Almonty Industries (TSE:AII)
TSX:AII
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Almonty Industries
(TSX:AII)
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Rating:52Neutral
Price Target:
C$20.50
▼(-4.16% Downside)
Action:ReiteratedDate:03/20/26
The score is held back primarily by very weak financial performance, including collapsing margins, large losses, and ongoing cash burn despite improving revenue and lower leverage. Technicals provide partial support via a strong longer-term trend but mixed short-term momentum. Valuation is moderate based on the provided P/E, with no dividend data to add support.
Positive Factors
Revenue growth trend
Consistent TTM revenue growth (~8.1%) indicates expanding sales and underlying demand for Almonty’s tungsten products. Over a 2–6 month horizon growing top-line can support operating leverage, improve utilization at mines, and create a pathway to margin recovery if costs and recoveries stabilize.
Negative Factors
Negative cash flow
Persistent negative operating cash flow and ~-$82.3M TTM free cash flow represent ongoing cash burn that erodes liquidity. Over several months this increases reliance on external funding, constrains reinvestment in mines, and raises execution and refinancing risk for operations and development projects.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth trend
Consistent TTM revenue growth (~8.1%) indicates expanding sales and underlying demand for Almonty’s tungsten products. Over a 2–6 month horizon growing top-line can support operating leverage, improve utilization at mines, and create a pathway to margin recovery if costs and recoveries stabilize.
Read all positive factors
Almonty Industries (AII) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$6.00B
Dividend YieldN/A
Average Volume (3M)828.06K
Price to Earnings (P/E)―
Beta (1Y)1.64
Revenue Growth7.50%
EPS Growth-508.68%
CountryCA
Employees403
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.49
Shares Outstanding280,373,400
10 Day Avg. Volume933,782
30 Day Avg. Volume828,063
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)7.02
Price to Sales (P/S)77.23
P/FCF Ratio-31.39
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$28.14Price Target Upside31.56% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)0.71
Revenue Forecast (FY)C$357.19M
Almonty Industries Business Overview & Revenue Model
Company Description
Almonty Industries Inc. engages in mining, processing, and shipping tungsten concentrate. It owns interests in the Los Santos mine located near Salamanca, Spain; the Panasqueira tin and tungsten mine situated in Covilha and Castelo Branco, Portuga...
How the Company Makes Money
Almonty makes money primarily by selling tungsten products produced from its mining operations. Revenue is generated when ore is mined and processed into saleable tungsten concentrates (and/or other tungsten-bearing products, depending on the oper...
Almonty Industries Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
45
Neutral
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 32.51M | 28.84M | 22.51M | 24.80M | 20.85M |
| Gross Profit | 2.38M | 1.97M | 1.08M | 2.55M | 2.79M |
| EBITDA | -156.37M | -10.24M | -3.39M | -6.85M | -3.32M |
| Net Income | -161.91M | -16.30M | -8.84M | -14.49M | -7.75M |
Balance Sheet | |||||
| Total Assets | 589.73M | 256.35M | 235.33M | 192.84M | 165.85M |
| Cash, Cash Equivalents and Short-Term Investments | 265.95M | 7.83M | 22.02M | 8.44M | 1.05M |
| Total Debt | 162.11M | 158.02M | 130.07M | 89.48M | 67.71M |
| Total Liabilities | 231.92M | 217.28M | 186.83M | 153.09M | 128.36M |
| Stockholders Equity | 357.81M | 39.07M | 48.51M | 39.75M | 37.49M |
Cash Flow | |||||
| Free Cash Flow | -79.98M | -43.73M | -29.19M | -28.33M | -18.44M |
| Operating Cash Flow | -19.14M | -7.50M | -11.70M | -5.57M | -8.44M |
| Investing Cash Flow | -62.27M | -36.23M | -17.49M | -22.75M | -10.00M |
| Financing Cash Flow | 342.00M | 29.37M | 43.37M | 35.22M | 17.19M |
Almonty Industries Technical Analysis
Positive
21.39
Price Trends
21.43
Negative
16.11
Positive
11.73
Positive
Market Momentum
-0.58
Positive
46.91
Neutral
35.80
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AII, the sentiment is Positive. The current price of 21.39 is below the 20-day moving average (MA) of 23.87, below the 50-day MA of 21.43, and above the 200-day MA of 11.73, indicating a neutral trend. The MACD of -0.58 indicates Positive momentum. The RSI at 46.91 is Neutral, neither overbought nor oversold. The STOCH value of 35.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:AII.
Almonty Industries Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | C$2.93B | 6.33 | 53.36% | 0.94% | -0.76% | 2549.18% | |
73 Outperform | C$1.51B | 7.36 | 49.14% | 9.17% | 34.89% | 67.31% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
52 Neutral | C$6.00B | -15.51 | -116.13% | ― | 7.50% | -508.68% | |
48 Neutral | C$2.10B | -18.63 | -113.86% | ― | 14.32% | 37.85% | |
42 Neutral | C$1.95B | -8.53 | -17.37% | ― | ― | -465.27% |
* Basic Materials Sector Average
TSE:AII
Almonty Industries
21.39
18.43
622.64%
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Almonty Industries Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Almonty Narrows Path to Production at Sangdong as Tungsten Surge Lifts Revenue but Accounting Charge Swings 2025 to Deep Loss
Neutral
Mar 20, 2026
Almonty Industries reported higher 2025 revenue of $32.5 million, up 13%, as surging tungsten APT prices supported its mining operations, but the company posted a steep net loss of $161.9 million largely due to a non-cash charge from revaluing emb...
Business Operations and StrategyExecutive/Board Changes
Almonty Taps Veteran Finance Executive as Chief Development Officer Amid Sangdong Ramp-Up
Positive
Jan 14, 2026
Almonty Industries has appointed veteran financial executive Guillaume Wiesenbach de Lamaziere as Chief Development Officer to lead its corporate development strategy as the company ramps up mining operations at its Sangdong Tungsten Mine in South...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.