# Company Exposure (CMCS)

The Critical Mineral Company Score: how much of a listed company’s output is in minerals whose supply is slow to respond, concentrated in a few countries and facing fast-growing demand.

Source: https://www.stockatomics.com/research/company-exposure

## How it’s built

Output share (E) × SES × DPS × C, added up across a company’s minerals.

- **Output share (E)**: The company’s reported output of the mineral, in contained tonnes, as a share of world supply. Only production disclosed in filings counts, never an estimate, so a developer that isn’t producing yet scores nothing for that mineral.
- **Supply elasticity (SES)**: How hard it is for the mineral’s supply to respond to rising demand, 0–100.
- **Demand pressure (DPS)**: The mineral’s demand momentum, on a 0–100 scale.
- **Supply concentration (C)**: How few producing countries hold the mineral’s world supply, 0–100.

For each mineral a company produces, the four are multiplied together, with each score taken as a fraction of 100, and the results are added up across its minerals. The total is then scaled from 0 to 100 against the range across all companies: that is the **CMCS**. A company scores highly by producing a large share of minerals whose supply is at once hard to expand, concentrated and in rising demand, while a large share of an abundant mineral with responsive supply adds little.

## Shown as a percentile

On its 0–100 scale, most companies sit near zero while the largest producers of the tightest minerals reach the top of the range, so the Terminal shows CMCS as a **percentile rank**: from 1 to 100 across the scored companies, with 100 the highest and 1 the lowest. Companies with exactly the same CMCS share a rank. In the Terminal, hover over the rank wherever it appears, on the Companies list, at the top of every company page and on The Stockatomics Model, to see the CMCS itself to two decimal places.

## Companion scores

Shown on every company page in the Terminal, alongside the CMCS.

- **Mineral exposure (MES)**: Output share × SES × DPS: exposure to minerals with constrained supply and strong demand, before taking concentration into account. (0–100)
- **Supply leverage (SLS)**: Output share × SES × C: exposure to minerals whose supply is both constrained and concentrated. (0–100)
- **Demand momentum**: The demand growth of the company’s minerals, weighted by its share of each mineral’s world supply. (% a year)

## Today’s leaders

Highest CMCS percentile first, in the Stockatomics Terminal.

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

- Companies by CMCS percentile: Every scored company, highest CMCS percentile first, with the CMCS itself.
- Companion scores, company by company: Each company’s mineral exposure, supply leverage and demand momentum.

## FAQ

### What is the Critical Mineral Company Score (CMCS)?

How much of a listed company’s output is in minerals whose supply is slow to respond, concentrated in a few countries and facing fast-growing demand, shown as a percentile rank from 1 to 100.

### How is CMCS calculated?

For each mineral a company produces, its output share, the mineral’s supply elasticity (SES), its demand pressure (DPS) and its supply concentration (C) are multiplied together, each score taken as a fraction of 100, and the results are added up across its minerals. The total is scaled from 0 to 100 against the range across all companies.

### Why is CMCS shown as a percentile?

On its 0–100 scale most companies sit near zero while the largest producers of the tightest minerals reach the top, so the rank, from 1 to 100 across the scored companies, makes them easier to compare.

## More research

The full method is set out in [our research paper](https://www.stockatomics.com/research/constraint-transmission-framework).

- [The Stockatomics Model](https://www.stockatomics.com/research): what Stockatomics measures and where the data comes from.
- [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.
- [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.