Latest Ratios: P/E Ratio -21.1x · EV/EBITDA 17.7x · ROE -63.6%. (2001–2025 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 | $1.0B | $1.4B | $80M | $43M | $210M | $91M | $671M | $453M | $141M | $291M | $173M |
| Enterprise Value | $959M | $1.3B | $84M | $63M | $224M | $113M | $701M | $448M | $151M | $297M | $157M |
| P/E Ratio → | -21.08 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 5.70 | 11.58 | 0.80 | 0.45 | 2.47 | 2.03 | 24.08 | 7.75 | 2.06 | 5.36 | 2.94 |
| P/B Ratio | 3.73 | 6.16 | 1.49 | 0.60 | 2.13 | 0.88 | 3.71 | 3.26 | 1.67 | 3.30 | 1.98 |
| P/FCF | — | — | — | — | — | — | — | 1335.74 | — | — | — |
| P/OCF | — | — | — | — | — | — | — | 32.02 | 15.62 | 184.42 | 32.11 |
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 | — | 10.87 | 0.84 | 0.66 | 2.63 | 2.51 | 25.14 | 7.68 | 2.21 | 5.47 | 2.66 |
| EV / EBITDA | 17.67 | — | — | — | — | — | — | 157.43 | 33.30 | 74.56 | 15.54 |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | 1322.58 | — | — | — |
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 | 10.0% | 10.0% | -6.6% | -6.7% | -9.9% | -123.3% | -33.4% | 2.1% | 8.3% | 13.9% | 9.1% |
| Operating Margin | -22.0% | -22.0% | -26.2% | -24.0% | -31.2% | -183.4% | -82.8% | -18.9% | -8.8% | -5.0% | 4.6% |
| Net Profit Margin | -74.1% | -74.1% | -44.9% | -36.7% | -50.7% | -350.0% | -90.2% | -55.9% | -15.6% | -6.4% | -8.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -63.6% | -63.6% | -71.5% | -40.9% | -42.6% | -110.6% | -15.7% | -29.3% | -12.4% | -4.0% | -6.9% |
| ROA | -28.9% | -28.9% | -24.1% | -18.8% | -21.3% | -63.3% | -9.8% | -18.2% | -8.4% | -2.8% | -4.9% |
| ROIC | -19.9% | -19.9% | -26.3% | -16.8% | -16.7% | -36.9% | -10.0% | -7.2% | -4.8% | -2.5% | 2.9% |
| ROCE | -11.5% | -11.5% | -21.6% | -17.0% | -16.8% | -40.0% | -10.4% | -7.3% | -5.6% | -2.6% | 2.9% |
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 | 0.21 | 0.21 | 0.45 | 0.30 | 0.16 | 0.23 | 0.19 | 0.11 | 0.17 | 0.17 | 0.09 |
| Debt / EBITDA | — | — | — | — | — | — | — | 5.46 | 3.10 | 3.77 | 0.77 |
| Net Debt / Equity | — | -0.38 | 0.07 | 0.27 | 0.14 | 0.21 | 0.16 | -0.03 | 0.13 | 0.06 | -0.19 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | -1.57 | 2.34 | 1.43 | -1.62 |
| Debt / FCF | — | — | — | — | — | — | — | -13.16 | — | — | — |
| Interest Coverage | -14.57 | -14.57 | -5.54 | -3.91 | -22.06 | -32.30 | -123.38 | -13.72 | -6.10 | -4.38 | -1.14 |
Net cash position: cash ($130M) exceeds total debt ($46M)
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 | 1.78 | 1.78 | 0.59 | 0.38 | 0.60 | 0.52 | 0.51 | 1.00 | 1.28 | 1.82 | 2.22 |
| Quick Ratio | 1.66 | 1.66 | 0.43 | 0.23 | 0.39 | 0.30 | 0.31 | 0.80 | 0.93 | 1.17 | 1.82 |
| Cash Ratio | 1.51 | 1.51 | 0.29 | 0.03 | 0.05 | 0.06 | 0.12 | 0.57 | 0.15 | 0.65 | 1.49 |
| Asset Turnover | — | 0.29 | 0.52 | 0.53 | 0.45 | 0.21 | 0.10 | 0.25 | 0.54 | 0.43 | 0.50 |
| Inventory Turnover | 9.95 | 9.95 | 9.98 | 11.73 | 10.58 | 10.05 | 4.61 | 7.98 | 7.70 | 4.99 | 8.09 |
| Days Sales Outstanding | — | 27.41 | 13.01 | 36.38 | 24.15 | 38.40 | 66.79 | 32.93 | 51.44 | 44.59 | 24.81 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | 0.1% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $267M | $106M | $85M | $184M | $57M | $104M | $71M | $43M | $40M | $35M |
Includes 30+ ratios · 24 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying USAS stock.
Americas Gold and Silver Corporation's current P/E ratio is -21.1x. The historical average is 34.6x.
Americas Gold and Silver Corporation's current EV/EBITDA is 17.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 26.4x.
Americas Gold and Silver Corporation's return on equity (ROE) is -63.6%. The historical average is -29.6%.
Based on historical data, Americas Gold and Silver Corporation is trading at a P/E of -21.1x. Compare with industry peers and growth rates for a complete picture.
Americas Gold and Silver Corporation has 10.0% gross margin and -22.0% operating margin.
Key Metrics
Top Statement Risk
Chronic cash burn funding massive capex
Margin Volatility Masks Underlying Cost Pressure
USAS's profitability is characterized by extreme volatility, with the gross margin swinging from negative territory to 51.7% in 2026Q1 before settling at 33.6% in the latest quarter, indicating that realized commodity prices, not operational efficiency, drive short-term results.
The 2026Q1 operating margin of 41.5% appears to be a one-off anomaly rather than a sustainable trend, as it was followed by a deepening net loss in 2026Q2 despite positive gross margins. This suggests the company's high fixed-cost structure from its underground mining operations creates significant operating leverage, making profitability highly sensitive to the volatile prices of silver, lead, and zinc.
Capital Destruction Despite Recent Capital Infusion
Despite a massive equity raise that boosted the balance sheet, USAS's return on invested capital remains deeply negative on a trailing basis, with the 2026Q2 ROIC of 3.0% appearing as a positive outlier against a ten-quarter trend of capital impairment.
The company's ROE of -63.6% on a TTM basis, as reported in financial statements, confirms that shareholder capital is being destroyed. The quarterly swings from -29.5% to 13.3% ROIC highlight an inability to generate consistent returns, implying that the capital allocated to operations and development projects like Galena is not yet producing a sustainable earnings stream.
Low Leverage Offsets Near-Term Liquidity Concerns
As of the latest quarter, USAS maintains a low Debt-to-Equity ratio of 0.19, a stark improvement from 1.01 in 2025Q3, suggesting recent equity issuances have temporarily de-risked the balance sheet from a solvency perspective.
The interest coverage ratio of 6.95x in 2026Q2 indicates that operating earnings currently service interest payments comfortably. However, this metric is highly volatile and was negative as recently as 2025Q4, suggesting that leverage could become a concern if operational performance deteriorates again, especially given the company's history of funding losses with equity.
Cash Buffer Built to Absorb Operational Volatility
USAS ended the latest quarter with a current ratio of 1.62 and a substantial cash balance, a liquidity position bolstered by a likely equity raise that provides a runway but does not resolve the underlying cash burn from operations.
The quick ratio of 1.41 indicates strong immediate liquidity independent of inventory. However, the negative free cash flow margin of -31.6% in 2026Q2 demonstrates that the operational cash burn is ongoing. The company's liquidity therefore appears adequate for the near term, but its sustainability is contingent on achieving operational breakeven or securing additional capital.
The Misleading Signal of Low Leverage
The Debt-to-Equity ratio of 0.19, while superficially healthy, is the most misapplied metric for USAS as it is artificially low due to a recent equity infusion that does not address the core issue of chronic value destruction from negative margins.
For a company burning cash and posting negative ROE, the focus on debt leverage is a distraction. The critical ratio is the Free Cash Flow yield, which is deeply negative, indicating the business consumes more capital than it generates. Investors should instead monitor the cash burn rate relative to the remaining liquidity runway to assess true financial risk.