Americas Gold and Silver Corporation

USAS

Basic MaterialsIndustrial MaterialsAMEX

$6.38

Market Cap: $1.71B

Americas Gold and Silver Corporation (USAS) Valuation Summary

Updated May 11, 2026 12:03

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.02 – $4.13	$0.03	-99.6%
▸ Trading Multiples
EV/Revenue	$1.23 – $1.97	$1.42	-77.8%

Valuation History

DCF Analysis

Americas Gold and Silver Corporation (USAS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.03

Market Price

$6.38

Upside / Downside

-99.6%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -22.0% to a target of 13.1% over 5 years, discounted at a WACC of 8.9%, Americas Gold and Silver Corporation (USAS) has an intrinsic value of $0.03 per share (range: $0.02 – $4.13).

Key Assumptions

Current Operating Margin

-22.0%

Target Operating Margin

13.1%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

29.9%

Target CapEx/Rev

37.2%

D&A/Revenue

24.8%

Tax Rate

21.0%

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	333	182.4%	-15.0%	-50	-50	83	(102)	-23	-47	-45
2027	525	57.7%	-7.9%	-42	-42	130	(165)	-24	-52	-46
2028	609	15.9%	-0.9%	-6	-6	151	(195)	-11	-40	-32
2029	647	6.3%	6.1%	39	31	161	(213)	-5	-16	-12
2030	823	27.2%	13.1%	108	85	204	(276)	-22	35	24
2031	1,014	23.2%	13.1%	133	105	252	(348)	-24	33	21
2032	1,208	19.1%	13.1%	158	125	300	(423)	-24	26	15
2033	1,390	15.1%	13.1%	182	144	345	(497)	-23	15	8
2034	1,544	11.1%	13.1%	202	160	383	(564)	-19	-1	-1
2035	1,652	7.0%	13.1%	217	171	410	(615)	-14	-20	-9

Enterprise Value Bridge

Sum of PV(FCFF)-77

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value-77

(–) Net Debt-84

Equity Value7

(÷) Shares Outstanding267

Fair Value per Share$0.03

Note:Terminal value is $0 because Year 5 FCFF is negative. The company's operating margin convergence does not fully offset reinvestment needs within 5 years. See the sensitivity matrix for scenarios where the model produces a positive terminal value (higher target margin or lower WACC).

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.1%	10.1%	13.1%	16.1%	19.1%
6.9%	$-1	$-0	$0	$2	$4
7.9%	$-1	$-0	$0	$1	$3
8.9%	$-1	$-0	$0	$1	$3
9.9%	$-1	$-0	$0	$1	$2
10.9%	$-1	$-0	$0	$1	$2

Current price: $6.38. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -12.6% 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

$1.42

Market Price

$6.38

Upside / Downside

-77.8%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Americas Gold and Silver Corporation (USAS) has a fair value of $1.42 based on 8 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
Americas Gold and Silver CorporationUSAS	1,706	13.7x	13.0x
Methanex CorporationMEOH	4,657	2.2x	2.0x
Materion CorporationMTRN	4,147	2.6x	2.8x
Hawkins, Inc.HWKN	3,494	3.7x	3.9x
Fortuna Mining Corp.FSM	3,277	3.1x	2.9x
Titan America S.A.TTAM	3,088	2.0x	2.0x
WD-40 CompanyWDFC	2,822	4.6x	4.9x
Boise Cascade CompanyBCC	2,487	0.4x	0.4x
Tecnoglass Inc.TGLS	1,976	2.1x	2.1x
Industry Median		2.4x	2.4x
(*) Revenue		118	125
= Enterprise Value		283	306
(-) Net Debt		-84	-84
Equity Value		367	390
(/) Outstanding shares		267	267
Fair Price		$1	$1

Selected Fair Value (avg of trailing + forward)

$1.42

-77.8%

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

—

N/A

—

Revenue DCF 10Y

$0.02 – $4.13

$0.03

-99.6%

▸ Trading Multiples

EV/Revenue

$1.23 – $1.97

$1.42

-77.8%

DCF Analysis

Americas Gold and Silver Corporation (USAS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.03

Market Price

$6.38

Upside / Downside

-99.6%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-22.0%

Target Operating Margin

13.1%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

29.9%

Target CapEx/Rev

37.2%

D&A/Revenue

24.8%

Tax Rate

21.0%

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	333	182.4%	-15.0%	-50	-50	83	(102)	-23	-47	-45
2027	525	57.7%	-7.9%	-42	-42	130	(165)	-24	-52	-46
2028	609	15.9%	-0.9%	-6	-6	151	(195)	-11	-40	-32
2029	647	6.3%	6.1%	39	31	161	(213)	-5	-16	-12
2030	823	27.2%	13.1%	108	85	204	(276)	-22	35	24
2031	1,014	23.2%	13.1%	133	105	252	(348)	-24	33	21
2032	1,208	19.1%	13.1%	158	125	300	(423)	-24	26	15
2033	1,390	15.1%	13.1%	182	144	345	(497)	-23	15	8
2034	1,544	11.1%	13.1%	202	160	383	(564)	-19	-1	-1
2035	1,652	7.0%	13.1%	217	171	410	(615)	-14	-20	-9

Enterprise Value Bridge

Sum of PV(FCFF)-77

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value-77

(–) Net Debt-84

Equity Value7

(÷) Shares Outstanding267

Fair Value per Share$0.03

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.1%	10.1%	13.1%	16.1%	19.1%
6.9%	$-1	$-0	$0	$2	$4
7.9%	$-1	$-0	$0	$1	$3
8.9%	$-1	$-0	$0	$1	$3
9.9%	$-1	$-0	$0	$1	$2
10.9%	$-1	$-0	$0	$1	$2

Current price: $6.38. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$1.42

Market Price

$6.38

Upside / Downside

-77.8%

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
Americas Gold and Silver CorporationUSAS	1,706	13.7x	13.0x
Methanex CorporationMEOH	4,657	2.2x	2.0x
Materion CorporationMTRN	4,147	2.6x	2.8x
Hawkins, Inc.HWKN	3,494	3.7x	3.9x
Fortuna Mining Corp.FSM	3,277	3.1x	2.9x
Titan America S.A.TTAM	3,088	2.0x	2.0x
WD-40 CompanyWDFC	2,822	4.6x	4.9x
Boise Cascade CompanyBCC	2,487	0.4x	0.4x
Tecnoglass Inc.TGLS	1,976	2.1x	2.1x
Industry Median		2.4x	2.4x
(*) Revenue		118	125
= Enterprise Value		283	306
(-) Net Debt		-84	-84
Equity Value		367	390
(/) Outstanding shares		267	267
Fair Price		$1	$1

Selected Fair Value (avg of trailing + forward)

$1.42

-77.8%