Largo

LGO

Industrial Materials · Basic Materials

Price

$0.62

-0.02 (-2.44%)

Market Cap

$46.1M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+4.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 65.0M (2021) → 68.1M (2025)

Largo Inc. is a Canadian mining and materials company that digs vanadium out of the ground and processes it into usable products. Vanadium is a metal used mainly to strengthen steel and, increasingly, to store energy in large batteries called vanadium redox flow batteries. Largo operates one of the highest-grade vanadium mines in the world, located in Maracás, Brazil.

The company earns money by selling vanadium pentoxide and other vanadium chemicals to steel producers and energy storage customers. It also has a clean energy division, Largo Clean Energy, that sells vanadium-based battery systems for grid-scale power storage. Largo operates primarily in Brazil with sales reaching customers in North America, Europe, and Asia. The negative margins shown here reflect ongoing losses as the clean energy segment is still early-stage and vanadium prices have been weak. The key risk is that vanadium commodity prices are volatile and largely outside the company's control.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-3.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+50.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

11.8%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~2 months

$12M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Largo has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

-26.1%

Thin — -26.1% gross margin

Operating Margin

-42.6%

Losing money on operations — -42.6%

ROCE

-4.5%

Weak — -4.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-2.0%

Shrinking sales (-2.0% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-40.2%

Burning cash (-40.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.73

Moderate — manageable debt (0.73)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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