Forensic Analysis · Chemicals · as of Nov 10, 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
-6.5
Distress distance
3
Forensic signals
-51.5%
ROE
-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 (auditor quality, say on pay, board independence, going concern). 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 -6.5, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+86.8%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +249% over the last 2 years to FY2025 (+86.8%/yr). The count is growing — 10.5M shares in FY2023, 36.7M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~86.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~71%.
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 86.8% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. 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.
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.
Key fundamentals
Latest Revenue$1.6M
Revenue Growth YoY-48.5%
Revenue CAGR (2yr)+10.4%
Net Margin-2772.3%
Return on Equity-51.5%
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?