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Operates gold-silver mines in Canada and Mexico and develops the large Los Azules copper project in Argentina.
Operates gold-silver mines in Canada and Mexico and develops the large Los Azules copper project in Argentina.
Sells the gold and silver it mines at market prices, so output and metal prices set income, while the Los Azules copper project is still being developed. It sits in a subsidiary, McEwen Copper, in which outside investors including Rio Tinto and Stellantis hold stakes, so McEwen Inc. owns only part of it.
Moat: none (installed base). Diversified but small-scale operations across several countries; no significant cost or scale advantage.
Headquarters: Toronto, Canada · Founded: 2012 · Employees: 486
Size McEwen (MUX.TO) is a Canada Materials company (Precious Metals) with a market value of $954M, the 251st largest of 420 Canada companies the cockpit tracks. Shares closed at C$21.95 on 6 Nov 2026.
Performance Over six months the shares fell 31.0%, against -9.5% for the median peer and +5.2% for the Canada market (cap-weighted) — 4th lowest of 20 in its peer set.
Growth Revenue grew 54.1% over the last twelve months (peer median +69.2%); the operating margin is -2.7% (peer median 26.8%).
Valuation It trades at 31.8× forward earnings against a peer median of 11.5× (2nd most expensive of 10).
Price implies For today's price to make sense, revenue must grow about 60% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +44 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 13.6 points below its cost of capital (13.0% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$353M | C$271M | C$251M | C$220M | C$150M |
| Revenue growth | — | +8% | +14% | +47% | — |
| Gross profit | C$60.2M | C$28.7M | C$16.8M | -C$8.24M | -C$26.6M |
| EBITDA | C$38.4M | C$24.6M | C$29.2M | -C$94.4M | -C$101M |
| Net income | C$115M | C$47.3M | -C$62.9M | C$73.3M | -C$110M |
| Free cash flow | C$9.00M | -C$48.8M | -C$19.6M | -C$86.7M | -C$112M |
| Capital expenditure | C$85.7M | C$61.3M | C$62.0M | C$34.6M | C$32.8M |
| Total debt | C$182M | C$177M | C$61.4M | C$56.0M | C$91.4M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| McEwen MUX.TO | $954M | -31% | +54% | -3% | 31.8× | 59.7% |
| Hecla Mining HL | $9.90B | -21% | +30% | 48% | 18.1× | 8.0% |
| Coeur Mining CDE | $15.9B | -17% | +117% | 35% | 12.1× | 10.9% |
| First Majestic Silver AG.TO | $7.52B | -27% | +96% | 44% | 18.1× | 9.2% |
| Lundin Mining LUN.TO | $18.1B | -18% | +29% | 36% | 14.1× | 15.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MUX.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.4% | -9.3% | 11th highest of 21 |
| 6-month return | -31.0% | -9.5% | 4th lowest of 20 |
| Distance from 52-week high | -45.2% | -42.5% | 9th lowest of 21 |
| Revenue growth (TTM) | +54.1% | +69.2% | 3rd lowest of 9 |
| Operating margin | -2.7% | 26.8% | 3rd lowest of 11 |
| Forward P/E | 31.8× | 11.5× | 2nd most expensive of 10 |
| Growth the price implies (Req g, 7 yrs) | 59.7% | 6.4% | most demanding of 7 |
| Growth delivered (Del g) | +15.2% | +42.1% | 2nd lowest of 6 |
| Hurdle (Req g minus delivered) | +44.5 pp | -41.0 pp | most demanding of 6 |
| ROIC minus cost of capital | -13.6 pp | -11.3 pp | 10th highest of 19 |
| EV / EBITDA | 36.2× | 11.1× | 2nd most expensive of 8 |
| Net debt / EBITDA | 1.4× | -0.5× | most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| McEwen MUX.TO | Canada | $954M | -31% | +54% | -3% | 31.8× | 59.7% | +15.2% |
| Yunding Technology 000409.SZ | China | $960M | -18% | +6% | 6% | 69.8× | n/a | n/a |
| Highlander Silver HSLV.TO | Canada | $906M | -23% | n/a | -60% | n/a | n/a | n/a |
| EQ Resources EQR.AX | Australia | $1.01B | +6% | +150% | 11% | 4.3× | n/a | n/a |
| Omai Gold Mines OMG.V | Canada | $879M | -23% | n/a | n/a | n/a | n/a | n/a |
| Critical Metals CRML | United States | $864M | -58% | n/a | n/a | n/a | n/a | n/a |
| New Pacific Metals NUAG.TO | Canada | $1.05B | 0% | n/a | n/a | n/a | n/a | n/a |
| RIO2 RIO.TO | Canada | $1.08B | -6% | n/a | 20% | 6.1× | 36.3% | n/a |
| Gogold Resources GGD.TO | Canada | $1.08B | +19% | +64% | 47% | 29.0× | 13.3% | +13.8% |
| Hemlo Mining HMMC.TO | Canada | $1.09B | -9% | n/a | n/a | 10.8× | n/a | n/a |
| Pantoro Gold PNR.AX | Australia | $826M | -9% | +35% | 34% | 12.2× | -0.5% | +40.5% |
| Liberty Gold LGD.TO | Canada | $819M | +50% | n/a | n/a | n/a | n/a | n/a |
| Cadillac Mines CADY.TO | Canada | $815M | n/a | n/a | n/a | n/a | n/a | n/a |
| Osisko Gold OGG.V | Canada | $814M | -18% | +805% | -51% | n/a | n/a | n/a |
| Avino Silver & Gold Mines ASM.TO | Canada | $799M | -30% | +54% | 44% | 14.0× | 23.6% | +42.1% |
| Dakota Gold DC | United States | $798M | -1% | n/a | n/a | n/a | n/a | n/a |
| FireFly Metals FFM.AX | Australia | $798M | -31% | n/a | n/a | n/a | n/a | n/a |
| Benz Mining BZ.V | Canada | $1.15B | +120% | n/a | n/a | n/a | n/a | n/a |
| Kingsgate Consolidated KCN.AX | Australia | $779M | -39% | +77% | 38% | 11.5× | -6.9% | +117.2% |
| Vizsla Silver VZLA.TO | Canada | $1.18B | -1% | n/a | n/a | n/a | n/a | n/a |
| Catalyst Metals CYL.AX | Australia | $746M | -28% | +75% | 45% | 9.5× | -15.5% | +85.8% |