Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 27, 2026
Lucid Group, Inc. (LCID)
A forensic read on Lucid Group, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-8.2
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-103.1%
ROE
$2.3B
Market cap
Lucid Group, Inc. earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -8.2, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
155dInventory days.Days inventory outstanding moved from 86 to 155 FY2024→FY2025 (against cost of goods sold; inventory +172% vs +51% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
-51%Return on invested capital.Return on invested capital is -51% and slipping from -39% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
stoppedShareholder returns — halted.Capital returns have STOPPED — $21M of buybacks + dividends in FY2021, but ~$0 in FY2023. A halt usually means the company is conserving cash; understand why before reading it as neutral.
20% of revStock-based comp load.Stock-based compensation ran 20% of revenue in FY2025 — about $0.87 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-199.3%
Debt / Equity3.79x
Free Cash Flow$-3.80B
Latest Revenue$1.35B
Return on Equity-376.1%
Revenue Growth YoY+67.6%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Lucid Group, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about LCID's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown