olivLaw · US equity research
Standard Lithium Ltd. SLI
Chemicals & Allied Products · SIC 2800 · Vertical: Chemicals & Allied Products (SIC 2800)
Standard Lithium is a Canadian company developing a lithium project in southwest Arkansas and exploring its Franklin project in East Texas, using direct lithium extraction. Its 2025 annual report shows ongoing development programs and a strategic partnership with Equinor TDI Holdings LLC and its subsidiaries.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Standard Lithium Ltd. (SLI) stock was 1.37 USD (−4.86% on the day), with market capitalisation 328.4 m USD, beta 1.39, 52-week range 1.37–5.65 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 33.7
- weak (30–45)
- Bollinger (20, 2)
- 1.34 – 1.56
- in the lower half of the band · %B 0.12 · band width 14.9%
- SMA 50 / 200
- 1.85 / 3.09
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.11 / -0.13
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −20.8% | −5.9% | −14.9 pp | — |
| 3 months | −39.6% | −4.6% | −35.0 pp | — |
| 6 months | −65.0% | +0.2% | −65.2 pp | — |
| Year to date | −69.4% | +7.4% | −76.8 pp | — |
| 1 year | −58.4% | +8.2% | −66.6 pp | +0.9% |
| 3 years | −50.9% | +68.4% | −119.3 pp | −39.1% |
| 5 years | −88.1% | +56.5% | −144.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | unavailable | unavailable | unavailable | unavailable | -1.3 m | -48.4 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | 0.59 | -0.23 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | −139.0% |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 152.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 354.0 m USD
- Total assets
- 386.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 15.63x
- ROE
- -16.6%
- ROA
- -15.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Research & development | 2.8 k | 0 | — | — | SEC (XBRL)· 08 Nov 2021verified |
| Operating income | — | — | -33.5 m | -27.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Pre-tax income | — | — | 131.7 m | -51.5 m | SEC (XBRL)· 30 Mar 2026verified |
| Income tax | — | — | 25.9 m | -3.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Net income | — | — | -1.3 m | -48.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Diluted EPS | — | — | 0.59 | -0.23 | SEC (XBRL)· 30 Mar 2026verified |
| Weighted average diluted shares | 88.8 m | 121.5 m | — | 206.4 m | SEC (XBRL)· 30 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | — | — | 31.2 m | 152.3 m | SEC (XBRL)· 30 Mar 2026verified |
| Current assets | — | — | 33.3 m | 157.7 m | SEC (XBRL)· 30 Mar 2026verified |
| Property, plant & equipment, net | — | — | 1.6 m | 1.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Intangibles (excl. goodwill) | — | — | 943.0 k | 967.0 k | SEC (XBRL)· 30 Mar 2026verified |
| Total assets | — | — | 259.5 m | 386.5 m | SEC (XBRL)· 30 Mar 2026verified |
| Accounts payable | — | — | 5.5 m | 9.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Short-term debt | 0 | — | — | — | SEC (XBRL)· 08 Nov 2021verified |
| Long-term debt | 5.0 m | 0 | — | — | SEC (XBRL)· 08 Nov 2021verified |
| Current liabilities | — | — | 5.8 m | 10.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Total liabilities | — | — | 31.4 m | 32.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Equity | — | — | 228.1 m | 354.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Shares outstanding at year end | — | 141.2 m | 188.8 m | 239.7 m | SEC (XBRL)· 30 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Capex | — | — | 803.0 k | — | SEC (XBRL)· 24 Mar 2025verified |
| Investing cash flow | — | — | -2.7 m | -29.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Financing cash flow | — | — | 14.7 m | 163.6 m | SEC (XBRL)· 30 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 1 of at least 6
- score weight coverage: 4.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 328.4 m USD
Key indicators
Coverage and freshness
Score by group
4% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 15.6x | 100 (on a fixed band) | 100% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Standard Lithium Ltd. (SLI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -16.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 15.6x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Chemicals & Allied Products (SIC 2800) · same industry (4-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SOLSSolstice Advanced Materials Inc. | 8.7 bn | 27.0 | 13.6% | 7.8% | +3.1% | +15% / unavailable |
| BCPCBalchem Corporation | 5.7 bn | 33.8 | 13.0% | 15.4% | +8.8% | +15% / +44% |
| PRMPerimeter Group Inc. | 4.6 bn | 156.0 | 4.6% | 6.7% | +16.4% | +1% / +576% |
| NGVTIngevity Corporation | 2.2 bn | 37.4 | 59.5% | 5.3% | −2.7% | +22% / +64% |
| OLNOlin Corporation | 2.1 bn | — | -12.2% | -3.3% | +3.7% | −14% / −62% |
| IOSPInnospec Inc. | 1.9 bn | 14.0 | 10.5% | 7.5% | −3.7% | +6% / −25% |
| CCThe Chemours Company | 1.9 bn | — | -71.8% | -2.6% | +0.4% | −0% / −54% |
| HUNHuntsman Corporation | 1.7 bn | — | -11.8% | -5.8% | −5.8% | −6% / −60% |
| ECVTEcovyst Inc. | 1.1 bn | 31.8 | 5.9% | 3.7% | +20.9% | +11% / +7% |
| FMCFmc Corporation | 944.2 m | — | -226.7% | -151.2% | −18.3% | −58% / −89% |
| SLIStandard Lithium Ltd. | 328.4 m | — | -16.6% | — | unavailable | −58% / −51% |
| ACNTAscent Industries Co. | 122.6 m | — | -1.1% | -1.0% | −7.2% | −4% / +66% |
| CITRCitroTech Inc. | 53.0 m | — | -431.0% | -1,788.4% | +194.6% | unavailable / unavailable |
| LOOPLoop Industries, Inc. | 12.3 m | — | — | -2,154.3% | −95.3% | −78% / −93% |
| GUREGulf Resources, Inc. | 5.5 m | — | -32.4% | -134.4% | +231.8% | +2% / −80% |
1- and 3-year price returns: for SLI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Mar 2026; since then the company filed 6-K (20 Oct 2026), 6-K (16 Oct 2026), 6-K (13 Oct 2026), 6-K (09 Oct 2026), 6-K (28 Sept 2026).
In brief
Standard Lithium is a Canadian company developing a lithium project in southwest Arkansas and exploring its Franklin project in East Texas, using direct lithium extraction. Its 2025 annual report shows ongoing development programs and a strategic partnership with Equinor TDI Holdings LLC and its subsidiaries 1.
SWOT
Strengths
- The company holds resource projects in two regions of the United States and a proprietary direct lithium extraction technology that is being tested 1.
- The strategic partnership with Equinor TDI Holdings LLC and its subsidiaries provides meaningful support for project development 1.
- The report states that internal control over financial reporting and disclosure controls were assessed as effective at period end 1.
Weaknesses
- The company is still in development and exploration, with no confirmed commercial production shown in the report 1.
- Resource and reserve estimates are reported under Canadian NI 43-101 standards, which may not be comparable with SEC standards 1.
- Project development depends on the ability to raise capital on acceptable terms, a point the report flags explicitly 1.
Opportunities
- If demand for lithium from energy storage and electric vehicles keeps growing, the company's projects could become more valuable 1.
- Success in expanding exploration positions in East Texas could add new resources to the company's portfolio 1.
- Strategic partnerships could ease access to capital and technical expertise for projects under development 1.
Threats
- Fluctuations in lithium prices could directly affect the economic viability of the projects 1.
- Changes in trade policy, tariffs and tax regimes in the United States and Canada could alter operating conditions 1.
- Geopolitical instability and international conflicts could disrupt markets and supply chains 1.
Risks
- Project financinghigh
The report warns that the availability of capital on acceptable terms is uncertain, which could delay project development 1.
- Lithium priceshigh
Volatility in lithium and commodity prices is cited as a factor that could affect revenue and projects 1.
- Mineral resource uncertaintymedium
Resource estimates may not convert into reserves, and capital and operating cost estimates are subject to uncertainty 1.
- Regulation and permitsmedium
Obtaining and maintaining environmental and operating permits could delay projects, and regulatory changes are an ongoing risk 1.
- Technology riskmedium
Direct lithium extraction is at a demonstration stage, and technical results could differ from expectations 1.
Investment thesis
What would need to be true (bull case)
- If demand for lithium from energy storage and electric vehicles keeps growing, the projects in Arkansas and Texas could become an important source of value for the company 1.
- The partnership with Equinor TDI Holdings LLC could provide technical and financial support, reducing project execution risk 1.
- If the direct lithium extraction technology proves effective at scale, it could offer a competitive advantage over traditional methods 1.
What would break the thesis
- If financing cannot be secured on acceptable terms, project development could be postponed or scaled back 1.
- If lithium prices fall or demand slows, the economic viability of the projects could come under pressure 1.
- If estimated resources do not convert into exploitable reserves, the value of the projects could be lower than expected 1.
What to watch
- Final investment decision for the southwest Arkansas project2026
- Timing of the preliminary economic assessment for the Franklin projectnext 10-K
- Results from testing the direct lithium extraction demonstration plant2026
- Developments in the company's financing and capital conditionsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Mar 2026; since then the company filed 6-K (20 Oct 2026), 6-K (16 Oct 2026), 6-K (13 Oct 2026), 6-K (09 Oct 2026), 6-K (28 Sept 2026).
The business
Standard Lithium is a Canadian issuer that reports on Form 40-F under the SEC multijurisdictional disclosure system and is listed on NYSE American 1. The company develops lithium projects, and its plans include operating a direct lithium extraction demonstration plant and advancing a resource development project in southwest Arkansas 1. Since 2024 the company has changed its fiscal year end from June 30 to December 31 1.
Segments
Southwest Arkansas resource project
The southwest Arkansas project is presented as a development where a final investment decision and production are anticipated, with timelines given as indicative estimates 1. The schedule depends on financing and regulatory approvals, which the report explicitly lists as risks 1.
Market context
Trends
- Demand from energy storagetailwind
The report indicates that lithium demand is supported by growth in the energy security and storage market, which could support the company's plans if the trend continues 1.
- Electric vehicle marketmixed
The electric vehicle market is cited as a source of lithium demand and as a source of uncertainty, since its evolution influences product prices 1.
- Trade policy and tariffsheadwind
Changes to trade agreements, import tariffs and the 'America First' policy are cited as factors that could affect costs and market access 1.
- Geopolitical tensionsheadwind
Geopolitical instability and international conflicts are mentioned as factors that could influence commodity markets and the company's financing 1.
Competitive position
The source report does not explicitly name direct competitors of the company. It does mention competition for capital, acquisitions, undeveloped lands and skilled personnel as a general risk for the sector 1.
Competition also appears in the context of the global lithium market, where several producers can influence prices and demand 1. The company is differentiated by its direct lithium extraction technology and by its projects in Texas and Arkansas 1.
- Other lithium project developers
The report mentions competition for capital and land without identifying specific competing companies 1.
- Global lithium producers
Lithium prices and demand are influenced by global producers, especially in the context of electric vehicles and energy storage 1.
- Technology and capital partners
The strategic partnership with Equinor TDI Holdings LLC and its subsidiaries is a supporting element noted in the report 1.
- Canadian and US mining companies
Competition for skilled personnel and equipment affects the whole mining sector, including this company 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Standard Lithium (SLI) Clears Two Big Hurdles Toward A Final DecisionYahoo Finance — News · 11 Sept 2026 · EN
The latest news item in our archive is from 11 Sept 2026; the newest SEC filing is from 20 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)20 Oct 2026
- Current report (foreign issuer)20 Oct 2026
- Current report (foreign issuer)16 Oct 2026
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)09 Oct 2026
- Current report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)21 Sept 2026
- Current report (foreign issuer)11 Sept 2026
- Current report (foreign issuer)10 Sept 2026
- Current report (foreign issuer)08 Sept 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-12-31 · SEC / Standard Lithium Ltd. · 30 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.