Tearsheet

A-Mark Precious Metals (AMRK)

Market Price (12/4/2025): $29.24 | Market Cap: $722.1 Mil
Sector: Financials | Industry: Diversified Capital Markets

A-Mark Precious Metals (AMRK)

Market Price (12/4/2025): $29.24
Market Cap: $722.1 Mil
Sector: Financials
Industry: Diversified Capital Markets

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield FCF Yield is 73%	Trading close to highs Dist 52W High is 0.0%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 92%
1	Low stock price volatility Vol 12M is 44%	Weak multi-year price returns 2Y Excs Rtn is -34%, 3Y Excs Rtn is -66%	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 86x
2	Megatrend and thematic drivers Megatrends include Wealth Preservation & Alternative Investments. Themes include Precious Metals Investment, Physical Asset Custody, and Inflation Hedges.

0	Attractive yield FCF Yield is 73%
1	Low stock price volatility Vol 12M is 44%
2	Megatrend and thematic drivers Megatrends include Wealth Preservation & Alternative Investments. Themes include Precious Metals Investment, Physical Asset Custody, and Inflation Hedges.
3	Trading close to highs Dist 52W High is 0.0%
4	Weak multi-year price returns 2Y Excs Rtn is -34%, 3Y Excs Rtn is -66%
5	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 92%
6	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 86x

Valuation, Metrics & Events

	12/4/25	2024	2023	2022
Share Price CYE	$29.24	$26.52	$28.63	$31.24
Market Cap CYE ($ Mil)	722.1	614.1	660.7	733.7
Total Debt ($ Mil)	674.6	837.1	775.1	666.1
Total Cash ($ Mil)	89.2	77.7	48.6	39.3
Enterprise Value ($ Mil)	1,307.5	1,451.2	1,435.8	1,399.8
Valuation Ratios
P/S TTM	0.1	0.1	0.1	0.1
P/EBIT TTM	10.0	9.6	5.7	3.5
P/E TTM	80.5	37.4	10.2	5.2
Sector Ratios
P/S TTM (Sector)	3.0	3.1	2.8	2.8
P/EBIT TTM (Sector)	8.1	8.5	7.5	7.7
P/E TTM (Sector)	11.7	11.6	10.2	9.4

	12/4/25	2024
Share Price CYE	$29.24	$26.52
Market Cap CYE ($ Mil)	722.1	614.1
Total Debt ($ Mil)	674.6	837.1
Total Cash ($ Mil)	89.2	77.7
Enterprise Value ($ Mil)	1,307.5	1,451.2
Valuation Ratios
P/S TTM	0.1	0.1
P/EBIT TTM	10.0	9.6
P/E TTM	80.5	37.4
Sector Ratios
P/S TTM (Sector)	3.0	3.1
P/EBIT TTM (Sector)	8.1	8.5
P/E TTM (Sector)	11.7	11.6

	AMRK	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	11.9
Rev Chg Q	35.6%	7.1%
Rev Chg LTM	20.3%	6.1%
Rev Chg 3Y Avg	14.5%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	0.5
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	0.4%	18.8%
CFO/Rev LTM	4.0%	20.5%
Net Inc Mgn	0.1%	13.1%
VALUATION	HIGH
P/S	0.0	3.2
P/CFO	1.3	15.8
P/FCF	1.3	20.5
P/E	80.5	23.5

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Gold ounces sold	346000	6302025	Link
Silver ounces sold	15700000	6302025	Link
Number of secured loans at period end	445	6302025	Link
Direct-to-Consumer (DTC) number of new customers	335300	6302023	Link
Number of employees	993	6302025	Link
Number of company-owned e-commerce websites	8	11062025	Link

Recent
11/06/2025	Earnings Release	Rev: $3.0 Bil (A) vs. $2.0 Bil (E) EPS: 0.20 (A) vs. $0.86 (E)
11/19/2025	Dividend	Amount: $0.20 Payment On: 12/02/2025
Upcoming
2/05/2026	Earnings Release	Rev: $2.0 Bil (E) EPS: $0.70 (E)

AMRK Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

For the approximate time period from August 31, 2025, to December 4, 2025, A-Mark Precious Metals (AMRK) experienced significant stock movements. While the specific 35.1% change for this precise period is based on the user's premise, several key factors within this timeframe, or immediately preceding it and influencing it, could contribute to such a substantial fluctuation in the stock's value.

1. Mixed Q1 FY2026 Financial Results: A-Mark Precious Metals reported mixed results for its first fiscal quarter of 2026, which ended in September 2025, with announcements made in early November 2025. While the company exceeded revenue expectations with $3.68 billion, it significantly missed the consensus estimate for earnings per share, reporting $0.20 against an anticipated $0.86. This discrepancy, alongside a reported net loss of $0.04 per diluted share compared to a net income in the prior year, likely caused considerable investor reaction.

2. Strong Precious Metals Market Rally: The broader precious metals market witnessed a powerful upward trend in late 2025. Gold prices reached an all-time high in October 2025, and both gold and silver experienced substantial rallies, with gold up 65% year-to-date and silver soaring over 100% by early December 2025. This surge was fueled by factors such as a softer U.S. dollar, rising expectations of Federal Reserve rate cuts, and ongoing geopolitical tensions, creating a generally favorable environment for companies in the precious metals sector like A-Mark.

3. Increased Operating Costs: Despite the robust revenue growth in Q1 FY2026, higher operating expenses, specifically in selling, general, and administrative (SG&A) costs and depreciation and amortization, contributed to the company's net loss. These increased costs put pressure on A-Mark's profitability, which could negatively impact investor sentiment and contribute to stock price fluctuations.

4. Strategic Acquisitions and Rebranding Efforts: A-Mark Precious Metals has been engaged in strategic initiatives, including the acquisition of Monex Deposit Company and rebranding efforts such as to Gold.com. Such strategic moves are aimed at bolstering the company's market position and expanding its reach, which can be viewed positively by investors anticipating future growth and market share gains.

5. Varied Analyst Sentiment and Market Expectations: Analyst sentiment for A-Mark Precious Metals in late 2025 indicated a "Moderate Buy" consensus rating with upward revisions in revenue expectations for fiscal year 2026. However, there was also an observed increase in short interest, suggesting some investor caution or bearish outlooks. These mixed signals from market analysts and investors can create volatility as different outlooks compete in driving the stock price.

Show less

Stock Movement Drivers

Fundamental Drivers

The 32.6% change in AMRK stock from 9/3/2025 to 12/3/2025 was primarily driven by a 610.3% change in the company's P/E Multiple.

	9032025	12032025	Change
Stock Price ($)	23.66	31.38	32.61%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	10991.52	11944.28	8.67%
Net Income Margin (%)	0.35%	0.06%	-82.06%
P/E Multiple	14.75	104.77	610.30%
Shares Outstanding (Mil)	23.65	24.70	-4.44%
Cumulative Contribution			32.35%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
AMRK	32.6%
Market (SPY)	6.2%	33.8%
Sector (XLF)	0.1%	10.2%

Fundamental Drivers

The 56.4% change in AMRK stock from 6/4/2025 to 12/3/2025 was primarily driven by a 737.8% change in the company's P/E Multiple.

	6042025	12032025	Change
Stock Price ($)	20.06	31.38	56.41%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	10991.52	11944.28	8.67%
Net Income Margin (%)	0.35%	0.06%	-82.06%
P/E Multiple	12.51	104.77	737.82%
Shares Outstanding (Mil)	23.65	24.70	-4.44%
Cumulative Contribution			56.11%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
AMRK	56.4%
Market (SPY)	15.1%	32.9%
Sector (XLF)	5.8%	17.2%

Fundamental Drivers

The 9.1% change in AMRK stock from 12/3/2024 to 12/3/2025 was primarily driven by a 828.9% change in the company's P/E Multiple.

	12032024	12032025	Change
Stock Price ($)	28.75	31.38	9.14%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	9929.52	11944.28	20.29%
Net Income Margin (%)	0.59%	0.06%	-89.52%
P/E Multiple	11.28	104.77	828.87%
Shares Outstanding (Mil)	23.03	24.70	-7.24%
Cumulative Contribution			8.57%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
AMRK	9.1%
Market (SPY)	14.3%	35.2%
Sector (XLF)	7.4%	28.6%

Fundamental Drivers

The -1.7% change in AMRK stock from 12/4/2022 to 12/3/2025 was primarily driven by a -96.7% change in the company's Net Income Margin (%).

	12042022	12032025	Change
Stock Price ($)	31.93	31.38	-1.72%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	8045.63	11944.28	48.46%
Net Income Margin (%)	1.88%	0.06%	-96.71%
P/E Multiple	4.93	104.77	2026.76%
Shares Outstanding (Mil)	23.40	24.70	-5.56%
Cumulative Contribution			-2.02%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
AMRK	8.5%
Market (SPY)	53.2%	27.9%
Sector (XLF)	52.4%	24.5%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
AMRK Return	241%	146%	18%	-8%	-7%	10%	832%
Peers Return	-1%	0%	0%	0%	0%	-19%	-19%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
AMRK Win Rate	67%	58%	67%	58%	42%	50%
Peers Win Rate	2%	0%	0%	0%	0%	22%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
AMRK Max Drawdown	-5%	0%	-19%	-26%	-18%	-27%
Peers Max Drawdown	-1%	0%	0%	0%	0%	-19%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ABTC, DMNT, FIGR, GEMI, MIAX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	AMRK	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-45.5%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	83.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	723 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-32.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	49.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	79 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-62.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	168.6%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	203 days	120 days

Compare to ABTC, DMNT, FIGR, GEMI, MIAX

In The Past

A-Mark Precious Metals's stock fell -45.5% during the 2022 Inflation Shock from a high on 4/20/2022. A -45.5% loss requires a 83.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About A-Mark Precious Metals (AMRK)

A-Mark Precious Metals, Inc., together with its subsidiaries, operates as a precious metals trading company. It operates in three segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending. The Wholesale Sales & Ancillary Services segment sells gold, silver, platinum, and palladium in the form of bars, plates, powders, wafers, grains, ingots, and coins. This segment also offers various ancillary services, including financing, storage, consignment, logistics, and various customized financial programs; and designs and produces minted silver products. The Direct-to-Consumer segment provides access to an array of gold, silver, copper, platinum, and palladium products through its websites and marketplaces. It operates five company-owned websites targeting specific niches within the precious metals retail market. This segment also operates as a direct retailer of precious metals to the investor community and markets its precious metal products on television, radio, and the internet, as well as through customer service outreach. The Secured Lending segment originates and acquires commercial loans secured by bullion and numismatic coins; and serves coin and precious metal dealers, investors, and collectors. The company serves customers, including financial institutions, bullion retailers, industrial manufacturers and fabricators, sovereign mints, refiners, coin and metal dealers, investors, collectors, and e-commerce and other retail customers. It has operations in the United States, rest of North America, Europe, the Asia Pacific, Africa, and Australia. A-Mark Precious Metals, Inc. was founded in 1965 and is headquartered in El Segundo, California.

AI Generated Analysis | Feedback

Here are 1-2 brief analogies for A-Mark Precious Metals (AMRK):

CarMax for precious metals: A-Mark operates as a large-scale, trusted dealer and wholesaler for gold, silver, platinum, and palladium, similar to how CarMax deals in used vehicles – buying, selling, and distributing valuable physical assets.
Amazon.com for gold and silver: Through its ownership of major online retailers like JM Bullion, A-Mark is a dominant e-commerce platform for individual investors and collectors to buy precious metals, much like Amazon sells a vast array of goods online.

AI Generated Analysis | Feedback

Precious Metal Products: Wholesales and retails physical gold, silver, platinum, and palladium in various forms like bars, coins, and rounds.
Custom Minted Products: Manufactures proprietary and custom-designed precious metal items at its minting facilities.
Precious Metal Storage Services: Provides secure, insured storage solutions for precious metal holdings to individuals and institutions.
Logistics and Shipping Services: Offers secure transportation, vaulting, and fulfillment services for precious metal inventory.
Financing and Lending Services: Provides collateralized loans and other financing options to dealers and institutional clients in the precious metals market.

AI Generated Analysis | Feedback

A-Mark Precious Metals (AMRK) primarily sells to other companies through its Wholesale Sales segment.

While A-Mark Precious Metals does not publicly disclose the names of its specific major customer companies due to the nature of its wholesale distribution business and competitive considerations, it serves a diverse range of business clients. Its major customers primarily fall into the following categories of companies:

Precious Metals Dealers and Wholesalers: These are other businesses that purchase bullion products from A-Mark for resale to their own customer bases, including individual investors, collectors, and smaller businesses.
Financial Institutions: Banks, wealth management firms, and other financial service providers that may offer precious metals products to their clients or utilize them for investment and hedging strategies.
Industrial Users: Companies across various industries that require precious metals (such as gold, silver, platinum, and palladium) as raw materials for manufacturing processes, including electronics, jewelry, automotive catalysts, and medical devices.

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

```html

Gregory N. Roberts Chief Executive Officer

Mr. Roberts has served as Chief Executive Officer and a Director of A-Mark Precious Metals since July 2005. He also served as President and Chief Executive Officer of Spectrum Group International (SGI) starting in March 2008. Prior to that, he was President of SGI's North American coin division, which included A-Mark. Greg Manning Auctions Inc. acquired a majority stake in A-Mark in 2005, later becoming Escala Group, then Spectrum Group International Inc., which then spun off A-Mark in 2014 to become a publicly traded company. Mr. Roberts is a lifetime member of the American Numismatic Association.

Cary Dickson Chief Financial Officer (effective July 1, 2025)

Mr. Dickson will assume the role of Chief Financial Officer for A-Mark Precious Metals effective July 1, 2025, having previously served as the company's CFO from November 2015 to September 2019. He will rejoin A-Mark as Executive Vice President on May 2, 2025, to ensure a smooth transition. Most recently, he was a partner at Hardesty LLC, a firm that provides financial services to private equity firms and middle-market companies. From 2019 to 2021, Mr. Dickson was the Chief Financial Officer of Entrepreneurial Corporate Group, a family-owned business with interests in hospitality, distribution, and real estate. His extensive experience also includes various executive roles at Mattel Toys from 2002 to 2014, such as Vice President of Finance and Chief Financial Officer of the Mattel Foundation.

Thor G. Gjerdrum President

Mr. Gjerdrum was appointed President of A-Mark Precious Metals in September 2016. He has a long history with the company, having served as Executive Vice President and Chief Operating Officer from 2013, and as Chief Financial Officer and Executive Vice President for two periods: from 2002 to May 2008, and again from May 2010 to June 2013. He was also the Chief Financial Officer and Executive Vice President of Spectrum Group International (SGI) from June 2008 to April 2010. Prior to A-Mark, Mr. Gjerdrum held various positions, including Vice President of Finance, at two publicly traded telecommunications companies and worked in public accounting.

Brian Aquilino Chief Operating Officer

Mr. Aquilino was appointed Chief Operating Officer in 2020, bringing over 25 years of operations and logistics experience to A-Mark, which he joined in 2001. Before his time at A-Mark, he held several management positions at Pacific Bell Wireless, an operating division of AT&T Mobility. He also served as a strategic manager overseeing LEC and ISP relationships at Covad Communication.

Steven Reiner Executive Vice President of Capital Markets & Investor Relations

Mr. Reiner joined A-Mark in April 2018 as Executive Vice President of Finance Products and Ancillary Services for Collateral Finance Corporation (CFC), a subsidiary, and was promoted to his current roles in December 2019. His background includes serving as a Managing Director and Head of Consumer Investment Banking for B. Riley Financial and concurrently as Chief Business Development Officer for B. Riley. He also has operating experience as Senior Vice President of Strategy and Business Development for Skechers USA and as President of Richard I. Koral, Inc. Earlier in his career, he worked as an investment banker, building and leading Consumer/Retail groups at Financo and CIBC Oppenheimer.

```

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

A-Mark Precious Metals (AMRK) operates within several addressable markets related to precious metals, secure logistics, and secured lending. Based on available data, the addressable market sizes for its main products and services are as follows:

Precious Metals Market (Wholesale Sales & Direct-to-Consumer)

A-Mark's core business involves the distribution and sale of gold, silver, platinum, palladium, and copper bullion, as well as numismatic coins, to wholesale and retail customers globally. This encompasses both the broader precious metals market and more specific segments like gold bullion and coin collection.

The global precious metals market is estimated at approximately USD 302.79 billion in 2025, with projections to reach around USD 545.57 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 6.77% from 2025 to 2034. Other estimates place the global market at USD 513.3 billion in 2024, projected to reach USD 865.3 billion by 2030 at a CAGR of 9.1%. The Asia Pacific region is a dominant force, holding approximately 60% of the market share in 2024, and its market size is estimated at USD 181.67 billion in 2025, projected to surpass USD 330.07 billion by 2034. The U.S. precious metals market is projected to reach an estimated value of USD 117.78 billion by 2032.
For the more specific segment of gold bullion, the global market size was approximately USD 76.58 billion in 2024 and is projected to reach USD 141.13 billion in 2029, with a CAGR of 13.0%. Another estimate indicates the global gold bullion market size was valued at USD 65.94 billion in 2024 and is poised to grow to USD 154.17 billion by 2032, at a CAGR of 11.2%. North America held over 40% of the global revenue in 2024, with a market size of over USD 21.26 billion. The U.S. gold bullion market size was valued at approximately USD 16.77 billion in 2024.
The global coin collection market (which includes numismatic coins and bullion coins) was valued at USD 12.38 billion in 2024 and is expected to reach USD 26.15 billion by 2032, growing at a CAGR of 9.80%. Another report estimates the global coin collection market at USD 20.9 billion in 2024, projected to reach USD 47.5 billion by 2035 with a CAGR of 8.6%.

Secure Logistics (Ancillary Services)

Through its A-M Global Logistics subsidiary, A-Mark provides managed storage options and secure transportation services for precious metals.

The global secure logistics market size was valued at approximately USD 87.96 billion in 2024 and is projected to reach USD 150.23 billion by 2033, exhibiting a CAGR of 5.82% during 2025-2033. Another estimate places the global market at USD 101.31 billion in 2025, anticipated to reach around USD 195.54 billion by 2034, expanding at a CAGR of 7.58%. Europe held the largest market share in secure logistics in 2024, accounting for over 41.9%, while the United States held 88.9% of the North American market in 2024.

Secured Lending

A-Mark offers secured lending solutions using precious metals as collateral through its subsidiary, Collateral Finance Corporation (CFC).

The specific addressable market size for secured lending against precious metals could not be distinctly identified from the available public information.

AI Generated Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for A-Mark Precious Metals (AMRK) over the next 2-3 years:

Strategic Acquisitions and Integration: A-Mark Precious Metals has been actively pursuing and integrating acquisitions, such as Monex Deposit Company, Silver Gold Bull, Spectrum Group International (SGI), Pinehurst Coin Exchange, and AMS Holdings. These acquisitions are expected to enhance its direct-to-consumer (DTC) presence, expand its customer base, and contribute to increased gross profit and overall revenue as synergies are realized and operations are streamlined.
Expansion of Direct-to-Consumer (DTC) Business and Rebranding Efforts: The DTC segment is a significant growth area for AMRK. The company is strategically strengthening its DTC presence, including a rebranding initiative to Gold.com, which aims to serve as a unified platform connecting its various brands and offering a wider range of options to customers. This focus on the DTC channel is anticipated to drive customer growth and increase sales volume.
International Market Expansion, particularly in Asia: A-Mark is expanding its reach into international markets, notably in Asia, through operations like LPM and its Singapore e-commerce/wholesale activities. This geographic diversification is expected to tap into new, higher-growth, and higher-margin segments, thereby diversifying revenue sources and supporting long-term growth as the adoption of precious metals accelerates in emerging markets.
Growth in Precious Metals Sales Volume and Favorable Pricing: Recent revenue growth has been driven by an increase in gold ounces sold and higher average selling prices of precious metals. While subject to market conditions, continued demand for gold and silver, combined with potentially favorable price trends, could further bolster revenue in the coming years.

AI Generated Analysis | Feedback

Share Repurchases

A-Mark's board authorized an increase in the share repurchase program on November 20, 2023, allowing for the repurchase of up to 2 million shares in total, with the program expiring on June 30, 2028.
The company repurchased $5.1 million of common stock during the fiscal second quarter of 2025 (ended December 31, 2024).
In fiscal year 2025 (ended June 30, 2025), repurchases of common stock from a related party amounted to $4.219 million.

Share Issuance

The number of issued shares increased from 23,965,427 as of June 30, 2024, to 24,639,386 as of June 30, 2025.
Proceeds from the exercise of share-based awards were $3.305 million in fiscal year 2025, $1.962 million in fiscal year 2024, and $1.884 million in fiscal year 2023.

Outbound Investments

A-Mark announced a definitive agreement to acquire Monex Precious Metals for $33 million on November 6, 2025, consisting of $19 million in cash and $14 million in stock, with up to an additional $20 million deferred conditionally based on cumulative pre-tax income.
Strategic acquisitions, including SGI, AMS, and Pinehurst, were undertaken with integration efforts driving improvements in gross profit during fiscal Q4 2025.
Other recent acquisitions include Gold.com (March 2024), Spectrum and Pinehurst (February 2025), and minority interests in other direct-to-consumer brands (January 2023 and May 2023).

Capital Expenditures

Capital expenditures for property, plant, and equipment were $(1.974) million for the nine months ended September 30, 2025 (fiscal Q1 2026) and $(607,000) for the nine months ended September 30, 2024 (fiscal Q1 2025).
Net property, plant, and equipment increased significantly from $20.263 million as of June 30, 2024, to $45.509 million as of June 30, 2025.
Management anticipates future capital allocation to include infrastructure investments aimed at optimizing expenses and supporting future growth.

Better Bets than A-Mark Precious Metals (AMRK)

	AMRK	Better Performance than AMRK
Metric	Value	INDUSTRY: Diversified Capital Markets
Rev Chg LTM	20.3%	RIOT (103.6%), CIFR (35.4%), LPLA (29.2%), TW (22.2%), WULF (21.0%)
Rev Chg 3Y Avg	14.5%	HUT (135.5%), RIOT (37.8%), LPLA (20.0%), TW (19.7%), BITF (15.7%)
Op Mgn LTM	0.4%	HUT (60.3%), TW (40.7%), LAZ (12.9%), LPLA (12.9%), GLXY (1.3%)
CFO/Rev LTM	4.0%	XP (145.7%), TW (54.8%), LAZ (15.8%), PWP (10.3%), LPLA (4.0%)
FCF/Rev LTM	3.9%	XP (140.4%), TW (49.5%), LAZ (14.4%), PWP (9.8%), OPY (5.1%)
Total Yield	2.7%	XP (65.2%), LAZ (8.8%), HUT (5.6%), LPLA (4.0%), TW (3.1%)
P/S	0.1	SOS (0.0), CRCL (0.0)
P/Op Inc	15.1	OPY (2.3), MRX (2.4), HUT (9.1), LAZ (13.1), GLXY (13.6)

	AMRK	Better Performance than AMRK
Metric	Value	SECTOR: Financials
Rev Chg LTM	20.3%	HOOD (74.6%), COF (25.4%), SCHW (22.3%), BX (21.9%), PGR (21.5%)
Rev Chg 3Y Avg	14.5%	NU (70.1%), HOOD (47.5%), KKR (44.5%), PGR (20.0%), BRK-B (19.8%)
Op Mgn LTM	0.4%	V (66.4%), MA (58.3%), HOOD (47.7%), SPGI (40.2%), BLK (33.7%)
CFO/Rev LTM	4.0%	V (57.6%), BAC (57.3%), MA (56.1%), GS (30.5%), BRK-B (9.8%)
FCF/Rev LTM	3.9%	BAC (57.3%), V (53.9%), MA (52.5%), GS (26.9%), BRK-B (4.8%)
Total Yield	2.7%	WFC (9.9%), BAC (7.7%), JPM (6.7%), BRK-B (6.2%), V (5.3%)
P/S	0.1	CBK (0.0), CRCL (0.0), SBNY (0.0), PAPL (0.0), SNEX (0.0)
P/Op Inc	15.1	BN (8.1), PYPL (10.1), FI (11.2), APO (11.6), WTW (14.9)

	AMRK	Better Performance than AMRK
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	20.3%	NVDA (71.6%), PLTR (47.2%), LLY (36.8%), AVGO (28.0%), META (21.3%)
Rev Chg 3Y Avg	14.5%	NVDA (92.0%), PLTR (29.3%), AVGO (24.0%), LLY (23.4%), META (17.3%)
Op Mgn LTM	0.4%	NVDA (58.1%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	4.0%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	3.9%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	2.7%	GOOGL (4.6%), META (3.5%), MSFT (3.4%), AMZN (3.0%), AAPL (3.0%)
P/S	0.1	OMI (0.0), CYH (0.0), WKC (0.0), DBI (0.0), CHPT (0.0)
P/Op Inc	15.1	MRK (9.4), UNH (11.9), XOM (12.4), TMUS (13.9), QCOM (14.5)

		Best Bets In Financials Sector
	AMRK
What You Pay
P/E	86.4
P/EBIT	10.7
What You Get
Rev Chg Q	35.6%
Rev Chg LTM	20.3%
Rev Chg 3Y Avg	14.5%
FCF/Rev 3Y Avg	-0.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Would You Still Hold A-Mark Precious Metals Stock If It Fell 30%?	Return
2	Why A-Mark Precious Metals Stock Moved: AMRK Stock Has Gained 19% Since 2021 Fiscal End, Primarily Due To Favorable Change In Revenues
3	A-Mark Precious Metals Stock Soars 14% In A Single Week, Time To Buy The Stock?	Buy or Fear
4	A-Mark Precious Metals (AMRK) Valuation Ratios Comparison	Financials
5	A-Mark Precious Metals Total Shareholder Return (TSR): -29.7% in 2025 and -7.8% 3-yr compounded annual returns (below peer average)
6	A-Mark Precious Metals (AMRK) Operating Cash Flow Comparison	Financials
7	A-Mark Precious Metals (AMRK) Net Income Comparison	Financials
8	A-Mark Precious Metals (AMRK) Operating Income Comparison	Financials
9	A-Mark Precious Metals (AMRK) Revenue Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to AMRK. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WU_11212025_Dip_Buyer_FCFYield	11212025	WU	Western Union	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.4%	3.4%	-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	COIN	Coinbase Global	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	9.5%	9.5%	0.0%
PYPL_11142025_Dip_Buyer_FCFYield	11142025	PYPL	PayPal	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.1%	0.1%	-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper	11142025	V	Visa	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.1%	-0.1%	-2.7%
WD_11072025_Dip_Buyer_ValueBuy	11072025	WD	Walker & Dunlop	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-7.7%	-7.7%	-11.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WU_11212025_Dip_Buyer_FCFYield	11212025	WU	Western Union	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.4%	3.4%	-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	COIN	Coinbase Global	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	9.5%	9.5%	0.0%
PYPL_11142025_Dip_Buyer_FCFYield	11142025	PYPL	PayPal	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.1%	0.1%	-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper	11142025	V	Visa	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.1%	-0.1%	-2.7%
WD_11072025_Dip_Buyer_ValueBuy	11072025	WD	Walker & Dunlop	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-7.7%	-7.7%	-11.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for A-Mark Precious Metals

Peers to compare with:

Financials

	AMRK	ABTC	DMNT	FIGR	GEMI	MIAX	Median
Name	A-Mark P.	American.	Dmint	Figure T.	Gemini S.	Miami In.
Mkt Price	31.38	2.39	-	35.38	10.76	44.73	31.38
Mkt Cap	0.8	-	-	-	-	-	0.8
Rev LTM	11,944	-	0	-	-	1,255	1,255
Op Inc LTM	42	-	-5	-	-	58	42
FCF LTM	463	-	-	-	-	7	235
FCF 3Y Avg	20	-	-	-	-	15	18
CFO LTM	475	-	-	-	-	49	262
CFO 3Y Avg	33	-	-	-	-	48	40

Growth & Margins

	AMRK	ABTC	DMNT	FIGR	GEMI	MIAX	Median
Name	A-Mark P.	American.	Dmint	Figure T.	Gemini S.	Miami In.
Rev Chg LTM	20.3%	-	-6.0%	-	-	19.6%	19.6%
Rev Chg 3Y Avg	14.5%	-	-	-	-	16.7%	15.6%
Rev Chg Q	35.6%	-	-37.1%	-	-	22.9%	22.9%
QoQ Delta Rev Chg LTM	8.8%	-	-7.1%	-	-	5.1%	5.1%
Op Mgn LTM	0.4%	-	-1,065.4%	-	-	4.7%	0.4%
Op Mgn 3Y Avg	0.9%	-	-	-	-	1.3%	1.1%
QoQ Delta Op Mgn LTM	-0.1%	-	124.4%	-	-	2.9%	2.9%
CFO/Rev LTM	4.0%	-	-	-	-	3.9%	3.9%
CFO/Rev 3Y Avg	0.1%	-	-	-	-	4.1%	2.1%
FCF/Rev LTM	3.9%	-	-	-	-	0.5%	2.2%
FCF/Rev 3Y Avg	-0.1%	-	-	-	-	1.1%	0.5%

Valuation

	AMRK	ABTC	DMNT	FIGR	GEMI	MIAX	Median
Name	A-Mark P.	American.	Dmint	Figure T.	Gemini S.	Miami In.
Mkt Cap	0.8	-	-	-	-	-	0.8
P/S	0.1	-	-	-	-	-	0.1
P/EBIT	10.7	-	-	-	-	-	10.7
P/E	86.4	-	-	-	-	-	86.4
P/CFO	1.3	-	-	-	-	-	1.3
Total Yield	2.7%	-	-	-	-	-	2.7%
Dividend Yield	1.5%	-	-	-	-	-	1.5%
FCF Yield 3Y Avg	5.2%	-	-	-	-	-	5.2%
D/E	1.1	-	-	-	-	-	1.1
Net D/E	0.9	-	-	-	-	-	0.9

Returns

	AMRK	ABTC	DMNT	FIGR	GEMI	MIAX	Median
Name	A-Mark P.	American.	Dmint	Figure T.	Gemini S.	Miami In.
1M Rtn	20.0%	-51.4%	-	-15.4%	-39.5%	-1.8%	-15.4%
3M Rtn	32.6%	-70.3%	-	-93.3%	-	26.4%	-21.9%
6M Rtn	56.4%	-	-	-93.3%	-	-	-18.5%
12M Rtn	9.1%	-	-	-93.3%	-	-	-42.1%
3Y Rtn	-1.7%	-	-	-93.3%	-	-	-47.5%
1M Excs Rtn	20.1%	-51.4%	-	-15.4%	-39.5%	-1.7%	-15.4%
3M Excs Rtn	27.1%	-68.1%	-	-98.7%	-	20.7%	-23.7%
6M Excs Rtn	41.7%	-	-	-108.0%	-	-	-33.2%
12M Excs Rtn	-6.5%	-	-	-106.9%	-	-	-56.7%
3Y Excs Rtn	-66.1%	-	-	-166.1%	-	-	-116.1%

Financials

Annual
Quarterly

$ Mil \| FY: 6/30	LTM	2025	2024	2023	2022	2021	2020
Period End	9/30/2025	6/30/2025	6/30/2024	6/30/2023	6/30/2022	6/30/2021	6/30/2020
Filing Date	11/7/2025	9/11/2025	9/13/2024	9/12/2023	9/2/2022	9/13/2021	9/14/2020
Key Financials
Total Revenue	11,944	10,979	9,699	9,287	8,159	7,613	5,461
Net Income	7	17	69	156	133	160	31
EPS	0.31	0.73	2.97	6.68	5.81	9.57	2.17
Growth Rates
Total Revenue Growth	20.3%	13.2%	4.4%	13.8%	7.2%	39.4%	14.2%
Net Income Growth	-87.4%	-74.7%	-56.2%	18.0%	-17.0%	423.2%	1271.2%
Margins
Net Income Margin	0.1%	0.2%	0.7%	1.7%	1.6%	2.1%	0.6%
Cash & Debt
Total Cash	89	78	49	39	38	101	52
Total Debt	675	837	775	666	592	485	306
Net Debt / (Cash)	585	759	726	627	554	383	254
Cash Flows
Net Cash from Operations	475	152	61	-30	-89	-53	48
Free Cash from Operations	463	142	45	-40	-92	-55	47
Returns to Shareholders
Dividends	19	19	42	37	23	21	-0
Share Repurchases	5	5	22	10	-0	-0	-0

$ Mil \| FY: 6/30	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/7/2025	9/11/2025	5/12/2025	2/10/2025	11/8/2024	9/13/2024	5/9/2024	2/8/2024	11/8/2023	9/12/2023	5/10/2023	2/8/2023
Key Financials Quarterly
Total Revenue	3,681	2,512	3,009	2,742	2,715	2,525	2,611	2,079	2,485	3,119	2,317	1,950
Net Income	-1	10	-9	7	9	31	5	14	19	42	36	33
EPS	-0.04	0.43	-0.36	0.28	0.39	1.34	0.22	0.60	0.81	1.79	1.53	1.43
Key Financials TTM
Total Revenue TTM	11,944	10,979	10,992	10,593	9,930	9,699	10,293	10,000	9,871	9,287	8,257	8,049
Net Income TTM	7	17	38	51	59	69	79	110	130	156	152	153
Growth Rates Quarterly
Total Revenue Growth	35.6%	-0.5%	15.3%	31.9%	9.3%	-19.1%	12.7%	6.6%	30.7%	49.3%	9.9%	0.2%
Net Income Growth	-110.5%	-66.6%	-270.5%	-52.4%	-52.3%	-26.0%	-86.0%	-58.9%	-58.3%	12.0%	-3.9%	5.3%
Margins Quarterly
Net Income Margin	-0.0%	0.4%	-0.3%	0.2%	0.3%	1.2%	0.2%	0.7%	0.8%	1.3%	1.6%	1.7%
Cash & Debt
Total Cash	89	78	114	38	47	49	35	28	48	39	78	72
Total Debt	675	837	874	785	889	775	811	824	755	666	623	696
Net Debt / (Cash)	585	759	760	747	843	726	776	795	707	627	545	623
Cash Flows Quarterly
FCF from Operations	195	67	103	110	-128	83	80	-57	-44	-74	92	-328
Cash Flows TTM
FCF from Operations TTM	475	152	168	145	-22	61	-95	-83	-354	-30	30	-176
Returns to Shareholders Quarterly
Dividends	5	5	5	5	5	5	5	5	28	5	5	5
Share Repurchases	-0	-0	-0	5	-0	-0	5	12	5	-0	10	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	2.8%	6.5%	1.0%	5.0%	4.2%	7.6%	3.2%	6.9%	9.3%	20.4%	21.9%	15.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	3.3%	3.8%	4.3%	5.3%	5.2%	7.2%	9.2%	12.4%	15.1%	19.6%	21.3%	18.4%

Segment Financials

Assets by Segment

$ Mil	2025	2024	2023	2022	2021
Wholesale Sales & Ancillary Services	1,022	897	923	874	599
Direct-to-Consumer	691	472	369	336	18
Secured Lending	115	177	151	145	141
Eliminations of inter-segment sales				-164
Total	1,828	1,546	1,443	1,192	758

Price Behavior

Price Behavior

Market Price	$31.38
Market Cap ($ Bil)	0.8
First Trading Date	03/17/2014
Distance from 52W High	0.0%
	50 Days	200 Days
DMA Price	$26.70	$24.16
DMA Trend	indeterminate	up
Distance from DMA	17.5%	29.9%
	3M	1YR
Volatility	48.5%	44.2%
Downside Capture	52.91	54.23
Upside Capture	169.36	55.52
Correlation (SPY)	34.2%	35.3%

AMRK Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.45	1.22	1.27	1.25	0.78	0.81
Up Beta	2.53	2.76	2.82	2.46	1.09	0.87
Down Beta	1.25	0.91	1.19	0.78	0.74	0.81
Up Capture	144%	110%	124%	142%	30%	33%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	12	23	35	68	123	360
Down Capture	107%	81%	62%	78%	67%	96%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	7	18	27	57	125	388

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of AMRK With Other Asset Classes (Last 1Y)
	AMRK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	6.4%	5.7%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	43.9%	19.2%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	0.26	0.16	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		28.7%	35.1%	37.8%	28.9%	31.2%	21.7%

ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of AMRK With Other Asset Classes (Last 5Y)
	AMRK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	20.5%	15.3%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	48.7%	18.9%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.56	0.67	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		31.5%	32.6%	25.8%	19.5%	29.9%	17.6%

Based On 10-Year Data

		Comparison of AMRK With Other Asset Classes (Last 10Y)
	AMRK	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	18.7%	12.5%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	46.2%	22.4%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.54	0.52	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		16.0%	19.5%	20.8%	12.0%	16.9%	11.9%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	1,794,965
Short Interest: % Change Since 10312025	2.0%
Average Daily Volume	379,446
Days-to-Cover Short Interest	4.73
Basic Shares Quantity	24,696,600
Short % of Basic Shares	7.3%

Returns Analyses

	Title
0	Would You Still Hold A-Mark Precious Metals Stock If It Fell 30%?

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11072025	10-Q 9/30/2025
6302025	9112025	10-K 6/30/2025
3312025	5122025	10-Q 3/31/2025
12312024	2102025	10-Q 12/31/2024
9302024	11082024	10-Q 9/30/2024
6302024	9132024	10-K 6/30/2024
3312024	5092024	10-Q 3/31/2024
12312023	2082024	10-Q 12/31/2023
9302023	11082023	10-Q 9/30/2023
6302023	9122023	10-K 6/30/2023
3312023	5102023	10-Q 3/31/2023
12312022	2082023	10-Q 12/31/2022
9302022	11092022	10-Q 9/30/2022
6302022	9022022	10-K 6/30/2022
3312022	5092022	10-Q 3/31/2022
12312021	2082022	10-Q 12/31/2021

Industry Resources

Financials Resources

Federal Reserve Economic Data

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

A-Mark Precious Metals (AMRK)

Market Price (12/4/2025): $29.24 | Market Cap: $722.1 MilSector: Financials | Industry: Diversified Capital Markets

A-Mark Precious Metals (AMRK)

Market Price (12/4/2025): $29.24Market Cap: $722.1 MilSector: FinancialsIndustry: Diversified Capital Markets

Valuation, Metrics & Events

AMRK Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About A-Mark Precious Metals (AMRK)

Precious Metals Market (Wholesale Sales & Direct-to-Consumer)

Secure Logistics (Ancillary Services)

Secured Lending

Interactive Breakdown

Better Bets than A-Mark Precious Metals (AMRK)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

1 Month Top Gainers

1 Month Top Losers

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for A-Mark Precious Metals

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

Industry Resources

External Quote Links

Market Price (12/4/2025): $29.24 | Market Cap: $722.1 Mil
Sector: Financials | Industry: Diversified Capital Markets

Market Price (12/4/2025): $29.24
Market Cap: $722.1 Mil
Sector: Financials
Industry: Diversified Capital Markets