Almonty Industries (ALM)
Market Price (9/27/2026): $13.9 | Market Cap: $4.0 BilSector: Materials | Industry: Diversified Metals & Mining
Almonty Industries (ALM)
Market Price (9/27/2026): $13.9Market Cap: $4.0 BilSector: MaterialsIndustry: Diversified Metals & Mining
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -10% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 205% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -43% Megatrend and thematic driversMegatrends include Critical Minerals & Strategic Resources. Themes include Tungsten Mining & Supply, Industrial Hard Materials, and High-Performance Alloys. | Expensive valuation multiplesP/SPrice/Sales ratio is 46x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 31x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 143x Stock price has recently run up significantly12M Rtn12 month market price return is 131% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -65% Key risksALM key risks include [1] a history of significant unprofitability and negative margins and [2] geopolitical and supply chain vulnerabilities in the specific jurisdictions where it operates. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -10% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 205% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -43% |
| Megatrend and thematic driversMegatrends include Critical Minerals & Strategic Resources. Themes include Tungsten Mining & Supply, Industrial Hard Materials, and High-Performance Alloys. |
| Expensive valuation multiplesP/SPrice/Sales ratio is 46x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 31x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 143x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 131% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -65% |
| Key risksALM key risks include [1] a history of significant unprofitability and negative margins and [2] geopolitical and supply chain vulnerabilities in the specific jurisdictions where it operates. |
Qualitative Assessment
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Almonty Industries (ALM) stock has lost about 30% since 5/31/2026 because of the following key factors:
1. Tungsten Price Correction and Volatility. While the first half of fiscal year 2026 saw a dramatic surge in tungsten prices, particularly ammonium paratungstate (APT), the market experienced a notable correction during the analysis period. Chinese APT prices declined by 12.86% in June 2026 due to the liquidation of speculative positions and improved concentrate availability, followed by a further significant 15% drop in July 2026, primarily driven by weak downstream demand and lower feedstock costs. This reversal in a key commodity price directly impacted investor sentiment for Almonty Industries, a leading tungsten producer.
2. Potential Share Dilution from Convertible Senior Notes Offering. In June 2026, Almonty Industries completed an oversubscribed US$800 million offering of 2.25% convertible senior notes due 2031. These notes, with an initial conversion price of approximately US$27.40 per share, introduced the potential for future share dilution. This offering added to existing shareholder dilution concerns, as total shares outstanding had already grown by 28.9% in the prior fiscal year.
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Almonty Industries (ALM) stock has lost about 30% since 5/31/2026 because of the following key factors:
1. Tungsten Price Correction and Volatility. While the first half of fiscal year 2026 saw a dramatic surge in tungsten prices, particularly ammonium paratungstate (APT), the market experienced a notable correction during the analysis period. Chinese APT prices declined by 12.86% in June 2026 due to the liquidation of speculative positions and improved concentrate availability, followed by a further significant 15% drop in July 2026, primarily driven by weak downstream demand and lower feedstock costs. This reversal in a key commodity price directly impacted investor sentiment for Almonty Industries, a leading tungsten producer.
2. Potential Share Dilution from Convertible Senior Notes Offering. In June 2026, Almonty Industries completed an oversubscribed US$800 million offering of 2.25% convertible senior notes due 2031. These notes, with an initial conversion price of approximately US$27.40 per share, introduced the potential for future share dilution. This offering added to existing shareholder dilution concerns, as total shares outstanding had already grown by 28.9% in the prior fiscal year.
3. Fiscal Q2 2026 Revenue Miss Against Expectations. Almonty Industries reported robust financial results for fiscal Q2 2026 (ended June 30, 2026), with revenue increasing 498% year-over-year to C$43.0 million, largely driven by record tungsten pricing. However, despite this strong absolute growth, the company's reported revenue of $31.05 million (USD equivalent) significantly missed analyst consensus estimates by 41.02%, according to Zacks.com. This substantial miss relative to market expectations likely contributed to negative investor reaction following the earnings announcement in August 2026.
4. Delayed Commercialization and Production-Ramp Risks at Sangdong Mine. The company's flagship Sangdong tungsten mine in South Korea remained in commissioning and ramp-up during much of the specified period. While Almonty had been running ore through the plant since June 2026, final mining facility inspection certificates authorizing commercial operation and commencement of sales of tungsten concentrate were only received on September 17, 2026. This prolonged period of investment without full commercial revenue generation from the new mine, coupled with inherent execution and production-ramp risks, weighed on the stock.
5. Significant Insider Selling Post-Earnings. Following the announcement of fiscal Q2 2026 earnings around August 7, 2026, Almonty Industries experienced notable insider selling. This activity involved thirteen separate sell transactions totaling approximately US$6.89 million. Such significant insider selling, exceeding the US$5 million threshold, can signal a lack of confidence from key stakeholders and typically exerts downward pressure on a stock.
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Stock Movement Drivers
Fundamental Drivers
The -30.2% change in ALM stock from 5/31/2026 to 9/26/2026 was primarily driven by a -58.4% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.66 | 13.72 | -30.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 50 | 86 | 71.6% |
| P/S Multiple | 109.5 | 45.6 | -58.4% |
| Shares Outstanding (Mil) | 278 | 285 | -2.3% |
| Cumulative Contribution | -30.2% |
Market Drivers
5/31/2026 to 9/26/2026| Return | Correlation | |
|---|---|---|
| ALM | -30.2% | |
| Market (SPY) | 2.2% | 50.3% |
| Sector (XLB) | -2.3% | 31.2% |
Fundamental Drivers
The -25.4% change in ALM stock from 2/28/2026 to 9/26/2026 was primarily driven by a -65.5% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.39 | 13.72 | -25.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 30 | 86 | 185.3% |
| P/S Multiple | 132.0 | 45.6 | -65.5% |
| Shares Outstanding (Mil) | 216 | 285 | -24.2% |
| Cumulative Contribution | -25.4% |
Market Drivers
2/28/2026 to 9/26/2026| Return | Correlation | |
|---|---|---|
| ALM | -25.4% | |
| Market (SPY) | 13.0% | 51.5% |
| Sector (XLB) | -6.0% | 39.7% |
Fundamental Drivers
The 208.3% change in ALM stock from 8/31/2025 to 9/26/2026 was primarily driven by a 204.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.45 | 13.72 | 208.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 28 | 86 | 204.5% |
| P/S Multiple | 30.3 | 45.6 | 50.2% |
| Shares Outstanding (Mil) | 192 | 285 | -32.6% |
| Cumulative Contribution | 208.3% |
Market Drivers
8/31/2025 to 9/26/2026| Return | Correlation | |
|---|---|---|
| ALM | 208.3% | |
| Market (SPY) | 20.9% | 39.5% |
| Sector (XLB) | 9.9% | 36.3% |
Fundamental Drivers
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Market Drivers
8/31/2023 to 9/26/2026| Return | Correlation | |
|---|---|---|
| ALM | ||
| Market (SPY) | 77.8% | 37.7% |
| Sector (XLB) | 27.3% | 32.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ALM Return | - | - | - | - | 85% | 41% | 160% |
| Peers Return | 24% | 30% | 45% | 32% | 62% | 43% | 611% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| ALM Win Rate | - | - | - | - | 67% | 44% | |
| Peers Win Rate | 53% | 57% | 55% | 47% | 67% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| ALM Max Drawdown | - | - | - | - | - | -53% | |
| Peers Max Drawdown | -35% | -42% | -26% | -25% | -31% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ATI, CRS, FCX, TECK, SCCO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/25/2026 (YTD)
How Low Can It Go
ALM has limited trading history. Below is the Materials sector ETF (XLB) in its place.
| Event | XLB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.0% | -18.8% |
| % Gain to Breakeven | 20.5% | 23.1% |
| Time to Breakeven | 84 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.5% | -9.5% |
| % Gain to Breakeven | 14.3% | 10.5% |
| Time to Breakeven | 52 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.5% | -24.5% |
| % Gain to Breakeven | 30.7% | 32.4% |
| Time to Breakeven | 456 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.2% | -33.7% |
| % Gain to Breakeven | 56.8% | 50.9% |
| Time to Breakeven | 114 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.3% | -19.2% |
| % Gain to Breakeven | 22.4% | 23.8% |
| Time to Breakeven | 101 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -17.9% | -12.2% |
| % Gain to Breakeven | 21.7% | 13.9% |
| Time to Breakeven | 52 days | 62 days |
In The Past
State Street Materials Select Sector SPDR ETF's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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ALM has limited trading history. Below is the Materials sector ETF (XLB) in its place.
| Event | XLB | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.5% | -24.5% |
| % Gain to Breakeven | 30.7% | 32.4% |
| Time to Breakeven | 456 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.2% | -33.7% |
| % Gain to Breakeven | 56.8% | 50.9% |
| Time to Breakeven | 114 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -23.8% | -6.8% |
| % Gain to Breakeven | 31.2% | 7.3% |
| Time to Breakeven | 171 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -28.2% | -17.9% |
| % Gain to Breakeven | 39.3% | 21.8% |
| Time to Breakeven | 459 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -56.6% | -53.4% |
| % Gain to Breakeven | 130.3% | 114.4% |
| Time to Breakeven | 701 days | 1085 days |
In The Past
State Street Materials Select Sector SPDR ETF's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Almonty Industries (ALM)
Almonty Industries (ALM) is a leading global company specializing in the mining, exploration, and development of tungsten properties. The company's primary business involves extracting tungsten, a critical industrial metal, and producing high-quality tungsten concentrates. Tungsten is highly valued for its exceptional hardness, high melting point, and density, making it an indispensable component in various advanced manufacturing processes.
The tungsten concentrate produced by Almonty serves a wide array of vital industries globally. Its applications include the manufacturing of hard-metal cutting tools, drill bits for mining and construction, components for aerospace and defense, and materials for electronics and lighting. Almonty aims to be a significant and reliable non-Chinese supplier of tungsten to these industrial markets, leveraging its strategically located assets which include operational and development projects in Portugal (Panasqueira mine), Spain (Barruecopardo mine), and South Korea (Sangdong mine).
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1. It's like a focused version of a major mining company such as Rio Tinto, but specializing in tungsten.
2. Think of it as the 'Barrick Gold' of tungsten mining – a specialist in a critical industrial metal.
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- Tungsten Concentrate: A processed ore containing a high concentration of tungsten, which is a critical metal used in various industrial applications like cutting tools, aerospace, and electronics.
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Almonty Industries (ALM) is a tungsten mining company that extracts and processes tungsten concentrate. It sells this raw material primarily to other companies (B2B) for various industrial applications.
Due to the nature of commodity markets and competitive considerations, Almonty Industries does not publicly disclose the specific names of its major customer companies. However, its customers are industrial consumers and manufacturers across various sectors globally that require tungsten for their production processes. These include, but are not limited to, companies involved in:
- Manufacturing of hard metals and cutting tools (e.g., cemented carbides, industrial drills, wear-resistant components).
- Production for the aerospace, defense, and automotive industries, where tungsten is valued for its strength, density, and high-temperature resistance.
- Electronics, lighting, and chemical industries, utilizing tungsten in filaments, electrical contacts, and various chemical compounds.
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- DL E&C Co., Ltd. (KRX: 375500)
- Korea Electric Power Corporation (KEPCO) (KRX: 015760)
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Lewis Black, Chairman of the Board, President and Chief Executive Officer
Mr. Black founded Almonty Industries in 2011. He previously served as Chairman and Chief Executive Officer of Primary Metals Inc. ("PMI"), a former TSX-V listed tungsten mining company, from June 2005 to December 2007. PMI was subsequently acquired by Sojitz Corporation in 2008. Prior to founding Almonty, Mr. Black was the head of sales and marketing for SC Mining Tungsten in Thailand. He holds a Bachelor of Arts degree in management and technology from Manchester University.
Brian Fox, Chief Financial Officer
Mr. Fox was appointed Chief Financial Officer, effective August 25, 2025, succeeding Mark Gelmon. He brings over 25 years of operational leadership experience, most recently serving as Chief Financial & Operating Officer at CBIZ Marks Paneth, a U.S. accounting and advisory firm. His prior experience includes leadership roles at Loureiro Engineering and United Subcontractors, as well as senior audit work at Arthur Andersen. Mr. Fox holds a Master's degree in Management from Harvard University and a Bachelor of Science in Accounting from the University of Connecticut.
Brigadier General (Retired) Steven L. Allen, Chief Operating Officer
General Allen was appointed Chief Operating Officer effective December 1, 2025. He brings over 33 years of distinguished U.S. military experience, having most recently served as Commanding General of the 19th Expeditionary Sustainment Command, Director of Logistics for U.S. Forces Korea, Combined Forces Command and United Nations Command, and Commandant of the U.S. Army Ordnance School. General Allen holds a Master of Strategic Studies from the U.S. Army War College, a Master of Business Administration from the Florida Institute of Technology, a Master of Science in Administration from Central Michigan University, and a Bachelor of Science in Industrial Technology from the University of North Dakota.
Guillaume Wiesenbach de Lamaziere, Chief Development Officer
Mr. Wiesenbach de Lamaziere was appointed Chief Development Officer on January 6, 2026. He is a seasoned financial and capital markets executive with over 30 years of experience, including leading complex, large-scale, cross-border projects in banking and asset management. He served as CEO and COO/CFO of AIG Asset Management Europe Ltd. in London and as CEO and COO/CFO of Banque AIG in Paris. His career also includes financial management roles at Natixis Capital Markets, Goldman Sachs, and Arthur Andersen. He holds an MBA from Texas A&M University and a Finance degree from Burgundy School of Business, France, and is a Chartered Financial Analyst.
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The key risks to Almonty Industries (ALM) primarily revolve around the inherent challenges of the mining industry, commodity price exposure, and financial health, particularly given its focus on tungsten extraction and development projects like the Sangdong Mine.
- Market Volatility and Tungsten Price Fluctuations: Almonty Industries' profitability is directly tied to the volatile market price of tungsten, which is derived from ammonium para tungstate (APT) prices. Significant fluctuations in these prices could adversely impact the company's revenues and earnings, despite having a "Floor Price" safety net for a portion of its sales.
- Operational and Execution Risks: The company faces substantial operational risks associated with mining, processing, and shipping tungsten concentrate from its various projects. These include potential delays in stabilizing and ramping up production at key mines, such as the Sangdong processing plant, as well as permitting hurdles and other technical and safety challenges inherent in large-scale mining operations.
- Financial Challenges and Funding Requirements: Almonty Industries has experienced financial difficulties, evidenced by negative operating and net margins, and has accumulated significant debt. The company's ability to fund its ongoing commitments and further expansion, particularly for large development projects, depends on securing adequate financing, which could also lead to shareholder dilution, as has occurred in the past.
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Almonty Industries (symbol: ALM) primarily focuses on the mining, processing, and shipping of tungsten concentrate, with molybdenum concentrate as a significant byproduct in some of its operations.
The addressable markets for their main products are as follows:
- Tungsten: The global tungsten market was valued at approximately USD 7.3 billion in 2025 and is projected to expand to USD 7.6 billion in 2026.
- Molybdenum: The global molybdenum market size is estimated to be valued at approximately USD 4.82 billion in 2025.
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Expected Drivers of Future Revenue Growth for Almonty Industries (ALM)
Over the next 2-3 years, Almonty Industries (ALM) is expected to experience revenue growth driven by several key factors:
- Commercial Production from the Sangdong Mine: Almonty Industries is transitioning its Sangdong Mine from development to full commercial production, with construction substantially complete and ramp-up activities underway. This move is expected to position Sangdong as the largest tungsten mine in the Western world, significantly increasing the company's output of tungsten concentrate.
- Favorable Tungsten Prices Driven by Supply-Demand Imbalance: The company is poised to benefit from a significant uptick in tungsten prices, which have seen substantial increases year-to-date. This surge is attributed to a global supply crisis and strong demand, particularly in key sectors such as defense and advanced technology, and exacerbated by Chinese export restrictions. Analysts have materially raised price assumptions for tungsten through approximately 2028.
- Increased Production and Higher-Grade Resources from Panasqueira Mine: Almonty's ongoing initiatives at its Panasqueira Mine, including an extensive drilling program aimed at accessing higher-grade resources, are expected to enhance its growth prospects and operational longevity. This focus on improved resource quality and extraction can lead to increased sales volume and potentially higher-value products.
- New Production from the U.S. Tungsten Project: Almonty acquired a strategic U.S. tungsten project in Beaverhead County, Montana, which is anticipated to begin near-term production as early as the second half of 2026. This new operational asset will contribute to the company's overall tungsten output and diversify its production base.
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Share Issuance
- Almonty successfully listed on the Nasdaq Capital Market in July 2025, concurrently completing an upsized public offering of common shares in the United States for gross proceeds of US$90 million.
- The number of outstanding shares increased from 120.1 million as of December 31, 2024, to 185.6 million as of September 30, 2025.
- The number of shares outstanding increased by 16.04% in one year as of July 7, 2025.
Inbound Investments
- The company's cash and cash equivalents significantly increased to $111.6 million as of September 30, 2025, from $7.8 million as of December 31, 2024, primarily due to the US$90 million public offering.
- Institutional investors hold a total of 56,964,221 shares, with major shareholders including Van Eck Associates Corp and Fmr Llc.
- First Eagle Investment Management initiated a 90,000-share stake in Almonty Industries in Q3 2025.
Capital Expenditures
- Capital expenditures for the third quarter of 2025 were 25.6 million CAD.
- In the 12 months leading up to July 7, 2025, capital expenditures totaled -$45.80 million.
- Significant capital has been allocated to the Sangdong mine in South Korea, where construction is substantially complete, and the company is transitioning from development to production to establish it as a major tungsten mine.
Peer Outperformance in Diversified Metals & Mining
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 83.2% | 115.3% | 324.3% | COPR 153400% · TGB 368% · HBM 337% |
| Gold | 38 | 19.7% | 224.8% | 164.2% | AUGO 967% · IAG 783% · AU 611% |
| Silver | 6 | 72.0% | 338.1% | 159.9% | AYA 378% · HL 233% · SVM 197% |
| Steel | 13 | 17.8% | 34.1% | 156.3% | HCC 344% · STLD 308% · NWPX 307% |
| Aluminum | 4 | 49.8% | 102.1% | 44.8% | CENX 171% · KALU 62% · CSTM 28% |
| Construction Materials | 9 | -22.8% | 16.5% | 43.0% | USLM 374% · CRH 83% · SMID 73% |
| Diversified Metals & Mining ← | 24 | -21.0% | -15.7% | 14.1% | ATLX 192757% · USAR 50840% · TII 702% |
| Paper & Plastic Packaging Products & Materials | 7 | 12.3% | 10.9% | -8.0% | PKG 91% · CCK 11% · SON 0% |
| Metal, Glass & Plastic Containers | 12 | 2.4% | 13.5% | -15.1% | KRT 207% · MYE 81% · GEF 49% |
| Specialty Chemicals | 42 | 11.9% | 3.8% | -18.2% | ODC 470% · NEU 192% · CMT 100% |
| Precious Metals & Minerals | 8 | 14.7% | 182.2% | -27.7% | ASM 618% · PPTA 361% · MTA 46% |
| Diversified Chemicals | 4 | -0.6% | -25.2% | -28.8% | CBT 71% · ASH -15% · CC -43% |
| Commodity Chemicals | 12 | 12.4% | -18.0% | -31.4% | HWKN 287% · KOP 47% · MEOH 33% |
| Fertilizers & Agricultural Chemicals | 10 | -12.1% | -9.5% | -43.6% | CF 127% · CTVA 91% · NTR 30% |
| Paper Products | 4 | -29.0% | -52.8% | -70.5% | SLVM 23% · CLW -45% · ITP -96% |
Latest Trefis Analyses
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 128.89 |
| Mkt Cap | 28.8 |
| Rev LTM | 9,353 |
| Op Inc LTM | 2,210 |
| FCF LTM | 1,144 |
| FCF 3Y Avg | 278 |
| CFO LTM | 2,727 |
| CFO 3Y Avg | 1,743 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 20.7% |
| Rev Chg 3Y Avg | 8.0% |
| Rev Chg Q | 26.6% |
| QoQ Delta Rev Chg LTM | 5.8% |
| Op Inc Chg LTM | 43.2% |
| Op Inc Chg 3Y Avg | 22.4% |
| Op Mgn LTM | 23.2% |
| Op Mgn 3Y Avg | 15.7% |
| QoQ Delta Op Mgn LTM | 1.7% |
| CFO/Rev LTM | 27.4% |
| CFO/Rev 3Y Avg | 19.8% |
| FCF/Rev LTM | 11.4% |
| FCF/Rev 3Y Avg | 6.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Panasqueira Mine | 32 | 29 | 23 | 25 | 21 |
| Woulfe | 0 | 0 | 0 | 0 | 0 |
| Corporate | 0 | 0 | 0 | 0 | 0 |
| Gentung Tungsten Project | 0 | 0 | |||
| Los Santos Mine | 0 | 0 | 0 | 0 | 0 |
| Valtreixal Mine | 0 | 0 | 0 | 0 | 0 |
| Total | 33 | 29 | 23 | 25 | 21 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Panasqueira Mine | 4 | 3 | 2 | 4 | 4 |
| Woulfe | 0 | 0 | 0 | -0 | -0 |
| Corporate | 0 | 0 | 0 | 0 | 0 |
| Valtreixal Mine | 0 | 0 | 0 | -0 | -0 |
| Los Santos Mine | -1 | -1 | -1 | -1 | -1 |
| Share-based compensation | -11 | -3 | -1 | -4 | -2 |
| General and administrative | -21 | -6 | -6 | -6 | -6 |
| Total | -29 | -7 | -6 | -7 | -5 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Corporate | 266 | 5 | 0 | 0 | 1 |
| Woulfe | 228 | 175 | 156 | 109 | 81 |
| Panasqueira Mine | 37 | 35 | 38 | 44 | 49 |
| Los Santos Mine | 35 | 32 | 32 | 32 | 27 |
| Gentung Tungsten Project | 14 | 0 | |||
| Valtreixal Mine | 9 | 9 | 8 | 8 | 8 |
| Total | 590 | 256 | 235 | 193 | 166 |
Price Behavior
| Market Price | $13.72 | |
| Market Cap ($ Bil) | 3.9 | |
| First Trading Date | 05/28/2013 | |
| Distance from 52W High | -41.4% | |
| 50 Days | 200 Days | |
| DMA Price | $15.09 | $6.13 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -9.1% | 123.6% |
| 3M | 1YR | |
| Volatility | 95.5% | 95.7% |
| Downside Capture | 482.21 | 317.77 |
| Upside Capture | 273.57 | 360.29 |
| Correlation (SPY) | 38.6% | 40.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.90 | 3.48 | 3.76 | 3.61 | 2.91 | -0.41 |
| Up Beta | 4.30 | 5.28 | 3.51 | 3.01 | 2.75 | 0.17 |
| Down Beta | -8.00 | 2.26 | 4.33 | 3.63 | 2.34 | -0.63 |
| Up Capture | 734% | 356% | 427% | 635% | 1707% | 165% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 13 | 21 | 30 | 59 | 128 | 143 |
| Down Capture | -234% | 262% | 306% | 261% | 170% | 96% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 8 | 21 | 34 | 67 | 120 | 138 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ALM | |
|---|---|---|---|---|
| ALM | 145.9% | 95.5% | 1.37 | - |
| Sector ETF (XLB) | 13.5% | 17.9% | 0.55 | 37.2% |
| Equity (SPY) | 17.7% | 13.0% | 0.98 | 40.6% |
| Gold (GLD) | 14.7% | 29.3% | 0.46 | 45.5% |
| Commodities (DBC) | 44.3% | 20.7% | 1.66 | 2.0% |
| Real Estate (VNQ) | 4.5% | 13.6% | 0.07 | 11.5% |
| Bitcoin (BTCUSD) | -25.9% | 44.8% | -0.54 | 27.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ALM | |
|---|---|---|---|---|
| ALM | 23.5% | 92.9% | 1.36 | - |
| Sector ETF (XLB) | 6.2% | 19.1% | 0.21 | 32.9% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 37.7% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | 43.5% |
| Commodities (DBC) | 10.8% | 19.6% | 0.43 | 2.7% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 8.3% |
| Bitcoin (BTCUSD) | 12.2% | 52.6% | 0.41 | 26.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ALM | |
|---|---|---|---|---|
| ALM | 11.1% | 92.9% | 1.36 | - |
| Sector ETF (XLB) | 9.9% | 20.7% | 0.42 | 32.9% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 37.7% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 43.5% |
| Commodities (DBC) | 8.5% | 18.1% | 0.38 | 2.7% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 8.3% |
| Bitcoin (BTCUSD) | 63.8% | 66.2% | 1.03 | 26.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
Almonty Industries — Investor Video Playlist
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Diversified Metals & Mining Resources |
| Mining Technology |
| International Mining |
| Northern Miner |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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