United States Antimony Corporation UAMY
United States Antimony presents a mixed picture that warrants a hold: FY2025 revenue surged to $39.3M from $14.9M but gross profit was negative at -$1.7M and FCF burned -$37.5M on $27.8M of capex, while the two most recent quarters (Q1 and Q2 2026) show revenue declining year-over-year by 3.1% and 24.7% respectively. A four-insider cluster buy in late August 2026 (~$299K at $4.6–5.0/share) and a reported $245M government contract beginning to convert to revenue offer upside catalysts, but at $4.80 the stock trades at a PS of 20.9 — a 31% premium to the peer median of 15.9 — despite negative operating income in every recent quarter.
The strategic value as the only fully integrated antimony producer outside China and Russia is real, but profitability has not yet materialized.
What could go wrong
- Commodity price exposure. Q2 2026 revenue fell 24.7% YoY and news reports cite a 52% drop in realized antimony prices, indicating severe margin pressure from commodity headwinds despite volume growth.
- Cash burn and capex burden. FY2025 free cash flow was -$37.5M with capex of $27.8M, and operating cash flow was -$9.7M; the production ramp has not yet generated positive cash returns.
- Valuation premium on unprofitable base. PS of 20.9 vs peer median 15.9 (31% premium) with negative operating income in FY2025 and both recent quarters leaves little margin for further disappointment.
- Negative gross margin recurrence. FY2025 gross margin was -4.35% and Q1 2026 gross profit was -$4.8M, showing the company can swing to negative gross profitability even as revenue scales.
What would change my mind
Where this comes from: FMP annual fundamentals FY2025 · FMP quarterly results Q1/Q2 2026 · FMP quarterly results Q1 2026 · Insider transaction filings. Orin's read on UAMY; not advice.
Twelve months actual closes to 2026-09-23 · actual filings
50-day average 200-day average · volume below
On file
All UAMY filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| State Street | $82.3M | 0.0% of fund |
| Price T Rowe Associates /Md/ | $72.8M | 0.0% of fund |
| Vanguard Capital Management | $40.1M | 0.0% of fund |
| Geode Capital Management | $23.8M | 0.0% of fund |
| Davidson Kempner Capital Management | $18.4M | 0.2% of fund |
| Ameriprise Financial | $13.4M | 0.0% of fund |
42 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 78 Form 4 filings, net $2.2M. 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
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Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/S | 18.71× | — | — |
| P/B | 3.7× | — | — |
What Wall Street published
$9
$9 – $9 · +101% against today's price
- 4 buy or overweight
- 0 hold
- 0 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| UAMYUnited States Antimony Corporation | $682M | — | — | 1.3% | -44.6% | -12% |
| ASPIASP Isotopes Inc. Common Stock | $379M | — | — | 18.3% | -428.0% | -63% |
The median is of the 1 peers listed above and nothing else — check it against the column. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.