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Largo Inc. (LGO) stock

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NASDAQ: LGO Nasdaq Diversified Metals & Mining Next results ~November 11, 2026

B Fundamentals grade

Largo Inc. is a US-listed company in the diversified metals & mining industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Largo Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Largo Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds14 adding, 26 cuttingOf 9 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Largo files

Where Largo stands after its latest Filing

Revenue for the twelve months was $110m, down 12.0% on a year earlier, a smaller fall than the 37.1% decline a quarter earlier. Free-cash-flow margin fell to -34.3% from 6.2% a year earlier. The diluted share count is up 5.8% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 1 of our 5 financial-health checks.

Our model value for Largo is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 11, 2026 (estimated)

Largo Inc.'s trailing-twelve-month revenue fell 12.0% year on year, with a free-cash-flow margin of -34.3%. Where it stands out: long-term debt as % of assets of 0.0% ranks 1 of 14 diversified metals & mining companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to -12.0% (+25.1pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Largo Inc.'s latest figures clears our strength thresholds.

Things to watch

  • Revenue shrinking. Revenue fell 12.0% over the last 12 months.
  • Burning cash. Free cash flow was -34.3% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 5.8% in a year.

Latest results

Earnings per share
-$0.21 against an average estimate of -$0.15: missed by 40.0%
Next report
November 11, 2026

Largo's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.9%
  • 1 week-10.5%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$110M
Net margin
-62.3%
EPS (TTM, diluted)
$-1.01

Growth

Revenue growth
−12.0%
Change in growth rate
+25.1 pts
Share count change
+5.8%

Cash

Free cash flow (TTM)
-$37.7M
FCF margin
-34.3%
Stock pay % of revenue
2.1%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for LGO from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Largo Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Largo Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.33 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$1.9 ~$1.1–$10 Left out: out of range vs price (5.50x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Largo Inc. with Diversified Metals & Mining in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 11, 2026, after the close. Analysts expect revenue of $57m for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.37 +63% $218m +42%
Next −$0.25 +32% $250m +15%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +60.9% on 90 days ago. In the last 30 days, 1 analyst raised Largo Inc.'s forecast and 0 cut it.

Consensus EPS forecast Largo Inc., last 90 days
−$0.40 −$0.30 −$0.20 −$0.10 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.23 Current fiscal year, 60 days ago: −$0.24 Current fiscal year, 30 days ago: −$0.38 Current fiscal year, 7 days ago: −$0.38 Current fiscal year, Now: −$0.37 −$0.37 Next fiscal year, 60 days ago: −$0.25 Next fiscal year, 30 days ago: −$0.25 Next fiscal year, 7 days ago: −$0.25 Next fiscal year, Now: −$0.25 −$0.25

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.23−$0.25
60 days ago −$0.24−$0.25
30 days ago −$0.38−$0.25
7 days ago −$0.38−$0.25
Now −$0.37$0.00

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.15 −$0.21 −40.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

2 analysts, Nov 2026
Buy2100%
Hold00%
Sell00%

Monthly trend

  1. Nov 2026112
  2. Oct 2026112

Counts of recommendations published by analysts covering Largo Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
—
of tradable shares
Days to cover
2.93
at average volume
Short interest, 1 month
−5%
to October 15, 2026
Held by institutions
44%
of shares
Held by insiders
0.4%
of shares
Employees
500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Largo Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Largo Inc.
$100M $150M $200M $250M FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY20 Q4: $120M Revenue (TTM), FY21 Q4: $198.3M Revenue (TTM), FY22 Q4: $229.3M Revenue (TTM), FY23 Q4: $198.7M Revenue (TTM), FY24 Q4: $124.9M Revenue (TTM), FY25 Q4: $109.9M $109.9M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY20 Q4 $120M
FY21 Q4 $198.3M
FY22 Q4 $229.3M
FY23 Q4 $198.7M
FY24 Q4 $124.9M
FY25 Q4 $109.9M
Revenue growth, TTM YoY Largo Inc.
-50% 0% 50% 100% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY21 Q4: 65.3% Revenue growth, TTM YoY, FY22 Q4: 15.6% Revenue growth, TTM YoY, FY23 Q4: -13.3% Revenue growth, TTM YoY, FY24 Q4: -37.1% Revenue growth, TTM YoY, FY25 Q4: -12.0% -12.0%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY21 Q4 65.3%
FY22 Q4 15.6%
FY23 Q4 -13.3%
FY24 Q4 -37.1%
FY25 Q4 -12.0%
FCF margin (TTM) Largo Inc.
-80% -60% -40% -20% 0% 20% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY20 Q4: -64.7% FCF margin (TTM), FY21 Q4: 6.2% FCF margin (TTM), FY22 Q4: -16.9% FCF margin (TTM), FY23 Q4: -16.3% FCF margin (TTM), FY24 Q4: -24.9% FCF margin (TTM), FY25 Q4: -34.3% -34.3%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY20 Q4 -64.7%
FY21 Q4 6.2%
FY22 Q4 -16.9%
FY23 Q4 -16.3%
FY24 Q4 -24.9%
FY25 Q4 -34.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 40-F, 40-F/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 120 198 229 199 125 110
Gross profit 122 198 135 95 56 57
Net income 7 23 −1 −30 −50 −69
Diluted EPS $0.11 $0.35 −$0.03 −$0.51 −$0.78 −$1.01
Growth (year on year)
Revenue — +65.3% +15.6% −13.3% −37.1% −12.0%
Net income — +233.8% −106.4% — — —
Diluted EPS — +218.2% −108.6% — — —
Margins
Gross margin — 100.0% 58.8% 47.9% 45.2% 52.2%
Net margin 5.6% 11.4% −0.6% −15.3% −39.9% −62.3%
Free-cash-flow margin −64.7% 6.2% −16.9% −16.3% −24.9% −34.3%
Cash flow
Cash from operations −60 40 3 21 11 −10
Capital spending 18 27 42 54 42 27
Free cash flow −78 12 −39 −32 −31 −38
Stock-based pay 2 3 2 −0 1 2
Free cash flow after stock pay −79 9 −41 −32 −32 −40
Balance sheet
Cash 79 84 54 43 22 10
Total debt 25 15 40 75 92 107
Net debt (negative = net cash) −54 −69 −14 32 70 97
Diluted shares 61,360m 65,045m 64,446m 64m 64m 68m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 5 checks passed · December 31, 2025
What it owns · $319m
Short-term assets $78mLonger-term assets $241m
What it owes, and who funded it · $313m
Short-term liabilities $154mLonger-term liabilities $28mShareholders' equity $130m
  • Short-term assets cover short-term liabilities $78m of assets due within a year against $154m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $78m short-term assets against $28m of longer-dated liabilities.
  • More cash than debt $10m of cash against $107m of debt.
  • Debt below 40% of shareholders' equity Debt is 82% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$10m of operating cash flow against $107m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Largo Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+5.8%
year over year
R&D spending
0.6%
of revenue
Days sales outstanding
37 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in diversified metals & mining
Last 12 months unless stated LGO UUUU USAS MP UAMY LEU Median
Revenue, last 12 months $110m $106m $118m $305m $36m $474m $118m
Revenue growth, last 12 months −12.0% 62.5% 17.7% 26.1% 41.6% 8.5% 14.6%
Revenue growth, 3-year average — 52.9% — −6.8% 63.4% 13.4% 13.4%
Revenue growth, latest quarter — 496.1% — 89.0% −24.7% 14.0% 7.2%
Gross margin 52.2% 40.9% 28.0% — 17.4% 23.7% 24.6%
Operating margin — −91.0% — −41.5% −64.0% 1.6% −5.3%
Operating margin, 3-year average — −98.6% — −62.5% −45.8% 11.0% −23.9%
Net margin −62.3% −77.3% −74.1% −19.9% −44.6% 10.2% −36.1%
Cash from operations / revenue −9.3% −59.1% −3.3% −27.5% −77.0% −11.6% −9.3%
Free-cash-flow margin −34.3% −78.0% −62.1% −165.2% −195.6% −34.6% −48.3%
Free-cash-flow margin, 3-year average — −105.2% −71.2% −128.0% −80.4% −3.1% −37.2%
Stock pay / revenue 2.1% 13.5% 10.2% 13.6% 38.4% 0.2% 11.9%
Change in share count 5.8% 22.3% 152.3% 8.3% 15.2% 29.7% 8.3%

Median of all 17 companies we cover in diversified metals & mining. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 diversified metals & mining companies
Measure Company Peer median Rank
Revenue growth Growth -12.0% 14.6% 13 of 17
Change in growth rate Growth +25.1pp +10.2pp 3 of 16
Gross margin Profitability 52.2% 24.6% 4 of 14
Net margin Profitability -62.3% -36.1% 11 of 17
Free-cash-flow margin Cash generation -34.3% -34.6% 7 of 16
Stock pay as % of revenue Cash generation 2.1% 13.5% 5 of 13
Long-term debt as % of assets Balance sheet 0.0% 21.3% 1 of 14
Change in share count Balance sheet 5.8% 8.3% 8 of 16
Days sales outstanding Balance sheet 37 days 37 days 7 of 12

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$8.8M
Institutions reporting
38
Shares held vs prior quarter
▼ 1.9%
Positions opened / closed
7 / 10

Top buyers and sellers, Q2 2026: 14 institutions bought and 26 sold ; the biggest buyer was Dld Asset Management, LP (+2.2M shares) and the biggest seller Two Sigma Investments, LP (−738K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Grantham, Mayo, Van Otterloo & Co. LLC $3.1M 5.1M 35.6% 0.0%
Dld Asset Management, LP $1.4M 2.2M 16.0% New
Marshall Wace, LLP $713,133 1.1M 8.1% ▼ 33.1%
Renaissance Technologies LLC $638,639 1.0M 7.3% ▼ 22.1%
Brooklands Fund Management Ltd $482,270 725K 5.5% ▼ 4.6%
Sprott Inc. $477,880 754K 5.4% ▼ 0.2%
West Family Investments, Inc. $466,294 2.2M 5.3% 0.0%
Two Sigma Investments, LP $345,510 545K 3.9% ▼ 57.5%
Goldman Sachs Group Inc $234,096 369K 2.7% ▼ 14.1%
Bank Of America Corp $218,269 344K 2.5% ▼ 30.7%
Xtx Topco Ltd $171,736 271K 2.0% ▲ 39.4%
Susquehanna International Group, LLP $122,071 192K 1.4% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Largo Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Largo Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Largo Inc. in brief

What does Largo Inc. do?
Largo Inc. is a US-listed company in the diversified metals & mining industry. Its financial year ends in December.
What is Largo Inc.'s stock ticker?
Largo Inc. trades under the ticker LGO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Largo Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Largo Inc. reported revenue of $110M, 12.0% lower than a year earlier, according to its SEC filings.
What is Largo Inc.'s free cash flow?
Largo Inc.'s free-cash-flow margin is -34.3% of revenue over the trailing twelve months, ranking 7 of the 16 diversified metals & mining companies we cover.
Who are Largo Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Grantham, Mayo, Van Otterloo & Co. LLC, Dld Asset Management, LP and Marshall Wace, LLP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
How much debt does Largo Inc. have?
Largo Inc.'s debt-to-equity ratio is 82.1%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Largo Inc.'s competitors?
In our Diversified Metals & Mining peer group, the companies closest to Largo Inc. are Energy Fuels Inc, Americas Gold & Silver Corp, MP Materials Corp. / DE, United States Antimony Corp and Centrus Energy Corp. The side-by-side comparison below sets their revenue, margins and growth against Largo Inc.'s.
When is Largo Inc.'s next earnings date?
Around November 11, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Largo Inc. announces its own schedule.