The business behind the dividend
| Measure | UAMY | Median | Formula |
|---|---|---|---|
| Return on equity | -24.9% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -27.7% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-6.92m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-6.28m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -81.3% | 15.0% | Operating income ÷ revenue |
| Net margin | -73.0% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.00x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 15.68x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.00x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -3.1% | -6.1% | -24.9% | 1.3% | -0.2% | -45.7% | -43.4% | 7.6% | -10.9% | -11.5% | -10.9% |
| Return on capital employed | -6.0% | -8.3% | -27.7% | 1.1% | -2.0% | -45.4% | -43.6% | 4.2% | -7.9% | -6.2% | -7.9% |
| Operating margin | -21.5% | -16.0% | -81.3% | 3.2% | -8.5% | -63.1% | -45.4% | 6.1% | -9.4% | -6.9% | -16.0% |
| Net margin | -11.1% | -11.6% | -73.0% | 3.9% | -0.8% | -62.8% | -44.4% | 9.7% | -11.1% | -11.0% | -11.1% |
| Debt to equity | 0.00x | 0.01x | 0.00x | 0.01x | 0.01x | 0.01x | 0.02x | 0.15x | 0.17x | 0.16x | 0.01x |
| Current ratio | 5.38x | 5.16x | 15.68x | 9.74x | 11.38x | 0.40x | 0.32x | 0.54x | 0.40x | 0.50x | 0.54x |
| Cash conversion | — | — | — | -0.58x | — | — | — | -0.75x | — | — | -0.75x |