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AMRK

A-Mark Precious Metals, Inc.

AMRK

A-Mark Precious Metals, Inc. • NASDAQ
$28.71 ▲ 5.28% (+1.44)
Market Cap $707.54 M
52w High $30.50
52w Low $19.39
Dividend Yield 0.80%
P/E 95.7
Volume 258.76K
Outstanding Shares 24.64M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $3.681B ▲ $67.405M ▲ $-939K ▼ -0.026% ▼ $-0.038 ▼ $19.872M ▼
Q4-2025 $2.512B ▼ $61.994M ▲ $10.324M ▲ 0.411% ▲ $0.36 ▲ $34.498M ▲
Q3-2025 $3.009B ▲ $38.4M ▲ $-8.546M ▼ -0.284% ▼ $-0.36 ▼ $8.008M ▼
Q2-2025 $2.742B ▲ $30.393M ▲ $6.558M ▼ 0.239% ▼ $0.28 ▼ $23.018M ▼
Q1-2025 $2.715B $26.617M $8.984M 0.331% $0.39 $24.869M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $89.221M ▲ $2.579B ▲ $1.882B ▲ $643.972M ▼
Q4-2025 $77.741M ▼ $2.215B ▲ $1.513B ▲ $649.516M ▲
Q3-2025 $114.345M ▲ $2.184B ▲ $1.487B ▲ $643.552M ▲
Q2-2025 $37.768M ▼ $1.869B ▼ $1.204B ▼ $612.718M ▲
Q1-2025 $46.924M $2.029B $1.364B $611.06M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $-971K ▼ $195.417M ▲ $-11.409M ▲ $-172.528M ▼ $11.48M ▲ $193.443M ▲
Q4-2025 $10.16M ▲ $66.966M ▼ $-61.204M ▼ $-42.366M ▼ $-36.604M ▼ $63.168M ▼
Q3-2025 $-8.708M ▼ $102.839M ▼ $-53.96M ▼ $27.698M ▲ $76.577M ▲ $100.367M ▼
Q2-2025 $5.974M ▼ $110.071M ▲ $-4.982M ▼ $-114.245M ▼ $-9.156M ▼ $106.27M ▲
Q1-2025 $8.418M $-127.529M $15.481M $110.336M $-1.712M $-128.136M

Revenue by Products

Product Q2-2025Q3-2025Q4-2025Q1-2026
Wholesale Sales
Wholesale Sales
 $2.64Bn ▲$2.80Bn ▲$2.27Bn ▼$3.51Bn ▲
Retail Trading
Retail Trading
 $570.00M ▲$570.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, showing that demand for A‑Mark’s services and products is expanding. However, profitability has been more volatile. Margins are thin by nature in this trading-heavy business, and profits peaked a few years ago and have since stepped down to more modest levels. Earnings per share have come down from prior highs, suggesting the company has moved from an exceptional boom period into a more normalized environment. Overall, it looks like a bigger business today, but with less profit per dollar of sales than during its peak years.

Balance Sheet

Balance Sheet The balance sheet has scaled up meaningfully, with total assets and shareholder equity both rising over time, which points to a growing underlying franchise. At the same time, debt levels have increased notably, reflecting a more leveraged model to support larger trading and inventory positions. Cash on hand is relatively small compared with total assets, which is typical for a capital markets and trading-oriented firm but still worth watching. In simple terms, the company has grown in size and capital base, but has also taken on more borrowing to do so.

Cash Flow

Cash Flow Cash generation has improved from earlier years when operating cash flow was often negative. More recently, the business has been consistently producing cash from operations, and free cash flow has turned positive and stayed that way. Capital spending needs appear low, so most cash flow is driven by working capital swings and profitability rather than heavy investment projects. This pattern suggests a business that used to consume cash in growth is now better balanced and able to fund itself more comfortably, though results can still fluctuate with market conditions.

Competitive Edge

Competitive Edge A‑Mark operates across almost the full precious metals value chain: wholesale trading, minting, logistics, direct-to-consumer brands, auctions, and secured lending. This vertical integration gives it control over supply, costs, and product design, and allows it to earn money from multiple points in each transaction. Its portfolio of well-known retail brands and global reach broadens its customer base and provides useful market intelligence. At the same time, the company is exposed to swings in investor sentiment, metals prices, and liquidity in the bullion markets, so its advantages come with inherent cyclical risk.

Innovation and R&D

Innovation and R&D Instead of traditional lab-style R&D, A‑Mark’s innovation is focused on technology, branding, and product structure. The CyberMetals platform, with fractional ownership of stored bullion, 24/7 access, flexible payment methods, and IRA integration, is a clear push to digitize precious metals investing and appeal to younger, online-first customers. The planned rebrand to Gold.com and coordinated launch of new branded products show a strong emphasis on marketing, brand equity, and cross-selling through its integrated minting and retail operations. Ongoing platform enhancements, acquisitions, and expansion in collectibles and international markets are likely to remain the main innovation levers.

Summary

A‑Mark today is a larger, more diversified precious metals platform than it was five years ago, with broader revenue streams and a deeper presence from wholesale supply all the way to retail investors and collectors. Financially, revenue growth has been solid, but profits have cooled from prior peaks, reflecting normalization after a particularly strong cycle and the realities of a low-margin trading business. The balance sheet is stronger in terms of equity but also more leveraged, and cash generation has shifted from frequently negative to more consistently positive. Strategically, the company’s vertical integration, technology platforms, and branding initiatives (including the shift to Gold.com) create a meaningful competitive moat, but results will remain sensitive to metals prices, market volatility, and investor risk appetite.

NEWS

November 6, 2025 · 4:10 PM UTC

A-Mark Precious Metals to Become Gold.com and Transfer to the New York Stock Exchange

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October 29, 2025 · 4:05 PM UTC

A-Mark Precious Metals Announces Quarterly Cash Dividend

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October 20, 2025 · 8:00 AM UTC

A-Mark Precious Metals Sets Fiscal First Quarter Earnings Call for Thursday, November 6th at 4:30 p.m. ET

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September 9, 2025 · 4:05 PM UTC

A-Mark Precious Metals Reports Fiscal Fourth Quarter and Full Year 2025 Results

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