Largo

LGO

Other Precious Metals · Basic Materials

Also trades as: LGO.TO

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

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Winston Score History

The full picture

Largo Inc. is a Canadian mining and materials company that digs vanadium out of the ground and processes it into usable products. Vanadium is a metal used mainly to strengthen steel and, increasingly, to store energy in large batteries called vanadium redox flow batteries. Largo operates one of the highest-grade vanadium mines in the world, located in Maracás, Brazil.

The company earns money by selling vanadium pentoxide and other vanadium chemicals to steel producers and energy storage customers. It also has a clean energy division, Largo Clean Energy, that sells vanadium-based battery systems for grid-scale power storage. Largo operates primarily in Brazil with sales reaching customers in North America, Europe, and Asia. The negative margins shown here reflect ongoing losses as the clean energy segment is still early-stage and vanadium prices have been weak. The key risk is that vanadium commodity prices are volatile and largely outside the company's control.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+68.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-133.6% YoY

YoY Growth Rate

Earnings declining

Insider Activity

11.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 months

$10M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Largo grew revenue 68% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-9.2%

Thin — -9.2% gross margin

Profit after running costs

Operating Margin

-21.9%

Losing money on operations — -21.9%

Return on the money invested

ROCE

-16.3%

Weak — -16.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+16.7%

Fast-growing sales (+16.7% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-46.5%

Burning cash (-46.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.86

Moderate — manageable debt (0.86)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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