Share count
124Mpeak FY2025
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UAMY, United States Antimony Corporation
Antimony Corporation's principal business is in the mining, procuring, processing and sale of antimony and precious metals, primarily gold and silver, in Montana and Mexico, and the mining, processing, and sale of zeolite in Idaho.
Defense Logistics Agency and an industrial customer, both of which were secured in 2025.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$39M
+162.8% YoY · 50% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $39M 5-yr avg $16M
Revenue $7M −3.1% vs yr-ago qtr
Operating margin −110.8% yr-ago 5.1%
Net income ($11M) yr-ago $547K
Net margin −166.5% yr-ago 7.8%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn. Capital build-out. Capital spending has surged to 71% of sales, today's earnings are charged less depreciation than tomorrow's will be.
- What moves the needle
- Operating margin has run around −16% through the cycle on a 4.5% gross margin, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. The cash cycle has run negative through the cycle (a median of −13 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. Read this kind of business on the commodity price and the cost position. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median −6%, above 15% in 0 of 10 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $12M | $10M | $9M | $8M | $5M | $8M | $11M | $9M | $15M | $39M | $39M | RevenueRevenue |
| 5% | 3% | — | −10% | 4% | 11% | 18% | −38% | 23% | 25% | 22% | Gross marginGross mgn |
| 6% | 6% | 9% | 8% | 12% | 9% | 6% | 19% | 14% | 8% | 10% | SG&A / revenueSG&A/rev |
| ($817K) | ($960K) | $547K | ($4M) | ($3M) | ($660K) | $348K | ($7M) | ($2M) | ($8M) | ($16M) | Operating incomeOp. inc. |
| −6.9% | −9.4% | 6.1% | −45.4% | −63.1% | −8.5% | 3.2% | −81.3% | −16.0% | −21.5% | −41.8% | Operating marginOp. mgn |
| ($1M) | ($1M) | $873K | ($4M) | ($3M) | ($60K) | $429K | ($6M) | ($2M) | ($4M) | ($16M) | Net incomeNet inc. |
| Cash flow & returns | |||||||||||
| $426K | $717K | ($657K) | ($11K) | ($1M) | ($2M) | ($249K) | ($5M) | $2M | ($10M) | ($20M) | Operating cash flowOp. cash |
| $1000K | $969K | $905K | $896K | $886K | $881K | $909K | $959K | $1M | $1M | $1M | DepreciationDeprec. |
| $598K | $714K | ($3M) | $3M | $965K | ($3M) | ($2M) | $639K | $2M | ($14M) | ($17M) | Working capital & otherWC & other |
| $596K | $366K | $899K | $793K | $243K | $648K | $2M | $2M | $431K | $28M | $40M | CapexCapex |
| 5.0% | 3.6% | 10.0% | 9.6% | 4.6% | 8.4% | 15.6% | 17.6% | 2.9% | 70.8% | 101.2% | Capex / revenueCapex/rev |
| ($170K) | $351K | ($2M) | ($804K) | ($2M) | ($3M) | ($1M) | ($6M) | $2M | ($11M) | ($21M) | Owner earningsOwner earn. |
| −1.4% | 3.4% | −17.2% | −9.7% | −29.6% | −39.7% | −10.5% | −65.7% | 12.0% | −27.7% | −54.6% | Owner earnings marginOE mgn |
| ($170K) | $351K | ($2M) | ($804K) | ($2M) | ($3M) | ($2M) | ($6M) | $2M | ($37M) | ($60M) | Free cash flowFCF |
| −1.4% | 3.4% | −17.2% | −9.7% | −29.6% | −39.7% | −17.9% | −72.2% | 12.0% | −95.5% | −152.5% | Free cash flow marginFCF mgn |
| — | — | — | — | — | — | $0 | $788K | $0 | — | $0 | Dividends paidDiv. paid |
| — | — | — | — | — | $0 | $203K | $0 | — | $449K | — | BuybacksBuybacks |
| -5% | -6% | 4% | -35% | -40% | -5% | 3% | -41% | -18% | -6% | -10% | ROICROIC |
| -12% | -11% | 8% | -43% | -46% | -0% | 1% | -25% | -6% | -3% | -12% | Return on equityROE |
| — | — | — | — | — | — | 1% | −28% | −6% | — | −12% | Retained to equityRetained/eq |
| Balance sheet | |||||||||||
| $10K | $28K | $57K | $116K | $665K | $21M | $19M | $12M | $18M | $30M | $3M | Cash & investmentsCash+inv |
| $552K | $363K | $438K | $284K | $239K | $891K | $784K | $625K | $1M | $4M | $3M | ReceivablesReceiv. |
| $856K | $915K | $755K | $626K | $650K | $1M | $1M | $1M | $1M | $13M | $22M | InventoryInvent. |
| $2M | $2M | $2M | $2M | $2M | $1M | $629K | $457K | $2M | $7M | $10M | Accounts payablePayables |
| ($389K) | ($999K) | ($733K) | ($1M) | ($988K) | $561K | $2M | $2M | $800K | $10M | $15M | Operating working capitalOper. WC |
| $2M | $2M | $2M | $1M | $2M | $24M | $22M | $14M | $21M | $55M | $48M | Current assetsCur. assets |
| $3M | $4M | $4M | $4M | $4M | $2M | $2M | $897K | $4M | $10M | $13M | Current liabilitiesCur. liab. |
| 0.5× | 0.4× | 0.5× | 0.3× | 0.4× | 11.4× | 9.7× | 15.7× | 5.2× | 5.4× | 3.6× | Current ratioCurr. ratio |
| $18M | $17M | $18M | $14M | $13M | $35M | $35M | $28M | $35M | $154M | $148M | Total assetsAssets |
| $2M | $2M | $2M | $133K | $86K | $228K | $312K | $28K | $328K | $195K | $162K | Total debtDebt |
| $2M | $2M | $2M | $18K | ($579K) | ($21M) | ($19M) | ($12M) | ($18M) | ($30M) | ($3M) | Net debt / (cash)Net debt |
| -5.1× | -9.0× | 5.5× | -47.9× | -183.7× | -119.2× | 23.0× | — | — | — | -1078.8× | Interest coverageInt. cov. |
| $11M | $10M | $11M | $8M | $7M | $32M | $32M | $26M | $29M | $141M | $132M | Shareholders’ equityEquity |
| 1.2% | 1.6% | 1.9% | 2.1% | 2.5% | 1.4% | — | 0.0% | 3.8% | 18.0% | 29.9% | Stock comp / revenueSBC/rev |
| Per share | |||||||||||
| 66.8M | 67.4M | 68.1M | 69.0M | 72.5M | 106M | 106M | 108M | 109M | 124M | 142M | Shares out (diluted)Shares |
| $0.18 | $0.15 | $0.13 | $0.12 | $0.07 | $0.07 | $0.10 | $0.08 | $0.14 | $0.32 | $0.28 | Revenue / shareRev/sh |
| $-0.02 | $-0.02 | $0.01 | $-0.05 | $-0.05 | $-0.00 | $0.00 | $-0.06 | $-0.02 | $-0.04 | $-0.11 | EPS (diluted)EPS |
| $-0.00 | $0.01 | $-0.02 | $-0.01 | $-0.02 | $-0.03 | $-0.01 | $-0.05 | $0.02 | $-0.09 | $-0.15 | Owner earnings / shareOE/sh |
| $-0.00 | $0.01 | $-0.02 | $-0.01 | $-0.02 | $-0.03 | $-0.02 | $-0.06 | $0.02 | $-0.30 | $-0.42 | Free cash flow / shareFCF/sh |
| — | — | — | — | — | — | $0.00 | $0.01 | $0.00 | — | $0.00 | Dividends / shareDiv/sh |
| $0.01 | $0.01 | $0.01 | $0.01 | $0.00 | $0.01 | $0.02 | $0.01 | $0.00 | $0.22 | $0.28 | Cap. spending / shareCapex/sh |
| $0.17 | $0.15 | $0.17 | $0.12 | $0.10 | $0.30 | $0.30 | $0.24 | $0.26 | $1.14 | $0.93 | Book value / shareBVPS |
The diluted share count moved ×1.47 into 2021 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | +6.6%/yr | +34.5%/yr |
| Capital spending / share | +43.1%/yr | +131.9%/yr |
| Book value / share | +23.6%/yr | +63.0%/yr |
The year, in the company's words
the filing →Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.
- Antimony+208.4%
“Antimony revenue increased $24.3 million, or 219%, to $35.4 million in 2025 compared to $11.1 million in the prior year. The increase was primarily driven by sustained market demand and reduced supply, which resulted in a 230% increase in the average sales price per pound.”
✓ figure matches the filed record
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
ROIC
−6%low FY2023
Gross margin
25%low FY2023
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
($11M)owner earningsvs.($4M)net incomelow FY2025
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2016FY2024
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business earned ($11M) of owner earnings, the operating cash left after the $1M it takes just to hold its position. It put $27M more into growth; free cash flow, after that spending, was ($37M).
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | ($4M) | ($2M) | ($6M) | $429K | ($60K) |
| Depreciation & amortizationnon-cash charge added back | +$1M | +$1M | +$959K | +$909K | +$881K |
| Stock-based compensationreal costnon-cash, but a real cost | +$7M | +$569K | — | — | +$110K |
| Working capital & othertiming of cash in and out, other non-cash items | −$14M | +$2M | +$639K | −$2M | −$3M |
| Cash from operations | ($10M) | $2M | ($5M) | ($249K) | ($2M) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$1M | −$431K | −$959K | −$909K | −$648K |
| Owner earnings | ($11M) | $2M | ($6M) | ($1M) | ($3M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$27M | — | −$569K | −$817K | — |
| Free cash flow | ($37M) | $2M | ($6M) | ($2M) | ($3M) |
| Owner-earnings marginowner earnings ÷ revenue | -28% | 12% | -66% | -10% | -40% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $1M, roughly its depreciation, the rate its assets wear out). The other $27M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $7M), owner earnings is nearer ($18M).
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? -558.7×Does not cover its interestOperating income ($8M) ÷ interest expense $15K
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net cashCash $30M − debt $195K
What this means
Cash and short-term investments exceed every dollar of debt by $30M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Long (60+ days)DSO 39 + DIO 156 − DPO 86 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- Below average through the cycle10-yr median, range -41%–4%; -6% latest = NOPAT ($7M) ÷ invested capital $111MIndustry peers: median 4%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran -6% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Consumes cash through the cycle10-yr median margin, range -66%–12%; latest ($11M) = operating cash ($10M) − maintenance capex $1MIndustry peers: median 6%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -28% of revenue this year, a -17% median across 10 years. It chose to put $27M more into growth, so free cash flow this year was ($37M) — the gap is investment, not weakness. Treating stock comp as the real expense it is (less $7M of SBC) leaves ($18M).
- Are earnings backed by cash? ($10M)Loss, and burning cashNet income ($4M) · cash from operations ($10M)
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- No surplus to allocate
What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
- Investing or harvesting? 23.84×ExpandingCapex $28M ÷ depreciation $1M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 2 of 5 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $39M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 5.38×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt PassDebt ≤ working capital · $195K vs $45M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability MissA profit every year (10-yr record) · 8 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · 1 of 10 yrs
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth —Earnings +33% over the record · —
What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.03/share (latest year $-0.03), the averaged base the calculator's gate runs on, and book value is $0.95/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2016–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 2 of 10
What this means
Lost money in 8 year(s), look at what happened there before trusting the average.
- Return on capital ≥ 15% 0 of 10 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin −3% → −40% (3-yr avg ends)
In the filing’s words The filing attributes gains to higher prices but names price competition too — and the margin slipped, so the pressure is winning here.
What this means
Through the cycle the operating margin slipped — about −3% early to −40% lately, median −16% — competition or costs are biting in.
- Reinvestment, incremental ROIC −14%
What this means
Reinvested capital came back at a negative incremental return over this window — the invested base grew while operating profit did not. The filings show where it went.
- Worst year 2023 · −81.3% op. margin
What this means
Operations went underwater in 2023, understand why before trusting the good years.
- Dividend record paid
What this means
Paid a dividend in 1 of the years on record.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Named as a competitive risk
Its FY2025 10-K names artificial intelligence as a competitive threat.
“The advances and increased adoption of artificial intelligence could have significant and far-reaching effects on our business and our industry, which could adversely impact our mining and processing of minerals, the selling of our products, the demand for our products, the pricing of our products, the cost structure o…”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$48M
- Cash & short-term investments$3M
- Receivables$3M
- Inventory$22M
- Other current assets$20M
Current liabilities$13M
- Debt due within a year$138K
- Accounts payable$10M
- Other current liabilities$4M
Current ratio3.62×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.97×stricter: inventory excluded
Cash ratio0.25×strictest: cash alone against what's due
Working capital$35Mthe cushion left after near-term bills
Debt due this year vs. cash$138K due · $3M cash
covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet
Cash runway0.1 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Revenue, latest quarter vs. a year ago−3.1%the freshest read on whether the business is still growing
Current ratio, recent quarters11.7× → 3.6×
Deeper floors
Tangible book value$132Mequity stripped of goodwill & intangibles
Net current asset value$32MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$200K$38K of it operating leases
From the company's latest filing.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|---|
| 2023 | John C. Gustavsen | $152k | $152k | ($6M) |
| 2024 | Gary C. Evans | $652k | $2.5M | $2M |
| 2025 | — | $5.0M | $10.1M | ($11M) |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years. A dash under the name means the filing tags the figure without naming the officer.
- Insider ownership5.5%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$7M
The slice of the business handed to employees in shares this year, 18% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Inverting the record
Invert: instead of why United States Antimony Corporation is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.
2 of the 3 tests turned up something to look into; the other 1 came back clean.
- Look hereIs it less profitable than it was?−27.1% vs −5.1%
The business ran at a loss early in the record (an owner-earnings margin of −5.1%) and the loss has widened to −27.1% across the last three years, with the latest year at −27.7%. Ask the filing where the widening sits — price, cost, or spending growing faster than revenue — and what would narrow it.
- Look hereDid receivables and inventory outpace sales?12% → 63% of sales
Receivables and inventory grew from $1M to $25M while revenue grew 228%: working capital is climbing faster than sales (12% of revenue then, 63% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.
And these came back clean
- Did debt outgrow the business?
Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.
What an owner would ask, FY2025
read the 10-K →- How much of the revenue rides on one buyer?≈$31M · 80% of revenue on the largest customers (TTM)
“In 2025, our three largest customers accounted for 80% of our consolidated revenues.”verify →
- Which reported numbers are a judgment call?Management names Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Metals & Mining
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| CENXCentury Aluminum Company | $2.5B | 3% | -0.9% | -1% | -1% |
| MATWMatthews International Corporation | $1.5B | 33% | 2.5% | 2% | 6% |
| MTUSMetallus Inc. | $1.2B | 8% | 0.3% | 0% | 3% |
| WORWorthington | $1.2B | 17% | 2.4% | 4% | 8% |
| ROCKGibraltar Industries Inc. | $1.1B | 25% | 9.6% | 12% | 11% |
| IIINInsteel Industries Inc. | $648M | 15% | 8.6% | 13% | 8% |
| NWPXNWPX Infrastructure Inc. | $526M | 17% | 8.3% | 7% | 4% |
| UAMYUnited States Antimony Corporation | $39M | 5% | -12.7% | -6% | -14% |
| Group median | — | 16% | 2.5% | 3% | 5% |
The price
What a price has to assume.
What the price implies
reverse-DCFUnited States Antimony Corporation is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
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The assumptions
Revenue, delivered40%/yr’20→’25
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−153%
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "United States Antimony Corporation (UAMY), the owner's record," https://ownerscorecard.com/c/UAMY, data as of 2026-07-09.
Manual order: ← UAL its page in the Manual UAN →
Industry order: ← TTAM the Metals & Mining chapter USAR →