McEwen Mining Inc. (MUX) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of McEwen Mining Inc. $5.39, price $18.82, upside -71.4%, quality 25 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $2.89 – $29.05 · fair‑value band $5.39 – $9.09 · the $18.82 price screens above the $5.39 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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McEwen Inc. engages in the exploration, development, production, and sale of gold and silver deposits in the United States, Canada, Mexico, and Argentina. It also explores for copper deposits.
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McEwen Inc. engages in the exploration, development, production, and sale of gold and silver deposits in the United States, Canada, Mexico, and Argentina. It also explores for copper deposits. The company owns 100% interests in the Gold Bar gold mine located in Nevada; the Fox Complex that consists of 132 parcels, including patents and leases, and 163 unpatented mining claims totaling 28 square miles in mining rights, as well as 13 square miles in surface rights located in Ontario, Canada; and the Fenix project located in Mexico. It also holds a portfolio of exploration properties in Nevada, Canada, Mexico, and Argentina. The company was formerly known as McEwen Mining Inc. and changed its name to McEwen Inc. in June 2025. McEwen Inc. was incorporated in 1979 and is headquartered in Toronto, Canada.
Stock analysis
McEwen Mining Inc. (MUX) currently trades at $18.82, while our model-based Fair Value estimate is $5.39, implying the stock looks roughly 249.3% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $24.16 per share, and 4 of the 13 models we run sit above the $18.82 price.
Bear case: the Multiples group reads lowest at $4.83, and 9 of the 13 models stay below the price. Evidence for this calculation is medium.
Scenario range: $5.39 (bear) to $9.09 (bull), the price of $18.82 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 25/100 (below-average quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
McEwen Mining Inc. reported revenue of $198M in FY2025 versus $137M in FY2021, a compound +9.7%/yr. Reported net income was $34.4M in FY2025.
Key figures
Market cap $1.4B · P/E ratio 15.3 · P/S ratio 2.67 · EPS (TTM) $1.23 · Dividend yield 0.2% · Net margin 17.4% · Return on equity 13.5% · Return on assets (EBIT) −12.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).
What moves the price
The share trades about 35% below its 52-week high and 30% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −17% fair-value upside, at −71%, MUX screens richer than that median.
Fair Value models
Bear $5.39Fair Value $5.39Bull $9.09
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.8998 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.53/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+13.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.5%
Start year 2020 (pandemic). Over 10 years: +10.5% a year
Revenue growth 40 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.2%
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What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−18.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−18.2%
Dividend (yield on the price)0.2%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−146% → −7%
News mood ⓘNews mood, the average tone of recent news (99 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Other Precious Metals & Mining · 102 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score25 · Bottom 25%
Fair Value upside−71% · Bottom 25%
Profitability
Return on equity (TTM)14% · Top 25%
Return on assets0% · Above median
Net margin (TTM)32% · Above median
Operating margin (TTM)−6% · Bottom 25%
Growth and dividend
Revenue growth27% · Above median
Dividend yield (TTM)0.2% · Bottom 25%
Balance sheet
Debt / equity0.23× · Above median
Valuation Multiplesvs Other Precious Metals & Mining median · lower = cheaper
P/E (TTM)15.3× · Cheaper than median
P/B2.57× · Pricier than median
P/S (TTM)5.65× · Cheaper than median
EV/EBITDA51.8× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 94
PAST (return on equity)54· sector 0
HEALTH (low debt)88· sector 98
DIVIDEND (yield)4· sector 31
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "McEwen Mining Inc. Fair Value". https://www.fairvalue-calculator.com/stock/MUX
Frequently asked questions
Is McEwen Mining Inc. (MUX) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $5.39 versus a price of $18.82, about −71% upside (overvalued).
What is the fair value of MUX?
Our model-based fair value for McEwen Mining Inc. is $5.39 (as of Sep 24, 2026), built from audited fundamentals. The current price: $18.82.
What is the quality score of MUX?
McEwen Mining Inc. has a Quality Score of 25/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for McEwen Mining Inc. (MUX)?
Our model-based price target is the fair value of $5.39 (as of Sep 24, 2026) from 13 valuation models. Cautious scenario $5.39, optimistic scenario $9.09. It is a calculation from audited fundamentals, not an analyst target.
What is the McEwen Mining Inc. stock forecast for 2026?
Our models put fair value at $5.39, about −71% upside versus a price of $18.82 (overvalued). Cautious scenario $5.39, optimistic scenario $9.09. The calculation is refreshed regularly with new filings.
What is the revenue of McEwen Mining Inc. (MUX)?
McEwen Mining Inc. reported trailing-twelve-month revenue of about $248M (latest available figure, as of Sep 24, 2026).
Does McEwen Mining Inc. pay a dividend?
McEwen Mining Inc. currently shows a dividend yield of about 0.20% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of McEwen Mining Inc. (MUX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For McEwen Mining Inc. it is $5.39 per share (as of Sep 24, 2026), against a price of $18.82. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is McEwen Mining Inc. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, MUX trades above its calculated fair value: price $18.82, fair value $5.39, a gap of about −71% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MUX?
No. The price is what the market pays today ($18.82); the fair value is what the company's own numbers justify ($5.39). For McEwen Mining Inc. the two are $13.43 per share apart. That gap is exactly why we show both numbers side by side.
How much is McEwen Mining Inc. worth?
The market values McEwen Mining Inc. at about $1.4B (market capitalisation, as of Sep 24, 2026). Per share that is $18.82; our models calculate a fair value of $5.39 per share.
What do the bullish and bearish scenarios say about MUX?
Our models span a range for McEwen Mining Inc.: cautious scenario $5.39, base $5.39, optimistic $9.09 per share (as of Sep 24, 2026, price $18.82). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MUX?
McEwen Mining Inc. trades at a price-to-earnings ratio of 15.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $5.39 is built from several models across several years. Other multiples: P/B 2.6, P/S 5.7, EV/EBITDA 51.8.
How solid is the balance sheet of McEwen Mining Inc. (MUX)?
Balance-sheet figures for McEwen Mining Inc. (as of Sep 24, 2026): return on equity 13.5%, debt of 0.23 per unit of equity. They feed the Quality Score of 25/100, which measures business quality independently of the share price.
How far is MUX from its 52-week high?
McEwen Mining Inc. trades at $18.82, about 35% below its 52-week high of $29.05 and 30% above the low of $14.53 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $5.39 is for.
Which stocks are comparable to McEwen Mining Inc.?
From the same area (Basic Materials) we also value PT Amman Mineral Internasional Tbk, Hecla Mining Company, Compañía de Minas Buenaventura S.A., Sibanye Stillwater Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is McEwen Mining Inc. stock attractive at the current price?
The data as of Sep 24, 2026: price $18.82, calculated fair value $5.39 (−71%), Quality Score 25/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MUX calculated?
We run McEwen Mining Inc. through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $5.39, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. McEwen Mining Inc. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of McEwen Mining Inc. (MUX)?
The closing price on Sep 23, 2026 was $18.82. Our model-based fair value is $5.39, about −71% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with McEwen Mining Inc. right now?
The price sits above even our optimistic bull case ($9.09). The favourable scenario is already priced in. Weak quality (25/100) and above fair value at the same time, the margin of safety is missing on both counts.
Key figures of McEwen Mining Inc.
How large is the market capitalisation of McEwen Mining Inc. (MUX)?
The market capitalisation of McEwen Mining Inc. is $1.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of McEwen Mining Inc. (MUX)?
The price-to-sales ratio of McEwen Mining Inc. is 2.67 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of McEwen Mining Inc. (MUX)?
Earnings per share at McEwen Mining Inc. are $1.23 (price ÷ EPS = P/E 15.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of McEwen Mining Inc. (MUX)?
The dividend yield of McEwen Mining Inc. is 0.2% (payout 3.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of McEwen Mining Inc. (MUX)?
The net margin of McEwen Mining Inc. is 17.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of McEwen Mining Inc. (MUX)?
The return on equity (ROE) of McEwen Mining Inc. is 13.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of McEwen Mining Inc. (MUX)?
On an EBIT basis the return on assets of McEwen Mining Inc. is −12.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of McEwen Mining Inc. (MUX)?
The operating margin of McEwen Mining Inc. is −5.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at McEwen Mining Inc. (MUX)?
Revenue at McEwen Mining Inc. is growing +26.8% versus a year earlier (3y avg +21.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at McEwen Mining Inc. (MUX)?
Earnings per share at McEwen Mining Inc. are growing +156% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does McEwen Mining Inc. (MUX) generate?
The free cash flow of McEwen Mining Inc. is −$37.8M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does McEwen Mining Inc. (MUX) carry?
The net debt of McEwen Mining Inc. is $77.2M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Sep 24, 2026