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Almonty Industries
(NASDAQ:ALM)
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Rating:44Neutral
Price Target:
$10.50
â–¼(-41.80% Downside)
Action:Reiterated
Date:10/13/26
The score is held down primarily by very weak financial performance—large losses and continued cash burn—despite improved revenue growth and a better leverage profile. Technicals are also bearish with the stock trading below major moving averages and negative MACD, while valuation is pressured by a high P/E and no dividend support.
Positive Factors
Sangdong reaches commercial production
Sangdong’s certification and initial production move Almonty from project development toward operating revenue generation. A producing strategic asset can improve scale, customer credibility and cash-flow potential, while strengthening the company’s role in non-Chinese tungsten supply.
Negative Factors
Severe unprofitability
The company’s revenue growth has not yet translated into a sustainable earnings model. Very large net and operating losses, combined with thin gross margins, leave limited protection against cost or execution pressure and make future profitability dependent on a successful operational ramp.
Read all positive and negative factors
Positive Factors
Negative Factors
Sangdong reaches commercial production
Sangdong’s certification and initial production move Almonty from project development toward operating revenue generation. A producing strategic asset can improve scale, customer credibility and cash-flow potential, while strengthening the company’s role in non-Chinese tungsten supply.
Read all positive factors
Almonty Industries (ALM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.20B
Dividend YieldN/A
Average Volume (3M)6.26M
Price to Earnings (P/E)79.1
Beta (1Y)1.55
Revenue Growth207.96%
EPS GrowthN/A
CountryUS
Employees341
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)0.20
Shares Outstanding288,480,740
10 Day Avg. Volume5,600,648
30 Day Avg. Volume6,259,440
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)7.03
Price to Sales (P/S)77.34
P/FCF Ratio-31.44
Enterprise Value/Market Cap1.44
Enterprise Value/Revenue62.91
Enterprise Value/Gross Profit134.52
Enterprise Value/Ebitda-81.13
Forecast
1Y Price Target
$24.05Price Target Upside33.31% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.95
Revenue Forecast (FY)$357.90M
Almonty Industries Business Overview & Revenue Model
Company Description
Almonty Industries, Inc. engages in the mining, processing, and shipment of tungsten concentrates. Its projects include Almonty Korea Tungsten, Panasquiera mine, Gentung, Almonty Korea Moly, Los Santos mine, and Valtreixal. The company was founded...
How the Company Makes Money
Almonty primarily makes money by producing tungsten-bearing ore from its mining operations, processing that ore into tungsten concentrate (and, where applicable, downstream tungsten products), and selling those materials to customers at prices inf...
Almonty Industries Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
33
Negative
Cash Flow
16
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2023 | Dec 2021 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 73.07M | 32.51M | 19.36M | 24.80M | 20.85M | 25.09M |
| Gross Profit | 34.17M | 3.42M | 1.32M | 2.55M | 2.79M | -1.37M |
| EBITDA | -56.65M | -28.16M | -6.87M | -6.85M | -3.32M | -7.57M |
| Net Income | 53.58M | -161.91M | -10.94M | -14.49M | -7.75M | -9.06M |
Balance Sheet | ||||||
| Total Assets | 1.20B | 589.73M | 172.08M | 192.84M | 165.85M | 151.06M |
| Cash, Cash Equivalents and Short-Term Investments | 863.61M | 265.95M | 5.26M | 8.44M | 1.05M | 2.37M |
| Total Debt | 572.21M | 162.11M | 106.91M | 89.48M | 67.71M | 61.52M |
| Total Liabilities | 810.81M | 231.92M | 217.28M | 153.09M | 128.36M | 121.89M |
| Stockholders Equity | 388.30M | 357.81M | 39.07M | 39.75M | 37.49M | 29.17M |
Cash Flow | ||||||
| Free Cash Flow | -54.80M | -79.98M | -43.73M | -28.33M | -18.44M | -11.13M |
| Operating Cash Flow | 23.59M | -19.14M | -7.50M | -5.57M | -8.44M | -4.83M |
| Investing Cash Flow | -79.81M | -62.27M | -24.32M | -22.75M | -10.00M | -6.29M |
| Financing Cash Flow | 970.63M | 342.00M | 21.25M | 35.22M | 17.19M | 11.91M |
Almonty Industries Technical Analysis
Negative
18.04
Price Trends
15.00
Negative
15.80
Negative
15.79
Negative
Market Momentum
-0.92
Positive
33.04
Neutral
19.11
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ALM, the sentiment is Negative. The current price of 18.04 is above the 20-day moving average (MA) of 13.54, above the 50-day MA of 15.00, and above the 200-day MA of 15.79, indicating a bearish trend. The MACD of -0.92 indicates Positive momentum. The RSI at 33.04 is Neutral, neither overbought nor oversold. The STOCH value of 19.11 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ALM.
Almonty Industries Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
Performance Comparison
Almonty Industries Corporate Events
Almonty Industries Secures Corrective Disclosure in Dispute Over Former Contractor’s Role
Oct 5, 2026
Almonty Industries Inc., a global tungsten producer focused on conflict-free supply for defense and advanced technology markets, operates the historic Sangdong mine in South Korea alongside assets in Portugal, Spain and the United States. The comp...
Almonty Industries Switches Auditor to PwC After Zeifmans Resignation
Sep 30, 2026
Almonty Industries Inc., a foreign private issuer in the mining and strategic metals sector, maintains listings and reporting obligations in both U.S. and Canadian markets. Its governance framework, notably an active audit and risk management comm...
Almonty Starts Tungsten Production at Sangdong and Greenlights Phase II Expansion
Sep 29, 2026
Almonty Industries has begun producing the first bags of tungsten concentrate at its Sangdong Tungsten Mine in South Korea, ending a 33-year hiatus at the historic deposit and marking a significant milestone for Western tungsten supply chains. Pha...
Almonty Wins Final Certification for Commercial Operations at Sangdong Tungsten Plant
Sep 21, 2026
Almonty Industries said on September 21, 2026 that its Sangdong Mine processing plant and crushing facilities in South Korea received final operational certification on September 17, 2026. The mining facility inspection certificates allow the comp...
Almonty Signs Tailings-Based Tungsten Offtake Deal with Sandvik Subsidiary to Restart Los Santos Mine
Sep 17, 2026
Almonty Industries announced on September 17, 2026 that it has signed a multi-year, take-or-pay tungsten offtake agreement with Sandvik Group subsidiary Wolfram Bergbau und Hütten AG to recycle existing tailings from its Los Santos Mine in Sp...
Almonty Industries Strikes Strategic Tungsten Joint Venture With Government of Rwanda
Sep 14, 2026
Almonty Industries Inc., a major supplier of conflict-free tungsten to defense and technology industries, operates the Sangdong mine in South Korea and holds assets in Europe and the United States to support a secure, non-China tungsten supply cha...
Almonty Industries Unveils US$300 Million Share Buyback Ahead of Sangdong Ramp-Up
Aug 17, 2026
On August 17, 2026, Almonty Industries announced that its board approved a new share repurchase program authorizing buybacks of up to 14.4 million common shares, or about five percent of its outstanding stock, for as much as US$300 million over a ...
Almonty Industries Files Form 6-K Detailing July 7 Amendment to Key Supply Agreement
Jul 17, 2026
On July 17, 2026, Almonty Industries Inc. filed a Form 6-K with the U.S. Securities and Exchange Commission for the month of July 2026. The filing records an amendment, dated July 7, 2026, to the company’s existing amended and restated suppl...
Almonty Boosts Sangdong Tungsten Offtake Deal to US$490 Million in Annual Revenue
Jul 14, 2026
Almonty Industries Inc., a leading producer of conflict-free tungsten concentrate, is leveraging its Sangdong Mine in South Korea to address Western supply-chain gaps in a metal vital for armor, munitions and electronics. Together with existing op...
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.