Sigma Lithium Corporation

SGML.V

Industrial Materials · Basic Materials

Price

C$16.03

+1.20 (+8.09%)

Market Cap

C$1.79B

Exchange

Toronto Stock Exchange Ventures

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Mixed

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+28.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 86.6M (2021) → 111.3M (2025)

Winston Score History

The full picture

Sigma Lithium is a Canadian mining company that produces battery-grade lithium concentrate from its Grota do Cirilo project in Minas Gerais, Brazil. The concentrate is sold to companies that make lithium-ion batteries, which power electric vehicles and energy storage systems. It is one of the largest hard-rock lithium operations in the Americas.

The company earns revenue by mining spodumene ore, processing it into high-purity lithium concentrate, and selling it to global battery and chemical manufacturers. Its Brazilian operations benefit from relatively low production costs and access to green hydroelectric power, which it markets as an environmentally sustainable supply source. The key growth driver is rising global demand for lithium tied to EV adoption, but the main risk is lithium price volatility, which has swung dramatically in recent years and directly impacts the company's margins and cash flow.

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

+329.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+80.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

46.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$49M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Sigma Lithium Corporation grew revenue 330% 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

50.3%

Healthy — 50.3% gross margin

Profit after running costs

Operating Margin

25.3%

Excellent — 25.3% operating margin

Return on the money invested

ROCE

13.1%

Good — 13.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-0.7%

Shrinking sales (-0.7% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

22.0%

Converts sales into free cash efficiently (22.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

2.17

Heavy debt load (2.17)

Covers its interest

Interest Cover

1.55x

Dangerous — barely covers interest (1.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

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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