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 its 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.
API endpoints for this dataset
For context: the Environmental Services industry grew revenue 6.4% 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
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Li cycle Holdings Corp | - | Yes | Yes | Yes |
| Competitors combined (1) | - | - | - |
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
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 |
5.01 | - |
| SUBTOTAL | 24.83 | 28.00 |
Sources: see Methodology: Peer & Competitor Identification, Sourcing.
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 Li Cycle Holdings reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Lithium Corporation | Company report | 85% |
Company report basis, confidence, active dates and source counts for Li Cycle Holdings's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
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 | 5 | - | - |
| PEERS TOTAL | 5 | - | - |
Li Cycle Holdings's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. 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 reports (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 2,703, indicating a highly concentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Waste Management Inc | 98,556 | 37.39 % |
| 2 | Republic Services Inc | 78,033 | 29.61 % |
| 3 | Waste Connections Inc | 49,726 | 18.87 % |
| 4 | Clean Harbors inc | 15,610 | 5.92 % |
| 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 Valuation vs Competitive Position
Valuation multiples vs the Environmental Services industry average (38 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 | - | 19.0x | - |
| EV / EBITDA | - | 12.4x | - |
| P/B | 0.2x | 3.7x | -3.5x |
| Return on Equity | -53.11 % | industry aggregate | -67.19 % |
| Return on Invested Capital | -7.58 % | -4.48 % (avg) | -3.10 % |
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 company reports.| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue Growth | 237.15 % | -6.15 % | 53.01 % |
| Operating Margin | - | - | - |
| 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 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 2,703 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 85.36 % vs industry average 4.84 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Li Cycle Holdings's dedicated Suppliers and Customers pages, not here.
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
- Return on equity 67.2 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 competitors (100.00 %) show financial-distress signals, a possible opening to gain share.
Threats
- Industry dominated by Waste Management Inc, holding 37.39 % of industry market cap.
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: see Methodology: SWOT Analysis.
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 | - | 0.89 |
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.