Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 28, 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.
C · Mixed — selective
Forensic grade
Safe
Financial health
15.4
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-12.6%
ROE
$304M
Market cap
LIGHTBRIDGE Corp earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 15.4, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+133.4%Accruals ratio.Net operating assets grew +133.4% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran in line with operating cash by -4% of net operating assets.
-9%Return on invested capital.Return on invested capital is -9% and rising from -2820% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+62.1%/yrShare-count dilution.Diluted share count changed +248% over the last 4 years to FY2025 (+62.1%/yr). The count is GROWING — existing holders are being diluted. That's ~62.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2021 has been diluted ~248%.
Key fundamentals
Debt / Equity0.01x
Free Cash Flow$-14.5M
Return on Equity-9.6%
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 LIGHTBRIDGE Corp:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about LTBR'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