The company exhibits extreme capital intensity, with 2026Q1 capital expenditures reaching 185.5% of revenue, contributing to a substantial $24.6M free cash flow outflow.
| 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 |
|---|
| Cash from Operations | -20.02M | -9.69M | 2.22M | -4.75M | -249.28K | -2.43M | -1.31M | -11.36K | -656.63K | 716.71K | 425.84K | 358.45K | -1.04M | 234.82K | 526.42K | 564.04K | 307.35K | -358.19K | -378.58K | -347.3K | 137.46K | -302.53K | -426.04K | -449.46K | -44.49K | -251.41K | -791.09K | 59.99K | 16.6K | 40.41K | -211.49K |
| Operating CF Margin % | - | -24.69% | 14.86% | -54.64% | -2.26% | -31.38% | -24.94% | -0.14% | -7.27% | 7.01% | 3.58% | 2.73% | -9.62% | 2.13% | 4.37% | 4.3% | 3.39% | -8.73% | -7.18% | -6.6% | 3.13% | -8.49% | -13.64% | -13.95% | -1.28% | -7.32% | -15.77% | 1.27% | 0.53% | 0.94% | -4.22% |
| Operating CF Growth % | -2242.47% | -536.47% | 146.74% | -1805.52% | 89.75% | -86.23% | -11398.58% | 98.27% | -191.62% | 68.31% | 18.8% | 134.59% | -541.35% | -55.39% | -6.67% | 83.52% | 185.81% | 5.39% | -9.01% | -352.66% | 145.43% | 28.99% | 5.21% | -910.22% | 82.3% | 68.22% | -1418.79% | 261.41% | -58.93% | 119.11% | - |
| Net Income | -16.18M | -4.34M | -1.73M | -6.35M | 428.66K | -60.47K | -3.29M | -3.67M | 873.23K | -1.13M | -1.31M | -838.53K | -1.6M | -1.64M | -558.54K | 636.92K | 805.21K | -294.84K | 332.36K | -623.69K | -284.66K | -575.77K | -93.16K | -798.63K | -360.39K | -976.84K | -67.7K | -307.68K | -468.43K | 662.77K | -1.01M |
| Depreciation & Amortization | 1.37M | 1.17M | 1.09M | 959.45K | 909.22K | 880.88K | 885.84K | 895.99K | 904.84K | 968.89K | 999.74K | 932.79K | 780.78K | 688.74K | 472.99K | 405.75K | 355.88K | 262.45K | 215.73K | 165.41K | 133.46K | 135.43K | 119.82K | 96.54K | 97.08K | 137.08K | 152.38K | 130.71K | 157.81K | 170.09K | 192.44K |
| Stock-Based Compensation | 2.98M | 7.08M | 568.59K | 0 | 61.46K | 47.5K | 0 | 136K | 175K | 175K | 222.75K | 57.95K | 39K | 150K | 221.23K | 230K | 117K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 687.53K | 0 | 0 | 0 | 0 | -875K | 0 | 70.59K | -44.48K | -35.45K | 229.45K | 167.11K | 96.44K | -493K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 10.9M | -1.58M | 195.58K | 2.56M | 412.86K | -475.63K | 431.8K | 1.62M | -1.24M | 306.11K | -116.47K | 58.42K | -2.39K | 8.04K | 8.04K | 0 | 199.03K | -49.3K | -851.17K | -195.14K | -222.5K | -37.87K | -124.99K | 49.61K | 73.32K | 208.38K | -789.49K | -13.09K | 4.98K | -706.07K | 599.62K |
| Working Capital Changes | -19.09M | -12.02M | 2.1M | -2.61M | -2.06M | -2.82M | 663.5K | 1.01M | -499.18K | 576.1K | 558.43K | 192.31K | -222.86K | 799.76K | 215.59K | -805.07K | -676.77K | -276.5K | -75.5K | 306.12K | 511.15K | 175.68K | -327.71K | 203.02K | 145.49K | 379.97K | -86.28K | 250.04K | 322.24K | -86.39K | 11.4K |
| Change in Receivables | -802.73K | -3.1M | -270.26K | -80.57K | -607.45K | -686.93K | 7.46K | 353.27K | -75.81K | 189.54K | -129.45K | 13.33K | 121.35K | -119.86K | 982.4K | -546.56K | -583.38K | -92.88K | 121.92K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -19.12M | -12.2M | 74.74K | -2.08M | -596.79K | -405.21K | -23.97K | 112.62K | 159.45K | -59.07K | 238.6K | 339.3K | -398.77K | 157.42K | -125.38K | -923.52K | 54.15K | -88.22K | 143.4K | 33.2K | -96.07K | 48.06K | -84.75K | -29.75K | 2.77K | 95.38K | 55.14K | 88.8K | 97.88K | 92.97K | -105.75K |
| Change in Payables | -479.24K | 3.4M | 1.09M | -171.87K | -756.95K | -491.12K | -452.1K | 402.66K | -350.04K | 479.11K | 167.28K | -191.7K | 86.91K | 474.44K | 186.28K | 584.7K | 32.47K | -116.73K | -156.11K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -99.12M | -87.4M | -42.07K | -1.34M | -1.79M | -653.13K | -243.09K | -392.93K | 900.88K | -365.54K | -583.03K | -1.7M | -1.83M | -2.73M | -3.51M | -2.24M | -965.92K | -590.82K | -259.59K | -400.64K | -985.87K | -305.48K | -221.02K | -121.44K | -305.75K | -148.65K | -38.5K | -76.42K | -31.18K | -137.04K | -84.58K |
| Capital Expenditures | -39.53M | -27.81M | -430.6K | -1.53M | -1.73M | -648.13K | -243.09K | -792.92K | -899.12K | -365.54K | -595.84K | -1.71M | -1.83M | -2.73M | -3.27M | -2.24M | -965.52K | -597.56K | -310.93K | -563.42K | -1.04M | -375.48K | -241.02K | -121.44K | -305.75K | -148.65K | -38.5K | -76.42K | -31.18K | -137.04K | -129.58K |
| CapEx % of Revenue | 101.24% | 70.84% | 2.88% | 17.58% | 15.63% | 8.37% | 4.64% | 9.59% | 9.95% | 3.57% | 5.01% | 13.04% | 16.96% | 24.81% | 27.15% | 17.07% | 10.64% | 14.56% | 5.89% | 10.71% | 23.65% | 10.54% | 7.72% | 3.77% | 8.8% | 4.33% | 0.77% | 1.62% | 0.99% | 3.18% | 2.59% |
| Acquisitions | 10.12K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.8M | 0 | 0 | 5.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -12.39M | -2.49M | 315.63K | 0 | 0 | 0 | 0 | 400K | 1.8M | 0 | 12.81K | 5.2K | 0 | 0 | -244.09K | -466 | -395 | 0 | 66.27K | 162.78K | 53.43K | 70K | 20K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45K |
| Cash from Financing | 103.68M | 109.48M | 4.14M | -1.07M | -267.73K | 23.78M | 2.1M | 463.15K | -221.69K | -333.23K | 33.71K | 1.36M | 2.97M | 1.52M | 3.98M | 1.23M | 926.82K | 1.08M | 610.27K | 611.31K | 778.94K | 818.34K | 658.7K | 570.9K | 350.24K | 400.06K | 829.59K | 16.43K | 14.58K | 96.63K | 290.26K |
| Debt Issued (Net) | -133.41K | -132.25K | -103.49K | -283.56K | -64.75K | -186.43K | 299.66K | -114.53K | -239.92K | -211.53K | -175.24K | 36.53K | 199.04K | 217.12K | -464.94K | -124.72K | -59.27K | -56.67K | -28.02K | -240.46K | -213.66K | 25.31K | 113.4K | 225.9K | 143.17K | 59.26K | 574.59K | 16.43K | -60.42K | -113.37K | 225.67K |
| Equity Issued (Net) | 102.34M | 109.61M | 2.76M | 0 | -202.98K | 23.34M | 1.81M | 404.2K | 0 | 0 | 35.68K | 0 | 0 | 0 | 4.68M | 1.16M | 1M | 1.14M | 687.5K | 834.58K | 992.6K | 793.03K | 633.23K | 345K | 207.07K | 340.8K | 255K | 0 | 75K | 525K | 127.56K |
| Dividends Paid | 0 | 0 | 0 | -787.73K | 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 |
| Share Repurchases | -5.43M | -449.48K | 0 | 0 | -202.98K | 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 |
| Other Financing | 1.47M | 0 | 1.48M | 0 | 0 | 626.8K | -14.37K | 173.49K | 18.23K | -121.7K | 173.26K | 1.32M | 2.77M | 1.3M | -236.96K | 196.47K | -17.14K | -3.14K | -49.2K | 17.2K | 0 | 0 | -22.05K | 0 | 0 | 0 | 0 | 0 | 0 | -315K | -62.97K |
| Net Change in Cash | -15.49M | 12.39M | 6.32M | -7.16M | -2.3M | 20.7M | 549.61K | 58.87K | 22.57K | 17.93K | -123.49K | 9.86K | 103.34K | -980.47K | 995.38K | -443.43K | 268.25K | 126.77K | -27.9K | -136.62K | -69.48K | 210.33K | 11.64K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.8K |
| Free Cash Flow | -59.55M | -37.5M | 1.79M | -6.28M | -1.98M | -3.08M | -1.55M | -804.28K | -1.56M | 351.16K | -170K | -1.35M | -2.86M | -2.5M | -2.74M | -1.67M | -658.17K | -955.75K | -689.51K | -910.71K | -901.85K | -678.01K | -667.06K | -570.9K | -350.24K | -400.06K | -829.59K | -16.43K | -14.58K | -96.63K | -341.06K |
| FCF Margin % | -152.53% | -95.52% | 11.98% | -72.23% | -17.89% | -39.75% | -29.58% | -9.73% | -17.22% | 3.43% | -1.43% | -10.3% | -26.58% | -22.67% | -22.78% | -12.77% | -7.25% | -23.29% | -13.07% | -17.32% | -20.52% | -19.02% | -21.36% | -17.72% | -10.08% | -11.64% | -16.54% | -0.35% | -0.46% | -2.24% | -6.81% |
| FCF Growth % | -7211.9% | -2195.29% | 128.5% | -217.8% | 35.85% | -98.84% | -92.56% | 48.3% | -543.03% | 306.56% | 87.41% | 52.82% | -14.57% | 8.91% | -63.79% | -154.48% | 31.14% | -38.61% | 24.29% | -0.98% | -33.01% | -1.64% | -16.84% | -63% | 12.45% | 51.78% | -4948.92% | -12.66% | 84.91% | 71.67% | - |
| FCF per Share | -0.42 | -0.30 | 0.02 | -0.06 | -0.02 | -0.03 | -0.02 | -0.01 | -0.02 | 0.01 | -0.00 | -0.02 | -0.04 | -0.04 | -0.04 | -0.03 | -0.01 | -0.02 | -0.02 | -0.02 | -0.02 | -0.02 | -0.02 | -0.02 | -0.01 | -0.02 | -0.05 | -0.00 | -0.00 | -0.01 | -0.03 |
| FCF Conversion (FCF/Net Income) | 3.68x | 2.23x | -1.28x | 0.75x | -0.58x | 40.21x | 0.40x | 0.00x | -0.75x | -0.63x | -0.33x | -0.43x | 0.65x | -0.14x | -0.94x | 0.89x | 0.38x | 1.21x | -1.14x | 0.56x | -0.48x | 0.53x | 4.57x | 0.56x | 0.12x | 0.26x | 11.69x | 0.20x | -0.04x | 0.06x | 0.21x |
| Interest Paid | 2.31K | 0 | 8.87K | 10.52K | 15.14K | 5.54K | 17.99K | 24.23K | 0 | 0 | 14.69K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.09K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Feedstock cost volatility
According to recent financial disclosures, UAMY's operating cash flow frequently diverges from net income, with the 2025Q4 period showing a net loss of $286.9K alongside a $3.5M cash outflow, suggesting that reported earnings are not currently supported by underlying operational cash generation.
The persistent gap between net income and operating cash flow indicates that accounting profits are being eroded by non-cash items or working capital requirements. Investors should monitor whether this disconnect reflects structural inefficiencies in the processing cycle or merely timing differences in revenue recognition.
Based on reported quarterly figures, UAMY has consistently posted negative free cash flow, culminating in a $24.6M outflow in 2026Q1, which highlights the significant capital intensity required to maintain current processing operations without a corresponding return on invested capital.
The trajectory of free cash flow suggests that the company is currently in a phase of heavy capital reinvestment that has yet to yield positive returns. This trend warrants further investigation into whether these expenditures are truly growth-oriented or simply necessary to sustain aging infrastructure.
As reported in financial statements, UAMY's capital expenditures reached 185.5% of revenue in 2026Q1, a figure that underscores the extreme capital intensity of the business model and suggests that current processing assets require substantial, ongoing investment to remain operational.
The high ratio of capital expenditure to revenue implies that the company is struggling to achieve economies of scale. This level of spending appears unsustainable unless management can demonstrate a clear path toward higher throughput or improved processing margins.
Data from recent filings indicates that working capital changes have been a persistent drag on cash flow, with a $10.0M outflow recorded in 2026Q1, suggesting that the company is struggling to manage its inventory and receivables efficiently during periods of high operational activity.
The consistent negative impact of working capital changes on cash flow may indicate that the company is forced to tie up significant liquidity in raw material stockpiles. This dynamic appears to be a primary driver of the current cash burn, necessitating a closer look at procurement and collection cycles.
Quick answers to the most common questions about buying UAMY stock.
United States Antimony Corporation (UAMY) generated $-9.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
United States Antimony Corporation (UAMY) reported negative free cash flow of $37.5M in 2025, indicating capital requirements exceeded cash from operations.
United States Antimony Corporation (UAMY) spent $27.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, United States Antimony Corporation (UAMY) spent $0.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.