Is A-Mark Precious Metals, Inc. overvalued or undervalued?

As of 9 September 2025, A-Mark Precious Metals, Inc. has moved from expensive to very expensive, indicating a significant shift in its valuation outlook. The company is overvalued, as evidenced by its P/E ratio of 515, which is substantially higher than its peer B. Riley Financial, Inc. at -0.209, and its EV to EBITDA ratio of 15.21 compared to B. Riley's 0.6821. Additionally, the Price to Book Value stands at 0.80, suggesting that the market is pricing the company well above its book value.
In terms of peer comparison, A-Mark's valuation metrics are concerning, especially with a ROE of only 0.07% and a ROCE of 4.81%, which are both significantly lower than what would typically be expected in the capital markets industry. The stock has shown mixed performance against the S&P 500, with a 1-week return of 8.56% and a 1-month return of 15.09%, but it has underperformed over the longer term with a 1-year return of -37.24% compared to the S&P 500's 17.14%. This further reinforces the notion that A-Mark Precious Metals, Inc. is currently overvalued.