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A-Mark Precious Metals (AMRK)

Market Price (10/9/2025): $27.11 | Market Cap: $669.0 Mil
Sector: Financials | Industry: Diversified Capital Markets

A-Mark Precious Metals (AMRK)

Market Price (10/9/2025): $27.11
Market Cap: $669.0 Mil
Sector: Financials
Industry: Diversified Capital Markets

Investment Highlights

0 Attractive yield
FCF Yield is 21%		 Weak multi-year price returns
2Y Excs Rtn is -57%, 3Y Excs Rtn is -80%		 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 113%
1 Low stock price volatility
Vol 12M is 44%		  Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -0.5%
0 Attractive yield
FCF Yield is 21%
1 Low stock price volatility
Vol 12M is 44%
2 Weak multi-year price returns
2Y Excs Rtn is -57%, 3Y Excs Rtn is -80%
3 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 113%
4 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -0.5%

Market Valuation & Key Metrics

AMRKS&P 500
REVENUE GROWTH 
Rev LTM ($ Bil)11.0
Rev Chg Q-0.5%6.1%
Rev Chg LTM13.2%5.2%
Rev Chg 3Y Avg10.5%5.3%
PROFITABILITYVERY POOR
Op Inc LTM ($ Bil)0.0
Op Mgn LTM0.4%18.6%
CFO LTM ($ Bil)0.2
CFO/Rev LTM1.4%20.3%
Net Inc LTM ($ Bil)0.0
Net Inc Mgn0.2%12.7%
VALUATIONMODERATE
P/S0.13.2
P/CFO4.415.8
P/FCF4.721.0
P/E38.623.9

AMRK Stock

Factor Drivers of Stock Movement
The 21.1% change in AMRK stock from 4/9/2025 to 10/8/2025 was primarily driven by a 71.9% change in the company's Net Income Margin (%).

409202510082025Change
Stock Price ($)22.4827.2321.14%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)2742.342512.05-8.40%
Net Income Margin (%)0.24%0.41%71.86%
P/E Multiple79.3865.09-18.00%
Shares Outstanding (Mil)23.1624.68-6.56%
Cumulative Contribution20.61%

LTM = Last Twelve Months as of date shown
The -32.9% change in AMRK stock from 10/8/2024 to 10/8/2025 was primarily driven by a -66.5% change in the company's Net Income Margin (%).

1008202410082025Change
Stock Price ($)40.6027.23-32.92%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)2524.952512.05-0.51%
Net Income Margin (%)1.23%0.41%-66.46%
P/E Multiple30.2765.09115.01%
Shares Outstanding (Mil)23.0724.68-6.96%
Cumulative Contribution-33.25%

LTM = Last Twelve Months as of date shown
The 6.4% change in AMRK stock from 10/9/2022 to 10/8/2025 was primarily driven by a 311.6% change in the company's P/E Multiple.

1009202210082025Change
Stock Price ($)25.5827.236.45%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)2089.802512.0520.20%
Net Income Margin (%)1.79%0.41%-77.00%
P/E Multiple15.8265.09311.56%
Shares Outstanding (Mil)23.0824.68-6.91%
Cumulative Contribution5.94%

LTM = Last Twelve Months as of date shown

Price Returns Compared

 202020212022202320242025Total [1]
Returns
AMRK Return241%146%18%-8%-7%2%744%
Peers Return0%0%0%0%-18%51%23%
S&P 500 Return16%27%-19%24%23%15%108%

Monthly Win Rates [3]
AMRK Win Rate67%58%67%58%42%44% 
Peers Win Rate0%0%0%0%10%14% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
AMRK Max Drawdown-5%0%-19%-26%-18%-27% 
Peers Max Drawdown0%0%0%0%-19%-17% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: BMHL, DMNT, GEMI, GRAN, GSIW.
[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 10/8/2025 (YTD)

Downturns Compared

Unique KeyEventAMRKS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-45.5%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven83.6%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven723 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-32.9%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven49.1%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven79 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-62.8%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven168.6%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven203 days120 days


How Low Can It Go?

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.

Better Bets than A-Mark Precious Metals (AMRK)

 AMRKBetter Performance than AMRK
MetricValueIndustry (Diversified Capital Markets)
Rev Chg LTM13.2%HOOD (59.6%), LPLA (29.2%), TW (28.0%), IREN (167.7%), RIOT (93.5%)
Rev Chg 3Y Avg10.5%HOOD (30.0%), LPLA (20.0%), TW (19.3%), IREN (125.3%), RIOT (28.6%)
Op Mgn LTM0.4%HOOD (39.0%), LPLA (12.9%), TW (39.3%), IREN (4.4%), GLXY (1.3%)
CFO/Rev LTM1.4%HOOD (34.0%), LPLA (4.0%), TW (53.9%), XP (145.7%), LAZ (15.9%)
FCF/Rev LTM1.3%HOOD (32.4%), TW (49.2%), XP (140.4%), LAZ (14.0%), ETOR (2.4%)
Total Yield4.0%LPLA (4.6%), XP (81.3%), LAZ (10.3%), ETOR (5.6%), MRX (11.1%)
 AMRKBetter Performance than AMRK
MetricValueAll Other Sectors
Rev Chg LTM13.2%NVDA (71.6%), MSFT (14.9%), META (19.4%), AVGO (28.0%), LLY (36.8%)
Rev Chg 3Y Avg10.5%NVDA (92.0%), MSFT (12.5%), AMZN (11.3%), META (13.0%), AVGO (24.0%)
Op Mgn LTM0.4%NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), AMZN (11.4%)
CFO/Rev LTM1.4%NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), AMZN (18.1%)
FCF/Rev LTM1.3%NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), AMZN (2.0%)
Total Yield4.0%GOOGL (4.2%), XOM (9.8%), JNJ (7.6%), BABA (34.8%), HD (6.2%)

Latest Trefis Analyses

Trade Ideas

Select past trade ideas related to AMRK and Diversified Capital Markets.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
HLNE_9302025_Dip_Buyer_FCFYield09302025HLNEHamilton LaneDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-9.0%-9.0%-9.0%
CNS_9302025_Dip_Buyer_ValueBuy09302025CNSCohen & SteersDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		1.2%1.2%-1.6%
JKHY_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025JKHYJack Henry & AssociatesMonopolyMY | 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		0.2%0.2%-2.1%
FDS_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025FDSFactSet Research SystemsMonopolyMY | 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		-4.2%-4.2%-4.9%
IBKR_9052025_Quality_Momentum_RoomToRun_10%09052025IBKRInteractive BrokersQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		15.3%15.3%0.0%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
HLNE_9302025_Dip_Buyer_FCFYield09302025HLNEHamilton LaneDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-9.0%-9.0%-9.0%
CNS_9302025_Dip_Buyer_ValueBuy09302025CNSCohen & SteersDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		1.2%1.2%-1.6%
JKHY_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025JKHYJack Henry & AssociatesMonopolyMY | 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		0.2%0.2%-2.1%
FDS_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025FDSFactSet Research SystemsMonopolyMY | 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		-4.2%-4.2%-4.9%
IBKR_9052025_Quality_Momentum_RoomToRun_10%09052025IBKRInteractive BrokersQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		15.3%15.3%0.0%

See Trefis Trade Ideas for more.

Recent Active Movers

1 Week Top Gainers

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10ASTSAST SpaceMobile42.6%284.8%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1AEHRAehr Test Systems-22.3%55.4%
2HROWHarrow-17.8%18.5%
3RKTRocket Companies-17.2%52.2%
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8PTONPeloton Interactive-15.3%-15.6%
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10SKYChampion Homes-14.5%-24.4%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1WOLFWolfspeed1568.1%355.9%
2QUREuniQure242.9%239.6%
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5RGTIRigetti Computing162.0%183.3%
6PLUGPlug Power159.2%71.6%
7BETRBetter Home & Finance155.5%597.5%
8BITFBitfarms151.6%168.5%
9SESSES AI144.2%26.0%
10FLNCFluence Energy120.6%-5.8%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1REXREX American Resources-49.1%48.9%
2NEXTNextDecade-33.0%-13.7%
3FLYFirefly Aerospace-30.4% 
4KMXCarMax-27.7%-45.7%
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8KALVKalVista Pharmaceuticals-26.4%35.7%
9DKNGDraftKings-26.0%-8.7%
10ARXAccelerant-25.4%42.7%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1SLDPSolid Power68.2%230.2%
2TSHATaysha Gene Therapies59.1%192.5%
3HIVEHIVE Digital Technologies57.2%129.5%
4SESSES AI55.1%26.0%
5ONDSOndas54.0%339.8%
6USARUSA Rare Earth46.8%90571.1%
7RGTIRigetti Computing44.8%183.3%
8AMDAdvanced Micro Devices43.6%95.0%
9BITFBitfarms42.9%168.5%
10ASTSAST SpaceMobile42.6%284.8%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1AEHRAehr Test Systems-22.3%55.4%
2HROWHarrow-17.8%18.5%
3RKTRocket Companies-17.2%52.2%
4LEGHLegacy Housing-17.0%-7.8%
5VLGEAVillage Super Market-16.3%1.5%
6PENGPenguin Solutions-16.2%18.2%
7TASKTaskUs-15.6%-11.7%
8PTONPeloton Interactive-15.3%-15.6%
9AAPAdvance Auto Parts-15.0%13.2%
10SKYChampion Homes-14.5%-24.4%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for A-Mark Precious Metals

Financials

AMRKBMHLDMNTGEMIGRANGSIWMedian
NameA-Mark P.BluemountDmint Gemini S.Grande Garden S. 
Mkt Price27.23--25.653.320.1614.48
Mkt Cap0.7-----0.7
Rev LTM10,979-----10,979
Op Inc LTM49-----49
FCF LTM142-----142
FCF 3Y Avg49-----49
CFO LTM152-----152
CFO 3Y Avg61-----61

Growth & Margins

AMRKBMHLDMNTGEMIGRANGSIWMedian
NameA-Mark P.BluemountDmint Gemini S.Grande Garden S. 
Rev Chg LTM13.2%-----13.2%
Rev Chg 3Y Avg10.5%-----10.5%
Rev Chg Q-0.5%------0.5%
QoQ Delta Rev Chg LTM-0.1%------0.1%
Op Mgn LTM0.4%-----0.4%
Op Mgn 3Y Avg1.1%-----1.1%
QoQ Delta Op Mgn LTM0.0%-----0.0%
CFO/Rev LTM1.4%-----1.4%
CFO/Rev 3Y Avg0.6%-----0.6%
FCF/Rev LTM1.3%-----1.3%
FCF/Rev 3Y Avg0.4%-----0.4%

Valuation

AMRKBMHLDMNTGEMIGRANGSIWMedian
NameA-Mark P.BluemountDmint Gemini S.Grande Garden S. 
Mkt Cap0.7-----0.7
P/S0.1-----0.1
P/EBIT10.0-----10.0
P/E38.8-----38.8
P/CFO4.4-----4.4
Total Yield4.0%-----4.0%
Dividend Yield1.4%-----1.4%
FCF Yield 3Y Avg9.1%-----9.1%
D/E1.2-----1.2
Net D/E1.1-----1.1

Returns

AMRKBMHLDMNTGEMIGRANGSIWMedian
NameA-Mark P.BluemountDmint Gemini S.Grande Garden S. 
1M Rtn10.8%----19.4%69.4%10.8%
3M Rtn19.5%----34.9%-89.9%-34.9%
6M Rtn21.1%---331.2%-58.9%21.1%
12M Rtn-32.9%---331.2%-90.4%-32.9%
3Y Rtn6.4%---331.2%-168.8%
1M Excs Rtn7.7%----14.9%37.9%7.7%
3M Excs Rtn7.3%----47.1%-97.6%-47.1%
6M Excs Rtn-2.8%---295.6%-96.4%-2.8%
12M Excs Rtn-53.7%---313.7%-109.0%-53.7%
3Y Excs Rtn-80.1%---247.6%-83.7%

Financials

$ Mil | FY: 6/302025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q1
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date9/11/20255/12/20252/10/202511/8/20249/13/20245/9/20242/8/202411/8/20239/12/20235/10/20232/8/202311/9/2022
Key Financials Quarterly            
Total Revenue2,5123,0092,7422,7152,5252,6112,0792,4853,1192,3171,9501,900
Net Income10-979315141942363345
EPS0.43-0.360.280.391.340.220.600.811.791.531.431.93
Key Financials TTM            
Total Revenue TTM10,97910,99210,5939,9309,69910,29310,0009,8719,2878,2578,0498,046
Net Income TTM173851596979110130156152153152
Growth Rates Quarterly            
Total Revenue Growth-0.5%15.3%31.9%9.3%-19.1%12.7%6.6%30.7%49.3%9.9%0.2%-5.6%
Net Income Growth-66.6%-270.5%-52.4%-52.3%-26.0%-86.0%-58.9%-58.3%12.0%-3.9%5.3%73.4%
Margins Quarterly            
Net Income Margin0.4%-0.3%0.2%0.3%1.2%0.2%0.7%0.8%1.3%1.6%1.7%2.4%
Cash & Debt            
Total Cash7811438474935284839787265
Total Debt837874785889775811824755666623696334
Net Debt / (Cash)759760747843726776795707627545623269
Cash Flows Quarterly            
FCF from Operations67103110-1288380-57-44-7492-328280
Cash Flows TTM            
FCF from Operations TTM152168145-2261-95-83-354-3030-176260
Returns to Shareholders Quarterly            
Dividends55555552855523
Share Repurchases-0-05-0-05125-010-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC6.5%1.0%5.0%4.2%7.6%3.2%6.9%9.3%20.4%21.9%15.7%39.9%
Return on Invested Capital (ROIC) TTM            
ROIC TTM3.8%4.3%5.3%5.2%7.2%9.2%12.4%15.1%19.6%21.3%18.4%33.3%

Segment Financials

Assets by Segment

$ Mil20252024202320222021
Wholesale Sales & Ancillary Services1,262897  599
Direct-to-Consumer691472  18
Secured Lending115177  141
Eliminations-240    
Total1,8281,546  758


Price Behavior

AMRK Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta1.641.891.930.850.690.78
Up Beta4.463.893.151.040.970.83
Down Beta5.292.431.730.760.690.76
Up Capture155%172%177%47%4%32%
Bmk +ve Days13233574144420
Stock +ve Days12223363113362
Down Capture-39%22%128%73%78%95%
Bmk -ve Days8192952107330
Stock -ve Days9203163138387

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

Short Interest

Short Interest: As Of Date9152025
Short Interest: Shares Quantity1,593,176
Short Interest: % Change Since 8312025-1.1%
Average Daily Volume477,285
Days-to-Cover Short Interest3.34
Basic Shares Quantity24,678,600
Short % of Basic Shares6.5%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/11/20254.0%10.4% 
5/8/20254.2%2.3%2.8%
2/7/20251.7%-3.5%-4.3%
9/3/20241.0%9.6%11.9%
5/9/2024-9.1%-9.2%-13.6%
2/9/20243.6%-2.2%5.7%
9/5/2023-2.3%-3.1%-20.8%
5/10/2023-1.7%-4.3%-1.9%
...
SUMMARY STATS   
# Positive634
# Negative476
Median Positive2.8%9.6%7.9%
Median Negative-5.7%-3.5%-13.6%
Max Positive4.2%10.4%11.9%
Max Negative-11.6%-19.7%-22.4%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025911202510-K 6/30/2025
3312025512202510-Q 3/31/2025
12312024210202510-Q 12/31/2024
93020241108202410-Q 9/30/2024
6302024913202410-K 6/30/2024
3312024509202410-Q 3/31/2024
12312023208202410-Q 12/31/2023
93020231108202310-Q 9/30/2023
6302023912202310-K 6/30/2023
3312023510202310-Q 3/31/2023
12312022208202310-Q 12/31/2022
93020221109202210-Q 9/30/2022
6302022902202210-K 6/30/2022
3312022509202210-Q 3/31/2022
12312021208202210-Q 12/31/2021
93020211108202110-Q 9/30/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0RAVICH JESS M 9152025Sell26.5025,000662,500579,290Form

Industry Resources

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