Largo Inc. (LGO)

Nasdaq: LGO · Mining & Quarrying of Nonmetallic Minerals (No Fuels) · Toronto, Ontario, ON · filing with the SEC since 2007

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Grade4.0

◀ Past 5.3● Present 3.6▶ Future 2.7

1 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Largo Inc.

Nine metrics read from its own filings, by tense

Headline grade

4.0/10

◀ Past5.340% of the headline

● Present3.635% of the headline

▶ Future2.725% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

5.3/1040% of the headline grade · 3 of 3 filed

Surviving crises

as filed

7.4/10

Has it survived what it has been through?

No warning events in its filings since 2017.

weight 45% of this tense · 74th percentile among 23 sector filers · read for itself

From the record

Largo Inc.'s filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

2.1/10

What has it actually done, year after year?

-1.7% a year over 6 filed years; profitable in 2 of 6.

weight 33% of this tense · 21st percentile among 20 sector filers · read for its customers

From the record

Largo Inc.'s 6 filed years say what it did: revenue went from $120 million in fiscal 2020 to $110 million in fiscal 2025, down 1.7% a year; it rose in 2 of 5 years; the deepest fall was 52% from fiscal 2022 to fiscal 2025; net income was positive in 2 of 6 of those years (its annual reports).

What it rests on

revenue growth over the filed span-1.7%bottom 14% of its family
the share of years revenue rosebottom 8% of its family
the share of filed years with a profitbottom 30% of its family
the deepest fall from a revenue peak52.1%bottom 33% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed

5.7/10

How has it treated the people who own it?

Share count shrank 89.8% a year. 0% of cash flow returned. Insiders: 0 sales, 0 purchases.

weight 22% of this tense · 57th percentile among 15 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, Largo Inc.'s diluted share count shrank about 89.8% a year, and dividends and buybacks returned about 0% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 0 sales and 0 purchases of their own stock on the open market in the year to 2026-09-30 (their Form 4 filings).

What it rests on

the share count over the yearstop 2% of its family
cash returned against operating cash flowbottom 17% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

3.6/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

4.4/10

Is it financially healthy right now?

ROE -50%: lost 50¢ per shareholder dollar. Leverage 57%: owes 57¢ per asset dollar.

weight 45% of this tense · 44th percentile among 23 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Largo Inc. lost about 50 cents for every dollar of shareholders' money, and gross profitability: its products earned about 18 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 57 cents per dollar of assets, and net share issuance: its share count grew 5.8% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 24% of its family
return on equitybottom 24% of its family
gross profit against assetstop 15% of its family
the share count against the year beforebottom 41% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

1.6/10

How strong is its position in its industry?

bottom 16% of 18 in its family; net margin -62.6%.

weight 33% of this tense · 16th percentile among 18 sector filers · read for its customers

From the record

Largo Inc.'s standing among 18 graded names in its industry family: revenue of $110 million in fiscal 2025 ranks in the bottom 21% by size; a net margin of -62.6% ranks in the bottom 24%; revenue growth of -21.7% a year over the last 3 filed years ranks in the bottom 3% (its annual reports).

What it rests on

revenue against the family$110Mbottom 21% of its family
net margin-62.6%bottom 24% of its family
three-year revenue growth-21.7%bottom 3% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.0/10

What are the people in charge doing?

SI estimate 5.0/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 15 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 15 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read.
How it was reasoned: family median, 15 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Largo Inc.'s leadership is put at 5.0 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 15 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

2.7/1025% of the headline grade · 3 of 3 filed

Room to expand

as filed

4.4/10

How much room does it have to grow?

bottom 44% of 19 in its family for room to expand.

weight 22% of this tense · 44th percentile among 19 sector filers · read for itself

From the record

Largo Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $10 million against debt of $107 million leaves -30.5% of its assets as net cash, bottom 24% of its family; cash from operations less capital spending is -34.3% of revenue (bottom 18%); a gross margin of 52.2% (top 3%); research spending of 0.6% of revenue (bottom 38%) (its annual report).

What it rests on

cash less debt against assets-30.5%bottom 24% of its family
cash from operations less capital spending against revenue-34.3%bottom 18% of its family
gross margin52.2%top 3% of its family
research spending against revenue0.6%bottom 38% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

1.2/10

What could actually drive growth from here?

bottom 12% of 19 in its family for growth drivers.

weight 33% of this tense · 12th percentile among 19 sector filers · read for its customers

From the record

Largo Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew -21.7% a year over the last three filed years against -1.7% over all 6, slowing (bottom 3% of its family); the newest year grew -12% (bottom 18%); research spending grew -61.7% a year (bottom 8%); capital spending grew -13.4% a year (bottom 19%) (its annual reports). Largo Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span-20.0 points a yearbottom 3% of its family
the newest year's revenue growth-12.0%bottom 18% of its family
three-year growth of research spending-61.7%bottom 8% of its family
three-year growth of capital spending-13.4%bottom 19% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

3.0/10

Did its newest year beat what its own record pointed to?

bottom 30% of 16 in its family for expectations against reality.

weight 45% of this tense · 30th percentile among 16 sector filers · read for its shareholders

From the record

Largo Inc.'s newest year against its own record: revenue of $110 million in fiscal 2025 came in 19.1% above the $92 million its prior three years' pace pointed to (top 22% of its family); net income of $69 million against a prior three-year average of $28 million (bottom 9%); a net margin of -62.6% against -19.2% before (bottom 3%) (its annual reports).

What it rests on

revenue against the prior three years' pace19.1%top 22% of its family
net income against the prior three years' average-142%bottom 9% of its family
net margin against its prior average-43.3 pointsbottom 3% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton LGO · research, not advice