Golden Minerals Company
AUMN Basic Materials Other Precious Metals & Mining
Golden Minerals Company’s revenue for fiscal 2022 (year ended December 2022) was $23.3 million. In the quarter to June 2026, EPS grew 166.7% and free cash flow grew 81.2%, each against the same quarter a year earlier.
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Golden Minerals Company (AUMN) Altman Z-score
Golden Minerals Company's Altman Z-score for fiscal 2022 is −47.61, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2022 | −47.61 | (21.38) |
| FY2021 | −26.23 | 5.20 |
| FY2020 | −31.43 | 20.82 |
| FY2019 | −52.25 | 1.70 |
| FY2018 | −53.96 | (3.95) |
| FY2017 | −50.01 | (5.54) |
| FY2016 | −44.47 | (0.44) |
| FY2015 | −44.04 | — |
How fiscal 2022’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.24 | — | 0.29 | |
| Retained earnings / total assets | (36.00) | — | −50.40 | |
| EBIT / total assets | (0.68) | — | −2.24 | |
| Market value of equity / total liabilities | 5.30 | — | 3.18 | |
| Sales / total assets | 1.56 | — | 1.56 | |
| Altman Z-score | Distress zone | −47.61 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −119.52 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MTA Metalla Royalty & Streaming Ltd. compare | 22.3× |
| ASM Avino Silver compare | 13.3× |
| VOXR Vox Royalty Corp. compare | 9.6× |
| ITRG Integra Resources Corp. compare | 4.4× |
| GORO Gold Resource Corporation compare | 3.1× |
| MUX McEwen Inc. compare | 0.3× |
| LODE Comstock Inc. compare | −2.4× |
| AUMN Golden Minerals Company | −47.6× |
| GRML Greenland Mines Ltd compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets