Lifezone Metals Ltd. (LZM) intrinsic value & 10-year financials

Lifezone Metals Ltd. (LZM) has a Graham intrinsic value of $3.36 per share. Over the last 6 fiscal years revenue shrank 15.7% a year to $1.1M, with an average return on invested capital of -83.6%.

Graham intrinsic value
$3.36
Revenue (FY2025)
$1.1M
Revenue growth (6-yr CAGR)
-15.7%
ROIC (10-yr avg)
-83.6%
Free cash flow (FY2025)
—

LZM 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $1.1M -$14.1M -$0.17 — -1742.2% —
FY2024 $140.5K -$47.1M -$0.59 — -34353.8% —
FY2023 $1.5M -$364.7M -$5.34 — -24710.3% —
FY2022 $2.9M -$25.4M -$0.40 — -877.5% —
FY2021 $2.1M -$18.2M -$0.32 — -861.6% —
FY2020 — — — — — —

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

Lifezone Metals Ltd revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

Lifezone Metals Ltd 10-year average ROIC is N/A; capital efficiency cannot be assessed from the available history.

Lifezone Metals Ltd capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, Lifezone Metals Ltd is modeled at -15.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $3.36 per share.

LZM stock: frequently asked questions

What is the intrinsic value of Lifezone Metals Ltd. (LZM) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a -15.7% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, LZM's intrinsic value is about $3.36 per share.

What is LZM's return on invested capital?

Average ROIC over the last 6 fiscal years was -83.6%, and average return on equity was -101.8%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this LZM data come from?

From Lifezone Metals Ltd.'s annual 10-K filings on SEC EDGAR, most recently filed Mar 19, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

Similar metal mining stocks