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Mines and processes spodumene into high-purity lithium concentrate at its Grota do Cirilo operation in Brazil.
Mines and processes spodumene into high-purity lithium concentrate at its Grota do Cirilo operation in Brazil.
Sells spodumene concentrate, the lithium-bearing ore product, in shipments priced off the lithium market, mainly to Chinese refiners that convert it into battery chemicals, so revenue follows tonnes shipped and that price. A single mine in Brazil supplies it.
Moat: narrow (scale, cost advantage). Low-cost, large-scale Brazilian lithium operation, but a commodity price-taking producer.
Headquarters: Sao Paulo, Brazil · Founded: 2012 · Employees: 560
Size Sigma Lithium (SGML) is a United States Materials company (Other Metals/Minerals) with a market value of $655M, the 2530th largest of 3,117 United States companies the cockpit tracks. Shares closed at $5.82 on 6 Nov 2026.
Performance Over six months the shares fell 73.2%, against -18.4% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue fell 13.9% over the last twelve months (peer median +8.0%); the operating margin is 24.0% (peer median 8.8%).
Valuation It trades at 20.5× forward earnings against a peer median of 30.9× (3rd cheapest of 6).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is -14%, so the hurdle is +29 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.5 points above its cost of capital (7.7% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $138M | $112M | $145M | $137M | $0 |
| Revenue growth | — | -23% | +6% | — | — |
| Gross profit | $59.2M | $16.4M | $29.7M | $64.7M | -$75,245 |
| EBITDA | $47.7M | -$1.19M | $15.1M | -$6.74M | -$94.5M |
| Net income | -$27.1M | -$51.1M | -$48.6M | -$28.9M | -$93.8M |
| Free cash flow | $28.5M | -$9.00M | -$32.7M | -$57.8M | -$87.8M |
| Capital expenditure | $8.02M | $11.1M | $19.0M | $52.3M | $94.2M |
| Total debt | $268M | $143M | $177M | $133M | $59.8M |
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 | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Sigma Lithium SGML | $655M | -73% | -14% | 24% | 20.5× | 14.8% |
| Albemarle ALB | $11.7B | -51% | +18% | 14% | 11.3× | 10.9% |
| PLS PLS.AX | $6.33B | -56% | +152% | 43% | 10.6× | 2.5% |
| Sociedad Quimica y Minera de Chile S.A. Sponsored ADR Pfd Series B SQM | $16.0B | -37% | +59% | 39% | 7.3× | -4.8% |
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 | SGML | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -39.1% | -14.7% | lowest of 20 |
| 6-month return | -73.2% | -18.4% | lowest of 20 |
| Distance from 52-week high | -76.2% | -42.8% | lowest of 20 |
| Revenue growth (TTM) | -13.9% | +8.0% | 2nd lowest of 11 |
| Operating margin | 24.0% | 8.8% | highest of 11 |
| Forward P/E | 20.5× | 30.9× | 3rd cheapest of 6 |
| Growth the price implies (Req g, 7 yrs) | 14.8% | 49.3% | 2nd least demanding of 5 |
| Growth delivered (Del g) | -13.9% | +19.0% | lowest of 5 |
| Hurdle (Req g minus delivered) | +28.7 pp | +13.7 pp | 2nd most demanding of 5 |
| ROIC minus cost of capital | +0.5 pp | -10.0 pp | 5th highest of 18 |
| EV / EBITDA | 18.8× | 14.9× | 3rd most expensive of 6 |
| Net debt / EBITDA | 5.0× | 0.7× | most indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sigma Lithium SGML | United States | $655M | -73% | -14% | 24% | 20.5× | 14.8% | -13.9% |
| Marimaca Copper MARI.TO | Canada | $652M | -18% | n/a | n/a | n/a | n/a | n/a |
| Fuda New Material 603045.SS | China | $645M | -31% | +63% | 7% | n/a | n/a | n/a |
| Lingyuan Iron & Steel 600231.SS | China | $642M | -31% | -3% | -14% | n/a | n/a | n/a |
| Gruvaktiebolaget Viscaria VISC.ST | Sweden | $669M | -1% | n/a | n/a | n/a | n/a | n/a |
| Enviri NVRI | United States | $672M | +24% | -23% | -19% | n/a | n/a | n/a |
| Indian Metals & Ferro Alloys IMFA.NS | India | $633M | -25% | +32% | 23% | 10.2× | n/a | n/a |
| Lithium Argentina LAR | United States | $686M | -64% | n/a | n/a | 13.9× | n/a | n/a |
| Abenojar Tungsten ABT.L | United Kingdom | $619M | n/a | n/a | n/a | n/a | n/a | n/a |
| Arafura Rare Earths ARU.AX | Australia | $610M | -56% | n/a | n/a | n/a | n/a | n/a |
| Shivalik Bimetal Controls SBCL.NS | India | $609M | +61% | +19% | 21% | 42.3× | 45.7% | +22.8% |
| Wenzhou Hongfeng Electrical Alloy 300283.SZ | China | $712M | -23% | +48% | 5% | n/a | n/a | n/a |
| Lithium Americas LAC.TO | Canada | $712M | -64% | n/a | n/a | n/a | n/a | n/a |
| Meridian Mining MNO.TO | Canada | $598M | -8% | n/a | n/a | n/a | n/a | n/a |
| Gold Royalty GROY | United States | $723M | -14% | +82% | 23% | 39.4× | 54.3% | +58.2% |
| Qinghai Jinrui Mineral Development 600714.SS | China | $593M | -38% | -6% | 5% | n/a | 53.0% | +15.3% |
| NorthIsle Copper and Gold NCX.V | Canada | $725M | +3% | n/a | n/a | n/a | n/a | n/a |
| Talamore Mining TALA.TO | Canada | $728M | -32% | n/a | n/a | n/a | n/a | n/a |
| OSAKA Titanium Technologies 5726.T | Japan | $584M | -18% | -8% | 13% | 30.9× | n/a | n/a |
| Infund 002141.SZ | China | $738M | +32% | -3% | 11% | n/a | 8.4% | +3.8% |
| Bannerman Energy BMN.AX | Australia | $578M | -15% | n/a | n/a | n/a | n/a | n/a |