Comstock Inc. (LODE) intrinsic value & 10-year financials
Comstock Inc. (LODE) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 12.3% a year to $1.6M, with an average return on invested capital of -31.2%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $1.79
- Market cap
- $65.7M
- Revenue (FY2025)
- $1.6M
- Revenue growth (10-yr CAGR)
- -12.3%
- ROIC (10-yr avg)
- -31.2%
- Free cash flow (FY2025)
- -$26.7M
LODE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.6M | -$43.1M | -$1.17 | -$26.7M | -2455.2% | -42.2% |
| FY2024 | $3.0M | -$53.3M | -$3.21 | -$14.9M | -1315.1% | -50.6% |
| FY2023 | $1.3M | $10.5M | $0.09 | -$15.4M | -989.0% | -17.5% |
| FY2022 | $178.2K | -$46.7M | -$0.62 | -$13.1M | -10868.0% | -26.2% |
| FY2021 | $862.2K | -$24.6M | -$0.49 | -$7.6M | -743.0% | -8.8% |
| FY2020 | $201.7K | $14.9M | $0.49 | -$3.9M | -2714.1% | -19.3% |
| FY2019 | $179.6K | -$3.8M | -$0.20 | -$4.7M | -2975.2% | -23.7% |
| FY2018 | $150.3K | -$9.5M | — | -$5.7M | -4924.1% | -39.4% |
| FY2017 | $104.3K | -$10.6M | -$0.26 | -$6.7M | -8509.6% | -40.8% |
| FY2016 | $5.1M | -$13.0M | -$0.07 | -$3.3M | -201.4% | -43.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Comstock Inc. is facing top-line stagnation, with revenue contracting over the decade.
Comstock Inc. has historically struggled to out-earn its cost of capital, averaging just -31.2% ROIC.
Over the decade, Comstock Inc. shows that management has aggressively returned capital to shareholders by retiring 79.2% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Comstock Inc. is modeled at -12.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-1.25 per share.