Tearsheet

Standard Lithium (SLI)


Market Price (12/27/2025): $4.56 | Market Cap: $930.3 Mil
Sector: Materials | Industry: Diversified Metals & Mining

Standard Lithium (SLI)


Market Price (12/27/2025): $4.56
Market Cap: $930.3 Mil
Sector: Materials
Industry: Diversified Metals & Mining

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.


0 Megatrend and thematic drivers
Megatrends include Battery Technology & Metals, and Renewable Energy Transition. Themes include Advanced Battery Components, and Battery Storage & Grid Modernization.
Weak multi-year price returns
3Y Excs Rtn is -41%
Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
1   Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -20 Mil
2   Stock price has recently run up significantly
6M Rtn6 month market price return is 142%, 12M Rtn12 month market price return is 197%
3   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.0%
4   Short seller report
5   Key risks
SLI key risks include [1] project execution delays and substantial funding requirements as a pre-revenue company, Show more.
0 Megatrend and thematic drivers
Megatrends include Battery Technology & Metals, and Renewable Energy Transition. Themes include Advanced Battery Components, and Battery Storage & Grid Modernization.
1 Weak multi-year price returns
3Y Excs Rtn is -41%
2 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -20 Mil
4 Stock price has recently run up significantly
6M Rtn6 month market price return is 142%, 12M Rtn12 month market price return is 197%
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.0%
6 Short seller report
7 Key risks
SLI key risks include [1] project execution delays and substantial funding requirements as a pre-revenue company, Show more.

Valuation, Metrics & Events

SLI Stock


Why The Stock Moved


Qualitative Assessment

AI Analysis | Feedback

Here are the key points for why Standard Lithium (SLI) stock moved by 54.8% for the approximate time period from August 31, 2025, to December 27, 2025:

<br><br>

<b>1. Standard Lithium filed a positive Definitive Feasibility Study (DFS) for its South West Arkansas (SWA) Project.</b> This critical milestone, announced on October 14, 2025, confirmed the commercial viability and outlined the substantial annual production capacity of 22,500 tonnes of battery-grade lithium carbonate over a 20-year lifespan. This news was a major catalyst, with shares surging significantly upon the announcement.

<br><br>

<b>2. The company successfully completed an upsized $130 million underwritten public offering.</b> Closed in October 2025, this capital raise was intended to advance its key projects in South West Arkansas and East Texas, strengthening the company's financial position and funding future development.

<br><br>

<b>3. Standard Lithium released a Maiden Inferred Resource Report for its Franklin Project in East Texas.</b> Filed on November 5, 2025, this report highlighted the project's significant brine position, containing some of the highest reported lithium-in-brine grades in North America, thus expanding the company's future production potential.

<br><br>

<b>4. Smackover Lithium, Standard Lithium's joint venture, received indications of interest for over $1 billion in project finance for the SWA Project.</b> Announced on December 9, 2025, these expressions of interest from major Export Credit Agencies, including the Export-Import Bank of the United States (EXIM) and Export Finance Norway (Eksfin), significantly de-risked the funding for the construction of Phase 1 of the SWA Project.

<br><br>

<b>5. Continued positive impact from the $225 million grant from the U.S. Department of Energy (DOE).</b> This substantial grant, previously secured, continued to underpin the strategic importance and de-risk the South West Arkansas project, demonstrating strong governmental support for domestic critical mineral supply chains.

Show more

Stock Movement Drivers

Fundamental Drivers

The 21.3% change in SLI stock from 9/26/2025 to 12/26/2025 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
926202512262025Change
Stock Price ($)3.754.5521.33%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)0.000.00�
P/S Multiple∞∞�
Shares Outstanding (Mil)196.60204.02-3.77%
Cumulative Contribution�

LTM = Last Twelve Months as of date shown

Market Drivers

9/26/2025 to 12/26/2025
ReturnCorrelation
SLI21.3% 
Market (SPY)4.3%16.1%
Sector (XLB)3.8%4.8%

Fundamental Drivers

The 142.0% change in SLI stock from 6/27/2025 to 12/26/2025 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
627202512262025Change
Stock Price ($)1.884.55142.02%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)0.000.00�
P/S Multiple∞∞�
Shares Outstanding (Mil)192.57204.02-5.95%
Cumulative Contribution�

LTM = Last Twelve Months as of date shown

Market Drivers

6/27/2025 to 12/26/2025
ReturnCorrelation
SLI142.0% 
Market (SPY)12.6%16.5%
Sector (XLB)5.4%9.7%

Fundamental Drivers

The 197.4% change in SLI stock from 12/26/2024 to 12/26/2025 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
1226202412262025Change
Stock Price ($)1.534.55197.39%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)0.000.00�
P/S Multiple∞∞�
Shares Outstanding (Mil)184.21204.02-10.76%
Cumulative Contribution�

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2024 to 12/26/2025
ReturnCorrelation
SLI197.4% 
Market (SPY)15.8%25.2%
Sector (XLB)9.6%23.8%

Fundamental Drivers

The 42.6% change in SLI stock from 12/27/2022 to 12/26/2025 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
1227202212262025Change
Stock Price ($)3.194.5542.63%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)0.000.00�
P/S Multiple∞∞�
Shares Outstanding (Mil)166.47204.02-22.55%
Cumulative Contribution�

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2023 to 12/26/2025
ReturnCorrelation
SLI103.1% 
Market (SPY)48.0%23.5%
Sector (XLB)10.5%26.3%

Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
SLI Return-18%1715%-70%-32%-28%231%637%
Peers Return16%38%-12%21%26%16%150%
S&P 500 Return16%27%-19%24%23%18%114%

Monthly Win Rates [3]
SLI Win Rate17%25%25%33%42%83% 
Peers Win Rate52%65%42%68%57%52% 
S&P 500 Win Rate58%75%42%67%75%73% 

Max Drawdowns [4]
SLI Max Drawdown-52%0%-70%-40%-48%-24% 
Peers Max Drawdown-34%-5%-26%-7%-9%-23% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[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] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique KeyEventSLIS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-85.7%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven598.9%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-56.0%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven127.2%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven482 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-71.1%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven246.4%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven606 days120 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Standard Lithium's stock fell -85.7% during the 2022 Inflation Shock from a high on 10/27/2021. A -85.7% loss requires a 598.9% gain to breakeven.

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About Standard Lithium (SLI)

N/A

AI Analysis | Feedback

The Tesla of lithium extraction, aiming to produce the critical battery metal more efficiently and sustainably.

A developing Albemarle, but specializing in direct lithium extraction (DLE) technology to unlock lithium from brines.

AI Analysis | Feedback

  • Battery-grade Lithium Carbonate: A refined lithium compound used as a critical raw material in the production of lithium-ion batteries for electric vehicles and energy storage.
  • Battery-grade Lithium Hydroxide: A high-purity lithium compound essential for manufacturing advanced lithium-ion battery cathodes, particularly for high-performance electric vehicles.

AI Analysis | Feedback

Standard Lithium (SLI) is a lithium development company focused on extracting lithium from brine resources. As such, it is not yet in large-scale commercial production and therefore does not have traditional "major customers" actively purchasing significant volumes of lithium product at this time. However, once in commercial production, Standard Lithium will primarily sell to other companies (B2B). Its major prospective customers and strategic partners would typically be: 1. **LANXESS AG** * **Description:** LANXESS is a specialty chemicals company and Standard Lithium's joint venture partner in the flagship South Arkansas Project. As a partner in developing the project, LANXESS is strategically positioned as a key potential offtaker or facilitator of sales for the lithium carbonate produced from this project. * **Symbol:** LXS.DE (Frankfurt Stock Exchange), LNXSY (OTC Markets - U.S.) 2. **Koch Industries (via Koch Strategic Platforms - KSP)** * **Description:** Koch Strategic Platforms (KSP), a subsidiary of the diverse industrial conglomerate Koch Industries, made a significant strategic investment in Standard Lithium. Koch Industries has a wide array of businesses, some of which could become direct or indirect customers for lithium products, or facilitate distribution, once Standard Lithium reaches commercial production. * **Symbol:** Koch Industries is a privately held company and does not have a public stock symbol.

AI Analysis | Feedback

  • Lanxess AG (Symbol: LXS)
  • Koch Technology Solutions (subsidiary of private Koch Industries)
  • Veolia Water Technologies & Solutions (subsidiary of Veolia Environnement S.A., Symbol: VEO)
  • Fluor Corporation (Symbol: FLR)

AI Analysis | Feedback

David Park, Chief Executive Officer

David Park was appointed CEO and Director of Standard Lithium in September 2024. He brings over 28 years of experience in the energy and industrial sectors. Prior to joining Standard Lithium, Mr. Park served as President of Koch Strategic Platforms, an investment arm of Koch Industries, which invested $100 million in Standard Lithium's South Arkansas project. He also held roles as Senior Vice President of Strategy and Business Development at Georgia-Pacific, LLC (a Koch Industries subsidiary) where he was responsible for new platform acquisitions, and as President of TrueNorth Energy and CFO of Koch's Canadian exploration and production, pipeline, and energy trading business. Early in his career, he worked as an International Business Development Specialist at Atomic Energy of Canada Ltd. Mr. Park played a significant role in securing the investment from Equinor for Standard Lithium's projects.

Salah Gamoudi, Chief Financial Officer

Salah Gamoudi was appointed Chief Financial Officer of Standard Lithium in October 2023. He most recently served as Executive Vice President and CFO of SandRidge Energy, Inc. from 2020 to 2023, during which time the company experienced a significant increase in value. Prior to SandRidge, Mr. Gamoudi held several senior executive roles at public natural resource exploration and production companies, assisting with turnarounds, restructurings, and an IPO. His experience also includes serving as Chief Accounting Officer for Jones Energy, Inc. and Remora Petroleum, LP, and as Controller for Glacier Oil & Gas Corp. and Miller Energy Resources. He began his career in various audit, accounting, risk management, and financial roles with LRR Energy, LP, Deloitte, and Ernst & Young.

Dr. Andy Robinson, President, COO & Director

Dr. Andy Robinson co-founded Standard Lithium in 2017 and has served as its President and Chief Operating Officer since April 2017. He is an experienced geoscientist with over 20 years of experience in the resource, power, and energy sectors across Europe, Africa, and North and South America. Dr. Robinson holds a Ph.D. in Geochemistry from the University of Bristol, UK. Before joining Standard Lithium, he was the Chief Operating Officer and a board member for Pure Energy Minerals, where he led the first Inferred Resource assessment for a North American lithium brine deposit and was instrumental in developing innovative exploration and processing techniques for lithium brine resources. He is recognized as a pioneer in lithium extraction and purification technology.

Michael Barman, Chief Development Officer

Michael Barman was appointed Chief Development Officer effective October 8, 2023. He brings nearly 20 years of experience advising senior executives and their boards, with a focus on the energy transition sector. Most recently, he was a Managing Director in Investment Banking at Stifel Nicolaus Canada Inc. (formerly GMP Securities L.P.). At Stifel, Mr. Barman advised on over 30 mergers, acquisitions, and other corporate transactions totaling more than $22 billion and led or co-led over 80 public and private financings, raising over $10 billion in equity and debt capital. He holds a Master of Financial Economics from the Rotman School of Management and the Department of Economics at the University of Toronto.

Daniel Rosen, Vice President of Strategy & Investor Relations

Daniel Rosen joined Standard Lithium in June 2025 as Vice President of Strategy and Investor Relations. He has over 13 years of experience in corporate strategy, finance, and capital markets. His previous roles include positions in Corporate Strategy, Mergers & Acquisitions, and Investor Relations for Rio Tinto, Arcadium Lithium, and Livent. Earlier in his career, he spent more than six years in the Investment Banking division at Barclays.

AI Analysis | Feedback

Key Risks to Standard Lithium (SLI)

  1. Project Execution, Production Delays, and Funding Requirements: As a pre-revenue development-stage company, Standard Lithium faces significant risks related to the successful execution and timely completion of its large-scale lithium extraction projects. Delays and cost overruns in construction could necessitate substantial additional capital raises, leading to further dilution of existing shareholders.
  2. Lithium Price Volatility: The company is exposed to the inherent volatility of lithium commodity prices. A sustained period of low lithium prices could negatively impact the economic viability of its projects, making it more challenging to secure financing and potentially delaying or hindering commercialization.
  3. Technology Scale-Up and Operational Risks: Standard Lithium's business model relies on its proprietary Direct Lithium Extraction (DLE) technology. While a demonstration plant has been operational, scaling this technology to full commercial production introduces inherent operational and technical challenges and uncertainties.

AI Analysis | Feedback

The clear emerging threat to Standard Lithium is the entry of major, well-capitalized energy companies, such as ExxonMobil, into the Direct Lithium Extraction (DLE) market, particularly in Standard Lithium's key operating regions.

ExxonMobil, for instance, has publicly announced its intention to become a leading lithium producer by 2030, leveraging DLE technology in the Smackover formation in Arkansas. This is the same geological formation where Standard Lithium has its flagship projects (Lanxess collaboration and the South West Arkansas project). ExxonMobil brings immense financial resources, extensive experience in large-scale industrial project development, chemical processing, and established global supply chain expertise. Their aggressive entry into the DLE space in a key region for Standard Lithium represents a direct and formidable competitive threat, potentially leading to increased competition for resources, talent, and market share, and possibly accelerating the drive down of production costs by a larger, more integrated player.

AI Analysis | Feedback

Standard Lithium (SLI) primarily focuses on the production of battery-grade lithium carbonate and lithium hydroxide, utilizing Direct Lithium Extraction (DLE) technology for its projects. The company is also involved in the development of lithium sulfide for next-generation solid-state batteries.

Addressable Market Sizes:

  • Global Lithium Market (for lithium carbonate and lithium hydroxide): The global lithium market was estimated at USD 28.08 billion in 2024 and is projected to reach USD 74.81 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 18.2% from 2025 to 2030. Another estimate valued the global lithium market at USD 37.43 billion in 2024, with a projection to reach USD 164.77 billion by 2033, demonstrating a CAGR of 17.9% during the forecast period (2025-2033).
  • North America Lithium Market (for lithium carbonate and lithium hydroxide): The North America lithium market generated a revenue of USD 4,134.1 million in 2023 and is expected to grow at a CAGR of 9.4% from 2024 to 2030, reaching an estimated US$ 7,729.8 million by 2030. North America accounted for 13.0% of the global lithium market in 2023.
  • North America Lithium-ion Battery Market (as an end-market for Standard Lithium's products): The North America lithium-ion battery market was estimated at USD 14.8 billion in 2023 and is projected to grow at a CAGR of 20.9% from 2024 to 2030, reaching USD 51.43 billion by 2030. Another report valued the North America Lithium-ion Battery Market at 385.19 USD billion in 2024, with a projection to reach 1,493.15 USD billion by 2032 at a CAGR of 24.50% from 2025 to 2032.
  • Global Direct Lithium Extraction (DLE) Technology Services Market: The global Direct Lithium Extraction (DLE) technology services market was valued at approximately $500 million in 2022 and is projected to reach $2 billion by 2028, exhibiting a CAGR of more than 30%. Assuming a consistent CAGR of approximately 40%, the market size could reach approximately $15 billion by 2033. DLE supply is expected to increase to 526 kilometric tons (kt) of Lithium Carbonate Equivalent (LCE) by 2030 from 140 kt LCE in 2024.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Standard Lithium (SLI) over the next 2-3 years:

  1. Commencement of Commercial Production from the Southwest Arkansas (SWA) Project: Standard Lithium's flagship Southwest Arkansas (SWA) Project is anticipated to be a primary driver of future revenue. The company has completed a Definitive Feasibility Study (DFS) for the project, indicating its readiness for a Final Investment Decision (FID) by the end of 2025. Construction is expected to begin in 2026, with commercial production of 22,500 tonnes per annum of battery-quality lithium carbonate targeted for 2028. This project has also secured a significant $225 million grant from the U.S. Department of Energy, underscoring its strategic importance and providing substantial financial support for its development.
  2. Initiation of Commercial Production from the Phase 1A Project with LANXESS: The Phase 1A project, a brownfield development in southern Arkansas in partnership with LANXESS Corporation, is expected to contribute to early revenue generation. This project is slated for early production in 2026 and is forecast to have an average annual production capacity of 5,400 tonnes of lithium carbonate.
  3. Advancement and Future Commercialization of the Franklin Project in East Texas: The Franklin Project in East Texas represents a significant long-term growth opportunity. A maiden inferred resource report has been released for this project, highlighting substantial lithium and potash reserves. The project is noted for boasting some of the highest lithium-in-brine grades in North America, which could translate to favorable production economics and contribute to revenue growth in the future as it moves toward commercialization.
  4. Increasing Global Demand and Favorable Pricing for Lithium Products: The broader market dynamics of increasing global demand for lithium are expected to significantly bolster Standard Lithium's revenue prospects. The company is strategically positioned to capitalize on the surging demand for lithium, which is primarily driven by the rapid growth of the electric vehicle (EV) industry and the expanding need for battery storage solutions. The lithium industry is projected to expand by 12.8% per annum until 2030, and optimistic analyst forecasts for lithium prices suggest a strong pricing environment for battery-grade lithium products, which would directly enhance revenues from Standard Lithium's production.

AI Analysis | Feedback

Share Issuance

  • Standard Lithium's issuance of common stock averaged $42.97 million for fiscal years ending June 2020 to 2024.
  • The company's issuance of common stock peaked in June 2022 at $132.3 million.
  • In October 2025, Standard Lithium priced a $130 million public offering of 29.89 million common shares at $4.35 per share, with an over-allotment option for up to an additional 4.48 million shares.

Inbound Investments

  • Standard Lithium has secured investments from strategic partners Equinor and Koch Industries, providing technical, operational, strategic, and financial capabilities.
  • The company received a $225 million grant from the U.S. Department of Energy (DOE) to support the construction of Phase 1 of its South West Arkansas (SWA) Project.
  • Standard Lithium is in discussions to secure approximately $1 billion in project debt financing for its projects.

Capital Expenditures

  • Capital expenditures for Standard Lithium were $1.67 million in the last 12 months.
  • The Definitive Feasibility Study (DFS) for the South West Arkansas (SWA) Project, completed in Q3 2025, estimates an all-in Class III capital expenditure of $1.45 billion, which includes a 12.3% contingency.
  • Proceeds from the $130 million public offering in October 2025 are designated to fund capital expenditures for the South West Arkansas Project and the Franklin Project in East Texas.

Latest Trefis Analyses

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Trade Ideas

Select ideas related to SLI. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG11212025DDDuPont de NemoursDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
7.6%7.6%-0.2%
CF_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025CFCF IndustriesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-1.4%-1.4%-3.1%
HL_11212025_Quality_Momentum_RoomToRun_10%11212025HLHecla MiningQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
51.0%51.0%0.0%
CDE_11072025_Dip_Buyer_ValueBuy11072025CDECoeur MiningDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
30.6%30.6%-5.7%
ATR_10312025_Dip_Buyer_ValueBuy10312025ATRAptarGroupDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
6.2%6.2%-2.5%

Recent Active Movers

More From Trefis

Peer Comparisons for Standard Lithium

Peers to compare with:

Financials

SLIHPQHPEIBMCSCOAAPLMedian
NameStandard.HP Hewlett .Internat.Cisco Sy.Apple  
Mkt Price4.5523.2624.49305.0978.16273.4051.32
Mkt Cap0.921.932.6284.9309.24,074.4158.8
Rev LTM055,29534,29665,40257,696408,62556,496
Op Inc LTM-203,6241,64411,54412,991130,2147,584
FCF LTM-202,80062711,85412,73396,1847,327
FCF 3Y Avg-432,9781,40011,75313,879100,5037,366
CFO LTM-183,6972,91913,48313,744108,5658,590
CFO 3Y Avg-183,6723,89613,49814,736111,5598,697

Growth & Margins

SLIHPQHPEIBMCSCOAAPLMedian
NameStandard.HP Hewlett .Internat.Cisco Sy.Apple  
Rev Chg LTM-3.2%13.8%4.5%8.9%6.0%6.0%
Rev Chg 3Y Avg--3.9%6.5%2.6%3.7%1.8%2.6%
Rev Chg Q-4.2%14.4%9.1%7.5%9.6%9.1%
QoQ Delta Rev Chg LTM-1.1%3.7%2.1%1.8%2.1%2.1%
Op Mgn LTM-6.6%4.8%17.7%22.5%31.9%17.7%
Op Mgn 3Y Avg-7.4%7.2%16.4%24.2%30.8%16.4%
QoQ Delta Op Mgn LTM--0.2%-1.4%0.6%0.4%0.1%0.1%
CFO/Rev LTM-6.7%8.5%20.6%23.8%26.6%20.6%
CFO/Rev 3Y Avg-6.8%12.7%21.4%26.1%28.4%21.4%
FCF/Rev LTM-5.1%1.8%18.1%22.1%23.5%18.1%
FCF/Rev 3Y Avg-5.5%4.6%18.6%24.6%25.6%18.6%

Valuation

SLIHPQHPEIBMCSCOAAPLMedian
NameStandard.HP Hewlett .Internat.Cisco Sy.Apple  
Mkt Cap0.921.932.6284.9309.24,074.4158.8
P/S-0.41.04.45.410.04.4
P/EBIT-49.66.819.925.122.531.321.2
P/E-53.18.6572.736.029.941.033.0
P/CFO-52.95.911.221.122.537.516.2
Total Yield-1.9%14.1%2.3%5.0%5.4%2.8%3.9%
Dividend Yield0.0%2.5%2.1%2.2%2.1%0.4%2.1%
FCF Yield 3Y Avg-10.6%10.6%5.5%6.4%6.0%3.1%5.7%
D/E0.00.50.70.20.10.00.2
Net D/E-0.00.30.60.20.00.00.1

Returns

SLIHPQHPEIBMCSCOAAPLMedian
NameStandard.HP Hewlett .Internat.Cisco Sy.Apple  
1M Rtn10.4%-1.8%14.4%0.6%2.7%-1.5%1.7%
3M Rtn21.3%-11.9%2.7%7.9%17.0%7.1%7.5%
6M Rtn142.0%-4.0%34.5%6.6%15.2%36.3%24.9%
12M Rtn197.4%-27.3%14.2%39.2%33.7%6.0%23.9%
3Y Rtn42.6%-3.8%67.7%139.0%79.5%113.4%73.6%
1M Excs Rtn11.9%-5.6%12.9%-2.2%-0.0%-3.7%-1.1%
3M Excs Rtn17.0%-16.2%-1.7%3.6%12.7%2.8%3.2%
6M Excs Rtn129.8%-16.3%22.3%-5.7%3.0%24.0%12.6%
12M Excs Rtn187.3%-42.9%-0.7%25.0%19.9%-8.4%9.6%
3Y Excs Rtn-41.3%-83.5%-11.2%59.6%-1.2%28.4%-6.2%

Financials

Segment Financials

Assets by Segment
$ Mil2024202320222021
Single Segment1311436042
Total1311436042


Price Behavior

Price Behavior
Market Price$4.55 
Market Cap ($ Bil)0.9 
First Trading Date03/16/2018 
Distance from 52W High-15.6% 
   50 Days200 Days
DMA Price$4.17$2.75
DMA Trendupup
Distance from DMA9.2%65.4%
 3M1YR
Volatility91.1%76.0%
Downside Capture-14.4519.49
Upside Capture81.47125.31
Correlation (SPY)16.0%25.3%
SLI Betas & Captures as of 11/30/2025

 1M2M3M6M1Y3Y
Beta2.351.311.021.150.991.35
Up Beta3.313.934.323.031.150.94
Down Beta7.161.602.061.751.211.32
Up Capture225%124%70%170%117%342%
Bmk +ve Days13263974142427
Stock +ve Days12233468121338
Down Capture103%-23%-151%-155%40%110%
Bmk -ve Days7162452107323
Stock -ve Days7182754120383

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
 Comparison of SLI With Other Asset Classes (Last 1Y)
 SLISector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return211.6%9.9%17.8%72.1%8.6%4.4%-8.3%
Annualized Volatility75.6%19.9%19.4%19.3%15.2%17.0%35.0%
Sharpe Ratio1.820.360.722.700.340.09-0.08
Correlation With Other Assets 23.9%25.3%20.2%18.1%11.6%25.3%

ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
 Comparison of SLI With Other Asset Classes (Last 5Y)
 SLISector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return61.5%7.2%14.7%18.7%11.5%4.6%30.8%
Annualized Volatility456.4%18.9%17.1%15.5%18.7%18.9%48.7%
Sharpe Ratio0.530.290.700.970.500.160.57
Correlation With Other Assets 4.2%5.4%3.2%5.0%1.7%3.0%

ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
 Comparison of SLI With Other Asset Classes (Last 10Y)
 SLISector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return14.6%10.1%14.8%15.3%7.0%5.3%69.2%
Annualized Volatility420.0%20.7%18.0%14.7%17.6%20.8%55.8%
Sharpe Ratio0.450.440.710.860.320.220.90
Correlation With Other Assets 5.1%5.8%3.7%5.6%2.9%3.4%

ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date12152025
Short Interest: Shares Quantity5,893,358
Short Interest: % Change Since 1130202528.6%
Average Daily Volume3,366,553
Days-to-Cover Short Interest1.75
Basic Shares Quantity204,019,502
Short % of Basic Shares2.9%

SEC Filings

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Report DateFiling DateFiling
9302025111020256-K 9/30/2025
630202580820256-K 6/30/2025
331202550920256-K 3/31/2025
12312024324202540-F 12/31/2024
9302024111220246-K 9/30/2024
6302024924202440-F 6/30/2024
331202450920246-K 3/31/2024
1231202320820246-K 12/31/2023
9302023111320236-K 9/30/2023
6302023922202340-F 6/30/2023
331202351120236-K 3/31/2023
1231202220920236-K 12/31/2022
9302022111020226-K 9/30/2022
6302022923202240-F 6/30/2022
331202251320226-K 3/31/2022
1231202121420226-K 12/31/2021