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Standard Lithium

SLI
Industrial Materials · Basic Materials
Also trades as: 0VIK.L GBP 0.02 (-7.57%)
Price
$1.43
-0.07 (-4.67%)
Market Cap
$352.9M
Exchange
New York Stock Exchange American
Winston Score
–
Winston looking sleepy
No score yet — nothing to grade.
This is a pre-revenue company — it has no sales yet, just exploration or development costs. There’s no operating business to grade on profitability, margins or cash flow, so the Winston Score stays blank until it starts booking revenue.
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Share count rising — dilution

+32.8% over 3y

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

Diluted shares outstanding: 155.5M (2022) → 206.4M (2025)

§Winston Score History

The full picture

Standard Lithium is a Canadian company working to produce lithium, a metal used to make batteries for electric vehicles and electronics. It does not yet sell lithium commercially — instead, it is developing projects to extract lithium from underground saltwater called brine. Its most advanced project is in Arkansas, where it is partnering with Lanxess, a large chemical company that already operates brine processing facilities there.

The company has not generated meaningful revenue yet, which explains its zero margins, and it is funded primarily through equity raises and its partnership with Lanxess. Standard Lithium operates mainly in the United States, with its Arkansas project seen as one of the more advanced lithium development projects in North America. Its key advantage is access to Lanxess's existing infrastructure, which could lower development costs. The main risk is that the company must still secure financing and permits to build a full-scale production facility, and lithium prices have fallen sharply in recent years, making that funding harder to attract.

Growth Profile

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

Revenue Growth

Revenue data limited

Reported EPS Growth

+0.0% YoY

Quarterly reporting periods ended:

31 Mar 2025: $-0.01

31 Mar 2026: $-0.01

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS unchanged year over year

R&D Spend

$0/ year

Research and development spending

Insider Activity

8.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$385M cash & investments at current burn rate

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
N/A
—
Data not available
Profit after running costs
Operating Margin
N/A
—
Data not available
Return on the money invested
ROCE
0.8%
Weak — 0.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
N/A
—
Data not available
Profit growth
EPS YoY
N/A
—
Data not available
How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
—
Data not available
Spare cash per sale
FCF Margin
N/A
—
Data not available

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Stability

What it owes vs what it owns
Debt / Equity
0.00
Conservative — low debt load (0.00)
Covers its interest
Interest Cover
N/A
Data not available

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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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