MeritValue

STANDARD LITHIUM LTD.

SLIdata completeness 50%3 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'operatingCashFlow'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

STANDARD LITHIUM LTD. earns about 15% on invested capital, but has diluted owners by 30% over 3 years — worth asking whether the growth reaches owners. 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
FigureFY 2024FY 2024FY 2025
Revenue———
Net income$105.8M1−$1.29M1−$48.4M1
Operating cash flow———
Capital expenditure$803,0002——
Free cash flow (derived)———
Total debt———
Cash & equivalents$38.7M3$31.2M3$152.3M3
Diluted shares183.9M188.8M239.7M

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
shares
Net assets behind them
$14.77
your share of equity
Profit it earned you last year
−$2.02
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $14.77 of net worth that earned you −$2.02 last year.

iii. Is this a good business?
Moat signal · return on invested capital
15% avg · 3y
FY24 50%FY24 —FY25 -20%

It earned an average 15% 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
+30% shares · 3y

Share count is up 30% over 3 years — owners have been diluted. Worth asking what they got for it.

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 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 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
  1. 40-F · period ending 2024-06-30 · accession 0001193125-26-130448 (ProfitLoss)
  2. 40-F · period ending 2024-06-30 · accession 0001193125-26-130448 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  3. 40-F · period ending 2024-06-30 · accession 0001193125-26-130448 (CashAndCashEquivalents)