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

As of 17 October 2025, the valuation grade for A-Mark Precious Metals, Inc. moved from fair to very expensive. The company appears overvalued based on its metrics, particularly with a P/E ratio of 515, significantly higher than its peer B. Riley Financial, which has a negative P/E of -0.209. Additionally, the EV to EBITDA ratio stands at 15.21, while the industry average is not provided, indicating a potential premium valuation.
In comparison to its peers, A-Mark's Price to Book Value is 0.80, which suggests some alignment with industry standards, but the overall valuation remains concerning given the high P/E ratio. Notably, the stock has underperformed against the S&P 500 over the longer term, with a 1Y return of -35.55% compared to the S&P 500's 14.08%, reinforcing the notion of overvaluation.