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ZYBERNO

Stock Report

Updated Sep 2, 2026

CONTANGO SILVER & GOLD INC. (CTGO)

Materials • NYSE

$19.27

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

18.0/100

POOR BUSINESS

CONTANGO SILVER & GOLD INC. (CTGO) scores 18/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full CTGO quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

-14.2%

Market Overestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full CTGO valuation analysis · → View full CTGO Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-21.5%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.10x)

Operating Margin (Operational Efficiency):CRITICAL (0.0%)

Return on Capital (Capital Efficiency):POOR (6.3%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

CONTANGO SILVER & GOLD INC. (CTGO) stock report — Zyberno Score 18/100 (POOR BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, CONTANGO SILVER & GOLD INC. (CTGO) shows a Brina Gap of -14.2%, which weakens the case: based on the company's ROIC (6.3%) and reinvestment rate (1.3%), the business can fundamentally grow at 0.1% — but the current enterprise value implies the market expects 14.3%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:19.27

Market Cap:$633.34M

Valuation Multiples (2)

P/B Ratio:1.91x

Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$576.41M

Ev Ebitda Ratio:24.68x

Pfcf Ratio:24.62x

Price Action & Momentum (3)

12-1 Momentum:

-12.5% (23th pctile)

📈 Click to view full CTGO Momentum analysis →

Momentum Percentile:23 / 100

% of 52-Week High:56.1%

B. Profitability Assessment

Return Metrics (7)

ROE:

-21.5%

📊 Click to view full CTGO ROE analysis →

ROA:-11.3%

Roic:

6.3%

📊 Click to view full CTGO ROIC analysis →

Reinvestment Rate:1.3%

Fundamental Growth Rate (g):0.1%

Market-Implied Growth Rate:14.3%

Brina Gap:

-14.2%

☷ Click to view full CTGO Brina Gap analysis →

Margin Analysis (1)

Ebitda Margin:0.0%

Yield Metrics (2)

Earnings Yield:-$14.79

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.31

📊 Click to view full CTGO Earnings Surprise analysis →

EPS Surprise vs Expected:-85.3%

Latest Earnings Filed:2026-08-13

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):100.0%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):-29.0%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.06x

Quick Ratio:1.05x

Cash Ratio:1.00x

Leverage Analysis (3)

Debt To Equity Ttm:0.10x

Debt-to-Equity Ratio:0.10x

Debt To Ebitda:1.38x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:5,672,180.00

Cash And Cash Equivalents:89,038,319.00

Long Term Debt:$19.51M

Net Debt:-$56.92M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

$0.00

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00

Operating income TTM: $23.08M

Linear Growth: -29.0%

📊 Click to view full CTGO Operating Income analysis & methodology →

Bottom Line Performance (3)

-$38.98M

Income Before Tax:-$40.74M

Ebitda Ttm:23,355,487.00

Operating Expenses (5)

Operating Expenses:37,911,161.00

R And D Expense:0.00

Sga Expense:16,646,487.00

Income Tax Expense:-$1.76M

Interest Expense:-4,672,991.00

Expense Ratios (1)

Ebitda Margin:0.0%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$496.82M

Current Assets:$95.05M

Ppe Net:346,368,297.00

Goodwill:0.00

Intangible Assets:$0.00

Liability Structure (4)

Total Liabilities:165,303,519.00

Current Liabilities:89,375,620.00

Long Term Debt:$19.51M

Short Term Debt:$12.60M

Equity & Capital (3)

Equity:$331.51M

Retained Earnings:-$222.68M

Common Stock:250,000,000.00

Working Capital Items (3)

Accounts Receivable:0.00

Inventory:803,824.00

Accounts Payable:9,522,149.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:1,356,314.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: -$52.43M

Linear Growth: 100.0%

$25.73M

Investment Activities (1)

Investing Cash Flow:$30.79M

Financing Activities (3)

Financing Cash Flow:$51.44M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:221,341.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$1.00M

Non-Cash Items (1)

Depreciation Amortization Ttm:280,136.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-2.87

-$2.85

Earnings Per Share Ttm:-$1.19

Revenue & Cash Per Share (1)

Operating Cash Flow Per Share:$0.78

Book Value & Capital (2)

Book Value Per Share:$10.09

Cash Per Share:2.71

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (1)

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:-999.00x

Days Sales Outstanding Ttm:-999.00

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:-999.00

Cash Conversion Cycle:-999.00

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:80.00

Quality Score:35.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (4)

Reinvestment Rate:1.3%

Fundamental Growth Rate (g):0.1%

Market-Implied Growth Rate:14.3%

Brina Gap:

-14.2%

☷ Click to view full CTGO Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Operating Income Growth Rate (Linear):-29.0%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):100.0%

Other Growth Rates (1)

Book Value Growth Rate (Linear):41.8%

C. Company Profile & Context

Corporate Information (6)

Symbol:CTGO

Company Name:CONTANGO SILVER & GOLD INC.

Sector:Materials

Industry:Gold and Silver Ores

Exchange:NYSE

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:32.87M

Shares Outstanding Basic:32.87M

Shares Outstanding Diluted:33.10M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-02 02:09:47 UTC

Data Timestamp:2026-09-02T02:09:47.464156