Detailed financial statements for Largo Inc. (LGO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Headquartered in Toronto, Canada, Largo Inc. specializes in vanadium-centric solutions. The company's primary focus involves developing and marketing utility-scale electrical energy storage systems, based on vanadium technology, within Canada.
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $563946 | $43.5M | $151.4M | $128.1M | $79.1M | $83.8M | $54.5M | $43.2M | $22.1M | $9.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $12.9M | $8.9M | $45.9M | $6.2M | $19.1M | $23.7M | $21.0M | $25.5M | $9.7M | $11.1M |
| Inventory | $8.2M | $14.0M | $10.6M | $21.3M | $35.3M | $45.3M | $64.2M | $61.3M | $47.5M | $49.5M |
| Total Current Assets | $24.0M | $70.9M | $210.3M | $157.3M | $137.3M | $160.0M | $154.1M | $136.4M | $93.3M | $78.0M |
| Property, Plant & Equipment | $238.9M | $224.4M | $181.7M | $191.5M | $149.0M | $146.7M | $175.2M | $211.1M | $170.7M | $191.9M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | $4.4M | $3.9M | $7.3M | $6.1M | $2.3M | $1.4M |
| Total Assets | $262.8M | $295.3M | $405.9M | $371.7M | $297.8M | $313.9M | $355.8M | $396.4M | $318.7M | $318.8M |
| Accounts Payable | $18.5M | $21.2M | $17.7M | $75.5M | $12.3M | $14.1M | $26.6M | $31.3M | $21.6M | $17.7M |
| Short-term Debt | $36.8M | $58.2M | $117.4M | 0 | $24.8M | $15.0M | $4.0M | $596930 | 0 | 0 |
| Total Current Liabilities | $70.0M | $97.2M | $151.2M | $78.6M | $44.3M | $41.7M | $39.0M | $42.2M | $114.3M | $153.9M |
| Long-term Debt | $168.8M | $133.5M | 0 | 0 | 0 | 0 | $36.0M | $74.6M | $17.5M | 0 |
| Total Liabilities | $242.9M | $236.2M | $117.5M | $98.3M | $50.6M | $48.2M | $81.2M | $141.9M | $147.4M | $182.2M |
| Retained Earnings | -$255.7M | -$275.5M | -$53.1M | -$49.4M | -$71.9M | -$49.3M | -$48.2M | -$77.2M | -$126.5M | -$187.3M |
| Total Equity | $20.0M | $59.1M | $392.7M | $273.4M | $247.2M | $265.7M | $265.4M | $247.4M | $164.8M | $130.4M |
| Total Debt | $205.5M | $191.7M | $86.2M | 0 | $24.8M | $17.6M | $42.1M | $76.1M | $17.5M | 0 |
| Net Debt | $205.0M | $148.1M | -$65.2M | -$128.1M | -$54.4M | -$66.2M | -$12.4M | $32.9M | -$4.6M | -$9.7M |
| Working Capital | -$46.0M | -$26.3M | $59.1M | $78.7M | $93.0M | $118.3M | $115.2M | $94.2M | -$21.0M | -$75.9M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | -60.23% |
| Return on Invested Capital | -13.77% |
| Return on Assets | -23.55% |
| Gross Margin | -12.73% |
| Operating Margin | -31.77% |
| Net Margin | -64.87% |
Financial Health
| Debt / Equity | 0.86 |
| Current Ratio | 0.54 |
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