The company's financial stability appears compromised, with total equity contracting to $56.6M by 2025Q4 and a debt-to-equity ratio reaching 2.53x.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 |
|---|
| Total Current Assets | 69.41M | 49.25M | 133.45M | 142.68M | 114.49M | 121.66M | 14.05M | 483.87K | 4.52M | 338K | 15.67K | 61.27K | 202.15K | 64.33K | 122.81K |
| Cash & Short-Term Investments | 15.15M | 6.21M | 66.05M | 64.4M | 96.35M | 121.02M | 13.54M | 103.64K | 4.16M | 280.83K | 15.67K | 61.27K | 200.92K | 62.93K | 122.81K |
| Cash Only | 15.15M | 6.21M | 66.05M | 64.4M | 96.35M | 121.02M | 13.54M | 103.64K | 4.16M | 280.83K | 15.67K | 61.27K | 200.92K | 62.93K | 122.81K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 26.78M | 7.08M | 25.82M | 29.69M | 0 | 367.05K | 313.8K | 253.08K | 0 | 0 | 0 | 0 | 399 | 537 | 0 |
| Days Sales Outstanding | 73.2 | 23.48 | 45.15 | 59.8 | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 23.11M | 20.7M | 23.22M | 19.44M | 0 | 0 | 0 | -20.12K | 194.86K | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 119.61 | 82.48 | 51.52 | 76.85 | - | - | - | - | 3.16K | - | - | - | - | - | - |
| Other Current Assets | 4.37M | 11.86M | 4.37M | 24.76M | 7.03M | 0 | 1.72K | 20.12K | 165.32K | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 257.01M | 244.5M | 337.11M | 344.56M | 194.41M | 31.8M | 19.15M | 20.44M | 14.56M | 2.67M | 0 | 0 | 0 | 0 | 573 |
| Property, Plant & Equipment | 170.4M | 161.37M | 270.68M | 314M | 194.21M | 31.73M | 19.04M | 20.35M | 14.45M | 2.67M | 0 | 0 | 0 | 0 | 573 |
| Fixed Asset Turnover | 0.52x | 0.68x | 0.77x | 0.58x | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 72.16K | 111.1K | 96.49K | 109.24K | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 20.42M | 0 | 0 | 13.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 61.82M | 76.97M | 38.77M | 17.41M | 204K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 326.42M | 293.75M | 470.56M | 487.24M | 308.91M | 153.46M | 33.2M | 20.93M | 19.08M | 3.01M | 15.67K | 61.27K | 202.15K | 64.33K | 123.39K |
| Asset Turnover | 0.29x | 0.37x | 0.44x | 0.37x | - | - | - | - | - | - | - | - | - | - | - |
| Asset Growth % | -94.27% | -37.57% | -3.42% | 57.73% | 101.3% | 362.25% | 58.64% | 9.7% | 533.89% | 19102.66% | -74.42% | -69.69% | 214.23% | -47.86% | - |
| Total Current Liabilities | 214.41M | 200.47M | 156.47M | 122.37M | 37.44M | 3.64M | 6.93M | 5.37M | 5.38M | 14.54M | 21.55K | 17.51K | 7.81K | 18K | 16.23K |
| Accounts Payable | 59.21M | 49.52M | 46.93M | 71.15M | 26.24M | 2.79M | 1.95M | 2.97M | 1.93M | 301.1K | 0 | 0 | 0 | 10.99K | 11.23K |
| Days Payables Outstanding | 269.02 | 197.36 | 104.15 | 281.26 | 127.3K | 17.1K | 15.36K | 16.04K | 31.3K | 10.78K | - | - | - | - | - |
| Short-Term Debt | 122.15M | 127.33M | 88.61M | 28.91M | 0 | 211.76K | 4.63M | 1.78M | 2.74M | 6.53M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 21.81M | 5.06M | 2.18M | 0 | 0 | 0 | 0 | 0 | 0 | 4.1M | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 8.79M | 4.74M | 7.77M | 17.65M | 10.11M | 4.71K | 0 | 225.44K | 254.89K | 7.49M | 21.55K | 17.51K | 7.81K | 0 | 0 |
| Current Ratio | 0.32x | 0.25x | 0.85x | 1.17x | 3.06x | 33.39x | 2.03x | 0.09x | 0.84x | 0.02x | 0.73x | 3.50x | 25.88x | 3.57x | 7.57x |
| Quick Ratio | 0.22x | 0.14x | 0.70x | 1.01x | 3.06x | 33.39x | 2.03x | 0.09x | 0.80x | 0.02x | 0.73x | 3.50x | 25.88x | 3.57x | 7.57x |
| Cash Conversion Cycle | -76.22 | -91.4 | -7.48 | -144.61 | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 39.37M | 36.65M | 181.26M | 150.58M | 88.36M | 4.8M | 4.51M | 6.82M | 2.31M | 3.02M | 0 | 0 | 0 | 10.99K | 11.23K |
| Long-Term Debt | 13.33M | 13.2M | 161.12M | 142M | 77.44M | 3.14M | 262.7K | 2.5M | 2.3M | 3.59M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 8.95M | 1.59M | 2.06M | 3.6M | 2.99M | 1.53M | 243.12K | 303.73K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 24.2M | 21.86M | 18.08M | 4.99M | 7.93M | 127.06K | 4.01M | 9.46K | 10.03K | -3.59M | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 253.79M | 237.12M | 337.73M | 272.95M | 125.8M | 8.44M | 11.44M | 12.19M | 7.69M | 18.16M | 21.55K | 17.51K | 7.81K | 18K | 16.23K |
| Total Debt | 137.32M | 143.33M | 254.31M | 176.63M | 81.11M | 5.17M | 5.14M | 4.59M | 5.04M | 2.72M | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 122.17M | 137.12M | 188.26M | 112.23M | -15.25M | -115.85M | -8.4M | 4.49M | 879.23K | 2.44M | -15.67K | -61.27K | -200.92K | -62.93K | -122.81K |
| Debt / Equity | 1.89x | 2.53x | 1.91x | 0.82x | 0.44x | 0.04x | 0.24x | 0.53x | 0.44x | - | - | - | - | - | - |
| Debt / EBITDA | 10.13x | - | 19.89x | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 9.01x | - | 14.73x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -0.33x | -0.52x | -0.29x | -0.72x | -369.00x | -68.03x | -2.77x | -6.64x | -11.04x | - | - | - | - | - | - |
| Total Equity | 72.63M | 56.63M | 132.83M | 214.28M | 183.11M | 145.02M | 21.76M | 8.74M | 11.38M | -15.15M | -5.88K | 43.77K | 194.34K | 46.34K | 107.16K |
| Equity Growth % | -161.81% | -57.37% | -38.01% | 17.03% | 26.26% | 566.53% | 148.96% | -23.22% | 175.11% | -257512.5% | -113.44% | -77.48% | 319.41% | -56.76% | - |
| Book Value per Share | 0.65 | 0.51 | 1.19 | 1.98 | 1.81 | 1.67 | 0.30 | 0.13 | 0.25 | -22.63 | -0.02 | 0.14 | 0.86 | 0.23 | 0.68 |
| Total Shareholders' Equity | 72.63M | 56.63M | 132.83M | 214.28M | 183.11M | 145.02M | 21.76M | 8.74M | 11.38M | -15.15M | -5.88K | 43.77K | 194.34K | 46.34K | 107.16K |
| Common Stock | 329.7M | 328.62M | 434.65M | 386.04M | 276.71M | 176.33M | 53.91M | 36.19M | 32.23M | 697.58K | 599.74K | 542.2K | 542.2K | 262.58K | 0 |
| Retained Earnings | -266.91M | -277.17M | -302.74M | -232.76M | -194.51M | -52.78M | -33.23M | -31.68M | -26.6M | -16.15M | -639.59K | -532.41K | -381.84K | -253.83K | -193K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 9.84M | -13.99M | -22.59M | 2.03M | -3.03M | -2.74M | -2.86M | -213.12K | -112.32K | 81.51K | 33.98K | 33.98K | 33.98K | 37.59K | 37.59K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and solvency pressure
As reported in recent financial filings, Sigma Lithium's total equity has contracted from $214.3M in 2023Q4 to $56.6M by 2025Q4, signaling a deteriorating financial trajectory as the company struggles to balance aggressive capital expansion with the realities of a volatile and currently unfavorable lithium pricing environment.
The consistent decline in equity, coupled with persistent negative retained earnings, suggests that the company is consuming its capital base to fund operations and infrastructure. Investors should monitor whether this trajectory forces a pivot toward dilutive financing, as the current path appears unsustainable without a significant recovery in spodumene prices.
Based on the latest quarterly data, the company's debt-to-equity ratio has surged to 2.53x in 2025Q4, reflecting a reliance on debt financing that appears increasingly precarious given the company's limited cash reserves and the ongoing challenges in achieving consistent, positive operating cash flow from its mining operations.
The accumulation of debt to support the Greentech plant infrastructure creates a rigid cost structure that leaves little room for operational error. This leverage profile warrants investigation into the maturity schedule of these obligations, as the company may face significant refinancing hurdles if market conditions do not improve.
According to the most recent balance sheet, cash and equivalents have plummeted to a nominal $6.2M, resulting in a current ratio of 0.25x, which indicates a severe liquidity constraint that may limit the company's ability to meet short-term obligations without immediate external capital intervention or asset liquidation.
A current ratio well below unity suggests that current liabilities significantly outweigh liquid assets, leaving the company with virtually no margin for operational shocks. This liquidity position appears to be the most immediate risk to the business, potentially necessitating emergency funding measures that could further dilute existing shareholders.
Analysis of the balance sheet reveals that $161.4M is tied up in net property, plant, and equipment, which may mask the true economic cost of production if stripping costs and development expenditures are being capitalized rather than expensed during this period of negative operating margins.
The reliance on heavy asset capitalization may be artificially inflating the book value of the company's assets while deferring the recognition of operational expenses. Investors should be wary that these assets may be subject to impairment if the long-term price outlook for lithium fails to justify the carrying values.
Quick answers to the most common questions about buying SGML stock.
As of 2025, Sigma Lithium Corporation (SGML) had total assets of $293.7M including $49.2M in current assets.
Sigma Lithium Corporation (SGML) carries total debt of $143.3M, offset by $6.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Sigma Lithium Corporation (SGML) has total shareholders' equity (book value) of $56.6M ($0.51 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Sigma Lithium Corporation (SGML) reported a current ratio of 0.25x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.