LanzaTech Global (LNZA)
Market Price (10/31/2026): $5.11 | Market Cap: $66.9 MilSector: Industrials | Industry: Environmental & Facilities Services
LanzaTech Global (LNZA)
Market Price (10/31/2026): $5.11Market Cap: $66.9 MilSector: IndustrialsIndustry: Environmental & Facilities Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 288%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 284% 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 -27% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 44% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -55% Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and Circular Economy & Recycling. Themes include Renewable Fuel Production, Carbon Capture & Storage, Show more. | Weak multi-year price returns2Y Excs Rtn is -131%, 3Y Excs Rtn is -184% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -36 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -61% Weak revenue growthRev Chg QQuarterly Revenue Change % is -0.8% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -56%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -58% High stock price volatilityVol 12M is 144% Key risksLNZA key risks include [1] a severe liquidity crisis creating substantial going concern doubts, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 288%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 284% |
| 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 -27% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 44% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -55% |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and Circular Economy & Recycling. Themes include Renewable Fuel Production, Carbon Capture & Storage, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -131%, 3Y Excs Rtn is -184% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -36 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -61% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -0.8% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -56%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -58% |
| High stock price volatilityVol 12M is 144% |
| Key risksLNZA key risks include [1] a severe liquidity crisis creating substantial going concern doubts, Show more. |
Qualitative Assessment
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LanzaTech Global (LNZA) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Revenue Underperformance in Fiscal Q2 2026.
LanzaTech Global reported revenue of $9.0 million for fiscal Q2 2026, which fell short of the consensus analyst estimate of $13.10 million by $4.09 million. This revenue figure was also largely flat compared to the $9.1 million reported in fiscal Q2 2025.
2. Non-Cash EPS Beat Masking Persistent Operational Losses.
Despite reporting earnings per share (EPS) of $15.81 for fiscal Q2 2026, significantly beating the consensus estimate of a $0.76 loss, this was primarily driven by a substantial $208.1 million non-cash unrealized gain on the company's investment in Shougang LanzaTech (SGLT) following its IPO. The underlying operational performance continued to show an adjusted EBITDA loss of $7.6 million for the quarter, and the company reinstated full fiscal year 2026 guidance anticipating an adjusted EBITDA loss between $22 million and $26 million.
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LanzaTech Global (LNZA) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Revenue Underperformance in Fiscal Q2 2026.
LanzaTech Global reported revenue of $9.0 million for fiscal Q2 2026, which fell short of the consensus analyst estimate of $13.10 million by $4.09 million. This revenue figure was also largely flat compared to the $9.1 million reported in fiscal Q2 2025.
2. Non-Cash EPS Beat Masking Persistent Operational Losses.
Despite reporting earnings per share (EPS) of $15.81 for fiscal Q2 2026, significantly beating the consensus estimate of a $0.76 loss, this was primarily driven by a substantial $208.1 million non-cash unrealized gain on the company's investment in Shougang LanzaTech (SGLT) following its IPO. The underlying operational performance continued to show an adjusted EBITDA loss of $7.6 million for the quarter, and the company reinstated full fiscal year 2026 guidance anticipating an adjusted EBITDA loss between $22 million and $26 million.
3. Analyst Downgrades and Cautious Sentiment.
The investment community expressed a more cautious outlook, with Zacks Research downgrading LanzaTech Global from a "strong-buy" to a "hold" rating in July 2026. As of October 2026, the consensus analyst rating for LNZA is "Reduce," indicating a lack of strong conviction in the stock's near-term performance.
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Stock Movement Drivers
Fundamental Drivers
The -24.8% change in LNZA stock from 6/30/2026 to 10/30/2026 was primarily driven by a -29.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302026 | 10302026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.82 | 5.13 | -24.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 58 | 58 | -0.1% |
| P/S Multiple | 1.0 | 1.0 | 6.2% |
| Shares Outstanding (Mil) | 8 | 12 | -29.1% |
| Cumulative Contribution | -24.8% |
Market Drivers
6/30/2026 to 10/30/2026| Return | Correlation | |
|---|---|---|
| LNZA | -24.8% | |
| Market (SPY) | 1.2% | 34.8% |
| Sector (XLI) | -9.6% | 20.0% |
Fundamental Drivers
The -68.0% change in LNZA stock from 3/31/2026 to 10/30/2026 was primarily driven by a -80.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 3312026 | 10302026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.01 | 5.13 | -68.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 56 | 58 | 4.4% |
| P/S Multiple | 0.7 | 1.0 | 54.1% |
| Shares Outstanding (Mil) | 2 | 12 | -80.1% |
| Cumulative Contribution | -68.0% |
Market Drivers
3/31/2026 to 10/30/2026| Return | Correlation | |
|---|---|---|
| LNZA | -68.0% | |
| Market (SPY) | 16.5% | 12.5% |
| Sector (XLI) | 3.8% | -0.0% |
Fundamental Drivers
The -79.1% change in LNZA stock from 9/30/2025 to 10/30/2026 was primarily driven by a -81.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302025 | 10302026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.51 | 5.13 | -79.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 41 | 58 | 43.8% |
| P/S Multiple | 1.3 | 1.0 | -22.2% |
| Shares Outstanding (Mil) | 2 | 12 | -81.3% |
| Cumulative Contribution | -79.1% |
Market Drivers
9/30/2025 to 10/30/2026| Return | Correlation | |
|---|---|---|
| LNZA | -79.1% | |
| Market (SPY) | 14.4% | 17.5% |
| Sector (XLI) | 9.5% | 9.1% |
Fundamental Drivers
The -98.9% change in LNZA stock from 9/30/2023 to 10/30/2026 was primarily driven by a -95.3% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10302026 | Change |
|---|---|---|---|
| Stock Price ($) | 467.00 | 5.13 | -98.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 42 | 58 | 38.2% |
| P/S Multiple | 21.6 | 1.0 | -95.3% |
| Shares Outstanding (Mil) | 2 | 12 | -83.2% |
| Cumulative Contribution | -98.9% |
Market Drivers
9/30/2023 to 10/30/2026| Return | Correlation | |
|---|---|---|
| LNZA | -98.9% | |
| Market (SPY) | 82.9% | -1.7% |
| Sector (XLI) | 71.7% | 1.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LNZA Return | -2% | 3% | -50% | -73% | -90% | -63% | -99% |
| Peers Return | 84% | -59% | -23% | 15% | -37% | -18% | -66% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| LNZA Win Rate | 25% | 67% | 42% | 25% | 33% | 40% | |
| Peers Win Rate | 54% | 37% | 45% | 47% | 35% | 32% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| LNZA Max Drawdown | - | -3% | -73% | -83% | -100% | -89% | |
| Peers Max Drawdown | -59% | -64% | -67% | -60% | -63% | -59% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GEVO, AMTX, VGAS, DNA, CDXS.
[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 10/30/2026 (YTD)
How Low Can It Go
| Event | LNZA | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -34.1% | -7.8% |
| % Gain to Breakeven | 51.7% | 8.5% |
| Time to Breakeven | 52 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -59.4% | -6.7% |
| % Gain to Breakeven | 146.3% | 7.1% |
| Time to Breakeven | 32 days | 31 days |
In The Past
LanzaTech Global's stock fell -34.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 51.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | LNZA | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -34.1% | -7.8% |
| % Gain to Breakeven | 51.7% | 8.5% |
| Time to Breakeven | 52 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -59.4% | -6.7% |
| % Gain to Breakeven | 146.3% | 7.1% |
| Time to Breakeven | 32 days | 31 days |
In The Past
LanzaTech Global's stock fell -34.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 51.7% 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 LanzaTech Global (LNZA)
LanzaTech Global (LNZA) is a pioneering cleantech company focused on carbon capture and utilization. The company has developed innovative technology designed to transform industrial waste gases and other forms of waste carbon into valuable, sustainable products. Its core mission is to create a closed-loop system where carbon emissions, traditionally seen as pollution, are instead repurposed as a raw material, preventing their release into the atmosphere.
LanzaTech's technology enables the production of a diverse range of sustainable materials, including sustainable aviation fuels, chemicals, and ingredients for consumer products, essentially turning waste carbon into the building blocks for everyday goods. The company primarily serves heavy industries with significant carbon emissions, offering them a pathway to decarbonize operations, manage waste streams responsibly, and create new, eco-friendly revenue streams. LanzaTech operates across multiple global markets, impacting sectors such as energy, chemicals, and consumer goods as these industries strive for greater sustainability and reduced environmental footprints.
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Here are 1-3 brief analogies for LanzaTech Global:
- Think of them as a chemical company like BASF or Dow Chemical, but instead of relying on fossil fuels, they use captured carbon emissions as their raw material to create new products.
- They operate like a 'carbon refinery,' similar to how an oil refinery turns crude oil into gasoline and other products, but LanzaTech transforms industrial carbon pollution into valuable sustainable fuels and chemicals.
- Essentially, they are the 'Beyond Meat' for industrial materials and fuels, creating sustainable alternatives by biologically transforming captured carbon emissions into commercial products.
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- Carbon Transformation Technology: LanzaTech's proprietary gas fermentation platform converts waste carbon emissions and unrecyclable materials into new products.
- Sustainable Chemicals and Fuels: Production of various chemicals and fuels, such as ethanol, sustainable aviation fuel, and specialty chemicals, by utilizing their carbon transformation technology.
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Major Customers of LanzaTech Global (LNZA)
LanzaTech Global primarily sells its technology and related products to other companies (B2B). Its business model often involves licensing its gas fermentation technology to industrial partners, forming joint ventures to build and operate commercial facilities, and securing offtake agreements for the sustainable products produced using its technology.
Major customer companies and strategic partners include:
- ArcelorMittal (NYSE: MT, Euronext Amsterdam: MT) - A leading steel and mining company, a key partner with a commercial-scale plant in Ghent, Belgium, converting steel mill gases into ethanol.
- Mitsui & Co. (TYO: 8031) - A global trading and investment company that is a strategic partner and investor, collaborating on the development and deployment of LanzaTech's technology in various projects worldwide.
- SAUDI ARAMCO (TADAWUL: 2222) - A global integrated energy and chemicals company, engaged in strategic collaborations for the production of sustainable fuels and chemicals.
- All Nippon Airways (ANA) (TYO: 9202) - A major Japanese airline that has entered into offtake agreements for Sustainable Aviation Fuel (SAF) produced using LanzaTech's technology (often through ventures like LanzaJet).
- Shell plc (NYSE: SHEL) - A global energy and petrochemical company, collaborating on projects related to sustainable aviation fuel production.
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Dr. Jennifer Holmgren – Chief Executive Officer
Dr. Jennifer Holmgren serves as the CEO of LanzaTech. Prior to her role at LanzaTech, she was the Vice President and General Manager of the Renewable Energy and Chemicals business unit at UOP LLC, a Honeywell Company. While at UOP, she was a key driver in UOP technology becoming instrumental in producing nearly all the initial fuels used by commercial airlines and the military for testing and certification of alternative aviation fuel. She is the author or co-author of 50 U.S. patents and more than 30 scientific publications. Dr. Holmgren also serves as a Director and the Chair of the LanzaJet Board of Directors, a company focused on producing sustainable aviation fuel. She holds an MBA from the University of Chicago.
Sushmita Koyanagi – Chief Financial Officer
Sushmita Koyanagi was appointed Chief Financial Officer of LanzaTech, effective June 2, 2025. She previously served as the company's Chief Accounting Officer, a position she assumed in December 2024. Ms. Koyanagi brings extensive public and private company experience in accounting, financial reporting, process improvement, and managing large teams. Before joining LanzaTech, she held various senior financial roles at Equity LifeStyle Properties from June 2021 to December 2024, JP Morgan Chase from October 2013 to June 2021, and Deloitte from July 2007 to October 2013. She is a Certified Public Accountant.
Freya Burton – Chief Sustainability Officer & Head of Europe
Freya Burton has served as LanzaTech's Chief Sustainability Officer since 2016 and also holds the title of Head of Europe. She joined LanzaTech in 2007 and has held various other roles within the company, including in communications, government relations, human resources, and research and development. Ms. Burton started her career in carbon recycling as one of LanzaTech's first employees, gaining firsthand experience in scaling and commercializing new technology from the R&D stage to global deployment. She holds an M.A. from the University of Cambridge.
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Key Risks to LanzaTech Global (LNZA)
LanzaTech Global (LNZA), a company focused on transforming waste carbon into sustainable products, faces several key business risks inherent to its innovative and capital-intensive industry.- Capital and Liquidity Risk: LanzaTech Global has consistently experienced recurring net losses and significant cash burn, raising substantial doubt about its ability to continue as a going concern. The company requires substantial ongoing financing to fund its operations, and its current liabilities often outweigh its available cash and near-term receivables. The need to raise additional capital could potentially lead to operational restrictions or dilution for existing stockholders.
- Execution, Adoption, and Commercialization Challenges: Bringing LanzaTech's novel fermentation processes and licensing deals to commercial scale is a complex endeavor, fraught with potential technical challenges, cost overruns, and setbacks with partners. Despite its innovative technology, the company has faced challenges in achieving consistent revenue growth, with profitability remaining a long-term aspiration rather than a current reality. Scaling complex infrastructure projects for carbon recycling necessitates heavy upfront investments before significant profits can be realized.
- Regulatory and Policy Risks: As a company operating in the emerging carbon-recycling world, LanzaTech Global is significantly exposed to shifts in regulatory frameworks and government policies. Fluctuations in carbon credit prices, changes in sustainable aviation fuel (SAF) regulations, or alterations to subsidy programs could materially impact the economic viability of LanzaTech's business model and influence the incentives for its partners to adopt its technology.
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The rapid emergence and commercialization of alternative carbon capture and utilization (CCU) technologies, particularly those employing electrochemical or advanced catalytic processes, could pose a significant threat. These alternative methods, if proven to be more energy-efficient, scalable, or cost-effective in converting waste carbon into valuable chemicals and fuels, could capture market share from LanzaTech's proprietary bio-fermentation platform. Companies developing such technologies represent a competitive and potentially disruptive force in the growing market for sustainable carbon-based products.
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LanzaTech Global (NASDAQ: LNZA) operates in several significant addressable markets by transforming waste carbon into sustainable fuels, chemicals, and materials.
Addressable Markets for LanzaTech Global's Products and Services:
- Carbon Capture, Utilization, and Storage (CCUS) / Carbon Dioxide Utilization (CDU) / Industrial Scale Carbon Capture: The global market for carbon capture, utilization, and storage is projected to grow from approximately $3 billion in 2023 to over $15 billion by 2030. More specifically, the global carbon capture, utilization, and storage market size was valued at USD 5.1 billion in 2024 and is expected to reach USD 18.0 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 23.3%. The global carbon dioxide utilization market size is estimated at USD 5.90 billion in 2025 and is anticipated to reach around USD 18.32 billion by 2034, expanding at a CAGR of 13.42%. The industrial scale carbon capture market was valued at USD 2.1 billion in 2025 and is projected to grow to USD 5.8 billion by 2034, exhibiting a CAGR of 11.7%. LanzaTech has stated that its Carbon Capture and Transformation (CCT) technology addresses a total global market opportunity of over $1 trillion.
- Sustainable Aviation Fuel (SAF): The global sustainable aviation fuel market is projected to be valued at US$ 2.1 billion in 2025 and is expected to reach US$ 25.2 billion by 2032, demonstrating a remarkable CAGR of 42.6% between 2025 and 2032. The aviation industry's goal to utilize 10% SAF by 2030 translates to approximately 10 billion gallons of production.
- Sustainable Chemicals / Green Chemicals: The global sustainable chemicals market size is valued at US$ 82.1 billion in 2025 and is predicted to reach US$ 148.4 billion by 2034, with a CAGR of 6.8%. The global green chemical market is projected to reach a value of 28.5 USD billion by 2035, growing from 13.3 USD billion in 2024 at a CAGR of 7.17% from 2025 to 2035.
- Specific Chemical Building Blocks (e.g., Isopropyl Alcohol, Monoethylene Glycol, Polypropylene): The market for Isopropyl Alcohol (IPA) is approximately $3 billion annually. Polypropylene, for which IPA can be a feedstock, has an annual market size of approximately $123 billion. Monoethylene Glycol (MEG) has an annual market size of approximately $25 billion. While specific regions for these individual chemical markets are not provided in the search results, these figures generally refer to global markets.
- Advanced Biofuels: The global advanced biofuels market is projected to grow from USD 150.85 billion in 2025 to USD 3,004.03 billion by 2035, at a CAGR of 34.87%.
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For LanzaTech Global (NASDAQ: LNZA), several key drivers are expected to contribute to future revenue growth over the next 2-3 years:
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Scaling and Commercialization of Biorefining Projects: LanzaTech anticipates revenue growth from the continued progress and eventual commercial operation of large-scale biorefining projects. This includes ongoing and new engineering services work related to projects such as Project Drake and the Norway site development, with revenues expected to materialize as these projects advance to and beyond Final Investment Decision (FID).
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Expanded Business Model with Direct Product Sales and Project Ownership: LanzaTech is evolving its business model beyond traditional technology licensing to include direct ethanol product sales and increased involvement in the ownership of its biorefining value chain. This strategic shift is designed to allow the company to capture more value from its waste carbon transformation processes.
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Increasing Demand and Commercialization in the Sustainable Aviation Fuel (SAF) Market: The growing global demand for Sustainable Aviation Fuel (SAF) is a significant driver. LanzaTech, through its affiliate LanzaJet, is positioned to capitalize on this trend, with the expansion and commercial rollout of waste-based ethanol for SAF production. New contract awards and government funding initiatives, such as Project ADAPT and the DRAGON II Sustainable Aviation Fuel Project in the UK, further underscore this growth area.
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Growth of the CarbonSmart Business and Global Technology Deployment: LanzaTech's CarbonSmart business is expected to contribute to revenue growth through incremental direct fuel sales, facilitated by establishing new licensing arrangements, partners, and supply chain infrastructure. The company's focus on the global deployment of its commercially proven technology, including new contracts for facilities in regions like India, also underpins future revenue expansion.
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Capital Allocation Decisions for LanzaTech Global (LNZA)
Share Issuance
- LanzaTech Global closed a private placement of common stock in January 2026, raising gross proceeds of $20 million.
- The company secured a $40 million investment through a private placement in May 2025.
- These private placements collectively represent $60 million in capital raises in recent years to pursue carbon recycling opportunities.
Inbound Investments
- Guardians of New Zealand Superannuation made a private placement PIPE investment of $4.3 million for 969,858 shares of common stock on January 21, 2026.
- In 2025, LanzaTech secured a €40 million grant from the EU Innovation Fund (pending final agreement) and a £6.4 million grant from the UK's Advanced Fuels Fund to advance carbon capture, utilization, and storage (CCUS) and sustainable aviation fuel (SAF) projects.
Outbound Investments
- On February 11, 2026, LanzaTech Global invested $2.0 million in LanzaJet's Series A Preferred Stock, which resulted in a reduction of LanzaTech's ownership in LanzaJet from approximately 53% to 46% on a fully diluted basis.
Capital Expenditures
- Capital expenditures for the fiscal year ended December 31, 2024, amounted to $5.3 million.
- For the most recent 12 months reported, capital expenditures were approximately $2.80 million.
- The company is transitioning from research and development to commercial deployment, with new projects including an ethanol production facility in India and a municipal solid waste to ethanol pilot plant in Japan.
Peer Outperformance in Environmental & Facilities Services
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| LNZA | LanzaTech Global | 21.4% | 0.3x | -78.5% | -98.5% | -99.5% | — |
| CWST | Casella Waste Systems | 20.6% | 1,040.8x | 12.7% | 23.7% | 7.6% | +107pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Marine Transportation | 5 | 55.5% | 57.8% | 159.8% | MATX 186% · KEX 175% |
| Construction & Engineering | 29 | -6.3% | 106.7% | 152.2% | STRL 1339% · FIX 1275% · AGX 809% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 13.4% | 67.0% | 104.9% | ALSN 249% · CAT 231% · WAB 217% |
| Aerospace & Defense | 52 | -10.2% | 63.7% | 67.6% | ATI 929% · FTAI 906% · HWM 581% |
| Trading Companies & Distributors | 19 | 22.0% | 43.3% | 61.7% | DXPE 429% · URI 221% · AIT 215% |
| Diversified Support Services | 34 | 16.8% | 43.6% | 35.8% | CXW 259% · OPLN 166% · CACI 135% |
| Industrial Machinery & Supplies & Components | 72 | 2.5% | 50.4% | 35.8% | CRS 865% · MLI 344% · SYM 280% |
| Rail Transportation | 7 | 32.3% | 58.6% | 29.9% | CSX 54% · UNP 41% · NSC 30% |
| Building Products | 32 | -6.7% | 15.1% | 22.5% | GFF 363% · TT 141% · JCI 124% |
| Electrical Components & Equipment | 37 | -6.3% | 79.7% | 17.1% | POWL 1863% · VRT 810% · BE 550% |
| Cargo Ground Transportation | 16 | 36.2% | 6.3% | 11.9% | R 275% · XPO 263% · ARCB 43% |
| Industrial Conglomerates | 17 | 16.3% | 5.5% | 2.4% | CSW 111% · DD 85% · CSL 78% |
| Office Services & Supplies | 9 | 29.6% | 20.6% | -9.3% | PBI 186% · TILE 161% · HNI 55% |
| Data Processing & Outsourced Services | 6 | -19.7% | 0.1% | -15.9% | EXLS 69% · BR 10% · G -13% |
| Security & Alarm Services | 9 | -51.5% | 24.2% | -17.6% | BCO 58% |
| Agricultural & Farm Machinery | 16 | 8.3% | -4.2% | -19.6% | DE 111% · TTC 23% · AGCO 5% |
| Environmental & Facilities Services ← | 29 | -30.8% | 33.9% | -25.0% | GEO 249% · CLH 168% · RSG 93% |
| Research & Consulting Services | 13 | 8.7% | -12.8% | -25.4% | HURN 288% · FCN 27% · BAH 12% |
| Passenger Airlines | 11 | -2.5% | 51.6% | -32.4% | LTM 2856% · UAL 126% · DAL 113% |
| Passenger Ground Transportation | 3 | -20.4% | 50.8% | -34.4% | UBER 49% · CAR -34% · LYFT -65% |
| Air Freight & Logistics | 12 | -19.0% | -9.0% | -39.3% | FDX 84% · EXPD 71% · CHRW 45% |
| Human Resource & Employment Services | 22 | 20.9% | -8.2% | -42.8% | ADP 46% · FA 28% · PAYX 6% |
| Airport Services | 4 | -52.8% | -59.3% | -85.9% | JOBY -44% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| LanzaTech Global Earnings Notes | 12/16/2025 | |
| Can LanzaTech Global Stock Recover If Markets Fall? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 1.25 |
| Mkt Cap | 0.1 |
| Rev LTM | 95 |
| Op Inc LTM | -18 |
| FCF LTM | -37 |
| FCF 3Y Avg | -57 |
| CFO LTM | -13 |
| CFO 3Y Avg | -42 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 35.9% |
| Rev Chg 3Y Avg | 11.0% |
| Rev Chg Q | -0.8% |
| QoQ Delta Rev Chg LTM | -0.1% |
| Op Inc Chg LTM | 64.4% |
| Op Inc Chg 3Y Avg | 18.4% |
| Op Mgn LTM | -31.2% |
| Op Mgn 3Y Avg | -167.1% |
| QoQ Delta Op Mgn LTM | 1.9% |
| CFO/Rev LTM | -13.4% |
| CFO/Rev 3Y Avg | -131.8% |
| FCF/Rev LTM | -31.9% |
| FCF/Rev 3Y Avg | -138.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Integrated solutions to customers based on its proprietary technology | 56 | 50 | 63 | 25 | |
| Revenue from collaborative arrangements | 3 | ||||
| Revenue from contracts with customers and grants | 28 | ||||
| Revenue from related party transactions | 3 | ||||
| Revenue from sales of CarbonSmart products | 4 | ||||
| Total | 56 | 50 | 63 | 37 | 25 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Integrated solutions to customers based on its proprietary technology | -79 | -109 | -106 |
| Total | -79 | -109 | -106 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Integrated solutions to customers based on its proprietary technology | -49 | -138 | -134 |
| Total | -49 | -138 | -134 |
Price Behavior
| Market Price | $5.13 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 09/24/2021 | |
| Distance from 52W High | -87.6% | |
| 50 Days | 200 Days | |
| DMA Price | $5.75 | $10.68 |
| DMA Trend | down | down |
| Distance from DMA | -10.8% | -52.0% |
| 3M | 1YR | |
| Volatility | 70.7% | 144.0% |
| Downside Capture | 371.49 | 306.06 |
| Upside Capture | 270.67 | 83.76 |
| Correlation (S&P 500) | 43.1% | 16.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.42 | 2.93 | 1.50 | 1.26 | 1.79 | -5.99 |
| Up Beta | 1.66 | 5.03 | 3.45 | -0.99 | -0.76 | 0.51 |
| Down Beta | 2.53 | 1.86 | 0.07 | 3.39 | 3.81 | 8.72 |
| Up Capture | 227% | 247% | 65% | -8% | 61% | -4% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 9 | 20 | 29 | 57 | 108 | 325 |
| Down Capture | 290% | 226% | 173% | 238% | 174% | 110% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 12 | 21 | 34 | 67 | 141 | 410 |
[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 LNZA | |
|---|---|---|---|---|
| LNZA | -78.1% | 144.0% | -0.37 | - |
| Sector ETF (XLI) | 8.9% | 17.3% | 0.32 | 7.2% |
| Equity (SPY) | 10.9% | 12.8% | 0.52 | 16.2% |
| Gold (GLD) | -2.0% | 28.6% | -0.08 | -0.2% |
| Commodities (DBC) | 48.2% | 20.6% | 1.79 | 0.9% |
| Real Estate (VNQ) | 10.2% | 13.7% | 0.45 | 16.3% |
| Bitcoin (BTCUSD) | -30.3% | 43.5% | -0.71 | 17.4% |
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 LNZA | |
|---|---|---|---|---|
| LNZA | -63.0% | 4,135.0% | 0.45 | - |
| Sector ETF (XLI) | 11.4% | 17.6% | 0.48 | 0.8% |
| Equity (SPY) | 12.2% | 17.1% | 0.53 | -1.2% |
| Gold (GLD) | 16.2% | 19.0% | 0.68 | -1.4% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | -1.8% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 4.6% |
| Bitcoin (BTCUSD) | 4.8% | 51.6% | 0.28 | -2.5% |
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 LNZA | |
|---|---|---|---|---|
| LNZA | -39.3% | 4,119.0% | 0.45 | - |
| Sector ETF (XLI) | 13.2% | 20.1% | 0.58 | 0.8% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | -1.2% |
| Gold (GLD) | 11.4% | 16.5% | 0.56 | -1.4% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | -1.9% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.21 | 4.6% |
| Bitcoin (BTCUSD) | 61.7% | 66.2% | 1.01 | -2.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/20/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/14/2026 | 2.1% | 0.2% | -2.4% |
| 5/14/2026 | -6.0% | -53.9% | -71.5% |
| 11/19/2025 | -3.1% | -8.0% | 3.4% |
| 8/19/2025 | 18.1% | 9.5% | 4.0% |
| 5/19/2025 | -5.4% | -24.7% | 2.2% |
| 11/8/2024 | -8.1% | -34.1% | -45.4% |
| 8/8/2024 | -1.5% | -6.8% | 2.3% |
| 5/9/2024 | -8.8% | 2.4% | -22.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 3 | 5 | 7 |
| # Negative | 9 | 7 | 5 |
| Median Positive | 2.4% | 2.4% | 4.0% |
| Median Negative | -7.2% | -8.0% | -22.9% |
| Max Positive | 18.1% | 13.6% | 23.1% |
| Max Negative | -8.9% | -53.9% | -71.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/14/2026 | 2.1% | 0.2% | -2.4% |
| 5/14/2026 | -6.0% | -53.9% | -71.5% |
| 11/19/2025 | -3.1% | -8.0% | 3.4% |
| 8/19/2025 | 18.1% | 9.5% | 4.0% |
| 5/19/2025 | -5.4% | -24.7% | 2.2% |
| 11/8/2024 | -8.1% | -34.1% | -45.4% |
| 8/8/2024 | -1.5% | -6.8% | 2.3% |
| 5/9/2024 | -8.8% | 2.4% | -22.9% |
| 2/28/2024 | -8.9% | -5.9% | -10.4% |
| 11/9/2023 | 2.4% | 13.6% | 14.7% |
| 8/9/2023 | -7.2% | 0.3% | 9.3% |
| 5/15/2023 | -8.2% | -2.3% | 23.1% |
| SUMMARY STATS | |||
| # Positive | 3 | 5 | 7 |
| # Negative | 9 | 7 | 5 |
| Median Positive | 2.4% | 2.4% | 4.0% |
| Median Negative | -7.2% | -8.0% | -22.9% |
| Max Positive | 18.1% | 13.6% | 23.1% |
| Max Negative | -8.9% | -53.9% | -71.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/14/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/19/2025 | 10-Q |
| 06/30/2025 | 08/19/2025 | 10-Q |
| 03/31/2025 | 05/19/2025 | 10-Q |
| 12/31/2024 | 04/15/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/29/2023 | 10-K |
| 09/30/2022 | 02/13/2023 | S-1 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/14/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/19/2025 | 10-Q |
| 06/30/2025 | 08/19/2025 | 10-Q |
| 03/31/2025 | 05/19/2025 | 10-Q |
| 12/31/2024 | 04/15/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/29/2023 | 10-K |
| 09/30/2022 | 02/13/2023 | S-1 |
| 06/30/2022 | 12/04/2023 | 10-Q/A |
| 03/31/2022 | 12/04/2023 | 10-Q/A |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Guardians, Of New Zealand Superannuation | Direct | Buy | 2182026 | 4.43 | 969,858 | 4,300,000 | 5,774,779 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Guardians, Of New Zealand Superannuation | Direct | Buy | 2182026 | 4.43 | 969,858 | 4,300,000 | 5,774,779 | Form |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Environmental & Facilities Services Resources |
| Waste360 |
| Waste Dive |
| FacilitiesNet |
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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