Americas Gold and Silver Corporation
USAS Basic Materials Other Industrial Metals & Mining
Americas Gold and Silver Corporation’s revenue for fiscal 2025 (year ended December 2025) was $117.9 million, up 17.7% from fiscal 2024. In the quarter to June 2026, revenue grew 72.1%, EPS grew 69.8%, free cash flow fell 209.6% and total debt fell 8.98%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Americas Gold and Silver Corporation (USAS) Beneish M-score
Americas Gold and Silver Corporation's Beneish M-score for fiscal 2025 is −3.53; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.53 | 0.43 |
| FY2024 | −3.96 | (0.36) |
| FY2023 | −3.59 | 3.22 |
| FY2022 | −6.81 | (7.40) |
| FY2019 | 0.59 | 3.47 |
| FY2018 | −2.88 | (2.22) |
| FY2017 | −0.66 | 2.75 |
| FY2016 | −3.41 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.05 | — | 0.97 | |
| Gross margin index | 0.62 | — | 0.33 | |
| Asset quality index | 1.08 | — | 0.44 | |
| Sales growth index | 1.18 | — | 1.05 | |
| Depreciation index | 1.79 | — | 0.21 | |
| SG&A index | 2.73 | — | −0.47 | |
| Total accruals to total assets | (0.20) | — | −0.95 | |
| Leverage index | 0.81 | — | −0.26 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.53 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SGML Sigma Lithium Corporation compare | −3.8× |
| USAS Americas Gold and Silver Corporation | −3.5× |
| CMP Compass Minerals International, Inc. compare | −3.0× |
| NEXA Nexa Resources S.A. compare | −2.1× |
| VZLA Vizsla Silver Corp. compare | — |
| CRML Critical Metals Corp. compare | — |
| TMC TMC the metals company Inc. compare | — |
| EMAT Evolution Metals & Technologies Corp. compare | — |
| LAC Lithium Americas Corp. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI