Sierra Madre Gold and Silver

SM.V

Other Precious Metals · Basic Materials

Price

C$1.71

+0.01 (+0.59%)

Market Cap

C$336.5M

Exchange

Toronto Stock Exchange Ventures

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Mixed

Stability

Strong

Valuation

Good

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Share count rising — dilution

+203.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 56.7M (2021) → 172.0M (2025)

Winston Score History

The full picture

Sierra Madre Gold and Silver Ltd. is a Canadian mining company that digs gold and silver out of the ground in Mexico. Its main asset is the Guitarra Mine, a historic silver and gold operation located in the State of Mexico. The company sells the metals it produces to refiners and commodity buyers, making it part of the precious metals mining industry.

Sierra Madre earns money by mining ore, processing it, and selling the resulting gold and silver at market prices. It operates entirely in Mexico, making it a small, single-asset producer with a market cap around $200 million. Because its revenue depends directly on gold and silver spot prices, the company has no real control over what it earns per ounce. The key growth driver is expanding production at Guitarra, but the main risks include commodity price swings, permitting challenges in Mexico, and the operational difficulties that come with running a small, early-stage mine.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+105.4% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-22.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

75.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$13M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Sierra Madre Gold and Silver is growing revenue at 105% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

35.1%

Modest — 35.1% gross margin

Profit after running costs

Operating Margin

15.9%

Healthy — 15.9% operating margin

Return on the money invested

ROCE

7.9%

Weak — 7.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+158.6%

Fast-growing sales (+158.6% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

73%

Modest — 73% of profit becomes cash

Spare cash per sale

FCF Margin

-2.3%

Burning cash (-2.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.05

Conservative — low debt load (0.05)

Covers its interest

Interest Cover

6.02x

Adequate interest coverage (6.0x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

38.3x

Pricey — P/E 38.3

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+31.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (38.3 → 7.4)

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Dividends

Not applicable for this business.

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