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First Phosphate Corp (FRSPF) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of First Phosphate Corp stock $0.75, price $1.24, that is 39.5% below the price, quality 36 out of 100. Rating: strongly overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Basic Materials US · Based in Canada

FP First Phosphate Corp logo Thin data Nov 10, 2026

First Phosphate Corp

FRSPF · US
Very expensive, weak quality

Our calculation puts a fair price 40% below what the stock costs today.

Fair value $0.7500 · Strongly overvalued
Quality 36/100
Negative free cash flow
Trails peers (2/7)
Narrow moat 5/100
Thin data
⟳ CyclicalEstimate
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

$1.92 $0.1000 Fair Value $0.7500 Jun 2023 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

41‑month range $0.1000 – $1.92 · fair‑value band $0.5600 – $0.9400 · the $1.24 price screens above the $0.7500 fair value. As of Nov 10, 2026.

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Company profile

First Phosphate Corp. operates as a mineral exploration, development, and clean technology company. The company engages in acquiring, exploring, and developing igneous rock phosphate mineral properties. Its flagship property is Bégin-Lamarche Property in Saguenay"Lac-Saint-Jean, Quebec.

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The company was formerly known as First Potash Corp. and changed its name to First Phosphate Corp. in June 2022. First Phosphate Corp. was incorporated in 2006 and is based in Vancouver, Canada.

Stock analysis

First Phosphate Corp (FRSPF) currently trades at $1.24, while our estimate is $0.7500, 40% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: $0.5600 (bear) to $0.9400 (bull), the price of $1.24 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 36/100 (below-average quality), in the Basic Materials sector.

First Phosphate Corp reported revenue of C$0 in FY2026 versus C$0 in FY2022. Reported net income was −C$23.4M in FY2026.

Key figures

Market cap $220M Micro · EPS (TTM) $−0.1400 · Return on equity −195% · Return on assets (EBIT) −80.6% (4-year average) · Free cash flow −C$21.3M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 5 out of 100 (medium confidence).

What moves the price

The share trades about 35% below its 52-week high and 164% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −10% fair-value upside, at −40%, FRSPF screens richer than that median.

Fair Value

Bear $0.5600 Fair Value $0.7500 Bull $0.9400
Price $1.24 · Downside -39.5%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 36/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 75
Are margins and returns getting better?
Cashflow 27
Do the profits arrive as real cash?
Financial strength 100
Debt, balance sheet and risk of trouble
Investment 0
Does it invest with discipline instead of growing at any price?
Low Volatility 0
How calm the share price moves, does not count
Price momentum 52
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 77
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed

FRSPF screens overvalued: fair value 40% below the price. Compare with BHP Group →

Compare First Phosphate Corp with another stock

Price, fair value, quality and upside side by side.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Other Industrial Metals & Mining · 577 stocks

Beats the industry median on 2/6 measures
Overall it trails its industry peers.
Valuation
Quality Score 36 · Above median
Fair Value upside −39.5% · Below median
Profitability
Return on assets −81.8% · Bottom 25%
Operating margin (12 months) 0.0% · Above median
Growth and dividend
Revenue growth (quarter YoY) 0.0% · Below median

Valuation Multiplesvs Other Industrial Metals & Mining median · lower = cheaper

P/B 8.87× · Priciest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Other Industrial Metals & Mining stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Vedanta Limited VEDL ₹262.00 ₹334.17 +28% vs FRSPF
Saudi Arabian Mining Company 1211 57.00 SAR 64.24 SAR +13% vs FRSPF
Western Mining Co 601168 ¥28.25 ¥30.98 +10% vs FRSPF
Hindustan Zinc Limited HINDZINC ₹575.95 ₹624.91 +9% vs FRSPF
Boliden AB BOL kr 515.20 kr 464.45 −10% vs FRSPF
BHP Group BHP A$60.39 A$47.47 −21% vs FRSPF
Zhejiang Huayou Cobalt Co 603799 ¥32.69 ¥25.57 −22% vs FRSPF
Korea Zinc Company 010130 967,000 KRW 649,125 KRW −33% vs FRSPF
CMOC Group 603993 ¥13.71 ¥6.82 −50% vs FRSPF
China Tungsten And Hightech Materials Co 000657 ¥40.90 ¥4.44 −89% vs FRSPF

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First Phosphate Corp: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "First Phosphate Corp Fair Value". https://www.fairvalue-calculator.com/stock/FRSPF

Frequently asked questions

Is First Phosphate Corp (FRSPF) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is $0.7500 versus a price of $1.24, about 40% lower (overvalued).
What is the fair value of FRSPF?
Our estimate for First Phosphate Corp is $0.7500 (as of Nov 10, 2026), built from audited fundamentals. The current price: $1.24.
What is the quality score of FRSPF?
First Phosphate Corp has a Quality Score of 36/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for First Phosphate Corp (FRSPF)?
Our calculated price target is the estimate of $0.7500 (as of Nov 10, 2026). Cautious scenario $0.5600, optimistic scenario $0.9400. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the First Phosphate Corp stock forecast for 2026?
Our estimate puts fair value at $0.7500, about 40% lower versus a price of $1.24 (overvalued). Cautious scenario $0.5600, optimistic scenario $0.9400. The calculation is refreshed regularly with new filings.
What is the intrinsic value of First Phosphate Corp (FRSPF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For First Phosphate Corp it is $0.7500 per share (as of Nov 10, 2026), against a price of $1.24.
Is First Phosphate Corp stock overvalued or undervalued in 2026?
As of Nov 10, 2026, FRSPF trades above its calculated fair value: price $1.24, fair value $0.7500, a gap of about −40% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FRSPF?
No. The price is what the market pays today ($1.24); the fair value is what the company's own numbers justify ($0.7500). For First Phosphate Corp the two are $0.4900 per share apart. That gap is exactly why we show both numbers side by side.
How much is First Phosphate Corp worth?
The market values First Phosphate Corp at about $220M (market capitalisation, as of Nov 10, 2026). Per share that is $1.24; our models calculate a fair value of $0.7500 per share.
What do the bullish and bearish scenarios say about FRSPF?
Our models span a range for First Phosphate Corp: cautious scenario $0.5600, base $0.7500, optimistic $0.9400 per share (as of Nov 10, 2026, price $1.24). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of First Phosphate Corp (FRSPF)?
Balance-sheet figures for First Phosphate Corp (as of Nov 10, 2026): return on equity −194.7%. They feed the Quality Score of 36/100, which measures business quality independently of the share price.
How far is FRSPF from its 52-week high?
First Phosphate Corp trades at $1.24, about 35% below its 52-week high of $1.92 and 164% above the low of $0.4700 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of $0.7500 is for.
Which stocks are comparable to First Phosphate Corp?
From the same area (Basic Materials) we also value BHP Group, Saudi Arabian Mining Company, CMOC Group, Hindustan Zinc Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is First Phosphate Corp stock attractive at the current price?
The data as of Nov 10, 2026: price $1.24, calculated fair value $0.7500 (−40%), Quality Score 36/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. First Phosphate Corp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of First Phosphate Corp (FRSPF)?
The closing price on Nov 10, 2026 was $1.24. Our estimate is $0.7500, about 40% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with First Phosphate Corp right now?
The price sits above even our optimistic bull case ($0.9400). The favourable scenario is already priced in. Weak quality (36/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of First Phosphate Corp

How large is the market capitalisation of First Phosphate Corp (FRSPF)?
The market capitalisation of First Phosphate Corp is $220M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of First Phosphate Corp (FRSPF)?
Earnings per share at First Phosphate Corp are $−0.1400. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of First Phosphate Corp (FRSPF)?
The return on equity (ROE) of First Phosphate Corp is −195% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of First Phosphate Corp (FRSPF)?
On an EBIT basis the return on assets of First Phosphate Corp is −80.6% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How much free cash flow does First Phosphate Corp (FRSPF) generate?
The free cash flow of First Phosphate Corp is −C$21.3M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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