# Liontown Resources (LTR.AU)

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

Analysis as of: 2026-10-16T07:42:09.187Z. Financial observations: FY2012–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## 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 0.68 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 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: 4

- Years with a net loss: 8

- Operating margin variation: 2.42×

Chart: Operating margin; fiscal year observations.

- FY2017: -465.22×

- FY2018: -1.18×

- FY2019: -8,710.52×

- FY2020: -8.60×

- FY2021: -18.46×

- FY2023: -232.27×

- FY2025: -0.62×

- FY2026: 0.08×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: -327.0%

- ROIC, second-lowest year: -8757.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 11.8%

- ROIC including acquisitions, ten-year median: -68.7%

- Typical minus recent gross margin: 219.1 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -3001015.6%

- FY2018: -290.3%

- FY2019: -8757.8%

- FY2020: -739.7%

- FY2021: -859.8%

- FY2022: -363.6%

- FY2023: -10.2%

- FY2024: -4.3%

- FY2025: -11.9%

- FY2026: 2.8%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD -1.2B

- Net income, five-year total: AUD -147M

- Return on incremental invested capital: 3.5%

- Working capital / revenue, annual change: 1963.1 pp

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

- FY2022: AUD 28M

- FY2023: AUD -173M

- FY2024: AUD -758M

- FY2025: AUD -393M

- FY2026: AUD 65M

### 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: -8757.8% vs -4.3%

- Per-share earnings: -0.00 to -0.03 (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: 13.8%

- Ordinary dilution, 5-year annual growth: 10.3%

- Market cap gain: AUD 5.3B

- Cumulative retained earnings: AUD -286M

- Diluted shares, 10-year annual growth: 13.8%

- Diluted shares, 5-year annual growth: 10.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: AUD -0.03

- Per-share value, starting three-year median: AUD -0.00

- Per-share value, ending three-year median: AUD -0.03

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

- Average buyback yield: 0.6%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 0

- Cumulative net income, 10 years: AUD -187M

- ROIC, first three-year median: -8757.8%

- ROIC, last three-year median: -4.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD -0.00

- FY2018: AUD -0.00

- FY2019: AUD -0.01

- FY2020: AUD -0.01

- FY2021: AUD -0.01

- FY2022: AUD 0.02

- FY2023: AUD -0.01

- FY2024: AUD -0.03

- FY2025: AUD -0.08

- FY2026: AUD 0.03

### accounting: pass

- Sloan accruals: -4.2%

- Receivables to sales index (DSRI): 0.55×

- Stock compensation / operating cash flow: 2.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.97×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -199670.2%

- FY2018: -19410.8%

- FY2019: -327966.2%

- FY2020: 39.8%

- FY2021: -15.2%

- FY2022: 18.0%

- FY2023: -3.4%

- FY2024: -1.3%

- FY2025: -12.4%

- FY2026: -4.2%

## Holders

## Price story

Down 77% since Sep 2023 · sales +114.8%

Story as of 2026-10-16T10:00:12.223Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +114.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 7K 

- FY2018: AUD 3.8M 

- FY2019: AUD 1K 

- FY2020: AUD 1.5M 

- FY2021: AUD 600K 

- FY2022: AUD 0 

- FY2023: AUD 147K 

- FY2025: AUD 298M 

- FY2026: AUD 639M 

### Gross margin · FY2026

gross margin 14.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 0.0% 

- FY2019: 0.1% 

- FY2020: 0.0% 

- FY2025: 4.5% 

- FY2026: 14.7% 

## Owner memo

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

### How it makes money

Operates in other industrial metals & mining; annual sales are AUD 639.1 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:09.187Z); FY2026: revenue 639136000; grossProfit 93989000; margin = grossProfit / revenue.

### Where the cash goes

Spends 4.4% of cash earnings on expansion; earns 3.5% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:09.187Z); FY2022: growth capex 0; upkeep 13274000; owner earnings 27760800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:09.187Z); FY2026: growth capex 2866000; upkeep 131175000; owner earnings 65321800. Growth capex / owner earnings = 0.043875092235670175.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:09.187Z); Incremental return on capital 0.0353019837979315, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:09.187Z); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,883015.96],[2021,563303],[2022,14732577],[2023,113422000],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:09.187Z); FY2026: cash repurchases 9662000 AUD.

### Are managers owners

Insiders own 33.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LTR.AU SharesStats.PercentInsiders = 33.275 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:09.187Z); Closing price 0.68 AUD; reporting-to-trading FX 1; FY2026 annual sales per share 0.2010423668755196; price multiple 3.3823716392129377. FY2026 cash earnings/share 0.020547190708345823. Closing-price date 2026-10-15.

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

- 2016-10: AUD 0.03 per share

- 2016-11: AUD 0.02 per share

- 2016-12: AUD 0.02 per share

- 2017-01: AUD 0.03 per share

- 2017-02: AUD 0.02 per share

- 2017-03: AUD 0.02 per share

- 2017-04: AUD 0.01 per share

- 2017-05: AUD 0.01 per share

- 2017-06: AUD 0.01 per share

- 2017-07: AUD 0.01 per share

- 2017-08: AUD 0.01 per share

- 2017-09: AUD 0.01 per share

- 2017-10: AUD 0.02 per share

- 2017-11: AUD 0.03 per share

- 2017-12: AUD 0.04 per share

- 2018-01: AUD 0.03 per share

- 2018-02: AUD 0.04 per share

- 2018-03: AUD 0.03 per share

- 2018-04: AUD 0.03 per share

- 2018-05: AUD 0.03 per share

- 2018-06: AUD 0.03 per share

- 2018-07: AUD 0.03 per share

- 2018-08: AUD 0.03 per share

- 2018-09: AUD 0.03 per share

- 2018-10: AUD 0.02 per share

- 2018-11: AUD 0.02 per share

- 2018-12: AUD 0.02 per share

- 2019-01: AUD 0.02 per share

- 2019-02: AUD 0.02 per share

- 2019-03: AUD 0.02 per share

- 2019-04: AUD 0.03 per share

- 2019-05: AUD 0.10 per share

- 2019-06: AUD 0.10 per share

- 2019-07: AUD 0.14 per share

- 2019-08: AUD 0.09 per share

- 2019-09: AUD 0.10 per share

- 2019-10: AUD 0.11 per share

- 2019-11: AUD 0.09 per share

- 2019-12: AUD 0.08 per share

- 2020-01: AUD 0.08 per share

- 2020-02: AUD 0.11 per share

- 2020-03: AUD 0.06 per share

- 2020-04: AUD 0.10 per share

- 2020-05: AUD 0.12 per share

- 2020-06: AUD 0.10 per share

- 2020-07: AUD 0.12 per share

- 2020-08: AUD 0.13 per share

- 2020-09: AUD 0.18 per share

- 2020-10: AUD 0.23 per share

- 2020-11: AUD 0.27 per share

- 2020-12: AUD 0.33 per share

- 2021-01: AUD 0.38 per share

- 2021-02: AUD 0.42 per share

- 2021-03: AUD 0.41 per share

- 2021-04: AUD 0.38 per share

- 2021-05: AUD 0.54 per share

- 2021-06: AUD 0.82 per share

- 2021-07: AUD 0.90 per share

- 2021-08: AUD 0.94 per share

- 2021-09: AUD 1.44 per share

- 2021-10: AUD 1.90 per share

- 2021-11: AUD 1.92 per share

- 2021-12: AUD 1.66 per share

- 2022-01: AUD 1.42 per share

- 2022-02: AUD 1.44 per share

- 2022-03: AUD 1.88 per share

- 2022-04: AUD 1.47 per share

- 2022-05: AUD 1.42 per share

- 2022-06: AUD 1.06 per share

- 2022-07: AUD 1.32 per share

- 2022-08: AUD 1.74 per share

- 2022-09: AUD 1.49 per share

- 2022-10: AUD 1.89 per share

- 2022-11: AUD 1.94 per share

- 2022-12: AUD 1.32 per share

- 2023-01: AUD 1.57 per share

- 2023-02: AUD 1.36 per share

- 2023-03: AUD 2.58 per share

- 2023-04: AUD 2.74 per share

- 2023-05: AUD 2.76 per share

- 2023-06: AUD 2.83 per share

- 2023-07: AUD 2.69 per share

- 2023-08: AUD 2.72 per share

- 2023-09: AUD 2.94 per share

- 2023-10: AUD 1.61 per share

- 2023-11: AUD 1.38 per share

- 2023-12: AUD 1.65 per share

- 2024-01: AUD 1.03 per share

- 2024-02: AUD 1.24 per share

- 2024-03: AUD 1.17 per share

- 2024-04: AUD 1.25 per share

- 2024-05: AUD 1.30 per share

- 2024-06: AUD 0.91 per share

- 2024-07: AUD 0.95 per share

- 2024-08: AUD 0.75 per share

- 2024-09: AUD 0.81 per share

- 2024-10: AUD 0.83 per share

- 2024-11: AUD 0.73 per share

- 2024-12: AUD 0.53 per share

- 2025-01: AUD 0.68 per share

- 2025-02: AUD 0.64 per share

- 2025-03: AUD 0.63 per share

- 2025-04: AUD 0.53 per share

- 2025-05: AUD 0.61 per share

- 2025-06: AUD 0.70 per share

- 2025-07: AUD 0.78 per share

- 2025-08: AUD 0.94 per share

- 2025-09: AUD 0.99 per share

- 2025-10: AUD 1.18 per share

- 2025-11: AUD 1.44 per share

- 2025-12: AUD 1.58 per share

- 2026-01: AUD 1.86 per share

- 2026-02: AUD 1.71 per share

- 2026-03: AUD 1.70 per share

- 2026-04: AUD 2.35 per share

- 2026-05: AUD 2.42 per share

- 2026-06: AUD 1.69 per share

- 2026-07: AUD 0.97 per share

- 2026-08: AUD 1.23 per share

- 2026-09: AUD 0.93 per share

- 2026-10: AUD 0.72 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

Prior published observations retained from 2026-10-15T06:48:00.243Z where newer inputs omit a numeric field or fiscal period.

## 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