2 models fit McEwen Inc. Common Stock and they disagree: 0 of 2 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)
Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, and Graham number.
ACCE opinionMcEwen Inc. Common Stock (MUX)
Fair value (2 models)
$7.72
ACCE price target
$20.00
Rating
Overvalued
Horizon
12 months
Fair value published on 23 Oct 2026, 10:03 CEST; previously $8.24 since 17 Oct 2026, 00:00 CEST.
ACCE price target published on 13 Oct 2026, 00:00 CEST.
Rating published on 23 Oct 2026, 10:03 CEST.
Price used: $14.63 at the close on 23 Oct 2026, 22:00 CEST.
Models: EV/EBITDA comparison and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
89.6% above
-47.2% to fair value
ACCE score
58
out of 100
Analysts
100% buy
6 covering
P/E
11.6x
forward 4.5x
1-year return
-27.8%
Dividend yield
0.00%
McEwen Inc. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
McEwen Inc. is a gold and silver miner whose producing assets include the Black Fox mine in Ontario, the Fox Complex, and the Los Azules copper project in Argentina, which is the main long-dated option on the company. Revenue grew 26.8% over the last year, and a gross margin of 37.3% shows the mines are profitable at the mine level, but a -5.9% operating margin means corporate costs, development spending and depreciation still swallow that gain. The stock trades at 12.9 times trailing earnings and 6.0 times forward earnings, a steep drop that implies the market expects earnings to rise sharply or doubts the forecast. The score of 60/100 and absence from any major index mean the name sits well under the radar, which is the reason to check whether the forward multiple holds up against metal prices and Los Azules timing.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Negative free cash flow
Free cash flow is $-37,774,000 despite a net margin of +32.5%, so reported earnings are not turning into cash. Earnings growth of +156.0% should be read with that gap in mind.
moderate
Heavy short interest
Short interest sits at 20.0% of ownership, meaning a fifth of the float is positioned against the stock. Expect large swings on any news.
moderate
Operating margin negative
Operating margin is -5.9% while net margin is +32.5%, so the reported profit depends on items below operating income rather than the core business. The earnings jump of +156.0% is therefore lower quality than it looks.
AI research notes
AI-assisted·How I use AIWritten Oct 20, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 26.8% year over year, well above its 13.5% five-year average pace.
The forward P/E of 6.0x sits far below the sector median of 17.4x.
Why it could disappoint
Free cash flow over the last twelve months was negative at -$38M, so the business is consuming cash.
The latest earnings per share came in 44.0% below expectations, at 0.14 against 0.25 expected.
The diluted share count rose 5.9% last fiscal year, diluting existing shareholders' stakes.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 4, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where MUX's valuation models land
Price
$14.63
Model fair value
$7.72
Model range
$4.90 to $11.10
Fair value $7.72
Price $14.63
The price is above the whole model range.
Model
Fair value
Upside
EV/EBITDA comparison
Graham number
P/E comparison
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
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+Conviction breakdown and growth / value / quality / momentum scores