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olivLaw · US equity research

Americas Gold And Silver Corporation USAS

Metal Mining · SIC 1000 · Vertical: Metal Mining (SIC 1000)

3.08USD+13.65% · 1 dayClose 04 Nov 2026

At the close of 04 Nov 2026, Americas Gold And Silver Corporation (USAS) stock was 3.08 USD (+13.65% on the day), with market capitalisation 986.9 m USD, beta 1.85, 52-week range 2.71–10.03 USD.

Data as of · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
986.9 m USD
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM -0.33 · TTM to 31 Dec 2025
E/P (TTM)
-10.71%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
1.85
Volatility (1y) 89%
52-week range
2.7110.03

Price history

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Technical reading

RSI (14)
36.6
weak (30–45)
Bollinger (20, 2)
2.49 – 4.46
in the lower half of the band · %B 0.30 · band width 56.7%
SMA 50 / 200
4.36 / 5.64
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.42 / -0.41
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−30.5%−2.0%−28.5 pp—
3 months−36.0%−2.2%−33.8 pp—
6 months−52.5%+4.3%−56.8 pp—
Year to date−39.7%+10.6%−50.3 pp—
1 year−14.2%+10.5%−24.7 pp−9.4%
3 years+373.8%+73.7%+300.2 pp+67.8%
5 years+33.9%+61.7%−27.8 pp—
Max drawdown (1y)
−73.0%
02 Mar 2026 → 03 Nov 2026
Max drawdown (5y)
−83.9%
09 Mar 2022 → 22 Feb 2024
Compound annual growth (5y)
+6.0%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year201820192020⚠ 20212022202320242025
Revenue68.4 m58.4 m27.9 m45.1 m85.0 m95.2 m100.2 m117.9 m
Revenue YoY+25.9%−14.5%−52.3%—+88.7%+11.9%+5.3%+17.7%
Net income-9.9 m-32.7 m-25.2 m160.6 m-43.1 m-35.0 m-45.1 m-87.4 m
Net income YoYunavailableunavailableunavailable—−126.8%unavailableunavailableunavailable
Diluted EPSunavailableunavailableunavailable-1.11-0.21unavailable-0.43-0.33
Diluted EPS YoYunavailableunavailableunavailable—unavailableunavailableunavailableunavailable
net %-14.4%-55.9%-90.2%356.5%-50.7%-36.7%-45.0%-74.1%
Free cash flow-6.3 m2.6 m-30.5 m-63.6 m-20.8 m-21.0 m-21.9 m-73.2 m

The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
129.8 m USD
Financial debt
0 USD
Net debt
-129.8 m USD
Equity
221.6 m USD
Total assets
413.0 m USD
Debt / equity
0.00x
Current ratio
1.78x
ROE
-61.6%
ROA
-28.9%
FCF margin
-62.1%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
95.2 m
2024
100.2 m
2025
117.9 m

SEC (XBRL)· 30 Mar 2026verified

Cost of revenue
2023
-80.7 m
2024
82.7 m
2025
84.9 m

SEC (XBRL)· 30 Mar 2026verified

Gross profit
2023
14.5 m ≈
2024
17.4 m ≈
2025
33.1 m ≈

SEC (XBRL)· 30 Mar 2026derived

Depreciation & amortisation
2023
20.8 m
2024
24.1 m
2025
21.2 m

SEC (XBRL)· 30 Mar 2026verified

Interest expense
2023
—
2024
—
2025
—

SEC (XBRL)· 31 Mar 2022verified

Pre-tax income
2023
-40.2 m
2024
-48.3 m
2025
-82.8 m

SEC (XBRL)· 30 Mar 2026verified

Income tax
2023
-2.1 m
2024
679.0 k
2025
4.6 m

SEC (XBRL)· 30 Mar 2026verified

Net income
2023
-35.0 m
2024
-45.1 m
2025
-87.4 m

SEC (XBRL)· 30 Mar 2026verified

Diluted EPS
2023
—
2024
-0.43
2025
-0.33

SEC (XBRL)· 30 Mar 2026verified

Weighted average diluted shares
2023
212.7 m
2024
106.0 m
2025
267.3 m

SEC (XBRL)· 30 Mar 2026verified

Balance sheet · USD

Cash
2023
2.1 m
2024
20.0 m
2025
129.8 m

SEC (XBRL)· 30 Mar 2026verified

Receivables
2023
9.5 m
2024
7.1 m
2025
8.9 m

SEC (XBRL)· 30 Mar 2026verified

Inventories
2023
8.7 m
2024
10.7 m
2025
10.7 m

SEC (XBRL)· 30 Mar 2026verified

Current assets
2023
23.0 m
2024
40.7 m
2025
153.7 m

SEC (XBRL)· 30 Mar 2026verified

Property, plant & equipment, net
2023
153.1 m
2024
147.4 m
2025
248.8 m

SEC (XBRL)· 30 Mar 2026verified

Total assets
2023
180.5 m
2024
192.6 m
2025
413.0 m

SEC (XBRL)· 30 Mar 2026verified

Accounts payable
2023
23.0 m
2024
37.3 m
2025
38.8 m

SEC (XBRL)· 30 Mar 2026verified

Short-term debt
2023
2.3 m
2024
2.0 m
2025
0

SEC (XBRL)· 30 Mar 2026verified

Current liabilities
2023
61.2 m
2024
68.6 m
2025
86.2 m

SEC (XBRL)· 30 Mar 2026verified

Total liabilities
2023
108.3 m
2024
130.5 m
2025
191.4 m

SEC (XBRL)· 30 Mar 2026verified

Equity
2023
77.4 m
2024
62.1 m
2025
221.6 m

SEC (XBRL)· 30 Mar 2026verified

Shares outstanding at year end
2023
247.7 m
2024
594.5 m
2025
320.4 m

SEC (XBRL)· 30 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-1.0 m
2024
-3.1 m
2025
-3.9 m

SEC (XBRL)· 30 Mar 2026verified

Capex
2023
-19.9 m
2024
18.9 m
2025
69.2 m

SEC (XBRL)· 30 Mar 2026verified

Free cash flow
2023
-21.0 m ≈
2024
-21.9 m ≈
2025
-73.2 m ≈

SEC (XBRL)· 30 Mar 2026derived

Investing cash flow
2023
-18.1 m
2024
-18.9 m
2025
-68.2 m

SEC (XBRL)· 30 Mar 2026verified

Financing cash flow
2023
20.3 m
2024
35.1 m
2025
182.9 m

SEC (XBRL)· 30 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
17.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
11.5%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
33.4%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
28.0%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
-74.1%
computed by olivLawFY 2025
FCF margin
-62.1%
computed by olivLawFY 2025

Returns

ROE
-61.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-28.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-129.8 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.0x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
1.8x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
1.7x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
1.5x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
-3.9 m USD
computed by olivLawFY 2025
Capital expenditure
69.2 m USD
computed by olivLawFY 2025
Free cash flow
-73.2 m USD
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
25 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
46 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
164 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
-93 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Market and valuation

Market capitalisation
986.9 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
857.1 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-10.7%
computed by olivLawFY 2025
P/B
4.5x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
8.4x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
7.3x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-7.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
unavailable
input data missing

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 27.1% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

3.08 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 986.9 m USD

Key indicators

Market capitalisation
986.9 m USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
unavailable
insufficient data
P/B
4.5x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
-61.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-74.1%
computed by olivLawFY 2025
Revenue growth (YoY)
17.7%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 30 Mar 2026
verified 260

Score by group

27% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Metal Mining (SIC 1000)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-74.1%26 (vs peers)23%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth11.5%96 (on a fixed band)31%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.8x82 (on a fixed band)15%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-7.4%0 (on a fixed band)31%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial82/100 · 1/3 factors with a value
  • Growth· partial96/100 · 1/2 factors with a value
  • Quality· partial26/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

AMERICAS GOLD AND SILVER CORPORATION (USAS). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 117.9 m USD in 2025; YoY growth 17.7%; net margin -74.1%; ROE -61.6%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 11.5%
  • Current ratio: 1.8x

What contradicts it

  • Net margin: -74.1%
  • FCF yield: -7.4%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Metal Mining (SIC 1000) · same industry (4-digit SIC) · compared with 26 companies

Multiples and returns vs the median

P/E
—
vertical median 16.8x
EV/EBITDA
—
vertical median 13.4x
P/S
8.4x
vertical median 6.3x
above median (+32.2%)
P/B
4.5x
vertical median 2.5x
above median (+80.0%)
ROE
-61.6%
vertical median -8.4%
below median
Net margin
-74.1%
vertical median 4.4%
below median (−1,778.4%)
EBIT margin
—
vertical median 16.0%
Revenue YoY
17.7%
vertical median 8.0%
above median (+122.3%)
Net debt/EBITDA
—
vertical median 0.6x
Dividend yield
—
vertical median 1.7%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
BHPBhp Group Limited406.8 bn45.219.5%17.6%−7.9%+46% / +31%
SCCOSouthern Copper Corp146.5 bn22.653.2%37.3%+17.4%+33% / +158%
RIORio Tinto PLC106.2 bn13.917.0%17.3%+7.4%+18% / +22%
FCXFreeport-McMoRan Inc.88.7 bn28.821.8%16.2%+1.8%+44% / +66%
HBMHudbay Minerals Inc.8.8 bn15.419.7%25.7%+9.4%+31% / +388%
CLFCleveland-Cliffs Inc.7.3 bn—-8.5%-2.4%−3.0%−2% / −25%
BVNBuenaventura Mining Co Inc7.3 bn18.112.6%34.9%+40.1%+16% / +202%
MPMP Materials Corp.6.4 bn—-4.1%-19.9%+10.1%−42% / +126%
EROEro Copper Corp3.2 bn12.234.6%33.6%+67.1%+21% / +150%
NEXANexa Resources S.A.1.6 bn11.914.6%4.4%+8.5%+70% / +103%
IEIvanhoe Electric Inc.1.2 bn—-8.4%-1,138.7%+11.8%−46% / −32%
USARUSA Rare Earth, Inc.1.1 bn—-23.6%-2,159.3%unavailable−39% / −20%
TMCTMC the metals Co Inc.1.0 bn4.2-1,123.2%—unavailable−67% / +103%
USASAmericas Gold And Silver Corporation986.9 m—-61.6%-74.1%+17.7%−14% / +374%
ASMAvino Silver & Gold Mines Ltd.769.3 m79.07.0%12.2%+50.8%−15% / +746%
LARLithium Argentina AG682.1 m—-9.5%—+12.9%−24% / −21%
SGMLSigma Lithium Corporation626.1 m—-67.4%-45.6%−27.3%−50% / −81%
GSMFerroglobe PLC547.5 m—-25.9%-12.8%−18.8%−34% / −49%
ALOYRealloys Inc.459.5 m—-155.8%-5,144.4%−5.3%−5% / +68%
THMInternational Tower Hill Mines Ltd455.2 m—-2.8%—unavailable−10% / +222%
LZMLifezone Metals Limited336.9 m—-16.7%-1,289.2%+652.2%+1% / −60%
USAUU.s. Gold Corp.186.4 m—-55.2%—−30.9%−35% / +239%
PZGParamount Gold Nevada Corp.83.9 m—-46.1%—−54.7%−20% / +146%
WWRWestwater Resources, Inc.52.5 m—-19.1%—unavailable−57% / −33%
COPRIdaho Copper Corporation25.7 m—-187.5%—−63.5%unavailable / unavailable

1- and 3-year price returns: for USAS from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    The qualitative analysis has not been written for this company yet.

    Products, market & competition

    The qualitative analysis has not been written for this company yet.

    News & filings

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.