Forensic Analysis · Materials / Mining & Chemicals · as of Sep 26, 2026
Contango Silver & Gold Inc. (CTGO)
A forensic read on Contango Silver & Gold Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
2.7
Distress distance
Clean
Earnings quality
3
Forensic signals
-6.7
P / E (ttm)
-143.8%
ROE
$606M
Market cap
0.00%
Dividend yield
0.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Contango Silver & Gold Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 2.7, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+24.8%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +56% over the last 2 years to FY2025 (+24.8%/yr). The count is growing — 8.3M shares in FY2023, 12.9M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~24.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~36%.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from positive to negative FY2024→FY2025 (FY2024 $+50.2M to FY2025 $-5.9M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.
-44.2% of rev
FY2025
Stock-based comp load.Stock-based compensation ran -44.2% of revenue in FY2025 — about $0.26 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 24.8% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue-$7.6M
Revenue Growth YoY—
Net Margin474.9%
Return on Equity-143.8%
Debt / Equity1.35x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Contango Silver & Gold Inc.'s actual 10-K/10-Q/8-K filings?