Recent News
On September 9, 2025 A-Mark released fiscal Q4 and full-year results, reporting Q4 gross profit of $81.7M and FY2025 gross profit of $210.9M while noting acquisition integrations and logistics automation progress. On September 16, 2025 Stack’s Bowers Galleries, an A-Mark subsidiary, auctioned seven space-flown Sacagawea gold dollars on behalf of the U.S. Mint. In mid-September several broker notes and analyst coverage updates published new price targets and an upgraded stance from at least one firm.
Technical Analysis
Directional indicators show an emerging trend: ADX at 21.63 indicates trend strength emerging but not yet strong. DI+ at 31.89 labeled “peak & reversal” signals DI+ has peaked and reversed, which reads as bearish pressure on directional strength; DI- at 19.15 labeled “peak & reversal” reads as DI- falling from a prior peak, which acts as a bullish counterweight. Together those readings imply a fragile directional setup where bullish short-term pressure competes with recent directional fading.
MACD sits at 0.77 with the signal at 0.70, meaning the MACD recently crossed above its signal line (a bullish cue) but the MACD trend shows a peak-and-reversal; that combination suggests any bullish cross lacks conviction and momentum may roll back unless renewed buying emerges.
MRO reads -4.11 with a dip-and-reversal pattern; the negative MRO indicates price sits below WMDST’s target and the dip-and-reversal implies price pressure leans toward upward reversion, supporting potential short-term upside toward fair-value references.
RSI at 58.6 with a peak-and-reversal label indicates recent momentum topped and now shows moderation; this constrains aggressive upside even though the RSI remains below overbought levels.
Price sits above short-term averages and key support: the 12-day EMA at $27.59 (increasing), the 20-day average at $27.20, and the 200-day average at $24.42, while the SuperTrend lower support registers at $26.14. The close at $28.56 sits near the 1x upper Bollinger band ($28.43), indicating near-term resistance around current levels and support clustered near the SuperTrend and short EMAs.
Fundamental Analysis
Profitability shows mixed signals. Gross margin equals 3.25% while operating margin stands at 0.78% and EBIT margin at 1.03%. EBIT margin improved QoQ by +9.32% but contracted YoY by -40.24%. The EBIT margin at 1.03% trails the industry peer low of 5.76% and sits well below the industry peer mean of 71.24% and median of 86.47%, reflecting substantial margin dispersion versus collectible/precious-metals peers.
Earnings and guidance context: diluted EPS reported $0.41 versus an estimate of $0.44, producing an EPS surprise of -6.82%. Forward EPS equals $0.97 and forward PE sits at 23.40x, below the industry peer mean forward PE of ~50.21x, indicating the market prices lower forward multiple expectations for A-Mark relative to its peers.
Cash flow and balance sheet: free cash flow totaled $63,168,000 with a free cash flow yield of 11.24%, materially above the industry peer mean free cash flow yield of 3.84%, supporting the valuation case. Operating cash flow reached $66,966,000 and cash on hand totaled $77,741,000. Net debt equals $759,335,000 while market capitalization equals $561,844,281, leaving enterprise value at $1,321,179,281 and producing a high net-debt-to-market-cap relationship that increases leverage sensitivity.
Leverage and returns: debt-to-assets equals 37.78%, above the industry peer high of 30.49% and above the peer mean of 14.35%, while debt-to-equity reads 1.29x. Return on equity equals 1.59% and return on assets equals 0.47%, both below their respective industry peer means, indicating modest capital returns relative to peers and highlighting the importance of margin recovery to improve returns.
Revenue and growth metrics: total revenue registers $2,512,048,000. Reported revenue growth (period metric) equals -16.52% QoQ, while the listed year-over-year growth measure reads 403.17% (as provided). Asset turnover equals 1.14x, above the industry peer mean of 0.10x, reflecting efficient revenue generation from invested assets despite margin compression.
Valuation summary: WMDST values the stock as under-valued. The free cash flow yield of 11.24% and forward PE of 23.40x—both below or above their respective industry peer references—support a valuation gap versus peers, while elevated net debt and materially lower margin metrics relative to the industry peer mean and median temper the near-term earnings improvement thesis.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-09-09 |
| NEXT REPORT DATE: | 2025-12-09 |
| CASH FLOW | Begin Period Cash Flow | $ 114.3 M |
| Operating Cash Flow | $ 67.0 M | |
| Capital Expenditures | $ -3.80 M | |
| Change In Working Capital | $ 49.7 M | |
| Dividends Paid | $ -4.92 M | |
| Cash Flow Delta | $ -36.60 M | |
| End Period Cash Flow | $ 77.7 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 2.5 B | |
| Forward Revenue | $ 1.4 B | |
| COSTS | ||
| Cost Of Revenue | $ 2.4 B | |
| Depreciation | $ 8.6 M | |
| Depreciation and Amortization | $ 8.6 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 2.5 B | |
| PROFITABILITY | ||
| Gross Profit | $ 81.7 M | |
| EBITDA | $ 34.5 M | |
| EBIT | $ 25.9 M | |
| Operating Income | $ 19.7 M | |
| Interest Income | $ 5.3 M | |
| Interest Expense | $ 12.9 M | |
| Net Interest Income | $ -7.56 M | |
| Income Before Tax | $ 13.0 M | |
| Tax Provision | $ 2.9 M | |
| Tax Rate | 21.966 % | |
| Net Income | $ 10.3 M | |
| Net Income From Continuing Operations | $ 10.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.44 | |
| EPS Actual | $ 0.41 | |
| EPS Difference | $ -0.03 | |
| EPS Surprise | -6.818 % | |
| Forward EPS | $ 0.96 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.2 B | |
| Intangible Assets | $ 366.0 M | |
| Net Tangible Assets | $ 283.6 M | |
| Total Current Assets | $ 1.7 B | |
| Cash and Short-Term Investments | $ 77.7 M | |
| Cash | $ 77.7 M | |
| Net Receivables | $ 113.1 M | |
| Inventory | $ 1.3 B | |
| Long-Term Investments | $ 4.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 12.8 M | |
| Short-Term Debt | $ 488.7 M | |
| Total Current Liabilities | $ 1.1 B | |
| Net Debt | $ 759.3 M | |
| Total Debt | $ 837.1 M | |
| Total Liabilities | $ 1.5 B | |
| EQUITY | ||
| Total Equity | $ 649.5 M | |
| Retained Earnings | $ 464.1 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 26.36 | |
| Shares Outstanding | 24.639 M | |
| Revenue Per-Share | $ 101.95 | |
| VALUATION | Market Capitalization | $ 561.8 M |
| Enterprise Value | $ 1.3 B | |
| Enterprise Multiple | 38.297 | |
| Enterprise Multiple QoQ | -77.968 % | |
| Enterprise Multiple YoY | 38.631 % | |
| Enterprise Multiple IPRWA | high: 95.26 AMRK: 38.297 mean: 24.055 low: 9.992 median: 9.992 |
|
| EV/R | 0.526 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.411 | |
| Asset To Liability | 1.464 | |
| Debt To Capital | 0.563 | |
| Debt To Assets | 0.378 | |
| Debt To Assets QoQ | -5.623 % | |
| Debt To Assets YoY | 31.267 % | |
| Debt To Assets IPRWA | AMRK: 0.378 high: 0.305 median: 0.163 mean: 0.144 low: 0.039 |
|
| Debt To Equity | 1.289 | |
| Debt To Equity QoQ | -5.124 % | |
| Debt To Equity YoY | 48.846 % | |
| Debt To Equity IPRWA | AMRK: 1.289 high: 1.032 mean: 0.205 median: 0.094 low: -0.581 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.865 | |
| Price To Book QoQ | -11.942 % | |
| Price To Book YoY | -34.772 % | |
| Price To Book IPRWA | high: 9.725 median: 5.441 mean: 5.077 AMRK: 0.865 low: -4.063 |
|
| Price To Earnings (P/E) | 38.004 | |
| Price To Earnings QoQ | -108.882 % | |
| Price To Earnings YoY | -36.129 % | |
| Price To Earnings IPRWA | high: 118.522 median: 102.033 mean: 96.181 low: 59.793 AMRK: 38.004 |
|
| PE/G Ratio | 0.22 | |
| Price To Sales (P/S) | 0.224 | |
| Price To Sales QoQ | 6.459 % | |
| Price To Sales YoY | -29.918 % | |
| Price To Sales IPRWA | high: 13.733 mean: 11.081 median: 10.633 low: 1.948 AMRK: 0.224 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 23.402 | |
| Forward PE/G | 0.135 | |
| Forward P/S | 0.388 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -46.045 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 1.142 | |
| Asset Turnover Ratio QoQ | -23.087 % | |
| Asset Turnover Ratio YoY | -20.903 % | |
| Asset Turnover Ratio IPRWA | AMRK: 1.142 high: 0.287 mean: 0.104 median: 0.032 low: 0.015 |
|
| Receivables Turnover | 25.06 | |
| Receivables Turnover Ratio QoQ | -54.416 % | |
| Receivables Turnover Ratio YoY | -70.868 % | |
| Receivables Turnover Ratio IPRWA | AMRK: 25.06 high: 6.525 mean: 1.498 median: 1.357 low: 0.037 |
|
| Inventory Turnover | 1.872 | |
| Inventory Turnover Ratio QoQ | -20.81 % | |
| Inventory Turnover Ratio YoY | -17.514 % | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 3.641 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 43.062 | |
| Cash Conversion Cycle Days QoQ | -1.406 % | |
| Cash Conversion Cycle Days YoY | 8.968 % | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 3.991 | |
| CapEx To Revenue | -0.002 | |
| CapEx To Depreciation | -0.443 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 997.9 M | |
| Net Invested Capital | $ 1.5 B | |
| Invested Capital | $ 1.5 B | |
| Net Tangible Assets | $ 283.6 M | |
| Net Working Capital | $ 629.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.07 | |
| Current Ratio | 1.565 | |
| Current Ratio QoQ | 0.51 % | |
| Current Ratio YoY | -4.104 % | |
| Current Ratio IPRWA | high: 5.247 AMRK: 1.565 mean: 1.202 median: 1.109 low: 0.616 |
|
| Quick Ratio | 0.416 | |
| Quick Ratio QoQ | 6.499 % | |
| Quick Ratio YoY | 6.654 % | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 24.264 | |
| Cost Of Debt | 1.177 % | |
| Interest Coverage Ratio | 2.009 | |
| Interest Coverage Ratio QoQ | 763.89 % | |
| Interest Coverage Ratio YoY | -55.618 % | |
| Interest Coverage Ratio IPRWA | high: 6062.9 mean: 916.756 low: 2.071 median: 2.071 AMRK: 2.009 |
|
| Operating Cash Flow Ratio | 0.022 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 0.483 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 2.098 | |
| Dividend Payout Ratio | 0.477 | |
| Dividend Rate | $ 0.20 | |
| Dividend Yield | 0.009 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.46 % | |
| Revenue Growth | -16.519 % | |
| Revenue Growth QoQ | -269.809 % | |
| Revenue Growth YoY | 403.168 % | |
| Revenue Growth IPRWA | high: 20.005 % mean: 9.209 % median: 6.883 % AMRK: -16.519 % low: -26.702 % |
|
| Earnings Growth | 172.727 % | |
| Earnings Growth QoQ | -241.322 % | |
| Earnings Growth YoY | -4.545 % | |
| Earnings Growth IPRWA | AMRK: 172.727 % high: 8.511 % median: 8.511 % mean: -8.88 % low: -67.857 % |
|
| MARGINS | ||
| Gross Margin | 3.252 % | |
| Gross Margin QoQ | 138.591 % | |
| Gross Margin YoY | 91.069 % | |
| Gross Margin IPRWA | high: 88.7 % median: 88.7 % mean: 77.24 % low: 31.0 % AMRK: 3.252 % |
|
| EBIT Margin | 1.032 % | |
| EBIT Margin QoQ | 932.0 % | |
| EBIT Margin YoY | -40.243 % | |
| EBIT Margin IPRWA | high: 86.472 % median: 86.472 % mean: 71.235 % low: 5.763 % AMRK: 1.032 % |
|
| Return On Sales (ROS) | 0.784 % | |
| Return On Sales QoQ | 684.0 % | |
| Return On Sales YoY | -54.603 % | |
| Return On Sales IPRWA | high: 84.812 % median: 84.812 % mean: 70.105 % low: 5.763 % AMRK: 0.784 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 63.2 M | |
| Free Cash Flow Yield | 11.243 % | |
| Free Cash Flow Yield QoQ | -29.182 % | |
| Free Cash Flow Yield YoY | 13.086 % | |
| Free Cash Flow Yield IPRWA | AMRK: 11.243 % high: 5.356 % median: 3.974 % mean: 3.835 % low: 0.351 % |
|
| Free Cash Growth | -37.063 % | |
| Free Cash Growth QoQ | 567.201 % | |
| Free Cash Growth YoY | -373.205 % | |
| Free Cash Growth IPRWA | AMRK: -37.063 % high: -108.21 % median: -172.314 % mean: -227.945 % low: -360.188 % |
|
| Free Cash To Net Income | 6.119 | |
| Cash Flow Margin | 0.962 % | |
| Cash Flow To Earnings | 2.34 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | 0.469 % | |
| Return On Assets QoQ | -211.137 % | |
| Return On Assets YoY | -73.488 % | |
| Return On Assets IPRWA | high: 3.259 % mean: 1.115 % AMRK: 0.469 % median: 0.386 % low: 0.132 % |
|
| Return On Capital Employed (ROCE) | 2.354 % | |
| Return On Equity (ROE) | 0.016 | |
| Return On Equity QoQ | -219.654 % | |
| Return On Equity YoY | -68.794 % | |
| Return On Equity IPRWA | high: 0.081 median: 0.046 mean: 0.046 AMRK: 0.016 low: -0.009 |
|
| DuPont ROE | 1.597 % | |
| Return On Invested Capital (ROIC) | 1.361 % | |
| Return On Invested Capital QoQ | 682.184 % | |
| Return On Invested Capital YoY | -83.634 % | |
| Return On Invested Capital IPRWA | high: 40.254 % median: 40.254 % mean: 33.008 % AMRK: 1.361 % low: -1.92 % |
|