Almonty Industries Inc. ALM

MaterialsMetals & MiningUnited States of America

Last close 8.70 USD on Nov 1, 2026, −1.2% year to date

Quant rating

Quant rating C Rank 100 of 151 in Materials

Growth D 126 of 151
Valuation C 73 of 151
Quality C 104 of 151
Revisions A 21 of 151
Momentum D 120 of 151

Wall Street consensus Buy (1.67)Average target 22.56 USD +159.3%

Historical valuation

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

Key data

Market cap: 2.5B
Enterprise value: 2.2B
52-week range: 5.44 – 24.40
3-year range: 3.42 – 24.40
Dividend yield: –
Beta (5 years): –
Shares outstanding: 288M
Next earnings: Nov 2, 2026

About the company

Almonty Industries Inc. is a global producer of tungsten concentrate. Its segments include The Los Santos Mine, The Panasqueira Mine, The Valtreixal Mine, Woulfe, and The Gentung Tungsten Project. It is engaged in the development of the Sangdong tungsten mine project in South Korea (the Sangdong Mine), and it is also mining, processing, and shipping tungsten concentrate from the Panasqueira tin and tungsten mine in Covilha, Castelo Branco, Portugal (the Panasqueira Mine). The Company is evaluating its molybdenum project with inferred mineral resources on a separate property adjacent to the tungsten orebody at the Sangdong Mine, its Valtreixal tin and tungsten mine project located in Western Spain in the province of Zamora (the Valtreixal Mine) and the Gentung Browns Lake tungsten project located in Montana, United States (the Gentung Tungsten Project). It also owns the Los Santos tungsten mine located near Salamanca, Spain (the Los Santos Mine), which is under care and maintenance.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	23.7	20.1	17.0	18.3	16.5	–
Revenue growth	18.1%	18.0%	−7.1%	10.9%	−16.3%	3.7%
EPS (basic, normalized)	−0.56	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	7.3%	6.8%	4.8%	10.3%	−6.5%	4.5%
Net margin	−498.0%	−56.5%	−39.3%	−58.4%	−37.2%	−137.9%
ROE	−81.6%	−37.2%	−20.0%	−37.5%	−23.3%	−39.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	865
Current ratio	9.58x
Long-term debt (mil)	532
Net debt (mil)	−292
Total equity (mil)	389
Net debt / equity	−0.75x
Net debt / EBITDA	–

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	23.7	+18.1%	93.2x	–	–	–	−0.56	–	−15.6x
2026	228	+864.4%	9.7x	162	–	13.6x	0.66	+218.4%	13.2x
2027	680	+197.7%	3.2x	548	+238.4%	4.0x	1.32	+99.3%	6.6x
2028	999	+46.9%	2.2x	772	+40.8%	2.9x	1.88	+42.7%	4.6x

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	228	−4.1%	−6.4%	+0.8%	0.66	0.0%	+68.4%	+59.9%
2027	680	+1.3%	+17.7%	+29.1%	1.32	−0.5%	+32.2%	+24.4%
2028	999	+6.4%	+13.7%	+27.2%	1.88	0.0%	+27.8%	+24.2%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	–	–	–	–	–	–	6.3	18.5	31.1
Sales mean (mil)	–	–	–	–	–	–	–	8.2	19.3	33.6
Surprise	–	–	–	–	–	–	–	−23.9%	−3.9%	−7.7%
EPS reported	–	–	–	–	–	–	–	−0.12	−0.02	0.43
EPS mean	–	–	–	–	–	–	–	0.01	0.02	0.05
Surprise	–	–	–	–	–	–	–	−1,434.1%	−211.4%	+698.0%

Peer comparison Metals & Mining

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
ALM Almonty Industries Inc.	2.5B	–	−498.0%	6.35x	13.2x	6.6x	13.6x	4.0x
OM Osisko Metals Inc (Ontario)	899M	−37.99x	–	27.06x	−6.3x	−39.7x	−38.4x	−40.4x
NAK Northern Dynasty Minerals Ltd.	451M	–	–	54.90x	115.2x	–	–	–
LA Los Andes Copper Ltd	252M	–	–	4.09x	–	–	–	–
FRSPF First Phosphate Corp.	225M	0.80x	–	12.16x	−10.6x	–	–	–
GOT Goliath Resources Ltd	149M	−0.80x	–	5.50x	−5.2x	−13.0x	−4.9x	−9.1x
Mean		−12.66x	−498.0%	18.34x	21.2x	−15.4x	−9.9x	−15.2x
Median		−0.80x	−498.0%	9.25x	−5.2x	−13.0x	−4.9x	−9.1x

Technical analysis

1M−34.1%
3M−28.9%
1Y+17.1%
3Y+82.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Almonty Industries Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	23.7	20.1	17.0	18.3	16.5	19.7
Cost of revenue	22.0	18.7	16.2	16.4	17.6	20.8
Gross profit	1.7	1.4	0.8	1.9	−1.1	−1.1
Selling, general & administrative expenses	23.0	6.2	5.3	7.3	6.2	6.0
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	0	−3.3	−1.4
Other operating expenses	0	0	0	0	0	0
Operating income	−21.3	−4.8	−4.4	−5.5	−4.0	−5.6
Net interest income (expense)	−96.3	−6.3	−2.2	−5.0	−2.5	−2.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	−118	−11.1	−6.6	−10.4	−6.5	−8.0
Provision for taxes	0.3	0.3	0.1	0.3	−0.4	−0.9
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−118	−11.3	−6.7	−10.7	−6.1	−7.1
Extraordinary items	–	–	–	–	–	–
Net income	−118	−11.3	−6.7	−10.7	−6.1	−7.1
EBIT, normalized	−21.3	−4.8	−4.4	−5.5	−7.3	−7.0
EBITDA, normalized	−19.9	−3.8	−3.4	−4.3	−5.4	−5.4
Basic EPS, normalized	−0.56	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Almonty Industries Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	196	5.4	16.6	6.2	0.8	1.9
Receivables	3.7	2.4	2.5	2.0	1.6	0.7
Total inventory	6.9	4.7	5.9	4.2	5.4	4.8
Prepaid expenses	3.0	1.7	2.3	2.9	0.8	0.3
Other current assets	0	0	0	0	0	0
Total current assets	209	14.3	27.4	15.4	8.6	7.7
Property, plant & equipment	194	140	125	102	86.7	84.4
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	26.5	23.6	25.2	24.6	36.0	26.5
Total assets	430	178	178	142	131	119
Liabilities
Accounts payable	15.4	12.8	14.8	9.8	9.7	10.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	8.9	7.4	8.9	7.9	6.9	3.8
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	19.9	15.2	25.8	22.4	14.8	38.6
Other current liabilities	9.6	0.1	0.8	0.5	1.0	0
Total current liabilities	53.7	35.5	50.4	40.5	32.4	52.4
Long-term debt	98.3	94.7	72.4	43.6	38.8	9.7
Minority interest	–	–	–	–	–	–
Other liabilities	17.0	20.9	18.3	28.8	30.4	33.6
Total liabilities	169	151	141	113	102	95.8
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	414	102	96.2	88.1	89.0	72.7
Additional paid-in capital	57.7	11.2	9.3	8.0	5.5	4.4
Retained earnings (accumulated deficit)	−206	−83.6	−78.5	−70.2	−63.8	−57.2
Treasury stock	–	–	–	–	–	–
Other equity	−5.3	−2.3	9.6	3.4	−1.1	3.0
Total equity	261	27.2	36.6	29.3	29.7	22.9
Total liabilities & shareholders' equity	430	178	178	142	131	119

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Almonty Industries Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−118	−11.3	−6.7	−10.7	−6.1	−7.1
Depreciation, depletion & amortization	0.8	0.8	0.8	1.0	1.4	1.6
Deferred taxes	0.3	0.2	–	0.1	−0.5	−0.9
Non-cash items	106	8.3	3.1	7.6	0.8	3.5
Changes in working capital	−2.6	−3.1	−6.1	−2.0	−2.3	−0.9
Cash from operations	−13.9	−5.2	−8.8	−4.1	−6.7	−3.8
Investing activities
Capital expenditures	−44.3	−25.2	−13.2	−16.8	−7.9	−4.9
Other investing cash flows	−1.0	0	0	0	0	0
Cash from investing	−45.4	−25.2	−13.2	−16.8	−7.9	−4.9
Financing activities
Financing cash flow items	−20.1	−1.7	−2.2	−3.8	−8.0	0.6
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	269	22.1	34.9	29.8	21.6	8.8
Cash from financing	249	20.4	32.7	26.0	13.6	9.4
Foreign exchange effects	0	0.1	−0.5	0.4	−0.1	0.1
Net change in cash	190	−9.9	10.3	5.5	−1.0	0.7
Free cash flow	−58.3	−30.4	−22.0	−20.9	−14.6	−8.7

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.