# Elevra Lithium (ELV.AU)

Canonical: https://gigainvestors.com/s/ELV.AU

Analysis as of: 2026-10-16T07:46:44.559Z. Financial observations: FY2014–FY2026.

Listing currency: AUD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 3.90 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 8

- Operating margin variation: 1.38×

Chart: Operating margin; fiscal year observations.

- FY2017: -120.24×

- FY2018: -27.29×

- FY2019: -18.29×

- FY2020: -48.81×

- FY2021: -6.47×

- FY2024: -0.46×

- FY2025: -0.52×

- FY2026: 0.00×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -10.2%

- ROIC, second-lowest year: -14.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2693.7%

- ROIC including acquisitions, ten-year median: -18.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -18.1%

- FY2018: -13.8%

- FY2019: -9.2%

- FY2020: -11.2%

- FY2021: -12.7%

- FY2022: -4.7%

- FY2023: -2.0%

- FY2024: -8.0%

- FY2025: -14.0%

- FY2026: 0.1%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$431M

- Net income, five-year total: -$182M

- Return on incremental invested capital: 0.4%

- Working capital / revenue, annual change: 185.4 pp

- Working capital / revenue, change between three-year averages: 1318.9 pp

- Working capital / revenue, final three-year average: 35.1%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: -$98M

- FY2023: -$130M

- FY2024: -$68M

- FY2025: -$178M

- FY2026: $43M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -13.8% vs -8.0%

- Per-share earnings: -0.35 to -0.99 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 46.4%

- Ordinary dilution, 5-year annual growth: 33.8%

- Market cap gain: $1.3B

- Cumulative retained earnings: -$172M

- Diluted shares, 10-year annual growth: 46.4%

- Diluted shares, 5-year annual growth: 33.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: -$0.64

- Per-share value, starting three-year median: -$0.35

- Per-share value, ending three-year median: -$0.99

- Buybacks concentrated in cheaper years (correlation): -0.07

- Average buyback yield: 2.2%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: $73M

- Cumulative net income, 10 years: -$199M

- ROIC, first three-year median: -13.8%

- ROIC, last three-year median: -8.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: -$0.35

- FY2018: -$0.20

- FY2019: -$0.17

- FY2020: -$0.28

- FY2021: -$0.10

- FY2022: $0.74

- FY2023: -$0.11

- FY2024: -$0.99

- FY2025: -$2.53

- FY2026: $0.22

### accounting: fail

- latest-year receivables to sales index (DSRI) exceeds 1.465

- earnings not backed by cash

- Sloan accruals: 6.3%

- Receivables to sales index (DSRI): 2.36×

- Earnings backed by cash: No

- Operating cash / earnings: -1.01×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.2%

- FY2018: -3.4%

- FY2019: 1.7%

- FY2020: -8.2%

- FY2021: 9.5%

- FY2023: 3.8%

- FY2024: -0.6%

- FY2025: -27.7%

- FY2026: 6.3%

## Holders

## Price story

Down 92% since Apr 2022 · sales +39.1%

Story as of 2026-10-16T10:00:13.596Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +39.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: $15K 

- FY2018: $79K 

- FY2019: $124K 

- FY2020: $60K 

- FY2021: $645K 

- FY2023: $0 

- FY2024: $134M 

- FY2025: $145M 

- FY2026: $202M 

### Gross margin · FY2026

gross margin 95.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 51.4% 

- FY2018: 91.6% 

- FY2019: 92.5% 

- FY2020: 11.4% 

- FY2021: 92.0% 

- FY2024: 88.8% 

- FY2025: 65.9% 

- FY2026: 95.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in other industrial metals & mining; annual sales are USD 201.7 million.

- Source: https://eodhd.com/api/fundamentals/DML2.F.json#2026-06-30 (filed 2026-10-16T07:46:44.559Z); FY2026: revenue 201675000; grossProfit 192531000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 65.9% to 95.5% during 2024–26; it lost 10.2% on its capital.

- Source: https://eodhd.com/api/fundamentals/DML2.F.json#2024-06-30 (filed 2026-10-16T07:46:44.559Z); FY2024: grossProfit / revenue = 88.8%.

- Source: https://eodhd.com/api/fundamentals/DML2.F.json#2025-06-30 (filed 2026-10-16T07:46:44.559Z); FY2025: grossProfit / revenue = 65.9%.

- Source: https://eodhd.com/api/fundamentals/DML2.F.json#2026-06-30 (filed 2026-10-16T07:46:44.559Z); FY2026: grossProfit / revenue = 95.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:44.559Z); 10-year return on capital observations [[2017,-0.1806270402303774],[2018,-0.13782991462432365],[2019,-0.09245071319336197],[2020,-0.11233891388199284],[2021,-0.1270977776751453],[2022,-0.04670828951385696],[2023,-0.019529460211504687],[2024,-0.08043360179889528],[2025,-0.13991548368901005],[2026,0.0009249928574265857]]; median -0.1023948135376774. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 0.9% of cash earnings; paid no dividends in 6 years.

- Source: https://eodhd.com/api/fundamentals/DML2.F.json#2026-06-30 (filed 2026-10-16T07:46:44.559Z); FY2026: growth capex 397000; upkeep 23630000; cash acquisitions 0; owner earnings 43068000. Growth capex plus acquisitions / owner earnings = 0.009217980867465404.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:44.559Z); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 4.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ELV.AU SharesStats.PercentInsiders = 4.405 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:44.559Z); Closing price 3.9 AUD; reporting-to-trading FX 1.4454626926079037; FY2026 annual sales per share 1.0448353172459623; price multiple 2.582318912335203. FY2026 cash earnings/share 0.22312615566207566. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-11: AUD 3.22 per share

- 2016-12: AUD 4.16 per share

- 2017-01: AUD 4.16 per share

- 2017-02: AUD 3.63 per share

- 2017-03: AUD 3.22 per share

- 2017-04: AUD 2.69 per share

- 2017-05: AUD 2.28 per share

- 2017-06: AUD 2.01 per share

- 2017-07: AUD 2.15 per share

- 2017-08: AUD 2.01 per share

- 2017-09: AUD 1.48 per share

- 2017-10: AUD 4.12 per share

- 2017-11: AUD 7.40 per share

- 2017-12: AUD 9.96 per share

- 2018-01: AUD 9.81 per share

- 2018-02: AUD 8.96 per share

- 2018-03: AUD 8.25 per share

- 2018-04: AUD 7.40 per share

- 2018-05: AUD 6.83 per share

- 2018-06: AUD 5.69 per share

- 2018-07: AUD 5.83 per share

- 2018-08: AUD 4.84 per share

- 2018-09: AUD 4.84 per share

- 2018-10: AUD 3.70 per share

- 2018-11: AUD 3.27 per share

- 2018-12: AUD 2.84 per share

- 2019-01: AUD 2.84 per share

- 2019-02: AUD 3.41 per share

- 2019-03: AUD 2.56 per share

- 2019-04: AUD 1.99 per share

- 2019-05: AUD 1.42 per share

- 2019-06: AUD 1.14 per share

- 2019-07: AUD 1.14 per share

- 2019-08: AUD 1.14 per share

- 2019-09: AUD 1.42 per share

- 2019-10: AUD 1.49 per share

- 2019-11: AUD 1.42 per share

- 2019-12: AUD 1.56 per share

- 2020-01: AUD 2.42 per share

- 2020-02: AUD 1.56 per share

- 2020-03: AUD 1.16 per share

- 2020-04: AUD 1.02 per share

- 2020-05: AUD 1.02 per share

- 2020-06: AUD 1.02 per share

- 2020-07: AUD 1.16 per share

- 2020-08: AUD 1.16 per share

- 2020-09: AUD 1.45 per share

- 2020-10: AUD 1.16 per share

- 2020-11: AUD 1.16 per share

- 2020-12: AUD 1.31 per share

- 2021-01: AUD 6.11 per share

- 2021-02: AUD 4.51 per share

- 2021-03: AUD 5.39 per share

- 2021-04: AUD 5.69 per share

- 2021-05: AUD 6.29 per share

- 2021-06: AUD 13.03 per share

- 2021-07: AUD 12.28 per share

- 2021-08: AUD 22.46 per share

- 2021-09: AUD 26.20 per share

- 2021-10: AUD 24.00 per share

- 2021-11: AUD 22.50 per share

- 2021-12: AUD 19.50 per share

- 2022-01: AUD 18.00 per share

- 2022-02: AUD 16.87 per share

- 2022-03: AUD 36.00 per share

- 2022-04: AUD 48.00 per share

- 2022-05: AUD 33.00 per share

- 2022-06: AUD 22.50 per share

- 2022-07: AUD 29.25 per share

- 2022-08: AUD 44.25 per share

- 2022-09: AUD 35.25 per share

- 2022-10: AUD 35.25 per share

- 2022-11: AUD 34.50 per share

- 2022-12: AUD 28.50 per share

- 2023-01: AUD 39.00 per share

- 2023-02: AUD 35.25 per share

- 2023-03: AUD 30.75 per share

- 2023-04: AUD 30.00 per share

- 2023-05: AUD 27.00 per share

- 2023-06: AUD 26.25 per share

- 2023-07: AUD 21.75 per share

- 2023-08: AUD 16.50 per share

- 2023-09: AUD 13.95 per share

- 2023-10: AUD 11.25 per share

- 2023-11: AUD 9.90 per share

- 2023-12: AUD 10.65 per share

- 2024-01: AUD 6.00 per share

- 2024-02: AUD 6.00 per share

- 2024-03: AUD 5.85 per share

- 2024-04: AUD 5.10 per share

- 2024-05: AUD 6.75 per share

- 2024-06: AUD 5.40 per share

- 2024-07: AUD 4.65 per share

- 2024-08: AUD 4.05 per share

- 2024-09: AUD 5.25 per share

- 2024-10: AUD 5.10 per share

- 2024-11: AUD 4.80 per share

- 2024-12: AUD 4.05 per share

- 2025-01: AUD 3.45 per share

- 2025-02: AUD 2.85 per share

- 2025-03: AUD 2.70 per share

- 2025-04: AUD 2.85 per share

- 2025-05: AUD 2.40 per share

- 2025-06: AUD 2.25 per share

- 2025-07: AUD 3.15 per share

- 2025-08: AUD 3.90 per share

- 2025-09: AUD 3.60 per share

- 2025-10: AUD 4.45 per share

- 2025-11: AUD 5.78 per share

- 2025-12: AUD 8.04 per share

- 2026-01: AUD 6.70 per share

- 2026-02: AUD 8.16 per share

- 2026-03: AUD 8.36 per share

- 2026-04: AUD 13.58 per share

- 2026-05: AUD 12.89 per share

- 2026-06: AUD 9.60 per share

- 2026-07: AUD 7.46 per share

- 2026-08: AUD 8.25 per share

- 2026-09: AUD 5.65 per share

- 2026-10: AUD 4.34 per share

## Annual estimated value (AUD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations