% | -18.31% | - | -2077.61% | -1462.96% | 38.42% |
| EBITDA Growth % | 609.59% | 191.03% | 85.04% | -73.51% | -94.92% | 70.06% | -239.02% | -24.73% | -56.08% | -204.13% | 140.19% | 88.45% | -106.13% | -120.85% | -50.35% | -68.72% | -0.56% | -73.49% | 36.35% | -48.17% | -524.56% | -336.8% | 50.8% | -17.63% | -856.31% | -43.85% | 85.13% | 75.56% | -138.49% | -326.49% | -16.72% |
| D&A (Non-Cash Add-back) | 30.25M | 30.87M | 30.86M | 30.36M | 19.53M | 25.34M | 23.09M | 25.54M | 16.43M | 6.58M | 3.58M | 2.23M | 2.21M | 2.47M | 1.03M | 577K | 454K | 625K | 626.31K | 475.26K | 73.7K | 12.85K | 4.88K | 22.3K | 11.08K | 11.79K | 15.47K | 16.23K | 25.5K | 16.95K | 11.52K |
| EBIT | 5.07M | -12.93M | -12.62M | -104.3M | -98.21M | -58M | -146.28M | -56.77M | -46.02M | -25.53M | 2.4M | 10.63M | -36.8M | -35.66M | -93.37M | -62.02M | -41.53M | -51.18M | -132.53M | 0 | -82.55M | -3.19M | -792K | -760K | -1.37M | -154K | -114.33K | -681K | -2.75M | -1.16M | 492.12K |
| Net Interest Income | -4.91M | -7.22M | -4.59M | 36.92M | -7.79M | -6.2M | -7.43M | -6.82M | -1.62M | -938K | 835K | 2.4M | 259K | 262K | 228K | 0 | 97K | 0 | 562.08K | 0 | 2.53M | 29.02K | 0 | 29.47K | 0 | 0 | -3.59K | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 36.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 262K | 228K | 202K | 112K | 127K | 572.54K | 0 | 2.53M | 32.03K | 0 | 31.11K | 0 | 0 | 90 | 0 | 0 | 0 | 0 |
| Interest Expense | 4.91M | 7.22M | 4.59M | 0 | 7.79M | 6.2M | 7.43M | 6.82M | 1.62M | 938K | 835K | 2.4M | 259K | 0 | 0 | 202K | 15K | 127K | 10.46K | 0 | 5.3K | 3.01K | 0 | 1.64K | 0 | 0 | 3.68K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 43.96M | 19.87M | 3.83M | 229.1M | 15.15M | 81K | -541K | 323K | -451K | 283K | 1.96M | 4.32M | -8.92M | -710K | -2.49M | -1.87M | 694K | 1.69M | -111.08M | 3.43M | -51.1M | -203K | -1.48K | -140K | 15.5K | 17.35K | 0 | 627.43K | -2.63K | -3.42K | -1.7K |
| Pretax Income | 47.5M | 6.95M | -46.74M | 67.04M | -80.29M | -64.2M | -153.72M | -63.59M | -47.64M | -26M | 17.31M | -45.01M | -419.11M | -201.11M | -93.9M | -62.05M | -35.09M | -34.07M | -131.96M | -28.87M | -72.65M | -2.99M | -794K | -1.03M | -1.36M | -136K | 0 | -53.35K | -2.75M | -1.16M | 490.43K |
| Pretax Margin % | 20.14% | 3.52% | -26.79% | 40.33% | -72.71% | -47.02% | -146.69% | -54.34% | -36.98% | -38.4% | 28.66% | -61.69% | -925.13% | -437.36% | -1573.89% | - | - | - | - | - | - | -284.32% | -2049.03% | -253.7% | -2431.24% | -25.19% | - | - | -2099.37% | -1489.08% | 37.41% |
| Income Tax | -26.58M | -27.48M | -3.05M | 33.86M | 5.81M | -7.32M | -1.39M | -3.84M | -2.77M | -15.37M | -3.75M | -24.56M | -107.17M | -53.37M | -27.24M | -180K | -2M | -6.38M | -846K | 66.77K | 0 | 523.85K | 0 | 17.38K | 4.15K | 0 | 3.59K | -621K | 41.2K | 0 | 0 |
| Effective Tax Rate % | -55.95% | -395.52% | 6.52% | 50.51% | -7.23% | 11.39% | 0.9% | 6.04% | 5.81% | 59.1% | -21.66% | 54.57% | 25.57% | 26.54% | 29.01% | 0.29% | 5.69% | 18.71% | 0.64% | -0.23% | 0% | -17.51% | 0% | -1.69% | -0.31% | 0% | - | 1163.9% | -1.5% | 0% | 0% |
| Net Income | 74.08M | 34.43M | -43.69M | 55.3M | -81.08M | -56.71M | -152.32M | -59.75M | -44.87M | -10.63M | 21.05M | -20.45M | -311.94M | -147.74M | -66.65M | -61.87M | -33.09M | -27.7M | -131.11M | -28.55M | -72.65M | -2.99M | -794K | -623K | -1.38M | -136K | -117.92K | -60.15K | -2.79M | -1.16M | 490.43K |
| Net Margin % | 31.4% | 17.43% | -25.04% | 33.27% | -73.43% | -41.53% | -145.36% | -51.06% | -34.83% | -15.7% | 34.87% | -28.03% | -688.57% | -321.3% | -1117.23% | - | - | - | - | - | - | -284.32% | -2049.03% | -153.9% | -2465.31% | -25.19% | -21.84% | - | -2130.68% | -1489.08% | 37.41% |
| Net Income Growth % | 350.47% | 178.81% | -179.01% | 168.21% | -42.96% | 62.77% | -154.95% | -33.16% | -321.95% | -150.51% | 202.96% | 93.44% | -111.14% | -121.66% | -7.73% | -86.98% | -19.47% | 78.87% | -359.3% | 60.71% | -2328.95% | -276.7% | -27.45% | 54.69% | -911.03% | -15.34% | -96.02% | 97.84% | -140.29% | -336.75% | -14.21% |
| Net Income (Continuing) | 74.08M | 34.43M | -43.69M | 33.18M | -86.09M | -56.88M | -152.32M | -59.75M | -44.87M | -10.63M | 21.05M | -20.45M | -311.94M | -147.74M | -66.65M | -61.87M | -33.09M | -27.7M | -131.11M | -28.55M | -72.65M | -2.99M | -794K | -1.03M | -1.38M | -136K | -117.92K | -60.15K | -2.79M | -1.16M | 490.43K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 33.47M | 14.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.02 | 0.59 | -0.86 | 1.16 | -1.71 | -1.25 | -3.78 | -1.65 | -1.33 | -0.34 | 0.70 | -0.68 | -10.48 | -4.97 | -2.55 | -4.19 | -2.49 | -2.36 | -12.95 | -3.33 | -17.39 | -1.10 | -0.36 | -0.46 | -0.86 | -0.10 | -0.08 | -0.04 | -1.91 | -0.76 | 0.29 |
| EPS Growth % | 303.03% | 168.6% | -174.14% | 167.84% | -36.8% | 66.93% | -129.09% | -24.06% | -291.18% | -148.57% | 202.94% | 93.51% | -110.87% | -94.9% | 39.14% | -68.27% | -5.51% | 81.78% | -288.89% | 80.85% | -1480.91% | -205.56% | 21.74% | 46.51% | -800.52% | -18.49% | -96.11% | 97.85% | -151.32% | -362.07% | -23.68% |
| EPS (Basic) | - | 0.64 | -0.86 | 1.16 | -1.71 | -1.25 | -3.78 | -1.70 | -1.33 | -0.34 | 0.70 | -0.70 | -10.50 | -4.97 | -2.60 | -4.19 | -2.49 | -2.36 | -12.95 | -3.33 | -17.39 | -1.10 | -0.38 | -0.46 | -0.86 | -0.10 | -0.08 | -0.04 | -1.91 | -0.76 | 0.29 |
| Diluted Shares Outstanding | 72.43M | 54.05M | 51.02M | 47.54M | 47.43M | 45.49M | 40.35M | 36.19M | 33.73M | 31.39M | 30.05M | 30.03M | 29.78M | 29.7M | 26.12M | 14.77M | 13.26M | 11.75M | 10.12M | 8.58M | 4.18M | 2.72M | 2.19M | 1.85M | 1.6M | 1.43M | 1.46M | 1.46M | 1.46M | 1.52M | 1.54M |
| Basic Shares Outstanding | 58.86M | 54.05M | 51.02M | 47.54M | 47.41M | 45.49M | 40.35M | 35.15M | 33.73M | 31.39M | 29.88M | 29.21M | 29.71M | 29.7M | 25.64M | 14.77M | 13.26M | 11.75M | 10.12M | 8.58M | 4.18M | 2.72M | 2.1M | 1.85M | 1.6M | 1.43M | 1.46M | 1.46M | 1.46M | 1.52M | 1.54M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | 14.18% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operational execution and jurisdictional volatility
According to recent financial disclosures, MUX experienced a 107.4% revenue surge in 2026Q1, yet this follows a period of inconsistent quarterly performance where growth fluctuated significantly, suggesting that top-line expansion remains highly sensitive to production variability at the Gold Bar and Black Fox mining operations.
The erratic revenue trajectory appears to be driven by operational challenges rather than sustained organic growth. Investors should monitor whether the recent uptick represents a durable recovery in production volumes or merely a temporary benefit from favorable spot-market pricing for dore and concentrates.
As reported in quarterly filings, the company's gross margin reached 34.0% in 2026Q1, yet historical data shows frequent compression toward near-zero levels, indicating that the cost structure is highly susceptible to operational inefficiencies and inflationary pressures within the mining sector's primary variable input categories.
The thin and inconsistent gross margins suggest that the company's All-In Sustaining Costs may be positioned in the upper quartile of the industry cost curve. This lack of margin stability implies that the firm may struggle to generate consistent internal cash flow during periods of commodity price weakness.
Based on the provided income statement data, the reported net income of $33.4M in 2026Q1 appears disconnected from operating performance, suggesting that non-operating items or fair-value adjustments related to the McEwen Copper subsidiary are significantly inflating bottom-line results compared to core mining profitability.
The reliance on non-operating gains to achieve positive net margins warrants extreme caution, as these figures may not reflect repeatable mining profits. Analysts should distinguish between the parent company's operational burn rate and the accounting gains derived from the deconsolidation or valuation of the copper development asset.
While the market may price MUX based on the long-term potential of the Los Azules copper project, historical income statements reveal a persistent inability to maintain positive operating margins, which may indicate that the company's core precious metals business is structurally incapable of funding its own overhead.
Short-term investors should focus on the recurring operating losses, which suggest that the company remains dependent on external financing or asset-level divestitures. The valuation disconnect between the copper development optionality and the operational reality of the gold mines may present a significant risk if development timelines are delayed.
Quick answers to the most common questions about buying MUX stock.
For fiscal year 2025, McEwen Mining Inc. (MUX) reported total revenue of $197.6M. This represents a 14968.9% increase compared to $1.3M in 1996.
McEwen Mining Inc. (MUX) is profitable, generating $34.4M in net income for the fiscal year ending 2025 with a net profit margin of 17.4%.
McEwen Mining Inc. (MUX) reported an operating income of $-12.9M, resulting in an operating profit margin of -6.5%. This margin reflects the operational efficiency of the business before interest and taxes.
McEwen Mining Inc. (MUX) generated $21.7M in gross profit for the year, representing a gross profit margin of 11.0%. This demonstrates the company's core pricing power and production efficiency.