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US company building a domestic supply chain for rare-earth magnets and battery materials, including recycling end-of-life materials.
US company building a domestic supply chain for rare-earth magnets and battery materials, including recycling end-of-life materials.
Moat: narrow (regulatory licence, scale). Positioned as a US-aligned alternative to China-dominated rare-earth and battery-material supply chains.
Headquarters: Miami, Florida, United States · Employees: 5
Size Evolution Metals & Technologies (EMAT) is a United States Materials company (Other Metals/Minerals) with a market value of $1.23B, the 2125th largest of 3,117 United States companies the cockpit tracks. Shares closed at $1.96 on 6 Nov 2026.
Performance Over six months the shares fell 79.4%, against -27.6% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 20 in its peer set.
Growth The operating margin is -548.3% (peer median 6.2%).
Valuation It trades at 356.1× enterprise value to sales against a peer median of 2.1× (most expensive of 17).
Short interest Short interest is 0.6% of the free float (15 Oct 2026).
Next results Next results expected around 2 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.52M | $0 | $0 | $0 | $0 |
| Revenue growth | — | — | — | — | — |
| Gross profit | $330,000 | $0 | $0 | $0 | $0 |
| EBITDA | -$18.7M | -$2.04M | -$1.58M | -$2.22M | -$3.33M |
| Net income | -$453M | -$1.79M | -$899,927 | -$54,322 | -$2.39M |
| Free cash flow | -$22.9M | -$1.33M | -$1.46M | -$1.35M | -$677,890 |
| Capital expenditure | $7.74M | $0 | $0 | $0 | $0 |
| Total debt | $27.5M | $5.16M | $4.04M | $2.85M | $1.55M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Evolution Metals & Technologies EMAT | $1.23B | -79% | n/a | -548% | 356.1× | n/a |
| MP Materials MP | $6.31B | -47% | +72% | -17% | 14.9× | n/a |
| Lynas Rare Earths LYC.AX | $8.58B | -38% | +76% | 25% | 11.8× | 34.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EMAT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.3% | -17.6% | highest of 21 |
| 6-month return | -79.4% | -27.6% | lowest of 20 |
| Distance from 52-week high | -91.9% | -51.3% | lowest of 21 |
| Operating margin | -548.3% | 6.2% | 2nd lowest of 17 |
| EV / Sales | 356.1× | 2.1× | most expensive of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Evolution Metals & Technologies EMAT | United States | $1.23B | -79% | n/a | -548% | 356.1× | n/a | n/a |
| North Long Dragon New Materials Tech 301357.SZ | China | $1.23B | -20% | -9% | -23% | 49.9× | n/a | n/a |
| Ivanhoe Electric IE | United States | $1.21B | -45% | -21% | -3,916% | 328.4× | n/a | n/a |
| Faraday Copper FDY.TO | Canada | $1.21B | -18% | n/a | n/a | n/a | n/a | n/a |
| Solaris Resources SLS.TO | Canada | $1.19B | -28% | n/a | n/a | n/a | n/a | n/a |
| Eramet ERA.PA | France | $1.19B | -38% | 0% | -1% | 1.4× | n/a | n/a |
| Nanjing Hanrui Cobalt 300618.SZ | China | $1.27B | -49% | +11% | 4% | 1.6× | n/a | n/a |
| Gravita India GRAVITA.NS | India | $1.17B | -17% | +24% | 8% | 2.2× | n/a | n/a |
| Collective Mining CNL.TO | Canada | $1.17B | -22% | n/a | n/a | n/a | n/a | n/a |
| Jiangxi Jiangnan New Material Technology 603124.SS | China | $1.16B | -37% | +19% | 3% | 0.8× | n/a | n/a |
| Uranium Royalty UROY | United States | $1.16B | -24% | +1,570% | 27% | 9.4× | 17.4% | +161.8% |
| Alphamin Resources AFM.V | Canada | $1.12B | -15% | +45% | 54% | 1.3× | n/a | n/a |
| Londian Wason New Energy Tech, Inc. Unsponsored ADR FOIL | United States | $1.11B | n/a | +25% | 5% | 0.6× | n/a | n/a |
| Xizang Zhihui Mining 2546.HK | Hong Kong | $1.08B | +8% | +104% | 28% | 11.8× | 32.8% | +6.0% |
| Innuovo Technology 000795.SZ | China | $1.42B | -8% | +21% | 5% | 2.1× | n/a | n/a |
| Liontown LTR.AX | Australia | $1.43B | -75% | +115% | 8% | 3.1× | 38.7% | +303.2% |
| Zimplats ZIM.AX | Australia | $1.06B | -15% | +50% | 33% | 0.8× | -15.0% | +1.1% |
| Jain Resource Recycling JAINREC.NS | India | $1.05B | -43% | +48% | 5% | 0.9× | n/a | n/a |
| Americas Gold and Silver USA.TO | Canada | $1.05B | -50% | +86% | 19% | 5.6× | n/a | n/a |
| Tibet Mineral Development 000762.SZ | China | $1.50B | -50% | +270% | 20% | 12.6× | 33.1% | -1.3% |
| TMC TMC | United States | $1.00B | -60% | n/a | n/a | n/a | n/a | n/a |