United States Antimony Corporation
Orin's own judgment of how firmly the evidence points one way — not the chance the price goes up.
UAMY remains a hold at $3.86 — the stock hit a new 52-week low on October 5, 2026, trading well below its 50-day ($5.06) and 200-day ($7.53) moving averages, reflecting persistent operating losses (FY2025 operating income of -$8.9M and negative gross profit of -$1.7M on $39.3M revenue) and year-over-year revenue declines in both Q1 and Q2 2026.
A four-insider cluster buy in late August 2026 (~$299K at roughly $4.6–5.0/share) and a ramping $245M DLA government contract offer genuine upside optionality, but with a gross margin of -0.04 and $37.5M of free cash flow burn in FY2025, profitability has not materialized despite the strategic value as the only fully integrated antimony producer outside China and Russia.
What could go wrong
- Persistent negative margins. FY2025 gross profit was negative at -$1.7M and gross margin was -0.04, meaning the company is losing money at the product level before fixed costs.
- Quarterly revenue deterioration. Q1 and Q2 2026 both showed year-over-year revenue declines, reversing the strong FY2025 growth trajectory.
- Cash burn and capex burden. FY2025 free cash flow was -$37.5M on $27.8M of capital expenditure, raising concerns about funding the ramp without dilution.
- Weak antimony pricing. Realized antimony prices declined sharply per recent coverage, and further weakness would delay the margin recovery needed to justify the valuation premium.
What would change my mind
Where this comes from: FY25 fundamentals · Q1–Q2 2026 results · insider trades · news. Orin's read on UAMY; not advice.
How has the share price moved?
Down 65.4% over twelve months, from $9.57 on 27 Oct 2025 to $3.31 at the Tue 27 Oct 2026 close. Its highest close in that time was $12.61 on 6 May 2026; the last close is 73.8% below it.
- Green line: the closing price each trading day.
- Grey line: the average closing price over the last 50 trading days.
- Dashed amber line: the same over the last 200 trading days — a slower, smoother line.
- Bars along the bottom: shares traded each day — green when it closed higher than the day before, rose when lower (the most, 33.4M, on 26 Jan 2026).
- Flags: the company's filings, on the day they were made (an 8-K reports a major event).
On file
All UAMY filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| BlackRock | $82.4M | 0.0% |
| State Street | $82.3M | 0.0% |
| T. Rowe Price Associates | $72.8M | 0.0% |
| Vanguard Capital Management | $40.1M | 0.0% |
| Geode Capital Management | $23.8M | 0.0% |
| Davidson Kempner Capital Management | $18.4M | 0.2% |
| Ameriprise Financial | $13.4M | 0.0% |
| Citadel Advisors | $11.6M | 0.0% |
| Vanguard Portfolio Management | $11.3M | 0.0% |
| Goldman Sachs Group | $9.7M | 0.0% |
43 of the 815 filers we track · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 78 Form 4 filings; open-market trades net $1.4M. Of the 50 on hand, 5 were open-market purchases and 0 sales — the rest are grants, option exercises and tax withholding.
Ask Orin about UAMY
Orin answers questions about UAMY from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →How is it priced, against its own past and its sector?
It lost money over the last 12 months, so it has no P/E (Tue 27 Oct close). It is priced at 13.6× its yearly sales.
| Measure | Now | Its usual | Sector |
|---|---|---|---|
| P/E | lost money | 135× | 22.4× |
| P/S | 13.6× | — | — |
| EV/EBITDA | not meaningful | — | — |
| P/B | 2.7× | — | — |
- P/E: lost money — no P/E over the last 12 months.
- P/S: no usual level — it ran from 3.08× to 15.8× over its last 5 fiscal years, so a middle value says little.
- EV/EBITDA: not meaningful — over the last 12 months the business itself lost money before depreciation (operating income plus depreciation is below zero); a profit from one-off gains does not count.
- P/B: no usual level — it ran from 1.0× to 6.7× over its last 5 fiscal years, so a middle value says little.
- "Its usual" is the middle of its own last 5 fiscal years.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
P/S: the company's total market value divided by one year of revenue. Used when there is no profit to measure.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
P/B: the share price divided by the book value per share — what the company owns minus what it owes, as its accounts record it. When book value is tiny, P/B swings wildly and says little.
What do the analysts who cover it publish?
Few analysts publish on it: 3 firms rated it in the last 18 months. Every 12-month price target on file is $9.25 (the low and the high are the same, so it may be a single analyst's) — 179% above the Tue 27 Oct close price. With so few, it is not a consensus; it is their published opinion, not Orin's.
$9.25
$9.25 – $9.25 · +179% against the last close
- 3 buy or overweight
- 0 hold
- 0 underweight or sell
Price target: the share price an analyst publishes for about 12 months ahead. It is the opinion of the firm that wrote it; the average is across the firms that cover the company.
Overweight / underweight: analysts' rating words: overweight means the firm expects the stock to do better than the others it covers, underweight worse. Their words, not Orin's.
How is it priced next to the companies it is compared to?
It lost money over the last 12 months, so it has no P/E. None of the 1 companies it is compared to made a profit, so there is no typical P/E.
| Company | Market value | P/E | EV/EBITDA | Gross margin | Net margin | ROE |
|---|---|---|---|---|---|---|
| UAMYUnited States Antimony Corporation | $495M | lost money | n/m | 1.3% | −44.6% | −12% |
| ASPIASP Isotopes Inc. Common Stock | $316M | lost money | n/m | 18.3% | −428.0% | −63% |
- ASPI: lost money over the last 12 months, so no P/E.
- UAMY, ASPI: EV/EBITDA is not meaningful (n/m) — its cash exceeds its market value plus debt, or the business lost money before depreciation.
- The list of companies is the data vendor's choice, so it can include a company a person would not have picked.
Market value: the share price times the number of shares — what the whole company is priced at.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
Gross margin: the share of each $1 of sales left after the direct cost of making what was sold.
Net margin: the share of each $1 of sales kept as profit after every cost. Below zero, the company lost money.
ROE: return on equity: one year of profit as a share of the shareholders' money in the business (its book value).
Is it priced high or low compared with its own past?
It has lost money and has no full fiscal year on file since its history starts, so it has no P/E history.
- Nowlost money
- Now: no P/E — it lost money over the last 12 months.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
Fiscal year (FY): the company's own 12-month accounting year, which need not match the calendar year.
How has its sector been priced?
Basic Materials companies on the NYSE were priced at a typical 22.4× their yearly profit (Tue 27 Oct close).
- Now22.4×
- Each year is the middle of that calendar year's daily sector P/E; "Now" is the Tue 27 Oct close figure, the same one in the table above.
Sector P/E: the middle P/E of the companies in the same sector on the same stock exchange, as the data vendor works it out each day.
What does a cash-flow model say a share is worth?
It spends more cash than it brings in, so a cash-flow model gives no usable value (both versions come out below zero).
Discounted cash flow: a model's estimate of what the company is worth today, from the cash it is forecast to make in future years. Small changes in the forecast move it a lot, and it says little about a company that loses money.