Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Largo Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
121
198
229
199
125
110
Cost of revenue
48.9
75.1
94.5
104
68.5
52.6
Gross profit
122
198
135
95.1
56.4
57.3
Research and development
0
3.84
12.7
6.12
3.39
0.71
Selling, general and administrative
3.33
6.4
14.3
11.8
5.43
8.31
Interest expense
1.35
1.14
1.59
9.63
9.46
13.1
Interest income
1.15
0.4
1.11
2.02
1.52
0.28
Pre-tax income
7.72
31.8
4.04
-35.1
-71.2
-51.7
Income tax
-0.96
9.19
6.27
-2.7
-20.7
17.1
Net income to minority interests
0
-0.78
-2.02
-0.74
-0.23
Net income
6.76
22.6
-1.45
-30.3
-49.8
-68.5
EPS, basic
0.12
0.35
-0.03
-0.51
-0.78
-1.01
EPS, diluted
0.11
0.35
-0.03
-0.51
-0.78
-1.01
Balance sheet
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
79.1
83.8
54.5
42.7
22.1
9.72
Receivables
19.1
23.7
21
25.6
9.74
11.1
Inventory
35.3
45.3
64.2
61.6
47.5
49.5
Total current assets
137
160
154
137
93.3
78.1
Property, plant and equipment
149
147
175
212
171
192
Lease right-of-use assets
0
2.34
1.83
1.32
0
Intangible assets
4.37
3.93
7.26
6.15
2.26
1.41
Total assets
298
314
356
382
319
319
Accounts payable
16
19.7
26.6
31.4
31.3
42.5
Short-term debt
24.8
15
4
0
74.8
107
Total current liabilities
44.3
41.7
39
42.5
114
154
Lease liabilities
0
1.99
1.47
0.93
0
Total liabilities
50.6
48.2
81.2
126
147
182
Total debt
15
40
75
92.3
107
Retained earnings
-71.9
-49.3
-48.2
-77.6
-126
-187
Shareholders' equity
266
265
249
165
130
Minority interests
0
9.16
7.15
6.41
6.18
Total equity
247
266
275
256
171
137
Total liabilities and equity
298
314
356
382
319
319
Cash flow statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
6.76
22.6
-2.23
-32.4
-50.6
-68.7
Depreciation and amortization
17.5
21.5
20.9
26
26.8
21.1
Cash from operations
-59.5
39.8
3.46
21.2
11.2
-10.2
Capital expenditures
-18.1
-27.4
-42.2
-53.5
-42.2
-27.4
Cash from investing
-18.1
-27.4
-60.1
-62.9
-42.2
-26.4
Debt issued
24.8
15
55
70
44.4
107
Debt repaid
0
-24.8
-30
-35
-27.1
-92.2
Stock issued
4.23
3.16
0.28
0
0
21.7
Cash from financing
30.2
-6.9
26.4
29.1
12
23.9
Exchange rate effect
-0.97
-0.83
0.93
0.8
-1.59
0.38
Net change in cash
-48.4
4.65
-29.3
-11.8
-20.6
-12.4
Free cash flow
-77.6
12.4
-38.7
-32.3
-31.1
-37.7
Income taxes paid
-2.91
0.18
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.53 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
52.2%
Gross profit / revenue.
Pre-tax margin
-47.0%
Pre-tax income / revenue.
Net margin
-62.3%
Net income / revenue.
FCF margin
-34.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-9.3%
Cash from operations / revenue.
Return on equity (ROE)
-46.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-21.5%
Net income / average total assets.
R&D / revenue
0.6%
Research and development expense / revenue.
SG&A / revenue
7.6%
Selling, general and administrative expense / revenue.
Capex / revenue
25.0%
Capital expenditures / revenue.
D&A / revenue
19.2%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-12.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-21.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-1.9%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
1.6%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-24.8%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
-14.0%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y
-191.6%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-20.9%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-21.1%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
0.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-3.6%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
1.4%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.51x
Current assets / current liabilities.
Quick ratio
0.14x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.06x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.82x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
33.6%
Total debt / total assets.
Liabilities / assets
57.2%
Total liabilities / total assets.
Net debt
$97.4M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$1.01
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$1.01
Net income per basic share, as reported (split-adjusted).
Valuation
Metric
Value
How it is calculated
Market cap
$55.1M
Share price x shares outstanding.
Enterprise value
$152.4M
Market cap + total debt - cash - short-term investments.
P/S
0.50x
Market cap / revenue.
P/B
0.42x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.43x
Market cap / tangible book value, when positive.
EV/Sales
1.39x
Enterprise value / revenue.
FCF yield
-68.4%
Free cash flow / market cap.
Earnings yield
-124.4%
Net income / market cap (the inverse of P/E).
What was Largo Inc.'s revenue in fiscal 2025?
Largo Inc. reported revenue of $109.9M for fiscal 2025, 12% lower than the year before.
Was Largo Inc. profitable in fiscal 2025?
No. It reported a net loss of $68.5M.
How much free cash flow did Largo Inc. generate in fiscal 2025?
Cash from operations of $10.2M minus capital expenditures of $27.4M left free cash flow of -$37.7M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.