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Relative valuation derived from Materials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 42GRADE C
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
-365.9%
Sector: 3.3%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, Americas Gold & Silver Corp (USAS) receives a "Hold" rating with a composite score of 47.7/100, ranked #1297 out of 4446 stocks. Key factor scores: Quality 42/100, Value 57/100, Momentum 65/100. This is quantitative analysis only — not investment advice.
Americas Gold & Silver Corp (USAS) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Americas Gold & Silver Corp Do?
Americas Gold and Silver Corporation, together with its subsidiaries, engages in the acquisition, exploration, development, and operation of mineral properties in North America. It explores for silver, lead, zinc, copper, and gold deposits. The company holds 100% interests in the Cosalá Operations consisting of 67 mining concessions that covers approximately 19,385 hectares located in the state of Sinaloa, Mexico; and the San Felipe development project in Sonora, Mexico. It also owns a 60% interest in the Galena Complex located in the northern Idaho Silver Valley, Idaho; and a 100% interest in the Relief Canyon mine located in the Pershing County, Nevada, the United States. The company was formerly known as Americas Silver Corporation and changed its name to Americas Gold and Silver Corporation in September 2019. Americas Gold and Silver Corporation was incorporated in 1998 and is headquartered in Toronto, Canada. Americas Gold & Silver Corp (USAS) is classified as a small-cap stock in the Materials sector, specifically within the Non-Metallic And Industrial Metal Mining industry. The company is led by CEO Darren J. Blasutti and employs approximately 580 people. With a market capitalization of $1.8B, USAS is one of the notable companies in the Materials sector.
As of April 2026, Americas Gold & Silver Corp receives a Hold rating with a composite score of 47.7/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.USAS ranks #1,297 out of 4,446 stocks in our coverage universe. Within the Materials sector, Americas Gold & Silver Corp ranks #84 of 284 stocks, placing it in the upper half of its Materials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
USAS Stock Price and 52-Week Range
Americas Gold & Silver Corp (USAS) currently trades at $5.61. The stock lost $0.10 (1.8%) in the most recent trading session. The 52-week high for USAS is $10.50, which means the stock is currently trading -46.6% from its annual peak. The 52-week low is $0.40, putting the stock 1314.9% above its annual trough. Recent trading volume was 3.2M shares, reflecting moderate market activity.
Is USAS Overvalued or Undervalued? — Valuation Analysis
Americas Gold & Silver Corp (USAS) carries a value factor score of 57/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The price-to-book ratio stands at 34.21x, versus the sector average of 2.83x. The price-to-sales ratio is 26.25x, compared to 0.74x for the average Materials stock. On an enterprise value basis, USAS trades at 37.86x EV/EBITDA, versus 6.01x for the sector.
Overall, USAS's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
Americas Gold & Silver Corp (USAS) earns a quality factor score of 42/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -365.9%, compared to the Materials sector average of 3.3%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -101.5% versus the sector average of 0.6%.
On a margin basis, Americas Gold & Silver Corp reports gross margins of 551.5%, compared to 29.8% for the sector. The operating margin is 319.3% (sector: 6.0%). Net profit margin stands at -280.7%, versus 3.0% for the average Materials stock. Revenue growth is running at -81.7% on a trailing basis, compared to 1.8% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
USAS Debt, Balance Sheet, and Financial Health
Americas Gold & Silver Corp has a debt-to-equity ratio of 26.0%, compared to the Materials sector average of 41.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. Total debt on the balance sheet is $14M. Cash and equivalents stand at $20M.
USAS has a beta of 0.93, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for Americas Gold & Silver Corp is 18/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.
Americas Gold & Silver Corp Revenue and Earnings History — Quarterly Trend
In TTM 2026, Americas Gold & Silver Corp reported revenue of $17M. Net income for the quarter was $-49M. Gross margin was 551.5%. Operating income came in at $56M.
In FY 2024, Americas Gold & Silver Corp reported revenue of $17M. Net income for the quarter was $-49M. Gross margin was 551.5%. Revenue grew -80.6% year-over-year compared to FY 2023. Operating income came in at $56M.
In FY 2023, Americas Gold & Silver Corp reported revenue of $90M. Net income for the quarter was $-184M. Gross margin was 184.8%. Revenue grew 2152.6% year-over-year compared to FY 2022. Operating income came in at $-99M.
In FY 2022, Americas Gold & Silver Corp reported revenue of $4M and earnings per share (EPS) of $-0.23. Net income for the quarter was $-213M. Gross margin was -79.9%. Revenue grew -91.2% year-over-year compared to FY 2021. Operating income came in at $-95M.
Over the past 8 quarters, Americas Gold & Silver Corp has experienced revenue contraction from $68M to $17M. Investors analyzing USAS stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
USAS Dividend Yield and Income Analysis
Americas Gold & Silver Corp (USAS) does not currently pay a dividend. This is common among smaller companies in the Non-Metallic And Industrial Metal Mining industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Materials dividend stocks may want to explore other Materials stocks or use the stock screener to filter by dividend yield.
USAS Momentum and Technical Analysis Profile
Americas Gold & Silver Corp (USAS) has a momentum factor score of 65/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 48/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 39/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
USAS vs Competitors — Materials Sector Ranking and Peer Comparison
Comparing USAS against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full USAS vs S&P 500 (SPY) comparison to assess how Americas Gold & Silver Corp stacks up against the broader market across all factor dimensions.
USAS Next Earnings Date
No upcoming earnings date has been announced for Americas Gold & Silver Corp (USAS) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy USAS? — Investment Thesis Summary
Americas Gold & Silver Corp presents a balanced picture with arguments on both sides. Price momentum is positive at 65/100, suggesting the trend favors buyers. High volatility (stability score 18/100) increases portfolio risk.
In summary, Americas Gold & Silver Corp (USAS) earns a Hold rating with a composite score of 47.7/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on USAS stock.
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Institutional Research Dossier
Americas Gold & Silver Corp (USAS) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
Americas Gold & Silver Corp (USAS) currently holds a "Hold" rating, a position that appears justified given the company's volatile financial performance and valuation metrics. While the company possesses promising assets in the mining sector, its historical struggles with profitability and revenue generation, coupled with a high EV/EBITDA ratio compared to its peers, suggest caution. The potential for future growth and free cash flow generation is present, but significant operational improvements and a more favorable commodity price environment are necessary to warrant a more optimistic outlook.
The company's recent shift towards positive free cash flow is encouraging, but its historical inconsistency and the inherent risks associated with mining operations temper enthusiasm. The current valuation appears stretched, reflecting perhaps speculative interest in the underlying assets rather than a solid foundation of consistent financial performance. Therefore, a "Hold" rating seems appropriate until the company demonstrates a sustained track record of profitability and efficient capital allocation.
Business Strategy & Overview
Americas Gold and Silver Corporation operates primarily in the acquisition, exploration, development, and operation of mineral properties, focusing on silver, lead, zinc, copper, and gold deposits. The company's core assets include the Cosalá Operations in Mexico, the San Felipe development project (also in Mexico), a 60% interest in the Galena Complex in Idaho, and the Relief Canyon mine in Nevada. The company's strategy revolves around maximizing the value of these assets through efficient mining operations, exploration to expand reserves, and strategic development projects.
The Cosalá Operations in Mexico are a key revenue driver, and the company aims to optimize production and reduce costs at this site. The San Felipe project represents a longer-term growth opportunity, with the potential to significantly increase the company's production capacity. The Galena Complex, located in the Silver Valley of Idaho, is a historically significant silver mine, and Americas Gold & Silver seeks to leverage its expertise to improve operational efficiency and extend the mine's life. The Relief Canyon mine in Nevada provides exposure to gold production, diversifying the company's revenue streams.
The company's business model is inherently capital-intensive, requiring significant investment in exploration, development, and infrastructure. Fluctuations in commodity prices, particularly silver, gold, lead, and zinc, have a direct impact on the company's revenue and profitability. The company also faces operational risks associated with mining, including geological challenges, equipment failures, and labor disputes. Furthermore, the company must navigate complex regulatory environments in both Mexico and the United States.
Americas Gold & Silver competes with other mining companies for resources, capital, and skilled labor. The company's success depends on its ability to efficiently manage its operations, control costs, and adapt to changing market conditions. Strategic partnerships and acquisitions may also play a role in the company's growth strategy. The company's name change in 2019 to Americas Gold and Silver Corporation reflects its strategic shift towards a more diversified portfolio of precious metals assets.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-81.7%
Sector: 1.8%
-4769% VS SCTR
Economic Moat Analysis
Americas Gold & Silver's economic moat is difficult to definitively classify as Wide or Narrow; it leans towards a Narrow moat, primarily due to the nature of its assets and the mining industry in general. The company's moat is not particularly strong due to the cyclical nature of commodity prices and the inherent risks associated with mining operations. While the company possesses valuable mineral assets, these assets are not necessarily unique or irreplaceable, and other mining companies could potentially develop similar resources.
One potential source of a narrow moat could be the company's expertise in operating specific mines, such as the Galena Complex in Idaho, which has a long history of silver production. This operational know-how could provide a slight advantage over competitors who lack experience in similar geological conditions. However, this advantage is not insurmountable, and other mining companies could acquire the necessary expertise over time.
The company's mining concessions and permits also represent a form of intangible asset, which can contribute to a narrow moat. Obtaining these permits can be a lengthy and costly process, creating a barrier to entry for new competitors. However, these permits are not permanent and are subject to renewal and regulatory oversight. Furthermore, the company must comply with environmental regulations and maintain positive relationships with local communities to retain its operating licenses.
Cost advantages are not readily apparent in the company's financial statements. While the company's gross margin has fluctuated significantly, it has recently shown improvement. However, it is unclear whether this improvement is sustainable or simply a result of favorable commodity prices. The company's operating margin has also been volatile, reflecting the challenges of managing costs in the mining industry. Efficient scale is not a significant factor in this industry, as the size of the operation does not necessarily guarantee lower costs or higher profitability.
Network effects and switching costs are not relevant in the mining industry. Customers typically purchase commodities based on price and quality, and there are no significant barriers to switching between suppliers. Therefore, Americas Gold & Silver's economic moat is primarily based on its intangible assets (mining concessions and permits) and its operational expertise in specific mines. However, these advantages are not strong enough to create a wide moat, and the company remains vulnerable to competition and fluctuations in commodity prices.
Financial Health & Profitability
Americas Gold & Silver's financial health presents a mixed picture. The company's revenue has been highly volatile over the past several years, with a significant decline in the most recent TTM period. The revenue of $17.41 million for FY2024 represents a substantial decrease compared to $89.56 million in FY2023, $3.98 million in FY2022, and $45.05 million in FY2021. This inconsistency raises concerns about the company's ability to generate sustainable revenue growth. The company's net income has also been consistently negative, with a net loss of $48.89 million in the most recent TTM period. While this is an improvement compared to the massive losses in previous years (e.g., $-184.43 million in FY2023 and $-792.93 million in FY2021), it still indicates that the company is struggling to achieve profitability.
The company's gross margin and operating margin have also been highly volatile. In the most recent TTM period, the gross margin was an impressive 551.5%, and the operating margin was 319.3%. However, these figures are misleading due to the low revenue base. In previous years, the gross margin and operating margin were significantly negative, indicating that the company was incurring substantial costs to generate its revenue. The company's ROE is also extremely negative at -365.9%, reflecting the company's poor profitability and negative equity.
On a positive note, the company's free cash flow has improved significantly in recent years. The company generated $71.09 million in free cash flow in the most recent TTM period and $119.34 million in FY2023. This improvement is likely due to cost-cutting measures and improved operational efficiency. The company's balance sheet appears to be relatively healthy, with total cash of $20.00 million and total debt of $13.71 million. The debt-to-equity ratio is 26.00, which is lower than the sector average of 40.00. However, the company's current ratio is not available, making it difficult to assess its short-term liquidity.
Compared to the sector, Americas Gold & Silver's financial performance is significantly worse in several key areas. The company's P/E ratio is not applicable due to its negative earnings. Its EV/EBITDA ratio of 36.0x is significantly higher than the sector average of 5.2x, indicating that the company is overvalued relative to its earnings. The company's ROE of -365.9% is significantly lower than the sector average of 2.7%. The company's net margin of -280.7% is also significantly lower than the sector average of 3.0%. Furthermore, the company's revenue growth of -81.7% is significantly lower than the sector average of 1.5%.
In summary, Americas Gold & Silver's financial health is weak, characterized by volatile revenue, consistent net losses, and poor profitability metrics. While the company's free cash flow has improved, and its balance sheet appears to be relatively healthy, its financial performance is significantly worse than the sector average. The company needs to demonstrate a sustained track record of profitability and revenue growth to improve its financial health.
Valuation Assessment
The valuation of Americas Gold & Silver Corp (USAS) presents a challenging assessment due to the company's inconsistent financial performance and the inherent volatility of the mining sector. Traditional valuation metrics, such as the P/E ratio, are not applicable due to the company's negative earnings. The EV/EBITDA ratio, at 36.0x, is significantly higher than the sector average of 5.2x, suggesting that the company is overvalued relative to its earnings. This high valuation may reflect speculative interest in the company's assets or expectations of future growth, rather than a solid foundation of current profitability.
The company's free cash flow (FCF) yield is difficult to assess accurately due to the volatility of its FCF. While the company has generated positive FCF in recent periods, this is a relatively new development, and it is unclear whether it is sustainable. Furthermore, the company's historical FCF performance has been highly inconsistent, making it difficult to project future FCF with any degree of certainty. A discounted cash flow (DCF) analysis would be highly sensitive to assumptions about future commodity prices, production levels, and operating costs.
Relative valuation, comparing USAS to its peers, is also challenging due to the unique characteristics of each mining company and the specific assets they hold. However, based on available data, it appears that USAS is trading at a premium to its peers, particularly in terms of EV/EBITDA. This premium may be justified if the company has superior growth prospects or higher-quality assets. However, given the company's historical financial performance, it is difficult to make a strong case for a premium valuation.
Considering the company's historical financial performance, its current valuation appears to be stretched. The high EV/EBITDA ratio and the lack of consistent profitability suggest that the stock is overvalued. While the company has made progress in improving its free cash flow, it needs to demonstrate a sustained track record of profitability and efficient capital allocation to justify its current valuation. A more conservative valuation approach would be warranted until the company can demonstrate consistent financial performance.
In conclusion, the valuation of Americas Gold & Silver is complex and requires careful consideration of the company's historical financial performance, its future growth prospects, and the inherent risks associated with the mining sector. Based on available data, the stock appears to be overvalued, and a more conservative valuation approach is warranted until the company can demonstrate consistent profitability and efficient capital allocation.
Risk & Uncertainty
Americas Gold & Silver faces several specific risks that could significantly impact its business and financial performance. One of the most significant risks is commodity price volatility. The company's revenue is directly tied to the prices of silver, gold, lead, and zinc, which are subject to fluctuations based on global supply and demand, economic conditions, and geopolitical events. A significant decline in commodity prices could reduce the company's revenue and profitability, potentially leading to financial distress.
Operational risks are also a major concern. Mining operations are inherently complex and subject to various challenges, including geological uncertainties, equipment failures, labor disputes, and environmental incidents. These challenges can disrupt production, increase costs, and negatively impact the company's financial performance. The company's operations in Mexico and the United States are also subject to regulatory risks, including changes in mining laws, environmental regulations, and permitting requirements. Compliance with these regulations can be costly and time-consuming, and failure to comply could result in fines, penalties, or the suspension of operations.
Political and social risks are also relevant, particularly in Mexico, where the company has significant operations. Changes in government policies, political instability, and social unrest could disrupt the company's operations and increase its costs. The company must also maintain positive relationships with local communities to ensure the smooth operation of its mines. Failure to do so could result in protests, blockades, or other disruptions.
Financial risks include the company's ability to access capital and manage its debt. The company's capital-intensive business model requires significant investment in exploration, development, and infrastructure. If the company is unable to access capital on favorable terms, it may be forced to curtail its operations or delay its growth plans. The company's debt levels also pose a risk, particularly if commodity prices decline or operating costs increase. The company's ability to service its debt depends on its ability to generate sufficient cash flow.
BULL VIEWThe company's strategic asset portfolio, including the Cosalá Operations and the Galena Complex, offers significant upside potential as commodity prices recover and production increases.
BULL VIEWThe company's low debt-to-equity ratio compared to the sector provides financial flexibility to pursue growth opportunities and weather commodity price volatility.
The Bear Case
BEAR VIEWAmericas Gold & Silver's historical inconsistency in revenue and profitability raises concerns about its long-term viability and ability to generate sustainable returns.
BEAR VIEWThe company's high EV/EBITDA ratio compared to its peers suggests that the stock is overvalued, leaving limited room for appreciation and significant downside risk.
BEAR VIEWThe inherent risks associated with mining operations, including commodity price volatility, geological uncertainties, and regulatory challenges, could derail the company's growth plans and negatively impact its financial performance.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score USAS and 4,400+ other equities.
Americas Gold & Silver Corp exhibits a 1238% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
-101.5%
Sector: 0.6%
Gross Margin
Pricing power and cost efficiency
551.5%
Sector: 29.8%
Operating Margin
Core business profitability
319.3%
Sector: 6.0%
Net Margin
Bottom-line profitability
-280.7%
Sector: 3.0%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
