McEwen Mining Inc. (MUX) Balance Sheet
MUX balance sheet, 2025
December 31, 2025 · U.S. dollars$820.2M assets = $274.0M liabilities + $546.2M equity
Both columns are drawn to the same scale: what MUX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MUX financial health
Current ratio1.69
Comfortable · current assets cover current liabilities 1.69×
Debt / equity0.23
Low leverage · $0.23 of debt for each $1 of equity
Equity / assets66.6%
Equity-funded · of assets funded by shareholders
Cash / debt56.3%
Partial cover · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
MUX balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $498.3M2016 | $820.2M2025 | +5.7%/yr | |
| Total liabilities | $55.3M2016 | $274.0M2025 | +19.5%/yr | |
| Shareholders’ equity | $443.0M2016 | $546.2M2025 | +2.4%/yr | |
| Cash & short-term investments | $46.0M2016 | $72.1M2025 | +5.1%/yr | |
| Total debt | $02016 | $128.2M2025 | — | |
| Net cash (debt) | $46.0M2016 | −$56.1M2025 | −$102.0M | |
| Working capital | $58.0M2016 | $44.1M2025 | −$13.9M | |
| Book value per share | $14.742016 | $10.112025 | −4.1%/yr | |
| Current ratio | 3.822016 | 1.692025 | −2.13 | |
| Debt / equity | 0.002016 | 0.232025 | +0.23 | |
| Shares outstanding | 30.0M2016 | 54.0M2025 | +6.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MUX assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
MUX liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
MUX debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MUX balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $72.1M | $14.9M | $24.8M | $40.9M | $58.6M | $20.8M | $48.3M | $18.9M | $35.1M | $46.0M |
| Cash & equivalents | $51.0M | $13.7M | $23.0M | $39.8M | $56.8M | $20.8M | $46.5M | $15.8M | $27.2M | $37.4M |
| Short-term investments | $21.1M | $1.2M | $1.7M | $1.1M | $1.8M | $108.3M | $1.9M | $3.1M | $8.0M | $8.5M |
| Receivables | $3.1M | $4.2M | $2.5M | $2.9M | $3.7M | $1.8M | $2.7M | $1.1M | $5.2M | $4.3M |
| Inventory | $26.8M | $18.1M | $19.9M | $31.7M | $15.8M | $27.0M | $38.4M | $22.0M | $32.0M | $26.6M |
| Other current assets | $5.8M | $4.0M | $5.4M | $6.1M | $6.9M | $3.9M | $2.6M | $17.4M | $14.5M | $1.7M |
| Total current assets | $107.9M | $41.2M | $52.7M | $81.7M | $85.0M | $53.5M | $92.0M | $59.4M | $86.9M | $78.6M |
| Property, plant & equipment (net) | $227.2M | $210.9M | $169.9M | $346.3M | $342.3M | $329.1M | $418.8M | $423.9M | $344.5M | $256.9M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $428.6M | $400.8M | $419.4M | $93.5M | $91.0M | $108.3M | $110.2M | $127.8M | $150.1M | $162.3M |
| Other non-current assets | $56.5M | $11.7M | $17.6M | $7.3M | $16.4M | $17.8M | $21.4M | $5.9M | $10.7M | $532,000 |
| Total assets | $820.2M | $664.6M | $659.5M | $528.7M | $534.7M | $508.8M | $642.3M | $616.9M | $592.1M | $498.3M |
| Liabilities | ||||||||||
| Accounts payable | $44.9M | $28.4M | $22.7M | $42.5M | $39.6M | $36.1M | $34.1M | $30.8M | $34.9M | $19.9M |
| Short-term debt | $926,000 | $788,000 | $1.8M | $11.2M | $5.6M | $2.4M | $12.1M | $1.5M | $470,000 | $0 |
| Deferred revenue | $7.5M | $3.5M | $1.6M | $6.2M | −$39.6M | −$35.9M | −$34.0M | −$30.8M | −$34.9M | — |
| Total current liabilities | $63.8M | $47.7M | $30.0M | $84.2M | $52.4M | $45.6M | $48.8M | $36.0M | $37.6M | $20.6M |
| Long-term debt | $126.2M | $40.0M | $40.0M | $54.0M | $48.9M | $24.1M | $39.5M | $29.5M | $81,000 | $0 |
| Lease obligations | $2.0M | $2.1M | $1.5M | $2.4M | $4.4M | $5.5M | $7.1M | $4.9M | $81,000 | — |
| Other long-term liabilities | $84.0M | $82.0M | $87.1M | $34.3M | $43.5M | $73.8M | $54.5M | $65.5M | $33.1M | $34.7M |
| Total liabilities | $274.0M | $169.6M | $157.1M | $172.4M | $144.7M | $143.4M | $142.9M | $131.0M | $70.9M | $55.3M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.82B | $1.80B | $1.77B | $1.64B | $1.62B | $1.55B | $1.53B | $1.46B | $1.44B | $1.36B |
| Retained earnings (deficit) | −$1.28B | −$1.31B | −$1.27B | −$1.32B | −$1.24B | −$1.18B | −$1.03B | −$971.5M | −$929.6M | −$919.0M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | $0 | — | — | — | −$65.3M | −$18.2M | $3.0M | $1.7M |
| Minority interest | $0 | $0 | $0 | $33.5M | $14.8M | — | — | — | $0 | $0 |
| Total shareholders' equity | $546.2M | $495.0M | $502.4M | $322.8M | $375.2M | $365.3M | $499.5M | $485.9M | $521.3M | $443.0M |
| Key figures | ||||||||||
| Total debt | $128.2M | $42.1M | $42.3M | $66.4M | $56.0M | $53.7M | $56.6M | $55.6M | $551,000 | $0 |
| Net cash (debt) | −$56.1M | −$27.2M | −$17.5M | −$25.5M | $2.7M | −$32.8M | −$8.3M | −$36.7M | $34.6M | $46.0M |
| Working capital | $44.1M | −$6.5M | $22.7M | −$2.5M | $32.6M | $7.9M | $43.2M | $23.4M | $49.2M | $58.0M |
| Tangible book value | $546.2M | $495.0M | $502.4M | $322.8M | $375.2M | $365.3M | $499.5M | $485.9M | $521.3M | $443.0M |
| Book value per share | $10.11 | $9.70 | $10.57 | $6.81 | $8.25 | $9.05 | $13.80 | $14.41 | $16.61 | $14.74 |
| Shares outstanding | 54.0M | 51.0M | 47.5M | 47.4M | 45.5M | 40.3M | 36.2M | 33.7M | 31.4M | 30.0M |
| Current ratio | 1.69 | 0.86 | 1.76 | 0.97 | 1.62 | 1.17 | 1.88 | 1.65 | 2.31 | 3.82 |
| Quick ratio | 1.18 | 0.40 | 0.91 | 0.52 | 1.19 | 0.50 | 1.05 | 0.55 | 1.07 | 2.44 |
| Debt / equity | 0.23 | 0.09 | 0.08 | 0.21 | 0.15 | 0.15 | 0.11 | 0.11 | 0.00 | 0.00 |
| Equity / assets | 66.6% | 74.5% | 76.2% | 61.1% | 70.2% | 71.8% | 77.8% | 78.8% | 88.0% | 88.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $91.7M | $70.1M | $72.1M | $71.9M | $67.4M | $78.2M | $14.9M | $30.2M | $42.6M | $23.6M | $24.8M | $89.9M |
| Cash & equivalents | $78.9M | $56.5M | $51.0M | $51.2M | $53.6M | $68.5M | $13.7M | $29.2M | $40.7M | $22.0M | $23.0M | $49.1M |
| Short-term investments | $12.8M | $13.5M | $21.1M | $20.6M | $13.9M | $9.7M | $1.2M | $1.0M | $1.9M | $1.6M | $1.7M | $40.8M |
| Receivables | $10.9M | $3.2M | $3.1M | $10.5M | $9.9M | $2.5M | $4.2M | $2.1M | $5.5M | $5.4M | $2.5M | $791,000 |
| Inventory | $34.0M | $31.4M | $26.8M | $29.5M | $24.1M | $20.7M | $18.1M | $21.9M | $20.0M | $19.9M | $19.9M | $27.2M |
| Other current assets | $0 | $5.2M | $5.8M | $7.5M | $6.2M | $5.0M | $4.0M | $5.3M | $4.1M | $3.2M | $5.4M | $7.9M |
| Total current assets | $129.7M | $109.8M | $107.9M | $119.4M | $107.7M | $106.4M | $41.2M | $59.6M | $72.2M | $52.0M | $52.7M | $125.8M |
| Property, plant & equipment (net) | $376.9M | $350.5M | $227.2M | $222.4M | $220.5M | $217.6M | $210.9M | $201.2M | $167.8M | $167.1M | $169.9M | $340.0M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $411.8M | $450.0M | $428.6M | $386.3M | $387.1M | $390.5M | $400.8M | $401.1M | $390.1M | $402.6M | $419.4M | $86.1M |
| Other non-current assets | $73.7M | $62.2M | $56.5M | $19.6M | $20.4M | $16.2M | $11.7M | $6.0M | $15.0M | $16.9M | $17.6M | $20.8M |
| Total assets | $992.1M | $972.6M | $820.2M | $747.6M | $735.6M | $730.6M | $664.6M | $667.8M | $645.1M | $638.7M | $659.5M | $572.7M |
| Liabilities | ||||||||||||
| Accounts payable | $41.3M | $47.7M | $44.9M | $36.2M | $33.9M | $27.0M | $28.4M | $28.8M | $24.8M | $24.7M | $22.7M | $38.7M |
| Short-term debt | $6.8M | $819,000 | $926,000 | $833,000 | $727,000 | $766,000 | $788,000 | $9.9M | $6.7M | $3.9M | $1.8M | $1.0M |
| Deferred revenue | $8.1M | $1.8M | $7.5M | $9.3M | — | $1.5M | $3.5M | −$28.8M | $4.7M | $2.0M | $4.7M | $10.2M |
| Total current liabilities | $63.7M | $96.7M | $63.8M | $56.8M | $45.9M | $45.3M | $47.7M | $50.9M | $43.0M | $37.9M | $30.0M | $53.5M |
| Long-term debt | $126.6M | $123.4M | $126.2M | $126.0M | $125.8M | $125.5M | $40.0M | $31.0M | $34.0M | $37.0M | $40.0M | $40.0M |
| Lease obligations | $1.8M | $1.8M | $2.0M | $1.8M | $1.8M | $2.0M | $2.1M | $2.5M | $1.4M | $1.7M | $1.5M | $2.0M |
| Other long-term liabilities | $95.2M | $100.6M | $84.0M | $76.3M | $79.5M | $80.0M | $82.0M | $83.8M | $82.9M | $81.3M | $87.1M | $45.3M |
| Total liabilities | $285.5M | $320.6M | $274.0M | $259.1M | $251.1M | $250.8M | $169.6M | $165.7M | $159.9M | $156.2M | $157.1M | $138.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.91B | $1.89B | $1.82B | $1.80B | $1.80B | $1.80B | $1.80B | $1.80B | $1.78B | $1.77B | $1.77B | $1.75B |
| Retained earnings (deficit) | −$1.23B | −$1.24B | −$1.28B | −$1.31B | −$1.31B | −$1.32B | −$1.31B | −$1.30B | −$1.30B | −$1.29B | −$1.27B | −$1.40B |
| Accumulated other comprehensive income | $21,000 | $24,000 | — | — | — | — | — | — | — | $0 | $0 | — |
| Minority interest | — | — | $0 | — | — | — | — | — | — | — | — | — |
| Total shareholders' equity | $706.6M | $652.0M | $546.2M | $488.6M | $484.5M | $479.8M | $495.0M | $502.1M | $485.2M | $482.5M | $502.4M | $349.9M |
| Key figures | ||||||||||||
| Total debt | $128.4M | $125.1M | $128.2M | $127.7M | $127.6M | $127.5M | $42.1M | $42.5M | $41.4M | $41.7M | $42.3M | $42.0M |
| Net cash (debt) | −$36.7M | −$55.0M | −$56.1M | −$55.8M | −$60.2M | −$49.3M | −$27.2M | −$12.2M | $1.2M | −$18.1M | −$17.5M | $48.0M |
| Working capital | $66.0M | $13.2M | $44.1M | $62.6M | $61.8M | $61.1M | −$6.5M | $8.6M | $29.1M | $14.1M | $22.7M | $72.3M |
| Tangible book value | $706.6M | $652.0M | $546.2M | $488.6M | $484.5M | $479.8M | $495.0M | $502.1M | $485.2M | $482.5M | $502.4M | $349.9M |
| Book value per share | $9.47 | $11.08 | $9.98 | $9.02 | $8.97 | $9.01 | $9.53 | $9.66 | $9.76 | $9.76 | $10.50 | $7.37 |
| Shares outstanding | 74.6M | 58.9M | 54.8M | 54.2M | 54.0M | 53.3M | 52.0M | 52.0M | 49.7M | 49.4M | 47.9M | 47.5M |
| Current ratio | 2.04 | 1.14 | 1.69 | 2.10 | 2.35 | 2.35 | 0.86 | 1.17 | 1.68 | 1.37 | 1.76 | 2.35 |
| Quick ratio | 1.61 | 0.76 | 1.18 | 1.45 | 1.69 | 1.78 | 0.40 | 0.63 | 1.12 | 0.76 | 0.91 | 1.70 |
| Debt / equity | 0.18 | 0.19 | 0.23 | 0.26 | 0.26 | 0.27 | 0.09 | 0.08 | 0.09 | 0.09 | 0.08 | 0.12 |
| Equity / assets | 71.2% | 67.0% | 66.6% | 65.3% | 65.9% | 65.7% | 74.5% | 75.2% | 75.2% | 75.5% | 76.2% | 61.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 17, 2026); data from EODHD.
MUX financial position
At the end of fiscal 2025 (December 31, 2025), McEwen Mining had total assets of $820.2 million (up 23.4% from a year earlier), total liabilities of $274.0 million and shareholders' equity of $546.2 million. It held $72.1 million in cash and short-term investments against $128.2 million of debt, net debt of $56.1 million. Its current ratio was 1.69. In the latest quarter (ended June 30, 2026) total assets were $992.1 million and equity $706.6 million.
Related: MUX income statement, MUX cash flow statement, MUX key metrics. See the MUX stock overview for the latest quote and news.
MUX balance sheet FAQ
What are McEwen Mining's total assets?
McEwen Mining reported total assets of $820.2 million at the end of fiscal 2025 (December 31, 2025), compared with $664.6 million a year earlier.
How much debt does McEwen Mining have?
McEwen Mining had $128.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.23.
How much cash does McEwen Mining have?
McEwen Mining held $72.1 million in cash and short-term investments at the end of fiscal 2025; with $128.2 million of debt that is net debt of $56.1 million.
What is McEwen Mining's book value?
McEwen Mining's shareholders' equity (book value) was $546.2 million at the end of fiscal 2025, or $10.11 per share.
What is McEwen Mining's current ratio?
McEwen Mining had current assets of $107.9 million and current liabilities of $63.8 million, a current ratio of 1.69 (it can cover its short-term obligations).