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ZYBERNO

Stock Report

Updated Jun 9, 2026

Li-Cycle Holdings Corp. (LICYQ)

Utilities • Over The Counter

$0.00

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

14.0/100

POOR BUSINESS

Li-Cycle Holdings Corp. (LICYQ) scores 14/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full LICYQ quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full LICYQ valuation analysis · → View full LICYQ Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-53.1%)

Debt-to-Equity (Solvency Risk):CRITICAL (3.15x)

Operating Margin (Operational Efficiency):CRITICAL (-448.2%)

Return on Capital (Capital Efficiency):CRITICAL (-8.3%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Li-Cycle Holdings Corp. (LICYQ) stock report — Zyberno Score 14/100 (POOR BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, LICYQ generated -$120.90M in Owner Earnings. Capital was deployed as follows: $23.90M invested in capital expenditures. Reinvestment rate: -5.7%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:0.00

Market Cap:$23.50

Valuation Multiples (3)

P/B Ratio:0.00x

P/S Ratio:0.00x

Peg Ratio:-999.00x

Enterprise Metrics (1)

Enterprise Value:$864.50M

B. Profitability Assessment

Return Metrics (5)

ROE:

-53.1%

📊 Click to view full LICYQ ROE analysis →

ROA:-15.5%

Roic:

-8.3%

📊 Click to view full LICYQ ROIC analysis →

Reinvestment Rate:-5.7%

Fundamental Growth Rate (g):0.5%

Margin Analysis (3)

Operating Margin Ttm:-448.2%

Net Margin Ttm:-491.8%

Ebitda Margin:-382.1%

TTM Performance (3)

Gross Margin Ttm:-173.6%

Operating Margin Ttm:-448.2%

Net Margin Ttm:-491.8%

Yield Metrics (2)

Earnings Yield:-$586.00M

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):83.7%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.58x

Quick Ratio:0.51x

Cash Ratio:0.15x

Leverage Analysis (3)

Debt To Equity Ttm:3.15x

Debt-to-Equity Ratio:3.15x

Debt To Ebitda:-999.00x

Coverage Ratios (2)

Interest Coverage Ratio:-7.25x

Times Interest Earned:-7.25

Capital Structure (4)

Working Capital:-63,600,000.00

Cash And Cash Equivalents:22,600,000.00

Long Term Debt:$746.10M

Net Debt:$864.50M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $28.00M

Linear Growth: 83.7%

📊 Click to view full LICYQ Revenue analysis & methodology →

Cost Of Revenue Ttm:$76.60M

Profitability Breakdown (2)

-$48.60M-$125.50M

Bottom Line Performance (3)

-$137.70M

Income Before Tax:-$137.70M

Ebitda Ttm:-107,000,000.00

Operating Expenses (5)

Operating Expenses:0.00

R And D Expense:1,600,000.00

Sga Expense:75,300,000.00

Income Tax Expense:$0.00

Interest Expense:17,300,000.00

Expense Ratios (3)

R And D To Revenue Percentage:22.9%

Sga To Revenue Percentage:1,075.7%

Ebitda Margin:-382.1%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$861.20M

Current Assets:$86.40M

Ppe Net:690,900,000.00

Goodwill:0.00

Intangible Assets:$500.00K

Liability Structure (4)

Total Liabilities:598,100,000.00

Current Liabilities:150,000,000.00

Long Term Debt:$746.10M

Short Term Debt:$141.00M

Equity & Capital (3)

Equity:$263.10M

Retained Earnings:-$409.30M

Common Stock:672,700,000.00

Working Capital Items (3)

Accounts Receivable:12,100,000.00

Inventory:9,600,000.00

Accounts Payable:109,300,000.00

Special Items (2)

Contract Liabilities:3,300,000.00

Stock Based Compensation:2,800,000.00

C. Cash Flow Analysis

Operating Activities (2)

-$106.40M-$130.30M

Investment Activities (2)

Investing Cash Flow:-$3.30M

Capital Expenditures Ttm:23,900,000.00

Financing Activities (3)

Financing Cash Flow:$7.00M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:15,500,000.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:18,500,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-5.86

-$5.86

Earnings Per Share Ttm:-$5.86

Revenue & Cash Per Share (2)

Sales Per Share Ttm:1.19

Operating Cash Flow Per Share:-$4.53

Book Value & Capital (2)

Book Value Per Share:$11.20

Cash Per Share:0.96

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.03x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:2.31x

Days Sales Outstanding Ttm:157.73

Inventory Management (2)

Inventory Turnover Ttm:7.98x

Days Inventory Outstanding Ttm:45.74

Payables & Cash Cycle (2)

Days Payable Outstanding:520.82

Cash Conversion Cycle:-317.34

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:0.00

Quality Score:15.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$120.90M

Damodaran Growth Analysis (2)

Reinvestment Rate:-5.7%

Fundamental Growth Rate (g):0.5%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):83.7%

Other Growth Rates (1)

Book Value Growth Rate (Linear):20.3%

C. Company Profile & Context

Corporate Information (6)

Symbol:LICYQ

Company Name:Li-Cycle Holdings Corp.

Sector:Utilities

Industry:Hazardous Waste Management

Exchange:Over The Counter

Country:Unknown

Market Classification (3)

Market Cap Category:N/A

Price Category:penny

Volume Category:N/A

Share Structure (3)

Shares Outstanding:23.50M

Shares Outstanding Basic:23.50M

Shares Outstanding Diluted:23.50M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-06-09 06:46:02 UTC

Data Timestamp:2026-06-09T06:46:02.553865