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 $45.1M

LTM EBITDA -$84.6M

EV

$515M

Valuation Multiples

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Syrah Resources Financials

As of October 2025, Syrah Resources reported last 12-month revenue of $45.1M and EBITDA of -$84.6M.

In the same period, Syrah Resources achieved -$149M in LTM net income.

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Syrah Resources P&L

In the most recent fiscal year, Syrah Resources reported revenue of $20.5M and EBITDA of -$53.1M.

Syrah Resources 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	$45.1M	XXX	$20.5M	XXX	XXX	XXX
Gross Profit	n/a	XXX	-$36.2M	XXX	XXX	XXX
Gross Margin	n/a	XXX	-177%	XXX	XXX	XXX
EBITDA	-$84.6M	XXX	-$53.1M	XXX	XXX	XXX
EBITDA Margin	-188%	XXX	-259%	XXX	XXX	XXX
EBIT	-$127M	XXX	-$68.4M	XXX	XXX	XXX
EBIT Margin	-282%	XXX	-334%	XXX	XXX	XXX
Net Profit	-$149M	XXX	-$81.5M	XXX	XXX	XXX
Net Margin	-332%	XXX	-398%	XXX	XXX	XXX
Net Debt	XXX	XXX	$110M	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 $45.1M. EBITDA for the last twelve months was -$84.6M. In the most recent fiscal year, Syrah Resources achieved $20.5M in revenue and -$53.1M 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	$45.1M	Analyst estimates available to subscribers	$20.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	-$36.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	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)	-$84.6M	Analyst estimates available to subscribers	-$53.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-187.7% 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)	-$127M	Analyst estimates available to subscribers	-$68.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-282.1% 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)	-$149M	Analyst estimates available to subscribers	-$81.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-331.8% 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	$110M	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 $45.1M in revenue over the last twelve months.
The company achieved -$84.6M in EBITDA over the last twelve months.
Net income over the last twelve months reached -$149M.

Fiscal Year Performance

In the most recent fiscal year, Syrah Resources reported $20.5M in total revenue.
Fiscal year EBITDA was -$53.1M.
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 446M (or $290M), and EV of AUD 793M (or $515M).

Market Cap Evolution

Syrah Resources Stock Data

As of November 3, 2025, Syrah Resources's stock price is AUD 0 (or $0).

See Syrah Resources trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$515M	$290M	XXX	XXX	XXX	XXX	$-0.08

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Syrah Resources Valuation Multiples

Syrah Resources's trades at 25.2x EV/Revenue multiple, and -9.7x EV/EBITDA.

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Syrah Resources Financial Valuation Multiples

As of November 3, 2025, Syrah Resources has market cap of $290M and EV of $515M.

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 -3.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$290M	XXX	$290M	XXX	XXX	XXX
EV (current)	$515M	XXX	$515M	XXX	XXX	XXX
EV/Revenue	17.6x	XXX	25.2x	XXX	XXX	XXX
EV/EBITDA	-9.4x	XXX	-9.7x	XXX	XXX	XXX
EV/EBIT	-6.2x	XXX	-7.5x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	-3.0x	XXX	-3.6x	XXX	XXX	XXX
EV/FCF	-5.2x	XXX	-7.7x	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 487%

Syrah Resources's revenue per employee in the last FY averaged $33K, while opex per employee averaged $0.1M for the same period.

Syrah Resources's rule of 40 is 369% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Syrah Resources's rule of X is 1031% (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 2025	FY 2026	FY 2027
Revenue Growth	487%	XXX	213%	XXX	XXX	XXX
EBITDA Margin	-188%	XXX	-259%	XXX	XXX	XXX
EBITDA Growth	-147%	XXX	n/a	XXX	XXX	XXX
Rule of 40	369%	XXX	229%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	1031%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$33K	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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