Latest Ratios: P/E Ratio -20.8x · EV/EBITDA N/A · ROE -15.8%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $318M | $341M | $544M | $596M | $372M | $355M | — |
| Enterprise Value | $357M | $379M | $542M | $548M | $352M | $310M | — |
| P/E Ratio → | -20.82 | — | — | — | — | — | — |
| P/S Ratio | 301.08 | 322.61 | 3871.38 | 403.07 | 127.06 | 169.71 | — |
| P/B Ratio | 3.88 | 4.68 | 5.48 | 4.64 | 4.90 | 6.59 | — |
| P/FCF | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 358.81 | 3859.78 | 370.85 | 120.28 | 147.90 | — |
| EV / EBITDA | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | -91.5% | -91.5% | 38.2% | 49.0% | 50.0% | 78.8% | 100.0% |
| Operating Margin | -1724.9% | -1724.9% | -34353.8% | -24710.3% | -877.5% | -861.6% | -0.0% |
| Net Profit Margin | -1289.2% | -1289.2% | -32952.3% | -24622.3% | -805.6% | -860.3% | 0.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -15.8% | -15.8% | -40.7% | -356.2% | -36.3% | -65.0% | 0.6% |
| ROA | -8.2% | -8.2% | -31.0% | -304.2% | -29.7% | -56.6% | 0.5% |
| ROIC | -13.1% | -13.1% | -40.6% | -400.2% | -59.8% | -295.1% | — |
| ROCE | -16.8% | -16.8% | -41.9% | -348.2% | -36.7% | -59.0% | -0.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.80 | 0.80 | 0.28 | 0.01 | 0.01 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.53 | -0.02 | -0.37 | -0.26 | -0.85 | -0.39 |
| Net Debt / EBITDA | — | — | — | — | — | — | -11.68 |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | -1.75 | -1.75 | -6.07 | -1360.97 | -95.21 | — | 1.52 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 0.38 | 0.38 | 0.57 | 4.30 | 4.58 | 20.27 | 5.13 |
| Quick Ratio | 0.38 | 0.38 | 0.56 | 4.29 | 4.58 | 20.27 | 5.13 |
| Cash Ratio | 0.34 | 0.34 | 0.52 | 3.87 | 1.23 | 19.45 | 2.50 |
| Asset Turnover | — | 0.01 | 0.00 | 0.01 | 0.03 | 0.03 | 0.60 |
| Inventory Turnover | 34.88 | 34.88 | 0.54 | 7.48 | 29.45 | — | — |
| Days Sales Outstanding | — | 381.50 | 2422.36 | 671.44 | 748.74 | 187.24 | 126.10 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $80M | $78M | $66M | $36M | $36M | $36M |
Pre-commercial development funding risk
Based on reported figures, LZM trades at a price-to-sales multiple of 336.81, which significantly exceeds traditional mining peers and suggests that investors are pricing the company as a high-growth technology entity rather than a standard industrial materials producer currently lacking meaningful, recurring revenue streams.
This elevated valuation multiple appears to hinge entirely on the successful commercialization of the proprietary Hydromet technology rather than current operational output. Investors should monitor whether this premium can be sustained if project milestones are delayed, as the current pricing implies a high probability of successful scaling that remains unproven at the Kabanga site.
As reported in financial statements, LZM's ROIC has remained consistently negative, reaching -6.9% in 2025Q4, which reflects the company's inability to generate returns on invested capital while it remains in a heavy, pre-revenue phase of its proprietary technology and project development lifecycle.
The persistent negative returns on capital are a structural reality of the current development stage, where massive capital expenditures are required before any potential for compounding returns can emerge. This trend warrants further investigation into whether the eventual commissioning of the refinery will be sufficient to offset the significant capital dilution already incurred.
According to recent SEC filings, LZM's cash conversion cycle has shown extreme volatility, including a -50 day reading in 2025Q4, which is characteristic of a firm that lacks a stable production cycle and relies on irregular, project-based cash inflows rather than consistent operational efficiency.
The erratic nature of these efficiency metrics suggests that the company's working capital management is currently secondary to the primary objective of project feasibility and site preparation. Investors should interpret these figures as indicators of a nascent business model rather than signs of operational maturity or competitive leverage over suppliers.
Based on LZM's reported figures, the current ratio has deteriorated to 0.38 as of 2025Q4, indicating that the company's liquid assets are increasingly insufficient to cover short-term obligations compared to its historical liquidity position and the requirements of its capital-intensive development schedule.
This liquidity profile suggests that the company may face significant pressure to secure additional financing or dilute existing shareholders to maintain its development pace. The reliance on external capital to bridge the gap between current cash reserves and full commercial production appears to be a critical risk factor for the firm.
As indicated by historical data, the market's common use of EV/EBITDA to value LZM is fundamentally flawed, as the company currently lacks the positive EBITDA required for such a metric to provide any meaningful insight into its true economic value or operational performance.
Applying standard mining valuation multiples to a pre-commercial firm with negative margins obscures the reality that LZM is essentially an IP-development play. Analysts should instead focus on project-specific metrics like the internal rate of return (IRR) and the progress of the Definitive Feasibility Study to assess the company's long-term viability.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying LZM stock.
Lifezone Metals Limited's current P/E ratio is -20.8x. This places it at the 50th percentile of its historical range.
Lifezone Metals Limited's return on equity (ROE) is -15.8%. The historical average is -85.6%.
Based on historical data, Lifezone Metals Limited is trading at a P/E of -20.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Lifezone Metals Limited has -91.5% gross margin and -1724.9% operating margin.