United States Antimony Corporation
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow, not red: no substance risk is documented — no going-concern warning, practically no financial debt ($0.3 million of equipment financing), $181.0 million of equity and $62.2 million of cash and debt securities as of June 30, 2026. The key operating question is open instead: whether the business can make money at low antimony prices. It has not done so in any of the last three years, and 2026 guidance was cut by up to half. Weak internal controls add to that. At a market value of about $591 million, the market is paying a lot of future for a business that does not set its own price. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
United States Antimony is strategically wanted and economically unprotected: the DLA contract (up to $245 million) and the grant from Washington secure access, not a price. In the second quarter of 2026 the company kept $0.36 of gross profit per pound, 2026 revenue guidance fell from $125 million to $60 million to $75 million, and the build-out has been funded mainly with new shares since 2025. The balance sheet carries practically no financial debt; the earning power is unproven. Not investment advice.
Strategic position
By its own account the only U.S. domestic operating, permitted antimony processor; DLA framework contract up to $245 million through 09/2030 and a Department of War grant of up to $27.0 million ($16.2 million obligated, $12.8 million received in April 2026).
Earning power
Results hinge on the world price: Q2 2026 average price per pound $13.70 (−52%), cost $13.34 — $0.36 of gross profit per pound; H1 2026 operating income −$14.5 million, 2026 revenue guidance cut from $125 million to $60–75 million.
Balance sheet & liquidity
Equity of $181.0 million, practically no financial debt ($0.3 million equipment financing), $62.2 million in cash and debt securities plus a $43.2 million Larvotto stake (06/30/2026); by the company's own assessment sufficient for the next twelve months.
Funding & dilution
$110 million raised from stock and warrants in 2025, another $49.1 million net from at-the-market sales in H1 2026; share count up from 107.6 million (04/2024) to 149.7 million (08/2026). The buyback program of up to $100 million exceeds the $62.2 million of cash and debt securities on 06/30/2026.
Controls & leadership
Internal control over financial reporting not effective (10-K 2025, 10-Q Q2 2026), unresolved share-count discrepancy between transfer agent and depositary, change in the finance chair in 2026 (per the 8-K unrelated to the results), audit firm changed through an acquisition.
Worth Noting
United States Antimony made our research list via the Reddit hype scanner (ApeWisdom on October 6, 2026: 2 mentions in 24 hours, rank 181 after 562 the day before). It is not a hit from a financial-metrics screen.
The stock has been listed on the New York Stock Exchange since March 11, 2026; the Form 25 of March 16, 2026 only withdrew the listing from NYSE American and is not a delisting. The company is now incorporated in Texas, no longer Montana.
Valuation figures are dated and evergreen: market value of about $591 million from 149,669,384 shares (10-Q cover, 08/07/2026) × closing price of $3.95 (10/05/2026); the DLA maximum of $245 million (10-Q for 06/30/2026; $248 million in the 2025 10-K) is a ceiling, not a revenue expectation. The quarterly report for September 30, 2026 was not yet available at the data cut-off.
Stock Watch
This analysis is as of October 6, 2026. Stock Watch will tell you what's changed at UAMY since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 2.80 $ to 12.60 $ · Last price: 3.00 $ (As of: October 30, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 10/30/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Other Industrial Metals & Mining
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| United States Antimony Corporation UAMY | 0.4 | – | 9.3 | 17.4 | – | 162.8 | -62.4 |
| Vale SA ADR VALE | 48.6 | 22.8 | 6.5 | 34.9 | 22.0 | 0.5 | 2.4 |
| MP Materials Corp MP | 7.2 | – | 99.6 | 42.3 | -7.9 | 35.1 | -35.2 |
| Materion Corporation MTRN | 4.8 | 56.9 | 26.0 | 16.0 | 5.7 | 6.1 | 107.2 |
| Skeena Resources Limited SKE | 3.5 | – | -3.7 | – | 0.0 | – | 74.7 |
| USA Rare Earth, Inc. USAR | 2.5 | – | 28.0 | -9.7 | -643.7 | -99.9 | -47.7 |
| Almonty Industries Inc. ALM | 2.5 | – | 26.7 | 49.8 | 8.8 | 12.8 | 28.7 |
| Sunshine Silver Mining & Refining Company SSMR | 1.8 | – | 0.0 | -7,081.9 | -9,263.4 | 421.8 | – |
| Nexa Resources SA NEXA | 1.5 | 5.6 | 2.8 | 28.1 | 19.8 | 8.2 | 105.4 |
| Median of companies shown | 2.5 | 22.8 | 9.3 | 22.8 | 2.9 | 10.5 | 15.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 12 | -1 | -1 | -0.02 | 0 | 11 | 18 |
| 2017 | 10 | -1 | -1 | -0.02 | 1 | 10 | 17 |
| 2018 | 9 | 1 | 1 | 0.01 | -1 | 11 | 18 |
| 2019 | 8 | -4 | -4 | -0.05 | 0 | 8 | 14 |
| 2020 | 5 | -3 | -3 | -0.05 | -1 | 7 | 13 |
| 2021 | 8 | -1 | 0 | 0.00 | -2 | 32 | 35 |
| 2022 | 11 | 0 | 0 | 0.00 | 0 | 32 | 35 |
| 2023 | 9 | -7 | -6 | -0.06 | -5 | 26 | 28 |
| 2024 | 15 | -2 | -2 | -0.02 | 2 | 29 | 35 |
| 2025 | 39 | -9 | -4 | -0.04 | -10 | 141 | 154 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.01 | – | 7 | 312.70 | -12.80 | 1 | 1 |
| 2025: Q1 | 0.00 | – | 7 | 127.90 | 7.80 | -2 | -3 |
| 2025: Q2 | 0.00 | -23.20 | 11 | 187.30 | 1.70 | -1 | -7 |
| 2025: Q3 | -0.04 | – | 9 | 238.30 | -54.90 | -4 | -13 |
| 2025: Q4 | 0.00 | – | 13 | 89.60 | -2.20 | -4 | -15 |
| 2026: Q1 | -0.08 | -1,883.10 | 7 | -3.10 | -166.50 | -12 | -25 |
| 2026: Q2 | 0.00 | – | 8 | -24.80 | 1.30 | -9 | -19 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 15 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Momentum & Trend
Research
Risk & Weakness
- Bankruptcy Study: Stacked Warning Signals
- Below the 50- & 200-SMA
- Beneish M-Score
- Downward Momentum
- Insolvency Radar: Cash Running Low
- Kathy Donnelly: Liquid Movers Down
- Stage 4 (Downtrend)
- Stan Weinstein: Stage 4
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.07 | -0.10 – -0.05 | 65 | -83.3% | 3 |
| 12/31/2027 | 0.11 | 0.06 – 0.15 | 202 | 243.2% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
United States Antimony verarbeitet Antimon-Erz in Montana und Mexiko zu Antimonoxid, -metall und -trisulfid, gewinnt dabei Gold und Silber zurück und baut in Idaho Zeolith ab; künstliche Intelligenz ist weder Produkt noch Umsatzquelle. In den sechs ausgewerteten Pflichtberichten (Geschäftsberichte 10-K vom 20.03.2025 und 19.03.2026, Quartalsberichte 10-Q vom 12.08.2025, 12.11.2025, 14.05.2026 und 11.08.2026) gibt es genau eine KI-Fundstelle: einen allgemein gehaltenen Risikofaktor in beiden Geschäftsberichten, der eine nachteilige Wirkung „künstlicher Intelligenz“ auf Abbau, Verarbeitung, Nachfrage und Preise nur pauschal für möglich hält, ohne konkreten Wirkmechanismus für das eigene Geschäftsmodell. Nach dem Kriterienkatalog ist eine solche Standardformel kein Beleg für „bedroht“; ein operativer KI-Einsatz ist nirgends beschrieben. Negativ-Befund dokumentiert — „neutral“.
View the full file — quotes, sources, reviewed filings
„Artificial intelligence may have a material adverse effect on our business, results of operations, and financial condition."
Künstliche Intelligenz kann wesentliche nachteilige Auswirkungen auf unser Geschäft, unsere Ertragslage und unsere Finanzlage haben.
10-K · 2026-03-19 · View SEC filing
„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 of our Company, and our ability to adequately compete in our industry, among other things."
Die Fortschritte und die zunehmende Verbreitung künstlicher Intelligenz könnten erhebliche und weitreichende Auswirkungen auf unser Geschäft und unsere Branche haben, die unter anderem den Abbau und die Verarbeitung von Mineralien, den Verkauf unserer Produkte, die Nachfrage nach unseren Produkten, deren Preise, die Kostenstruktur unseres Unternehmens und unsere Fähigkeit, in unserer Branche angemessen im Wettbewerb zu bestehen, beeinträchtigen könnten.
10-K · 2026-03-19 · View SEC filing
Filings Reviewed: 10-Q 2026-08-11 · 10-Q 2026-05-14 · 10-Q 2025-11-12 · 10-Q 2025-08-12 · 10-K 2026-03-19 · 10-K 2025-03-20
Rated on October 6, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 52.6%
- More than 10% revenue growth is expected for the coming year 111.9%
- Share count grows by less than 3% a year 5.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 67.3%
- Gross margin at 40% or higher and without meaningful erosion -4.4%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 30 m net cash
- Operating cash flow covers the profits of the last three years 0 m
- Return on capital at 15% or higher, or up versus two years ago -6.2%
- Insiders hold at least 10% or are net buyers 8.6%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 14.2%
- Exp. sales growth 3Y > 5% 126.7%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 126.7%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 2
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -3.1%
- ROCE > 15% -6.2%
- Expected return > 10% 107.6%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 1, 2026 | Bardswich Lloyd | Dir, EVP & Chief Mining Eng | Buy | 20,000 | 4.64 | 92,700 |
| Sep 1, 2026 | Carrabba Joseph A | Director | Buy | 21,300 | 4.72 | 100,536 |
| Aug 31, 2026 | Aguirre Blaise A. | Director | Buy | 1,400 | 5.04 | 7,049 |
| Aug 28, 2026 | Evans Gary C | Chairman & CEO | Buy | 20,000 | 4.92 | 98,400 |
The company
About the Company
United States Antimony Corporation produziert und verkauft Antimon, Zeolith und Edelmetalle in den USA und Kanada. Es ist in zwei Segmenten tätig: Antimony und Zeolite.
- CEO Insider Trades (12 Mo.)
- buying own stock
- Employees
- 100
- Headquarters
- Dallas, TX
- Address
- 4438 W. Lover’s Lane, 75209 Dallas, United States
- Phone
- 406 606 4117
- Website
- usantimony.com
- IPO Date
- 02/24/2000
- ISIN
- US9115491030
Management
| Name | Title | Birth Year |
|---|---|---|
| Gary C. Evans | CEO & Chairman | 1957 |
| Lloyd Joseph Bardswich P.Eng. | Executive VP, Chief Mining Engineer & Director | 1945 |
| Shawn P. Winkler | Senior VP & CFO | – |
| Jonathan Miller | VP of Investor Relations & Global Sales Manager | 1986 |
| John C. Gustavsen | President of Antimony Division | 1949 |
| Mitzi Hart | Secretary & Treasurer | – |
| David Welch | Controller | – |
| Jeffrey Russell Fink | VP & GM of BRZ | 1985 |
| Aaron Tenesch | Vice President of Antimony Division | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 10/26/2026 UNITED STATES ANTIMONY CORP (UAMY): Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗
- 10/02/2026 UNITED STATES ANTIMONY CORP (UAMY): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
- 10/02/2026 UNITED STATES ANTIMONY CORP (UAMY): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
- 08/25/2026 UNITED STATES ANTIMONY CORP (UAMY): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/19/2026 UNITED STATES ANTIMONY CORP (UAMY): Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗
- 08/17/2026 UNITED STATES ANTIMONY CORP (UAMY): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 08/11/2026 UNITED STATES ANTIMONY CORP (UAMY): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 08/06/2026 UNITED STATES ANTIMONY CORP (UAMY): Other Events; Financial Statements and Exhibits SEC ↗
Data as of: October 30, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.