Solitario Resources Corp. (XPL) intrinsic value & 10-year financials

Solitario Resources Corp. (XPL) has a Graham intrinsic value of $1.00 per share. At $0.51 on Oct 17, 2026, the stock trades 49% below that value.

Graham intrinsic value
$1.00
Share price (Oct 17, 2026)
$0.51
Price vs Graham value
49% below
Market cap
$44.3M
Revenue (FY2025)
—
Revenue growth (10-yr CAGR)
-18.7%
ROIC (10-yr avg)
-10.0%
Free cash flow (FY2025)
-$3.6M

XPL 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 — -$3.8M -$0.04 -$3.6M — -16.3%
FY2024 — -$5.4M -$0.07 -$5.1M — -22.3%
FY2023 — -$3.8M — — — -15.8%
FY2022 — -$3.9M — -$3.0M — -17.7%
FY2021 — -$2.4M — -$2.2M — -10.4%
FY2020 $0 -$939.0K — — — -4.0%
FY2019 $408.0K -$3.3M — — — -13.0%
FY2018 $502.0K $3.6M — — — 13.3%
FY2017 — -$942.0K — — — -4.0%
FY2016 — -$1.7M — — — -9.8%

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

Executive summary

SOLITARIO RESOURCES CORP. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

SOLITARIO RESOURCES CORP. has historically struggled to out-earn its cost of capital, averaging just -10.0% ROIC.

SOLITARIO RESOURCES CORP. 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, SOLITARIO RESOURCES CORP. is modeled at -18.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1.00 per share.

XPL stock: frequently asked questions

What is the intrinsic value of Solitario Resources Corp. (XPL) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a -18.7% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, XPL's intrinsic value is about $1.00 per share.

Is XPL stock undervalued?

At $0.51 (close on Oct 17, 2026), XPL trades 49% below its Graham value of $1.00. On Graham's terms that leaves a margin of safety. A formula is a starting point for research, not a recommendation.

Does Solitario Resources Corp. generate free cash flow?

Solitario Resources Corp. generated -$3.6M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 0 of the last 4 reported years.

What is XPL's return on invested capital?

Average ROIC over the last 10 fiscal years was -10.0%, and average return on equity was -10.0%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this XPL data come from?

From Solitario Resources Corp.'s annual 10-K filings on SEC EDGAR, most recently filed May 6, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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