Forensic Analysis · Materials / Mining & Chemicals · as of Sep 25, 2026
Comstock Inc. (LODE)
A forensic read on Comstock Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-3.9
Distress distance
Clean
Earnings quality
5
Forensic signals
-3.1
P / E (ttm)
-40.0%
ROE
$252M
Market cap
0.00%
Dividend yield
-48.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Comstock Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -3.9, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+33.1%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +33.1% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by PP&E up +247% against revenue -48% and payables paid down 20% against +481% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 23% of net operating assets, against an accruals ratio of 33.1%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
stopped
FY2023→FY2024
Shareholder returns — halted.Capital returns have STOPPED — $70,355 of buybacks + dividends in FY2023, but ~$0 in FY2024. A halt usually means the company is conserving cash.
302d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 293 to 302 days FY2024→FY2025 (receivables -47% vs revenue -48%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 8 → 293 → 302 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
Key fundamentals
Latest Revenue$1.6M
Revenue Growth YoY-48.5%
Revenue CAGR (2yr)+10.4%
Net Margin-2772.3%
Return on Equity-40.0%
Debt / Equity0.00x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Comstock Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Comstock Inc. (LODE) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
n/m (stock split)
FY2023–FY2025
Share count (stock split).Diluted share count changed +249% over the last 2 years to FY2025, but that includes a large one-time change around FY2025 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +86.8%/yr figure isn't a real buyback/dilution read here.
0.0% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.0% of revenue in FY2025 — about $0.00 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 58.0% a year, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.