# The Stockatomics Model

Every critical mineral and listed company, read the same way: how hard supply is to expand (SES), how concentrated it is (C), how fast demand is growing (DM) and how exposed each company is to all three (CMCS).

Source: https://www.stockatomics.com/research

## What Stockatomics measures

Four scores and a benchmark price, measured the same way for every mineral and company.

- Critical minerals: 60
- Monthly benchmarks: 60
- Demand sectors: 8

Each mineral has a **Supply Elasticity Score** (how hard it is for supply to keep up with rising demand), a **supply concentration** rating (how few countries hold world output) and a **demand momentum** (the growth it inherits from the sectors that use it). A listed company’s **CMCS** combines all three with its share of world output, and every mineral has a Stockatomics benchmark price in US dollars per kg contained.

- [Supply Elasticity (SES)](https://www.stockatomics.com/research/supply-elasticity): How hard it is for supply to respond when demand rises.
- [Supply Concentration (C)](https://www.stockatomics.com/research/supply-concentration): How few producing countries hold world supply.
- [Demand Momentum (DM)](https://www.stockatomics.com/research/demand-momentum): The demand growth a mineral inherits from the sectors that use it.
- [Company Exposure (CMCS)](https://www.stockatomics.com/research/company-exposure): How much of a listed company’s output is in constrained, concentrated, fast-growing minerals.
- [Benchmark Prices](https://www.stockatomics.com/research/benchmark-prices): The monthly price per kg contained, for every critical mineral.
- [Stock vs Mineral Performance](https://www.stockatomics.com/research/stock-vs-mineral): How listed companies performed against their minerals’ benchmark prices.
- [AI Infrastructure Index](https://www.stockatomics.com/ai-infrastructure-index): What the hardware behind AI costs, month by month.
- [Research paper](https://www.stockatomics.com/research/constraint-transmission-framework): Constraint Transmission Framework, with every scoring identity set out.

## Market Pulse

The latest readings, in the Stockatomics Terminal.

In the Stockatomics Terminal (https://www.stockatomics.com/terminal/research, sign-in required):

- Hardest supply to expand (SES): The higher the score, the slower supply responds to rising prices.
- Highest company exposure (CMCS): Output share × SES × demand pressure × C, as a percentile of the scored companies.
- Demand growth by sector: Projected demand growth, % a year, with what each projection assumes.
- Catalysts and disruptors: Companies, start-ups, policies and events that could shift supply or demand.

## Sources

Where the data comes from. Every price is in US dollars.

- US trade data: Official US trade statistics.
- USGS: World and US supply and demand, and the leading producing countries (Mineral Commodity Summaries).
- Company filings: Disclosed production, which links a listed company to the minerals it produces and sets its output share.
- IEA: Demand outlooks for the energy-transition sectors.
- FX: European Central Bank: Euro reference rates used to convert share prices to US dollars, at the rate on each price’s date.

## FAQ

### What does Stockatomics measure?

Four scores and a benchmark price, measured the same way for every mineral and company: how hard supply is to expand (SES), how concentrated it is (C), how fast demand is growing (DM) and how exposed each listed company is to all three (CMCS). Every mineral has a Stockatomics benchmark price in US dollars per kg contained.

### Where does the data come from?

Official US trade statistics, the USGS Mineral Commodity Summaries, company filings, IEA demand outlooks and the European Central Bank’s euro reference rates. Every price is in US dollars.