Forensic Analysis · Materials / Mining & Chemicals · as of Aug 11, 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
-3.5
Distress distance
Clean
Earnings quality
6
Forensic signals
-3.4
P / E (ttm)
-40.0%
ROE
$270M
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). 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 -3.5, placing it in the Distress zone. 6 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by PP&E up +247% against revenue -48% and payables paid down 20% against +481% in cost of sales. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 23% of net operating assets, diverging from the balance-sheet accrual read.
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. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 56.9% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
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.
435d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 148 to 435 days FY2024→FY2025 (receivables -47% vs revenue -48%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 718 → 148 → 435 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in.
Key fundamentals
Latest Revenue$1.6M
Revenue Growth YoY-48.5%
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 Aug 11, 2026. Forensic signals flag probability, not certainty.
Comstock Inc. (LODE) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed -51% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 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 -21.0%/yr figure isn't a real buyback/dilution read here.
$19M
FY2021–FY2022
Goodwill impairments.Took $19M of goodwill writedowns across 2 years (FY2021 ($6M), FY2022 ($13M)). Writedowns mean past acquisitions underperformed what was paid for them.