Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.68, read 2026-10-27
Ethical passes the values gate
Price9.56 USD
Fair value12.02
Ethical score70.0/100
Our investment reviews on this name
2026-10-02Read Distribution13.18-27.5% to today ✓Markdown gives way to Distribution after a 15% slide in 11 days
2026-09-21Read Markdown15.49-38.3% to today ✓Markup gives way to Markdown after a 12% slide in 12 weeks
2026-07-02Read Markup17.68-45.9% to today First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Almonty Industries Inc. holds its Distribution at $9.56. Consolidating, no directional conviction, held for 39 days.
As held on the ledger · 2026-10-27
Phase
Distribution · caution
Quantitative state
Consolidating, no directional conviction, held for 39 days
Price at the screen
$9.56
Valuation
49.44 trailing · 7.44 forward price to earnings
Values screen
PASS· score 70.0
Beta
1.40
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
27.49%
Below 33%
Interest-bearing debt is just 27.5% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
45.62%
Below 49%
Money owed to the company is 45.6% of assets, under the 49% limit.
Pass
Revenue purity
4.73%
Below 5%
Only 4.7% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Almonty Industries clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 27%, inside the ~33% line, and interest is about 5% of its income, under the ~5% line, so it passes.
Read as at 2026-10-27. It updates when the underlying figures move, and past reads are kept below.
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Today ALM passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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Fair value range in USD, drawn from the 2026-10-27 screen. The gold marker is the market price at the same screen. A 35.0% margin of safety to the base estimate.
Third-party analyst targets: 12 covering, consensus Strong Buy. The average target sits +163% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-27 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Tungsten Miner Grows Fast but Bleeds Cash
Picture a miner chasing tungsten prices that swing like a pendulum. Almonty has posted 221% revenue growth yet still runs at a 265% negative profit margin and a 71% negative return on equity. The low 9.8 times forward earnings multiple looks tempting on paper, but this is exactly the cyclical value trap we watch for.
We pass because the business sits in a notoriously volatile sector where peak earnings often coincide with the lowest multiples. Strong analyst targets sit well above the current price and the ethical screen clears, yet the scale of ongoing losses and unknown competitive position outweigh those points.
Currency swings, project delays and sudden metal-price drops remain real threats that could erase any apparent margin of safety quickly. Analysis, not advice.
The risks · The things to watch: it already moves more than the market on an average day.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
ALM trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-26Distribution$8.90-11.9%Entry 11
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 11.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Over the past year the shares are up 186%. Our forward projection puts the odds of a 10% gain over the next month near 54%. The street (7 analysts) rates it strong buy, with a mean price target of $24.
2026-10-19Distribution$10.10-14.9%Entry 10
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 14.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Over the past year the shares are up 186%. Our forward projection puts the odds of a 10% gain over the next month near 54%. The street (7 analysts) rates it strong buy, with a mean price target of $24.
2026-10-12Distribution$11.87-9.9%Entry 9
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 9.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 80% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 186%. Our forward projection puts the odds of a 10% gain over the next month near 54%. The street (7 analysts) rates it strong buy, with a mean price target of $24.
The framework has shifted from markdown to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 14.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A. Technically it is holding around 80% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 186%. Our forward projection puts the odds of a 10% gain over the next month near 54%. The street (7 analysts) rates it strong buy, with a mean price target of $24.
2026-09-21Markdown · changed$15.49+15.4%Entry 7
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 15.4% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 80% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 186%. Our forward projection puts the odds of a 10% gain over the next month near 54%. The street (7 analysts) rates it strong buy, with a mean price target of $24.
2026-08-21Markup$13.42-2.5%Entry 6
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 2.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 80% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 186%. Our forward projection puts the odds of a 10% gain over the next month near 54%. The street (7 analysts) rates it strong buy, with a mean price target of $24.
2026-07-21Markup$13.77-22.1%Entry 5
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 22.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A. Technically it is holding around 80% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 186%. Our forward projection puts the odds of a 10% gain over the next month near 54%. The street (7 analysts) rates it strong buy, with a mean price target of $24.
2026-07-18Markup$17.68+0.0%Entry 4
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A. Technically it is holding around 80% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 186%. Our forward projection puts the odds of a 10% gain over the next month near 54%. The street (7 analysts) rates it strong buy, with a mean price target of $24.
2026-07-17Markup$17.68+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A. Technically it is holding around 80% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 186%. Our forward projection puts the odds of a 10% gain over the next month near 54%. The street (7 analysts) rates it strong buy, with a mean price target of $24.
2026-07-03Markup$17.68+0.0%Entry 2
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.