Rankings Commodities & uranium Graphene Manufacturing Group
Graphene Manufacturing Group
37
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−12
- Absolute price level and peers−9
- Quality of growth−7
Strengths
- Validation from a large partner+1
- Regulatory approval+1
How the score is built
From 100 to 37, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 1.91 CAD
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +72%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−28 of −30
- −12MarginRevenue of only about CAD 0.4-0.7m TTM vs an operating loss of 14.1m (operating margin about -2,000%), FCF -13.1m and ROIC -180%. The loss is counted only here.
- −7Quality of growthThe best quarter ever was CAD 0.17m (March 2026). THERMAL-XR has been on the market for several years, but sales are still negligible, even after the US EPA approval in 2026.
- −5Capital allocationThe share count rose 18.5% over a year; the company has done issues with full warrants (bought deal at CAD 0.90 with one warrant per share at 1.10 in August 2025). Equity was negative for a quarter due to warrant liabilities. (The September 2026 placement is counted under T3.)
- −4MoatOwn plasma process for graphene and a battery programme with UQ and Rio Tinto, but the battery's energy density is 49 Wh/kg at 6-minute charging (101 Wh/kg at 1 hour) – far below lithium-ion – so the niche is fast charging and lifetime, not range.
Price
Today's multiples against the company's own history and its peers. · 2 findings−15 of −35
- −6Multiples vs own historyThe market cap has risen from CAD 64m (June 2025) to approx. 324m; EV/Sales was 264 in FY2025 and 222 in FY2024 and is now several hundred times revenue (PS 434 on stockanalysis). The price is driven by battery news, not by sales.
- −9Absolute price level and peersEV about CAD 300m for a company with under CAD 1m in revenue. Zentek (graphene products, TSXV) has an EV of about CAD 78m and Novonix (battery materials) about USD 97m with USD 5.6m in revenue, so GMG is 3-4x more expensive than comparable companies.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−16 of −35
- −6Technology riskThe battery is still in the laboratory and pouch-cell phase: cells are to be tested at customers in 2026 and small commercial production with partners (including BIC in Indiana) only in 2027. The outcome is binary.
- −5Funding and dilutionOperations require continuous new money: most recently 6.47m shares at CAD 2.15 to an unnamed private investor (about USD 10m, 28/9-2026) for scaling up graphene and battery cell production. The burn of about CAD 13m a year will rise with the scale-up.
- −3Sentiment and volatilityThe stock is +185% over 52 weeks on battery news without meaningful revenue growth; Altman Z −1.6 and Piotroski 3 show a weak financial position behind the price.
- −2Partner dependenceThe Rio Tinto collaboration is a development agreement (JDA) with no purchase commitment, and the battery's commercialisation depends on partners not yet named.
Plus
Only documented strengths. · 2 findings+2 of +15
- +1Validation from a large partnerDevelopment agreement with Rio Tinto and the University of Queensland on the graphene-aluminium-ion battery as well as support from the Battery Innovation Center in Indiana.
- +1Regulatory approvalUS EPA approval of THERMAL-XR in 2026 opens the American market for the coating.
Caveats
What the score does not capture, or where the data is weak.
Penny deep dive (the price is above DKK 3). Australian company (Brisbane) listed on TSX Venture that makes graphene with its own plasma process and sells THERMAL-XR coating for HVAC/cooling, G-lubricant and develops graphene-aluminium-ion batteries (G+AI) with the University of Queensland and Rio Tinto. No industry on the list fits; 'Commodities & uranium' is chosen as the closest (materials producer), and cyclical = no, because earnings do not follow a commodity price. Fiscal year July–June; the annual report for FY2026 (as of 30/6-2026) is not yet published, so the latest quarterly figures are as of 31/3-2026. Stockanalysis' figures are converted to CAD from Australian dollars and are mutually inconsistent (the statistics page shows cash 9.8m, the quarterly page net cash 14.0m); cash is an estimate. Share count after the placement on 28/9-2026: about 140.2m (133.77 + 6.47). Price CAD 2.31 from stockanalysis 2/10-2026. The large net income swing (−21m in the Dec quarter) is probably due to revaluation of warrants, not operations. Short data and insider trades have not been investigated.
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