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NextSource Materials Inc (NEXT) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of NextSource Materials Inc stock C$0.09, price C$0.19, that is 55.3% below the price, quality 18 out of 100. Rating: strongly overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Basic Materials CA · ISIN CA65343M2094

NM NextSource Materials Inc logo Thin data Nov 3, 2026

NextSource Materials Inc

NEXT · TO
Very expensive, weak quality

Our calculation puts a fair price 55% below what the stock costs today.

Low debt
Mixed Growth (revenue YoY +9.3 %/yr in USD)
Revenue last quarter 82% below a year ago.
Fair value C$0.0850 · Strongly overvalued (−55.3%)
Quality 18/100
Negative free cash flow
Trails peers (1/8)
Narrow moat 6/100 · thin data
Thin data
⟳ Cyclical⚠ Dilution
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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

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

C$4.53 C$0.1600 Fair Value C$0.0850 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.

How to read this chart

60‑month range C$0.1600 – C$4.53 · fair‑value band C$0.0595 – C$0.1190 · the C$0.1900 price screens above the C$0.0850 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.

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Company profile

NextSource Materials Inc. explores for, develops, and evaluates mineral properties in Madagascar and Canada. It operates through Mine Development and Battery Anode Facilities (BAF) Development segments. The company explores for graphite and vanadium deposits.

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It holds interests in the Molo graphite mine located in the Province of Toliara in Southern Madagascar; the Green Giant Vanadium Project located in Madagascar; and the Sagar Project located in Quebec, Canada. The company also operates battery anode facilities in Mauritius.

In addition, it provides mining and value-added processing of graphite concentrate and other minerals under the SuperFlake brand. The company was formerly known as Energizer Resources Inc. and changed its name to NextSource Materials Inc. in April 2017.

NextSource Materials Inc. was founded in 2004 and is headquartered in Toronto, Canada.

Stock analysis

NextSource Materials Inc (NEXT) currently trades at C$0.1900, while our model-based Fair Value estimate is C$0.0850, 55% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the data coverage at low.

Scenario range: C$0.0595 (bear) to C$0.1190 (bull), the price of C$0.1900 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 18/100 (below-average quality), in the Basic Materials sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

NextSource Materials Inc reported revenue of $782K in FY2026 versus $0 in FY2022. Reported net income was −$37.3M in FY2026.

Key figures

Market cap C$46.7M (≈ $33.0M) Micro · P/S ratio 66.4 · EPS (TTM) C$−0.2500 · Return on equity −112% · Return on assets (EBIT) −14.1% (5-year average) · Operating margin −7,826% · Revenue (TTM) $777K · Revenue growth (YoY) −81.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 6 out of 100 (low confidence).

What moves the price

The share trades about 66% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −8% fair-value upside, at −55%, NEXT screens richer than that median.

Fair Value models

Bear C$0.0595 Fair Value C$0.0850 Bull C$0.1190
Price C$0.1900 · Downside -55.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
NCAV (Graham) C$0.0700 C$0.1000 C$0.1400 54
All 1 models by family
Asset-Based
NCAV (Graham) C$0.0700 C$0.1000 C$0.1400 54

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 18/100

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 46
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 39
Debt, balance sheet and risk of trouble
Investment 33
Does it invest with discipline instead of growing at any price?
Low Volatility 45
How calm the share price moves, does not count
Price momentum 1
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 1
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

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 9/100
Revenue is growing, but margins or cash flow do not fully confirm the 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

NEXT screens overvalued: fair value 55% below the price. Compare with BHP Group →

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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 · 371 stocks

Beats the industry median on 1/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 18 · Bottom 25%
Fair Value upside −55.3% · Below median
Profitability
Return on assets −40.4% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −81.9% · Bottom 25%
Balance sheet
Debt / equity 0.35× · Highest 25%

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

P/B 1.32× · Cheaper than median
P/S (12 months) 42.52× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)0 · sector 92
PAST (return on equity)0 · sector 0
HEALTH (low debt)83 · sector 95
DIVIDEND (yield)0 · sector 34

VALUE 0: the price sits above our fair-value range.

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 ₹261.75 ₹334.17 +28% vs NEXT
Saudi Arabian Mining Company 1211 59.05 SAR 64.96 SAR +10% vs NEXT
Hindustan Zinc Limited HINDZINC ₹568.10 ₹624.91 +10% vs NEXT
Western Mining Co 601168 ¥27.56 ¥30.32 +10% vs NEXT
Boliden AB BOL kr 503.40 kr 464.45 −8% vs NEXT
BHP Group BHP A$57.62 A$47.45 −18% vs NEXT
Zhejiang Huayou Cobalt Co 603799 ¥33.04 ¥25.57 −23% vs NEXT
Korea Zinc Company 010130 960,000 KRW 649,125 KRW −32% vs NEXT
CMOC Group 603993 ¥13.29 ¥6.82 −49% vs NEXT
China Tungsten And Hightech Materials Co 000657 ¥38.65 ¥4.44 −89% vs NEXT

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NextSource Materials Inc: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "NextSource Materials Inc Fair Value". https://www.fairvalue-calculator.com/stock/NEXT

Frequently asked questions

Is NextSource Materials Inc (NEXT) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of C$0.0850 versus a price of C$0.1900, about 55% lower (overvalued).
What is the fair value of NEXT?
Our model-based fair value for NextSource Materials Inc is C$0.0850 (as of Nov 3, 2026), built from audited fundamentals. The current price: C$0.1900.
What is the quality score of NEXT?
NextSource Materials Inc has a Quality Score of 18/100. 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 NextSource Materials Inc (NEXT)?
Our model-based price target is the fair value of C$0.0850 (as of Nov 3, 2026) from 1 valuation models. Cautious scenario C$0.0595, optimistic scenario C$0.1190. It is a calculation from audited fundamentals, not an analyst target.
What is the NextSource Materials Inc stock forecast for 2026?
Our models put fair value at C$0.0850, about 55% lower versus a price of C$0.1900 (overvalued). Cautious scenario C$0.0595, optimistic scenario C$0.1190. The calculation is refreshed regularly with new filings.
What is the revenue of NextSource Materials Inc (NEXT)?
NextSource Materials Inc reported trailing-twelve-month revenue of about $777K (latest available figure, as of Nov 3, 2026).
What is the intrinsic value of NextSource Materials Inc (NEXT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NextSource Materials Inc it is C$0.0850 per share (as of Nov 3, 2026), against a price of C$0.1900. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is NextSource Materials Inc stock overvalued or undervalued in 2026?
As of Nov 3, 2026, NEXT trades above its calculated fair value: price C$0.1900, fair value C$0.0850, a gap of about −55% (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 NEXT?
No. The price is what the market pays today (C$0.1900); the fair value is what the company's own numbers justify (C$0.0850). For NextSource Materials Inc the two are C$0.1050 per share apart. That gap is exactly why we show both numbers side by side.
How much is NextSource Materials Inc worth?
The market values NextSource Materials Inc at about C$46.7M (market capitalisation, as of Nov 3, 2026). Per share that is C$0.1900; our models calculate a fair value of C$0.0850 per share.
What do the bullish and bearish scenarios say about NEXT?
Our models span a range for NextSource Materials Inc: cautious scenario C$0.0595, base C$0.0850, optimistic C$0.1190 per share (as of Nov 3, 2026, price C$0.1900). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of NextSource Materials Inc (NEXT)?
Balance-sheet figures for NextSource Materials Inc (as of Nov 3, 2026): return on equity −112.2%, debt of 0.35 per unit of equity. They feed the Quality Score of 18/100, which measures business quality independently of the share price.
How far is NEXT from its 52-week high?
NextSource Materials Inc trades at C$0.1900, about 66% below its 52-week high of C$0.5600 and 6% above the low of C$0.1800 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of C$0.0850 is for.
Which stocks are comparable to NextSource Materials Inc?
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 NextSource Materials Inc stock attractive at the current price?
The data as of Nov 3, 2026: price C$0.1900, calculated fair value C$0.0850 (−55%), Quality Score 18/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NEXT calculated?
We run NextSource Materials Inc through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of C$0.0850 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. NextSource Materials Inc 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 NextSource Materials Inc (NEXT)?
The closing price on Nov 6, 2026 was C$0.1900. Our model-based fair value is C$0.0850, about 55% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NextSource Materials Inc right now?
The price sits above even our optimistic bull case (C$0.1190). The favourable scenario is already priced in. Weak quality (18/100) 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. A fairly wide model range (C$0.0595 to C$0.1190) leaves room in how you read the outcome.

Key figures of NextSource Materials Inc

How large is the market capitalisation of NextSource Materials Inc (NEXT)?
The market capitalisation of NextSource Materials Inc is C$46.7M (≈ $33.0M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of NextSource Materials Inc (NEXT)?
The price-to-sales ratio of NextSource Materials Inc is 66.4 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of NextSource Materials Inc (NEXT)?
Earnings per share at NextSource Materials Inc are C$−0.2500. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of NextSource Materials Inc (NEXT)?
The return on equity (ROE) of NextSource Materials Inc is −112% (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 NextSource Materials Inc (NEXT)?
On an EBIT basis the return on assets of NextSource Materials Inc is −14.1% (avg 5y). 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.
What is the operating margin of NextSource Materials Inc (NEXT)?
The operating margin of NextSource Materials Inc is −7,826% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NextSource Materials Inc (NEXT)?
Revenue at NextSource Materials Inc is growing −81.9% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does NextSource Materials Inc (NEXT) generate?
The free cash flow of NextSource Materials Inc is −$19.8M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does NextSource Materials Inc (NEXT) carry?
The net debt of NextSource Materials Inc is $44.0M (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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