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Highlights

  • Three major brokerages – Maxim Group, DA Davidson, and Roth Capital Partners – reaffirmed their “Buy” ratings on A-Mark Precious Metals.
  • In Q4 FY2025, A-Mark reported revenues of USD 2.51 billion with gross profit nearly doubling to USD 81.7 million, though net income fell 67% year-over-year to USD 10.3 million.
  • For the full year FY2025, revenues rose 13% to USD 10.98 billion, supported by forward sales, while the company grew its direct-to-consumer base significantly, adding over 1.1 million new customers.

A-Mark Precious Metals, Inc. (NASDAQ:AMRK), a prominent integrated platform in the precious metals sector, has received reaffirmed "Buy" ratings from three key brokerage firms – Maxim Group, DA Davidson, and Roth Capital Partners.

Analyst Recommendations:

  • Maxim Group Reaffirms "Buy" with Substantial Upside: Maxim Group reiterated its "Buy" rating for A-Mark Precious Metals on May 22, 2024, setting a robust price target of AUD 95.82, representing a  potential upside of 135.25% from the current price.
  • DA Davidson Maintains "Buy" Rating: DA Davidson also upheld its "Buy" rating for A-Mark Precious Metals on May 8, 2024, assigning a price target of AUD 45.63.
  • Roth Capital Partners Sustains "Buy" Rating: Roth Capital Partners, a long-standing observer of the company, reaffirmed its "Buy" rating on August 24, 2020, with a price target of AUD 60.84, suggesting a considerable upside of 49.37%.

Fourth Quarter 2025 Performance

For the three months ended June 30, 2025, revenues stood at USD 2.51 billion, a slight decline of 1% YoY. Despite lower sales, gross profit nearly doubled to USD 81.7 million compared to USD 43 million in the prior year. Gross profit margin rose to 3.25% of revenue, up from 1.70% in the same quarter last year.

Net income fell 67% to USD 10.3 million, translating to diluted earnings of USD 0.41 per share, compared to USD 1.29 per share in the prior year. However, the quarter marked a recovery from the March quarter loss of USD 8.5 million. Adjusted net income reached USD 19.2 million, while EBITDA was USD 29.2 million.

Full Year 2025 Highlights

For the fiscal year, revenues climbed 13% to USD 10.98 billion, supported by an increase in forward sales. Gross profit rose 22% to USD 210.9 million, with margins improving to 1.92%. Net income declined sharply to USD 17.3 million from USD 68.5 million a year earlier, with diluted earnings per share falling to USD 0.71.

Operationally, gold and silver ounces sold decreased, but the company expanded its direct-to-consumer business. New customers grew 57% to over 1.1 million, while active customers rose 20% to 581,300.