Ganfeng Lithium Group Co., Ltd GNENY

MaterialsChemicalsChina

Last close 2.85 USD on Nov 1, 2026, −58.0% year to date

Quant rating

Quant rating C Rank 130 of 220 in Materials

Growth C 130 of 220
Valuation A 31 of 220
Quality B 43 of 220
Revisions D 172 of 220
Momentum D 195 of 220

Wall Street consensus Buy (2.11)Average target 8.91 USD +212.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 9.8B
Enterprise value: 15.5B
52-week range: 2.54 – 11.88
3-year range: 1.88 – 11.88
Dividend yield: 0.77%
Beta (5 years): 1.11
Shares outstanding: 2,097M
Next earnings: Mar 30, 2027

About the company

Ganfeng Lithium Group Co Ltd, formerly Ganfeng Lithium Co Ltd, is a China-based company principally engaged in the production and sales of lithium and lithium battery products. The Company also engages in lithium resource exploitation, lithium salt processing, metallic lithium smelting, lithium battery manufacturing and recycling. The Company's main products include lithium compounds, metallic lithium and lithium batteries. The Company's products are widely used in electric vehicles, energy storage, aeronautics, functional materials, pharmaceutical manufacturing and other fields. The Company mainly operates its businesses in the domestic and overseas markets.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,301	2,590	4,645	6,064	1,757	–
Revenue growth	27.4%	−44.2%	−23.4%	245.1%	107.6%	31.3%
EPS (basic, normalized)	0.11	−0.14	0.34	1.47	0.42	–
EPS growth	–	–	−76.9%	253.0%	–	–
Gross margin	14.4%	8.9%	8.9%	49.4%	39.8%	24.3%
Net margin	7.0%	−11.0%	15.0%	49.0%	46.8%	21.4%
ROE	3.7%	−4.7%	10.9%	62.2%	32.1%	20.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,495
Current ratio	1.09x
Long-term debt (mil)	3,655
Net debt (mil)	5,667
Total equity (mil)	7,178
Net debt / equity	0.79x
Net debt / EBITDA	11.07x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,301	+27.4%	4.7x	512	+111.6%	30.3x	0.11	+180.6%	25.0x
2026	6,750	+104.5%	2.3x	1,654	+223.1%	9.4x	0.45	+292.9%	6.4x
2027	7,082	+4.9%	2.2x	1,569	−5.1%	9.9x	0.44	−1.3%	6.4x
2028	7,855	+10.9%	2.0x	1,943	+23.8%	8.0x	0.58	+31.9%	4.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	6,750	−1.6%	+2.3%	+8.2%	0.45	−10.1%	−9.7%	+4.0%
2027	7,082	−4.7%	−3.6%	+0.4%	0.44	−19.7%	−16.2%	−7.2%
2028	7,855	−6.0%	−6.4%	−3.6%	0.58	−12.4%	−16.3%	−9.8%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales reported (mil)	4,531	4,336	4,981	3,772	4,604	6,249	8,457	9,196	13,902	13,062
Sales mean (mil)	9,291	4,799	6,335	4,973	–	–	6,131	–	18,859	16,282
Surprise	−51.2%	−9.6%	−21.4%	−24.2%	–	–	+37.9%	–	−26.3%	−19.8%
EPS reported	−0.16	0.06	−0.71	−0.18	−0.09	0.28	0.78	0.88	1.15	0.36
EPS mean	0.33	0.30	0.20	0.10	−0.15	0.18	0.17	–	1.34	0.72
Surprise	−148.5%	−80.0%	−455.0%	−280.0%	+40.0%	+55.6%	+358.8%	–	−14.3%	−49.4%

Peer comparison Chemicals

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
GNENY Ganfeng Lithium Group Co., Ltd	9.8B	11.07x	7.0%	1.52x	6.4x	6.4x	9.4x	9.9x
YARIY Yara International ASA	10.9B	–	–	–	8.5x	10.2x	3.5x	3.8x
ALB Albemarle Corp	10.7B	2.49x	−13.2%	1.04x	8.1x	8.9x	5.0x	5.1x
MTLHY Mitsubishi Chemical Group Corporation	10.7B	3.69x	−2.2%	0.87x	48.8x	47.6x	5.9x	5.8x
BNTGY Brenntag SE	10.2B	2.41x	1.7%	2.06x	3.2x	3.2x	8.5x	8.7x
SOLS Solstice Advanced Materials Inc	9.6B	1.68x	6.1%	6.06x	20.9x	17.7x	10.8x	9.8x
Mean		4.27x	−0.1%	2.31x	16.0x	15.7x	7.2x	7.2x
Median		2.49x	1.7%	1.52x	8.3x	9.6x	7.2x	7.2x

Technical analysis

1M−24.1%
3M−38.3%
1Y−55.3%
3Y−25.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ganfeng Lithium Group Co., Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,301	2,590	4,645	6,064	1,757	847
Cost of revenue	2,825	2,360	4,231	3,070	1,058	666
Gross profit	476	230	414	2,994	699	181
Selling, general & administrative expenses	217	145	175	208	90.4	37.2
Research & development	137	116	171	141	49.0	19.0
Depreciation/amortization	29.1	23.0	15.1	11.4	10.5	7.1
Interest expense (income), operating	166	304	−448	−654	−337	−59.8
Unusual expense (income)	−201	11.7	−23.7	3.3	−3.6	16.7
Other operating expenses	−40.0	−53.9	−210	−14.4	−8.8	−12.0
Operating income	168	−316	734	3,298	899	173
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	2.0	0.4	6.7	4.5	9.9	−0.2
Net income before taxes	170	−315	741	3,303	909	173
Provision for taxes	−10.7	45.1	96.3	336	56.2	9.8
Minority interest	50.1	76.2	52.3	6.2	−29.6	−6.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	231	−284	697	2,973	823	157
Extraordinary items	–	–	–	–	–	–
Net income	231	−284	697	2,973	823	157
EBIT, normalized	133	−0.1	263	2,647	558	130
EBITDA, normalized	434	176	386	2,720	616	171
Basic EPS, normalized	0.11	−0.14	0.34	1.47	0.42	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ganfeng Lithium Group Co., Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,335	880	1,476	1,407	1,023	567
Receivables	1,606	839	1,094	1,537	561	299
Total inventory	1,859	1,180	1,164	1,466	517	339
Prepaid expenses	141	48.4	66.4	93.7	34.3	83.5
Other current assets	86.1	67.1	170	131	168	56.3
Total current assets	5,028	3,014	3,971	4,635	2,303	1,345
Property, plant & equipment	5,266	4,914	3,327	2,090	1,394	929
Goodwill	26.0	24.9	2.5	2.6	2.8	–
Intangibles	2,970	2,951	2,530	2,073	801	550
Long-term investments	2,320	2,424	2,737	2,475	1,386	411
Note receivable	335	238	163	81.3	51.8	119
Other long-term assets	251	247	188	121	210	21.4
Total assets	16,196	13,814	12,919	11,477	6,149	3,375
Liabilities
Accounts payable	2,307	1,671	1,258	1,448	466	221
Payable/accrued	–	–	–	–	–	–
Accrued expenses	155	87.7	92.0	231	85.2	16.0
Short-term debt	1,600	1,378	920	306	310	250
Current portion of long-term debt	1,038	953	433	221	120	103
Other current liabilities	373	249	152	499	311	35.2
Total current liabilities	5,473	4,339	2,856	2,705	1,292	625
Long-term debt	2,908	2,604	2,529	1,607	708	668
Minority interest	957	795	744	699	673	416
Other liabilities	402	351	163	80.3	28.9	25.5
Total liabilities	9,740	8,090	6,293	5,091	2,702	1,734
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	300	276	284	292	226	205
Additional paid-in capital	1,840	1,418	1,709	1,795	1,882	742
Retained earnings (accumulated deficit)	4,244	3,886	4,515	4,216	1,418	643
Treasury stock	−63.5	−76.8	−49.3	−19.3	–	–
Other equity	136	221	168	101	−79.4	49.9
Total equity	6,456	5,724	6,627	6,386	3,447	1,641
Total liabilities & shareholders' equity	16,196	13,814	12,919	11,477	6,149	3,375

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ganfeng Lithium Group Co., Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	−308	−274	2.9	−67.5	−86.8	−63.7
Cash from operations	421	707	20.6	1,811	413	114
Investing activities
Capital expenditures	−1,061	−1,263	−1,218	−718	−537	−185
Other investing cash flows	431	−414	−217	−1,502	−435	−421
Cash from investing	−630	−1,677	−1,435	−2,220	−972	−606
Financing activities
Financing cash flow items	203	−247	44.6	−22.2	806	555
Cash dividends paid	−197	−342	−359	−98.6	−93.9	−81.3
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	525	1,061	1,754	1,049	411	84.7
Cash from financing	532	472	1,440	929	1,123	559
Foreign exchange effects	−4.3	−2.6	5.6	37.2	−8.1	−8.3
Net change in cash	318	−500	31.1	557	555	58.5
Free cash flow	−640	−556	−1,198	1,093	−125	−71.1

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.