Operational cash flow conversion remains inconsistent, with a 2026Q1 OCF/NI ratio of 2.20 failing to offset a persistent negative free cash flow of $872.7K.
| 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'03 | Dec'02 | Dec'01 |
|---|
| Cash from Operations | 24.71M | -3.94M | -3.07M | -1.01M | -1.18M | -50.95M | -18.92M | 14.14M | 9.01M | 1.58M | 5.39M | -5.66M | 10.39M | 3.04M | 10.66M | 33.17M | 10.08M | 5.22M | -2.27M | -9.33M | -2.37M | -1.4M | -162.32K | -353.11K | -187.87K |
| Operating CF Margin % | - | -3.35% | -3.06% | -1.06% | -1.39% | -113.08% | -67.86% | 24.21% | 13.18% | 2.91% | 9.15% | -10.59% | 33.02% | 10.4% | 23.14% | 55.46% | 29.45% | 28.18% | -1129.82% | -1354.66% | -24738.77% | -1026.43% | -1504.09% | - | - |
| Operating CF Growth % | -22355.46% | -28.59% | -202.86% | 14.08% | 97.69% | -169.25% | -233.78% | 57% | 470.85% | -70.71% | 195.18% | -154.46% | 241.86% | -71.47% | -67.88% | 229.06% | 92.97% | 330.21% | 75.67% | -294.22% | -68.71% | -764.09% | 54.03% | -87.96% | - |
| Net Income | -58.68M | -87.45M | -48.89M | -38.17M | -45.19M | -160.58M | -30.07M | -34.24M | -10.68M | -3.47M | -5.21M | -19.39M | -78.69M | -9.1M | 11.1M | 21.8M | 32.53M | 12.92M | -74.53M | -7.36M | -1.38M | -2.54M | -238.03K | -315.71K | -283.44K |
| Depreciation & Amortization | 25.33M | 21.23M | 24.09M | 20.85M | 21.34M | 15.79M | 0 | 17.49M | 10.57M | 6.71M | 7.39M | 12.22M | 11.01M | 6.29M | 3.88M | 3.55M | 7.52M | 2.91M | 422.12K | 43.46K | 9.55K | 4.41K | 12.21K | 13.4K | 16.77K |
| Stock-Based Compensation | 8.67M | 12.06M | 1.45M | 2.03M | 2.75M | 4.35M | 4.22M | 3.72M | 2.1M | 1.93M | 1.24M | 916K | 206K | 699.68K | 1.37M | 5.58M | 2.52M | 1.22M | 996.58K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 4.65M | 4.62M | 679K | -2.06M | 3.72M | -1.61M | -1M | 1.96M | 1.27M | -588K | 210K | -647K | 12.36M | 6.18M | -35.18K | 2.78M | -10.85M | -9.92M | 69.26M | 0 | -405.8K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 61.75M | 54.35M | 16.71M | 17.13M | 18.22M | 115.13M | 9.52M | 27.73M | 3.74M | 887K | 2.04M | -660K | 54.61M | 86.4K | -624.23K | 330.07K | -18.67M | -876.06K | -28.7K | 3.71M | 738.6K | 1.37M | 30.87K | 39.42K | 94.97K |
| Working Capital Changes | -17.01M | -8.77M | 2.89M | -789K | -2.02M | -24.03M | -1.59M | -2.52M | 2.01M | -3.89M | -282K | 1.9M | 10.9M | -1.11M | -5.04M | -871.69K | -2.97M | -1.03M | 1.61M | -5.72M | -1.33M | -234.31K | 32.62K | -90.22K | -16.16K |
| Change in Receivables | -11.35M | -1.65M | 2.38M | 2.07M | -3.34M | -3.11M | 510K | 2.5M | -1.03M | -2.72M | 535.48K | 2.24M | 5.67M | -937K | -4.61M | 2.99M | -3.68M | -1.41M | 1.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -5.98M | -3.46M | -3.35M | -3.27M | -2.66M | -19.95M | -910K | -362K | 1.23M | -2.75M | 2.17M | 3.56M | 131K | -1.87M | -2.02M | -1.74M | 37.73K | -352.07K | 346.29K | -2.81M | -513.06K | -473.34K | 0 | 0 | 0 |
| Change in Payables | -445.74K | 0 | 0 | 0 | 0 | 0 | 0 | -4.65M | 2.12M | 1.19M | -2.32M | -4.14M | 0 | 0 | 0 | -315.38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -84.17M | -68.24M | -18.85M | -18.13M | -19.6M | -14.08M | -70.5M | -22.14M | -19.19M | -26.66M | -7.97M | -10.34M | -10.11M | -10.29M | -13.18M | -6.76M | -14.43M | -2.74M | -33.22M | -25.6M | -11.17M | -9.34M | -182.96K | -391.08K | 50.91K |
| Capital Expenditures | -84.18M | -69.24M | -18.85M | -19.94M | -19.6M | -12.65M | -11.57M | -13.8M | -16.93M | -14.28M | -7.97M | -10.42M | -14.49M | -10.29M | -16.87M | -15.22M | -5.9M | -4.6M | -33.24M | -25.3M | -11.17M | -1.17M | -6.81K | -57.82K | -44.28K |
| CapEx % of Revenue | 52.11% | 58.71% | 18.81% | 20.96% | 23.06% | 28.07% | 41.5% | 23.63% | 24.76% | 26.32% | 13.54% | 19.5% | 46.05% | 35.22% | 36.63% | 25.45% | 17.24% | 24.83% | 16549.88% | 3673.92% | 116813.99% | 853.42% | 63.13% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.24M | 0 | 1.09M | 0 | 0 | 4.3M | 0 | 0 | 7.91M | 203.02K | 1.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1K | 998K | 0 | 1.81M | 0 | -1.43M | -58.93M | -23.57M | -2.26M | -12.38M | 0 | 88K | 87K | 0 | 3.67M | 5.45M | 2.41M | 12.79K | 6.84K | -304.14K | 0 | -8.17M | -176.15K | -333.25K | -158.61K |
| Cash from Financing | 174.47M | 182.9M | 35.12M | 20.32M | 17.44M | 63.42M | 73.97M | 24.38M | 4.26M | 10.49M | 26.49M | 2.13M | -217K | 55.41K | 649.36K | -14.32M | 11.51M | 12.99K | 24.58M | 23.52M | 35.92M | 2.05M | 336.36K | 652.08K | 173.38K |
| Debt Issued (Net) | 43.94M | 44.11M | 4.17M | 8.82M | -2.23M | 4.16M | 7.21M | 4.21M | 406K | 7M | 600K | 1M | 0 | 0 | 0 | -20.09M | -850.86K | -36.35K | 16.16M | -119.29K | -80.05K | 0 | 640.01K | 0 | 219.45K |
| Equity Issued (Net) | 152.5M | 156.38M | 47.7M | 3.08M | 19.9M | 57.69M | 61.63M | 16.98M | 0 | 0 | 23.79M | 1.44M | 0 | 57K | 649.36K | 6.4M | 12.31M | 54.23K | 8.41M | 22.97M | 39.07M | 2.03M | 4.64M | 257.6K | 407.55K |
| Dividends Paid | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -89.63K | 0 | -100.21K | -1.66M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -21.96M | -17.59M | -16.75M | 8.42M | -225K | 1.57M | 5.14M | 3.19M | 3.86M | 3.5M | 2.1M | -312K | -217K | 0 | 0 | -631.5K | 52.06K | -4.91K | 0 | 672.47K | -3.08M | 11.79K | -79.93K | 78.77K | 25.08K |
| Net Change in Cash | 114.45M | 109.78M | 17.94M | 97K | -936K | -1.8M | -15.29M | 16.53M | -5.86M | -14.73M | 22.74M | -13.9M | -213K | -6.74M | -2.18M | 12.92M | 5.84M | 2.19M | -10.78M | -11.12M | 22.39M | -8.69M | -8.92K | -92.11K | 36.43K |
| Free Cash Flow | -59.47M | -73.19M | -21.92M | -20.95M | -20.78M | -63.59M | -30.49M | 339K | -7.92M | -12.71M | -2.58M | -16.08M | -4.1M | -7.25M | -6.21M | 17.95M | 4.18M | 620.87K | -35.51M | -34.63M | -13.54M | -2.57M | -169.13K | -410.94K | -232.15K |
| FCF Margin % | -36.82% | -62.06% | -21.88% | -22.02% | -24.44% | -141.15% | -109.36% | 0.58% | -11.58% | -23.41% | -4.39% | -30.09% | -13.03% | -24.82% | -13.49% | 30.01% | 12.21% | 3.35% | -17679.71% | -5028.58% | -141552.77% | -1879.86% | -1567.22% | - | - |
| FCF Growth % | -86.63% | -233.9% | -4.6% | -0.83% | 67.32% | -108.55% | -9094.69% | 104.28% | 37.68% | -391.53% | 83.93% | -292.1% | 43.45% | -16.82% | -134.59% | 329.45% | 573.21% | 101.75% | -2.55% | -155.75% | -427.08% | -1418.8% | 58.84% | -77.02% | - |
| FCF per Share | -0.17 | -0.27 | -0.21 | -0.25 | -0.11 | -1.12 | -0.29 | 0.00 | -0.19 | -0.32 | -0.07 | -0.57 | -0.24 | -0.44 | -0.37 | 1.10 | 0.29 | 0.07 | -3.87 | -4.59 | -2.29 | -0.75 | -0.14 | -0.95 | -0.54 |
| FCF Conversion (FCF/Net Income) | 1.01x | 0.05x | 0.07x | 0.03x | 0.03x | 0.32x | 0.75x | -0.43x | -0.84x | -0.46x | -1.03x | 0.29x | -0.13x | -0.34x | 1.50x | 2.69x | 0.31x | 0.40x | 0.03x | 1.27x | 1.72x | 0.55x | 0.13x | 1.12x | 0.66x |
| Interest Paid | 4.08M | 4.63M | 3.24M | 2.29M | 2.63M | 1.78M | 1.62M | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Operational execution and jurisdictional volatility
According to recent financial disclosures, USAS reported an OCF/NI ratio of 2.20 in 2026Q1, indicating that while cash generation has finally outpaced accounting net income, the historical trend of negative OCF/NI ratios suggests that earnings quality remains highly susceptible to non-cash charges and operational swings.
The divergence between net income and operating cash flow highlights the difficulty in reconciling accounting profitability with actual liquidity in the company's mining operations. Investors should monitor whether this recent positive conversion is a sustainable shift or merely a temporary byproduct of working capital fluctuations.
As reported in quarterly filings, USAS continues to struggle with negative free cash flow, recording a deficit of $872.7K in 2026Q1, which follows a prolonged period of cash burn that has consistently undermined the company's ability to fund operations through internal cash generation alone.
Despite the recent revenue surge, the inability to generate positive free cash flow suggests that the company's cost structure remains too heavy to support its current capital intensity. This persistent cash burn warrants further investigation into the company's long-term viability without continued external financing.
Based on reported figures, USAS maintained a high capital expenditure to revenue ratio of 33.5% in 2026Q1, reflecting the ongoing necessity of heavy investment in the Galena Complex to sustain production levels in an aging and technically demanding underground mining environment.
The high level of capital intensity appears to be a structural requirement rather than a discretionary choice, as the company must continuously reinvest to maintain its mineral output. This heavy reliance on capital expenditure suggests that any future operational setbacks could rapidly deplete the company's cash reserves.
Analysis of the cash flow statement reveals that working capital changes have been a significant source of volatility, with a $13.7M outflow in 2026Q1, suggesting that the company's cash position is frequently disrupted by the timing of inventory accumulation and trade payables management.
The erratic nature of these working capital movements may indicate challenges in managing the supply chain and inventory levels across the company's diverse mining assets. Investors should monitor these fluctuations closely, as they appear to be a primary driver of the company's inconsistent quarterly cash flow performance.
Quick answers to the most common questions about buying USAS stock.
Americas Gold and Silver Corporation (USAS) generated $-3.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Americas Gold and Silver Corporation (USAS) reported negative free cash flow of $73.2M in 2025, indicating capital requirements exceeded cash from operations.
Americas Gold and Silver Corporation (USAS) spent $69.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.