Largo - Public Comps and Valuation Multiples

Largo Overview

About Largo

Largo Inc is committed to the production and supply of high-quality vanadium products. The company is also focused on the advancement of renewable energy storage solutions through Largo Clean Energy and its vanadium redox flow battery technology. The Company is engaged in the mining, exploration, and development of mineral properties, predominantly in Brazil, through which it produces and supplies vanadium products VPURE Flake, VPURE+ Flake, and VPURE+ Powder. The company has operating segments: sales & trading, mine properties, which generates key revenue, corporate, exploration and evaluation properties, Clean Energy, and Largo Physical Vanadium.

Founded

1988

HQ

Employees

500

Website

largoinc.com

Sectors

Metals & Mining

Financials

LTM Revenue $125M

LTM EBITDA -$1.0M

EV

$188M

Valuation Multiples

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Largo Financials

As of September 2025, Largo reported last 12-month revenue of $125M and EBITDA of -$1.0M.

In the same period, Largo generated -$1.1M in LTM gross profit and -$50.6M in net income.

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Largo P&L

In the most recent fiscal year, Largo reported revenue of $125M and EBITDA of -$33.1M.

Largo expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$125M	XXX	$125M	XXX	XXX	XXX
Gross Profit	-$1.1M	XXX	-$20.9M	XXX	XXX	XXX
Gross Margin	-1%	XXX	-17%	XXX	XXX	XXX
EBITDA	-$1.0M	XXX	-$33.1M	XXX	XXX	XXX
EBITDA Margin	-1%	XXX	-27%	XXX	XXX	XXX
EBIT	-$53.0M	XXX	-$46.3M	XXX	XXX	XXX
EBIT Margin	-42%	XXX	-37%	XXX	XXX	XXX
Net Profit	-$50.6M	XXX	-$49.8M	XXX	XXX	XXX
Net Margin	-40%	XXX	-40%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Largo including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $125M. EBITDA for the last twelve months was -$1.0M. In the most recent fiscal year, Largo achieved $125M in revenue and -$33.1M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$125M	Analyst estimates available to subscribers	$125M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	-$1.1M	Analyst estimates available to subscribers	-$20.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	-0.9% gross margin	Analyst estimates available to subscribers	-16.7% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	-$1.0M	Analyst estimates available to subscribers	-$33.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-0.8% EBITDA margin	Analyst estimates available to subscribers	-26.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$53.0M	Analyst estimates available to subscribers	-$46.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-42.4% EBIT margin	Analyst estimates available to subscribers	-37.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$50.6M	Analyst estimates available to subscribers	-$49.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-40.5% net profit margin	Analyst estimates available to subscribers	-39.9% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Largo

This financial data table provides comprehensive performance metrics for Largo, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Largo generated $125M in revenue over the last twelve months.
The company achieved -$1.0M in EBITDA over the last twelve months.
Gross profit for the last twelve months was -$1.1M.
Net income over the last twelve months reached -$50.6M.

Fiscal Year Performance

In the most recent fiscal year, Largo reported $125M in total revenue.
Fiscal year EBITDA was -$33.1M.
The company maintained a gross profit margin of -16.7% in the most recent fiscal year.
EBITDA margin for the fiscal year was -26.5%.
Net profit margin reached -39.9% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Largo. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Largo Stock Performance

Largo has current market cap of $98.2M, and EV of $188M.

Market Cap Evolution

Largo Stock Data

As of October 30, 2025, Largo's stock price is $1.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$188M	$98.2M	XXX	XXX	XXX	XXX	$-0.78

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Largo Valuation Multiples

Largo's trades at 1.5x EV/Revenue multiple, and -5.7x EV/EBITDA.

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Largo Financial Valuation Multiples

As of October 30, 2025, Largo has market cap of $98.2M and EV of $188M.

Equity research analysts estimate Largo's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Largo has a P/E ratio of -1.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$98.2M	XXX	$98.2M	XXX	XXX	XXX
EV (current)	$188M	XXX	$188M	XXX	XXX	XXX
EV/Revenue	1.5x	XXX	1.5x	XXX	XXX	XXX
EV/EBITDA	-187.7x	XXX	-5.7x	XXX	XXX	XXX
EV/EBIT	-3.5x	XXX	-4.1x	XXX	XXX	XXX
EV/Gross Profit	-173.8x	XXX	n/a	XXX	XXX	XXX
P/E	-1.9x	XXX	-2.0x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-6.0x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Largo Margins & Growth Rates

Largo's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

Largo's rule of 40 is unknown (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Largo's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Largo Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Margin	-1%	XXX	-27%	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	n/a	XXX	n/a	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	20%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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