United States Antimony Corporation

UAMY

Basic MaterialsIndustrial MaterialsNYSE

$11.02

Market Cap: $1.58B

United States Antimony Corporation (UAMY) Valuation Summary

Updated May 11, 2026 08:55

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.02 – $7.59	$1.74	-84.3%
Revenue DCF 10Y	$0.12 – $19.05	$5.09	-53.8%
▸ Trading Multiples
EV/Revenue	$0.59 – $5.27	$1.13	-89.7%

Valuation History

DCF Analysis

United States Antimony Corporation (UAMY) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$5.09

Market Price

$11.02

Upside / Downside

-53.8%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -22.6% to a target of 13.1% over 5 years, discounted at a WACC of 8.8%, United States Antimony Corporation (UAMY) has an intrinsic value of $5.09 per share (range: $0.12 – $19.05).

Key Assumptions

Current Operating Margin

-22.6%

Target Operating Margin

13.1%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

23.1%

Target CapEx/Rev

12.3%

D&A/Revenue

8.2%

Tax Rate

3.6%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	125	217.9%	-15.5%	-19	-19	10	(27)	8	-44	-42
2027	245	96.3%	-8.3%	-20	-20	20	(51)	17	-68	-60
2028	328	33.7%	-1.2%	-4	-4	27	(65)	12	-54	-43
2029	337	2.8%	6.0%	20	19	28	(63)	1	-18	-13
2030	412	22.3%	13.1%	54	52	34	(73)	10	3	2
2031	536	30.0%	13.1%	70	68	44	(89)	17	5	3
2032	696	30.0%	13.1%	91	88	57	(108)	22	15	8
2033	881	26.5%	13.1%	115	111	72	(127)	26	31	16
2034	1,045	18.7%	13.1%	137	132	85	(139)	23	55	27
2035	1,159	10.8%	13.1%	152	146	95	(142)	16	83	37

Enterprise Value Bridge

Sum of PV(FCFF)-65

Terminal Value (Gordon Growth at 3.0%)1,479

PV of Terminal Value664

Enterprise Value599

(–) Net Debt-30

Equity Value629

(÷) Shares Outstanding124

Fair Value per Share$5.09

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.1%	10.1%	13.1%	16.1%	19.1%
6.8%	$0	$5	$10	$14	$19
7.8%	$-0	$3	$7	$10	$14
8.8%	$-1	$2	$5	$8	$11
9.8%	$-1	$2	$4	$6	$9
10.8%	$-1	$1	$3	$5	$7

Current price: $11.02. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 13.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

United States Antimony Corporation (UAMY) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.74

Market Price

$11.02

Upside / Downside

-84.3%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-22.6%

Target Operating Margin

13.1%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

23.1%

Target CapEx/Rev

12.3%

D&A/Revenue

8.2%

Tax Rate

3.6%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	125	217.9%	-15.5%	-19	-19	10	(26)	8	-43	-41
2027	245	96.3%	-8.3%	-20	-20	20	(46)	17	-63	-56
2028	328	33.7%	-1.2%	-4	-4	27	(54)	12	-43	-35
2029	337	2.8%	6.0%	20	19	28	(49)	1	-3	-2
2030	412	22.3%	13.1%	54	52	34	(51)	10	25	17

Enterprise Value Bridge

Sum of PV(FCFF)-117

Terminal Value (Gordon Growth at 3.0%)440

PV of Terminal Value301

Enterprise Value184

(–) Net Debt-30

Equity Value215

(÷) Shares Outstanding124

Fair Value per Share$1.74

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.1%	10.1%	13.1%	16.1%	19.1%
6.8%	$-1	$1	$3	$5	$8
7.8%	$-1	$1	$2	$4	$6
8.8%	$-1	$0	$2	$3	$4
9.8%	$-1	$0	$1	$2	$4
10.8%	$-1	$0	$1	$2	$3

Current price: $11.02. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 13.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$1.13

Market Price

$11.02

Upside / Downside

-89.7%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), United States Antimony Corporation (UAMY) has a fair value of $1.13 based on 4 comparable companies in the Industrial Materials industry.

EV/Revenue Valuation — Industrial Materials

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
United States Antimony CorporationUAMY	1,362	33.9x	10.7x
Nexa Resources S.A.NEXA	1,898	1.1x	0.9x
Compass Minerals International, Inc.CMP	1,169	1.6x	1.8x
Ferroglobe PLCGSM	761	0.7x	0.6x
ASP Isotopes Inc. Common StockASPI	447	15.8x	12.3x
Industry Median		1.3x	1.3x
(*) Revenue		39	125
= Enterprise Value		52	168
(-) Net Debt		-30	-30
Equity Value		82	198
(/) Outstanding shares		124	124
Fair Price		$1	$2

Selected Fair Value (avg of trailing + forward)

$1.13

-89.7%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.02 – $7.59

$1.74

-84.3%

Revenue DCF 10Y

$0.12 – $19.05

$5.09

-53.8%

▸ Trading Multiples

EV/Revenue

$0.59 – $5.27

$1.13

-89.7%

DCF Analysis

United States Antimony Corporation (UAMY) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$5.09

Market Price

$11.02

Upside / Downside

-53.8%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-22.6%

Target Operating Margin

13.1%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

23.1%

Target CapEx/Rev

12.3%

D&A/Revenue

8.2%

Tax Rate

3.6%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	125	217.9%	-15.5%	-19	-19	10	(27)	8	-44	-42
2027	245	96.3%	-8.3%	-20	-20	20	(51)	17	-68	-60
2028	328	33.7%	-1.2%	-4	-4	27	(65)	12	-54	-43
2029	337	2.8%	6.0%	20	19	28	(63)	1	-18	-13
2030	412	22.3%	13.1%	54	52	34	(73)	10	3	2
2031	536	30.0%	13.1%	70	68	44	(89)	17	5	3
2032	696	30.0%	13.1%	91	88	57	(108)	22	15	8
2033	881	26.5%	13.1%	115	111	72	(127)	26	31	16
2034	1,045	18.7%	13.1%	137	132	85	(139)	23	55	27
2035	1,159	10.8%	13.1%	152	146	95	(142)	16	83	37

Enterprise Value Bridge

Sum of PV(FCFF)-65

Terminal Value (Gordon Growth at 3.0%)1,479

PV of Terminal Value664

Enterprise Value599

(–) Net Debt-30

Equity Value629

(÷) Shares Outstanding124

Fair Value per Share$5.09

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.1%	10.1%	13.1%	16.1%	19.1%
6.8%	$0	$5	$10	$14	$19
7.8%	$-0	$3	$7	$10	$14
8.8%	$-1	$2	$5	$8	$11
9.8%	$-1	$2	$4	$6	$9
10.8%	$-1	$1	$3	$5	$7

Current price: $11.02. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 13.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$1.13

Market Price

$11.02

Upside / Downside

-89.7%

Verdict

Overvalued

EV/Revenue Valuation — Industrial Materials

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
United States Antimony CorporationUAMY	1,362	33.9x	10.7x
Nexa Resources S.A.NEXA	1,898	1.1x	0.9x
Compass Minerals International, Inc.CMP	1,169	1.6x	1.8x
Ferroglobe PLCGSM	761	0.7x	0.6x
ASP Isotopes Inc. Common StockASPI	447	15.8x	12.3x
Industry Median		1.3x	1.3x
(*) Revenue		39	125
= Enterprise Value		52	168
(-) Net Debt		-30	-30
Equity Value		82	198
(/) Outstanding shares		124	124
Fair Price		$1	$2

Selected Fair Value (avg of trailing + forward)

$1.13

-89.7%