Li Cycle Holdings's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Li Cycle Holdings (LICY) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Li Cycle Holdings vs Its Competitors
- TTM: Trailing 12-month revenue of 28M vs -M combined for tracked competitors (100.0% combined share).
- Trending: Latest-quarter revenue run-rate is holding steady (+0.0% annualized vs trailing 12 months).
- Peer revenue share: Li Cycle Holdings accounted for 100.0% of combined revenue among its tracked peer group, up from 100.0% a year earlier.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
LICY Sales vs. its Competitors, Q4 2024
Li Cycle Holdings generated 100.00 % of the combined sales of its peer group, up from 100.00 % a year earlier.
For context: the Environmental Services industry grew revenue -1.2% year over year, combined, vs 9.4% for Li Cycle Holdings. Li Cycle Holdings's share of combined industry revenue moved from 0.03% to 0.03%, a gain of 0.00 percentage points.
Li Cycle Holdings's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Li cycle Holdings Corp | No | Yes | Yes | Yes |
| Competitors combined (1) | - | - | - | |
| Similar Growth & Profitability (8) | 0.00 % (0 of 8) | 0.00 % (0 of 8) | 0.00 % (0 of 8) | 83.30 % (5 of 6) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
LICY Stock Performance relative to its Competitors
LICY Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Lithium Corporation | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Li Cycle Holdings's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Li Cycle Holdings's Comment on Competition and Industry Peers
Publicly Traded Peers of Li cycle Holdings Corp
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Li cycle Holdings Corp | 19.82 | 28.00 |
| Lithium Corporation | 6.13 | - |
| SUBTOTAL | 25.95 | 28.00 |
Sources: Li cycle Holdings Corp's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Li cycle Holdings Corp versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Li Cycle Holdings's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Li-Cycle | Named by the company | 85% |
| Lithium Corporation | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Li Cycle Holdings's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Li Cycle Holdings's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Li cycle Holdings Corp | 20 | 116,667 | -573,750 |
| Lithium Corporation | 6 | - | - |
| PEERS TOTAL | 6 | - | - |
Li Cycle Holdings's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Li cycle Holdings Corp | United States 70.71 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Li Cycle Holdings's Position in Industry Market Structure
Market-capitalization share and concentration across all 14 companies in Li Cycle Holdings's industry classification, broader than the peer set above. Market cap in millions of $.Li Cycle Holdings ranks #0 of 14 companies by market capitalization in its industry, holding 0.00 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 2,625, indicating a highly concentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Waste Management Inc | 83,333 | 37.06 % |
| 2 | Republic Services Inc | 65,193 | 28.99 % |
| 3 | Waste Connections Inc | 39,490 | 17.56 % |
| 4 | Clean Harbors inc | 16,517 | 7.35 % |
| 5 | Gfl Environmental Inc | 1,234 | 5.2% |
| 6 | Casella Waste Systems Inc | 1,234 | 5.2% |
| 7 | Perma Fix Environmental Services Inc | 1,234 | 5.2% |
| 8 | Athena Technology Acquisition Corp Ii | 1,234 | 5.2% |
| 9 | Quest Resource Holding Corporation | 1,234 | 5.2% |
| 10 | Oio Group | 1,234 | 5.2% |
| 0 | Li cycle Holdings Corp | 20 | 0.00 % |
Market cap and industry share for the rest of Li Cycle Holdings's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2025-02-26.
Li Cycle Holdings's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Environmental Services industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (29 companies). See the full Environmental Services industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | -173.57 % | 32.11 % (avg) | -205.7 pp |
| Operating Margin | -448.21 % | industry median | -449.3 pp |
| EBITDA Margin | -451.07 % | -12.17 % (avg) | -438.9 pp |
| Capital Intensity (Capex / Revenue) | 85.36 % | 8.71 % (avg) | +76.7 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Li Cycle Holdings's Valuation vs Competitive Position
Valuation multiples vs the Environmental Services industry average (29 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Environmental Services industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 25.2x | - |
| EV / EBITDA | - | 15.4x | - |
| P/B | 0.1x | 3.3x | -3.2x |
| Return on Equity | -53.11 % | industry aggregate | -66.90 % |
| Return on Invested Capital | -7.58 % | 2.36 % (avg) | -9.94 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Li Cycle Holdings's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue Growth | 237.15 % | -6.15 % | 53.01 % |
| Operating Margin | -578.97 % | -1,576.50 % | -448.21 % |
| Return on Invested Capital | -7.98 % | -26.55 % | -7.58 % |
| P/E | - | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Li Cycle Holdings's Strategic Group Map
Every company in Li Cycle Holdings's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Li Cycle Holdings is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Li Cycle Holdings's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Low | Industry HHI of 2,625 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 85.36 % vs industry average 8.71 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Li Cycle Holdings's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Li Cycle Holdings's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Li Cycle Holdings's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Li Cycle Holdings falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Li Cycle Holdings's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
No rule matched.
Weaknesses
- Operating margin 449.3 points below the industry median.
- Return on equity 66.9 points below the industry aggregate.
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Piotroski F-Score of 2 or below, the standard financial-distress signal.
Opportunities
- A meaningful share of tracked competitors (100.00 %) show financial-distress signals, a possible opening to gain share.
Threats
- Industry dominated by Waste Management Inc, holding 37.06 % of industry market cap.
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Li Cycle Holdings's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Li cycle Holdings Corp | 0.38 | 0.78 | 4.01 |
| Lithium Corporation | - | 1.09 | - |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Li Cycle Holdings's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Li cycle Holdings Corp | Q4 2024 | +9.4 % | - |
| Lithium Corporation | Q2 2026 | - | - |
| PEERS TOTAL | +9.4 % | - |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Li Cycle Holdings's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Li cycle Holdings Corp | Q4 2024 | -8.9 % | -92.5 % |
| Lithium Corporation | Q2 2026 | - | - |
Li Cycle Holdings's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Li cycle Holdings Corp | - | - | - |
| Lithium Corporation | - | - | - |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Li Cycle Holdings's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Li cycle Holdings Corp | - | 0.71 |
| Lithium Corporation | - | - |
| PEERS AVERAGE | - | 0.93 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.