Syrah Resources - Public Comps and Valuation Multiples

Syrah Resources Overview

About Syrah Resources

Syrah Resources Ltd is an Australia-based company engaged in mining, mineral exploration, evaluation, and development. The company operates in three segments: Balama, Vidalia, and Corporate. All of the company’s revenue is derived from the Balama segment, where it produces and sells natural flake graphite from the Balama graphite mine in Mozambique. The company sells graphite globally to customers in Europe, China, India, the Americas, and other locations.

Founded

2007

HQ

Employees

615

Website

syrahresources.com.au

Sectors

Metals & Mining

Financials

LTM Revenue $55.7M

LTM EBITDA -$90.2M

EV

$419M

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Syrah Resources Financials

As of January 2026, Syrah Resources reported last 12-month revenue of $55.7M and EBITDA of -$90.2M.

In the same period, Syrah Resources generated -$118M in LTM gross profit and -$147M in net income.

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Syrah Resources P&L

In the most recent fiscal year, Syrah Resources reported revenue of $21.7M and EBITDA of -$56.3M.

Syrah Resources expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$55.7M	XXX	$21.7M	XXX	XXX	XXX
Gross Profit	-$118M	XXX	-$38.4M	XXX	XXX	XXX
Gross Margin	-212%	XXX	-177%	XXX	XXX	XXX
EBITDA	-$90.2M	XXX	-$56.3M	XXX	XXX	XXX
EBITDA Margin	-162%	XXX	-259%	XXX	XXX	XXX
EBIT	-$124M	XXX	-$72.6M	XXX	XXX	XXX
EBIT Margin	-222%	XXX	-334%	XXX	XXX	XXX
Net Profit	-$147M	XXX	-$86.4M	XXX	XXX	XXX
Net Margin	-265%	XXX	-398%	XXX	XXX	XXX
Net Debt	XXX	XXX	$116M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Syrah Resources including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $55.7M. EBITDA for the last twelve months was -$90.2M. In the most recent fiscal year, Syrah Resources achieved $21.7M in revenue and -$56.3M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$55.7M	Analyst estimates available to subscribers	$21.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	-$118M	Analyst estimates available to subscribers	-$38.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	-212.3% gross margin	Analyst estimates available to subscribers	-176.6% 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)	-$90.2M	Analyst estimates available to subscribers	-$56.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-161.9% EBITDA margin	Analyst estimates available to subscribers	-258.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$124M	Analyst estimates available to subscribers	-$72.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-221.9% EBIT margin	Analyst estimates available to subscribers	-334.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$147M	Analyst estimates available to subscribers	-$86.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-264.6% net profit margin	Analyst estimates available to subscribers	-397.5% 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	$116M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Syrah Resources

This financial data table provides comprehensive performance metrics for Syrah Resources, a company based in Australia. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Syrah Resources generated $55.7M in revenue over the last twelve months.
The company achieved -$90.2M in EBITDA over the last twelve months.
Gross profit for the last twelve months was -$118M.
Net income over the last twelve months reached -$147M.

Fiscal Year Performance

In the most recent fiscal year, Syrah Resources reported $21.7M in total revenue.
Fiscal year EBITDA was -$56.3M.
The company maintained a gross profit margin of -176.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was -258.9%.
Net profit margin reached -397.5% in the most recent fiscal year.

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

Syrah Resources Stock Performance

Syrah Resources has current market cap of AUD 282M (or $194M), and EV of AUD 608M (or $419M).

Market Cap Evolution

Syrah Resources Stock Data

As of February 6, 2026, Syrah Resources's stock price is AUD 0 (or $0).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$419M	$194M	XXX	XXX	XXX	XXX	$-0.08

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Syrah Resources Valuation Multiples

Syrah Resources's trades at 10.9x EV/Revenue multiple, and -6.7x EV/EBITDA.

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Syrah Resources Financial Valuation Multiples

As of February 6, 2026, Syrah Resources has market cap of $194M and EV of $419M.

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

Syrah Resources has a P/E ratio of -1.9x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$194M	XXX	$194M	XXX	XXX	XXX
EV (current)	$419M	XXX	$419M	XXX	XXX	XXX
EV/Revenue	10.9x	XXX	10.9x	XXX	XXX	XXX
EV/EBITDA	-6.7x	XXX	-6.7x	XXX	XXX	XXX
EV/EBIT	-4.9x	XXX	-4.9x	XXX	XXX	XXX
EV/Gross Profit	-5.1x	XXX	n/a	XXX	XXX	XXX
P/E	-1.9x	XXX	-1.9x	XXX	XXX	XXX
EV/FCF	-4.1x	XXX	-4.1x	XXX	XXX	XXX

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

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Syrah Resources Margins & Growth Rates

Syrah Resources's last 12 month revenue growth is 446%

Syrah Resources's revenue per employee in the last FY averaged $35K, while opex per employee averaged $0.1M for the same period.

Syrah Resources's rule of 40 is 328% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Syrah Resources's rule of X is 954% (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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Syrah Resources Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	446%	XXX	179%	XXX	XXX	XXX
EBITDA Margin	-162%	XXX	-162%	XXX	XXX	XXX
EBITDA Growth	-173%	XXX	n/a	XXX	XXX	XXX
Rule of 40	328%	XXX	284%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	954%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$35K	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	27%	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	157%	XXX	XXX	XXX

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

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