Sigma Lithium Corp

SGMLdata completeness 100%3 fiscal years on file

The thesis, from the filings

Sigma Lithium Corp earns about -27% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2023	FY 2024	FY 2025
Revenue	—	$151.4M¹	$110M¹
Net income	−$38.2M²	−$51.4M³	−$50.2M³
Operating cash flow	—	−$18.3M⁴	$2.45M⁴
Capital expenditure	—	$16.7M⁵	$9.89M⁵
Free cash flow (derived)	—	−$35M⁴	−$7.45M⁴
Total debt	$128.9M⁶	$173.6M⁶	$140.5M⁶
Cash & equivalents	$48.6M⁷	$45.9M⁷	$6.21M⁷
Diluted shares	110.1M	111.3M	111.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$5.08

your share of equity

Profit it earned you last year

−$4.5

Free cash flow it threw off

−$0.67

Debt you’d be carrying

$12.61

10 shares is a claim on $5.08 of net worth that earned you −$4.5 and generated −$0.67 of cash last year, against $12.61 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

-27% avg · 3y

FY23 —FY24 -31%FY25 -23%

It earned an average -27% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+1% shares · 3y

Share count is roughly flat over 3 years — little dilution, little buyback. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 2 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 2 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

40-F · period ending 2024-12-31 · accession 0001292814-26-001908 (Revenue)
40-F · period ending 2023-12-31 · accession 0001171843-25-001837 (ProfitLoss)
40-F · period ending 2024-12-31 · accession 0001292814-26-001908 (ProfitLoss)
40-F · period ending 2024-12-31 · accession 0001292814-26-001908 (CashFlowsFromUsedInOperatingActivities)
40-F · period ending 2024-12-31 · accession 0001292814-26-001908 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
40-F · period ending 2023-12-31 · accession 0001292814-26-001908 (Borrowings)
40-F · period ending 2023-12-31 · accession 0001292814-26-001908 (CashAndCashEquivalents)