MUX
McEwen Mining Inc.
MUX's fundamentals are strong, but it looks expensive: trading at 21x earnings, about three times its usual 7.3x. Its downside scenario is about three times its upside.
MUX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
MUX's revenue, profitability, cash flow and balance sheet are all currently healthy.
MUX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 3.9x | $2.24 | -81% |
| Fair | 7.2x | $4.15 | -65% |
| Expensive | 17x | $10.09 | -16% |
| Forward | 20x | $11.95 | — |
| Current | 21x | $11.95 | — |
Historical ranges are pointers, not guarantees.
MUX's PE is in its expensive range at 21x. On analysts' estimates for next year's earnings, today's price would be 20x.
MUX Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Strong decline | |
| Decline | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect MUX's earnings and revenue to decline, with profitability weakening.
MUX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.60 | +4.3% |
| Q3 2026 | $0.58 | +$0.81 |
| Q2 2026 | $1.17 | +$1.43 |
| Q1 2026 | $1.09 | +$1.67 |
| Q4 2025 | $0.50 | +$1.37 |
| Q3 2025 | -$0.23 | -111% |
| Q2 2025 | -$0.26 | -114% |
| Q1 2025 | -$0.58 | -136% |
| Q4 2024 | -$0.87 | -177% |
MUX has returned to profit: it earned $0.58 per share over the past year, after losing money the year before.
MUX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $43.6M | -14% |
| Q2 2026 | $59.2M | +27% |
| Q1 2026 | $74M | +107% |
| Q4 2025 | $64.6M | +93% |
| Q3 2025 | $50.5M | -3.3% |
| Q2 2025 | $46.7M | -1.6% |
| Q1 2025 | $35.7M | -13% |
| Q4 2024 | $33.5M | -43% |
MUX's revenue is growing: $44M last quarter, down 14% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -49% | -32 points |
| Q2 2026 | 13% | +20 points |
| Q1 2026 | 56% | +77 points |
| Q4 2025 | 34% | +78 points |
| Q3 2025 | -17% | -17 points |
| Q2 2025 | -7.2% | +22 points |
| Q1 2025 | -21% | +32 points |
| Q4 2024 | -43% | +37 points |
MUX's operating margin was −49% last quarter, down 32 points from the same quarter a year ago.
MUX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$29.9M | -673% |
| Q2 2026 | $46.2M | +9570% |
| Q1 2026 | $12.1M | +$14M |
| Q4 2025 | $3.1M | +$4.3M |
| Q3 2025 | $5.2M | -78% |
| Q2 2025 | $478K | -87% |
| Q1 2025 | -$1.9M | -150% |
| Q4 2024 | -$1.2M | -107% |
MUX has burned cash in most quarters: $32M over the past year, more than ten times what it generated the year before.
MUX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -19% | -13.8M shares |
| 1 year | +12% | +6.6M shares |
| 3 years | +28% | +13.3M shares |
| 5 years | +32% | +14.9M shares |
| Available history | +61% | +22.9M shares |
MUX has 61M diluted shares, up 12% from a year ago.
MUX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.0x | Very low |
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.9x | Very low |
| Q4 2025 | 2.5x | Moderate |
| Q2 2025 | 23.0x | High |
MUX's net debt is about a year of its operating earnings (EBITDA), down from more than 20 years a year ago.
MUX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 32.4 | Neutral |
| Stochastic | 9.4 | Oversold |
MUX's weekly RSI is 32 (neutral) and its Stochastic is 9 (oversold).
MUX PE vs Basic Materials Sector
| Metric | MUX | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 19x | 11% above |
| PE % | 90 | 40 | 50 pts above |
MUX is trading at 21x earnings, a 11% premium to the Basic Materials sector's median of 19x.
MUX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $15.9 | 25% below |
| 20 week MA | $17.6 | 32% below |
| 50 week MA | $20.3 | 41% below |
| 100 week MA | $15.5 | 23% below |
| 200 week MA | $11.9 | 0.2% above |
MUX has fallen below most of its moving averages, though it's still 0.2% above its 200-week average.
MUX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $12.2 | $9.84 | -19% |
| 2021 | $9.84 | $9.10 | -7.5% |
| 2022 | $9.10 | $5.82 | -36% |
| 2023 | $5.82 | $7.21 | +24% |
| 2024 | $7.21 | $7.92 | +9.8% |
| 2025 | $7.92 | $20.1 | +154% |
| 2026 YTD | $20.1 | $12.0 | -41% |
MUX has finished lower in three of the last six years. It's down 41% so far in 2026.