Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 28, 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
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-36.8%
ROE
$329M
Market cap
Comstock Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -6.5, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+33.1%Accruals ratio.Net operating assets grew +33.1% relative to their average in FY2025 — the accrual component of earnings. 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 cash-flow cross-check agrees: reported earnings ran behind operating cash by -23% of net operating assets.
-27%Return on invested capital.Return on invested capital is -27% and slipping from -23% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
302d DSOReceivables 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 — watch the trend.
$19MGoodwill impairments.Took $19M of goodwill writedowns across 2 year(s) (FY2021 ($6M), FY2022 ($13M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-2772.3%
Debt / Equity0.00x
Free Cash Flow$-26.2M
Latest Revenue$1.6M
Return on Equity-40.0%
Revenue Growth YoY-48.5%
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 Comstock Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about LODE'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