Is Hycroft Mining Holding Corp. overvalued or undervalued?

As of 14 March 2024, the valuation grade for Hycroft Mining Holding Corp. has moved from risky to does not qualify, indicating a significant deterioration in its financial standing. The company is currently considered overvalued. Key ratios reflect this situation, with a Price to Book Value of -2.44, an EV to EBIT of -4.01, and an EV to EBITDA of -4.32, all suggesting severe financial distress.
In comparison to its peers, Hycroft Mining's valuation metrics are starkly unfavorable. For instance, Coeur Mining, Inc. has a P/E ratio of 42.86 and an EV to EBITDA of 15.67, while Gatos Silver, Inc. shows a P/E of 29.51 but also struggles with a negative EV to EBITDA of -27.60. The recent stock performance indicates that Hycroft has outperformed the S&P 500 on a year-to-date basis, returning 45.70% compared to the S&P 500's 2.44%, yet this does not mitigate the underlying valuation concerns.