Lightbridge Corp. (LTBR) intrinsic value & 10-year financials

Lightbridge Corp. (LTBR) has a Graham intrinsic value of $100.15 per share. At $5.21 on Oct 17, 2026, the stock trades 95% below that value. Over the last 10 fiscal years revenue shrank 76.9% a year to $0, with an average return on invested capital of -64.2%.

Graham intrinsic value
$100.15
Share price (Oct 17, 2026)
$5.21
Price vs Graham value
95% below
Market cap
$127.7M
Revenue (FY2025)
$0
Revenue growth (10-yr CAGR)
-76.9%
ROIC (10-yr avg)
-64.2%
Free cash flow (FY2025)
—

LTBR 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $0 -$19.6M — — — -19.1%
FY2024 $0 -$11.8M -$0.81 — — -37.6%
FY2023 $0 -$7.9M -$0.65 — — -31.2%
FY2022 $0 -$7.5M -$0.69 — — -28.9%
FY2021 $0 -$7.8M -$1.71 — — -37.5%
FY2020 $0 -$14.4M -$3.59 -$8.8M — -78.3%
FY2019 $0 -$10.6M -$3.66 -$6.9M — -48.0%
FY2018 — -$15.7M — — — -99.0%
FY2017 $175.4K -$7.1M — — -3760.5% -125.2%
FY2016 $760.6K -$6.3M — — -1003.8% -137.4%

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

LIGHTBRIDGE Corp revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

LIGHTBRIDGE Corp has historically struggled to out-earn its cost of capital, averaging just -64.2% ROIC.

LIGHTBRIDGE Corp has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, LIGHTBRIDGE Corp is modeled at -76.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $100.15 per share.

LTBR stock: frequently asked questions

What is the intrinsic value of Lightbridge Corp. (LTBR) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a -76.9% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, LTBR's intrinsic value is about $100.15 per share.

Is LTBR stock undervalued?

At $5.21 (close on Oct 17, 2026), LTBR trades 95% below its Graham value of $100.15. On Graham's terms that leaves a margin of safety. A formula is a starting point for research, not a recommendation.

How fast has Lightbridge Corp. grown?

Revenue went from $760.6K in fiscal 2016 to $0 in fiscal 2025, a compound annual growth rate of -76.9%. Net income was -$19.6M in fiscal 2025.

What is LTBR's return on invested capital?

Average ROIC over the last 10 fiscal years was -64.2%, and average return on equity was -60.5%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this LTBR data come from?

From Lightbridge Corp.'s annual 10-K filings on SEC EDGAR. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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