Forensic Analysis · Materials / Mining & Chemicals · as of Aug 7, 2026
Lightbridge Corp (LTBR)
A forensic read on Lightbridge Corp 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
Grey Zone
Financial health
15.4
Distress distance
Clean
Earnings quality
4
Forensic signals
-9.6%
ROE
$339M
Market cap
3461.4%
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.
Lightbridge Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 15.4, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+133.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +133.4% 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. This is the fourth straight fiscal year of building accruals — an even longer streak than the 3-year mark that already signals a materially stronger tell. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 4% of net operating assets, diverging from the balance-sheet accrual read.
1119803d DSO
FY2016→FY2017
Receivables vs revenue.Days sales outstanding moved from 305070 to 1119803 days FY2016→FY2017 (receivables -97% vs revenue -79%). Receivables are creeping up relative to sales. Across FY2013–FY2017 the day count ran -23061 → 83720 → 157619 → 305070 → 1119803 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.
n/m (stock split)
FY2021–FY2025
Share count (stock split).Diluted share count changed +248% over the last 4 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 +36.6%/yr figure isn't a real buyback/dilution read here.
1209% of rev
FY2022
Stock-based comp load.Stock-based compensation ran 1209% of revenue in FY2022. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 40.8% a year and is falling.
Key fundamentals
Latest Revenue$289,435.00
Revenue Growth YoY+3461.4%
Revenue CAGR (3yr)-9.7%
Net Margin-2590.5%
Return on Equity-9.6%
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 Lightbridge Corp's actual 10-K/10-Q/8-K filings?