Comstock Inc LODE

EnergyMetals & MiningUnited States of America

Last close 1.41 USD on Nov 1, 2026, −62.5% year to date

Quant rating

Quant rating D Rank 145 of 167 in Energy

Growth A 9 of 167
Valuation D 162 of 167
Quality D 140 of 167
Revisions C 74 of 167
Momentum D 166 of 167

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 107M
Enterprise value: 90M
52-week range: 1.40 – 4.95
3-year range: 1.35 – 8.81
Dividend yield: –
Beta (5 years): 1.67
Shares outstanding: 76.0M
Next earnings: Nov 4, 2026

About the company

Comstock Inc. commercializes technologies, systems and supply chains that enable, support and sustain clean energy systems by extracting and converting under-utilized natural resources into reusable metals, like silver, aluminum, gold, and other critical minerals, primarily from end-of-life photovoltaics. The Company's segments include Bioleum, Metals, Mining, Strategic Investments and Corporate. Its Bioleum Segment represents its lignocellulosic biomass into biointermediates for refining into renewable fuels. The Company's Metals Segment represents its recycling of electrification products. Its Mining Segment includes its gold and silver mining assets and related real estate. The Company's Mining Segment owns, controls, or retains royalty interest in 12 square miles of properties of patented mining claims, unpatented mining claims and surface parcels in northern Nevada. Its Strategic Investments Segment includes its investments in Green Li-ion and Sierra Springs Opportunity Fund Inc.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1.6	3.0	1.3	0.2	0.9	–
Revenue growth	−48.5%	136.7%	615.4%	−79.3%	327.5%	50.4%
EPS (basic, normalized)	−1.20	−3.21	0.90	−6.20	−1.00	–
EPS growth	–	–	–	–	–	–
Gross margin	−69.1%	85.0%	–	100.0%	68.4%	46.1%
Net margin	−2,772.3%	−1,767.9%	718.9%	−25,792.2%	−2,851.4%	−6,493.0%
ROE	−51.5%	−77.3%	13.9%	−64.2%	−40.5%	−43.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	31.4
Current ratio	3.20x
Long-term debt (mil)	10.9
Net debt (mil)	−17.2
Total equity (mil)	137
Net debt / equity	−0.12x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1.6	−48.5%	57.9x	–	–	–	−1.20	+62.6%	−1.2x
2026	6.3	+303.8%	14.3x	−16.9	–	−5.3x	−0.54	+55.0%	−2.6x
2027	32.0	+410.0%	2.8x	10.8	+163.6%	8.4x	−0.37	+31.5%	−3.8x
2028	83.6	+161.1%	1.1x	24.8	+131.0%	3.6x	0.24	+164.9%	5.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	6.3	0.0%	0.0%	−72.7%	−0.54	0.0%	0.0%	−31.7%
2027	32.0	0.0%	0.0%	−62.0%	−0.37	0.0%	0.0%	−239.6%
2028	83.6	0.0%	0.0%	−50.3%	0.24	0.0%	0.0%	−76.7%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	0.4	0.4	0.6	1.6	0.8	0.3	0.1	0.4	0.3	0.3
Sales mean (mil)	0.5	0.6	0.7	0.7	0.9	0.8	0.9	0.3	0.4	1.4
Surprise	−21.7%	−23.8%	−19.1%	+128.4%	−12.2%	−57.1%	−93.9%	+15.8%	−29.3%	−80.1%
EPS reported	−0.60	−0.60	−0.80	−3.01	−0.37	−0.27	−0.31	−0.26	−0.16	−0.32
EPS mean	−0.40	−0.40	−0.30	−0.20	−0.20	−0.19	−0.14	−0.15	−0.17	−0.12
Surprise	−50.0%	−50.0%	−166.7%	−1,405.0%	−85.0%	−42.1%	−129.6%	−77.3%	+6.9%	−166.7%

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
LODE Comstock Inc	107M	–	−2,772.3%	0.78x	−2.6x	−3.8x	−5.3x	8.4x
CTGO Contango Silver & Gold Inc	460M	2.94x	–	1.34x	−33.9x	7.0x	−194.9x	2.6x
GQC Goldquest Mining Corp	187M	–	–	5.73x	–	–	–	–
ATY Atico Mining Corp	31M	1.58x	−22.7%	0.88x	–	–	–	–
UARI Uranium American Resources Inc	11M	–	–	–	–	–	–	–
AEMC Alaska Energy Metals Corp	7M	–	–	0.33x	–	–	–	–
Mean		2.26x	−1,397.5%	1.81x	−18.3x	1.6x	−100.1x	5.5x
Median		2.26x	−1,397.5%	0.88x	−18.3x	1.6x	−100.1x	5.5x

Technical analysis

1M−41.7%
3M−50.2%
1Y−53.6%
3Y−64.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Comstock Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1.6	3.0	1.3	0.2	0.9	0.2
Cost of revenue	2.6	0.5	–	0	0.3	1.2
Gross profit	−1.1	2.6	1.3	0.2	0.6	−1.0
Selling, general & administrative expenses	20.7	12.7	12.6	10.2	5.5	3.6
Research & development	12.3	19.1	6.1	7.0	0.4	0.8
Depreciation/amortization	3.8	2.2	2.5	3.3	1.0	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	5.3	18.5	−7.3	14.3	7.5	−0.2
Other operating expenses	0	0	0	0	0	0.1
Operating income	−43.2	−50.0	−12.6	−34.7	−13.9	−5.3
Net interest income (expense)	0.3	−3.9	22.9	−10.7	−16.6	17.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.3	0.4	0.3	−1.3	0.1	2.3
Net income before taxes	−43.2	−53.4	10.5	−46.7	−30.3	14.9
Provision for taxes	–	–	–	0	−5.7	–
Minority interest	0.1	0.1	−1.4	0.8	–	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−43.1	−53.3	9.2	−45.9	−24.6	14.9
Extraordinary items	–	–	–	–	–	–
Net income	−43.1	−53.3	9.2	−45.9	−24.6	14.9
EBIT, normalized	−37.9	−31.5	−19.9	−20.4	−6.4	−5.5
EBITDA, normalized	−34.0	−29.2	−17.4	−16.6	−5.3	−4.3
Basic EPS, normalized	−1.20	−3.21	0.90	−6.20	−1.00	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Comstock Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	17.0	1.0	22.7	2.5	6.8	6.4
Receivables	1.3	2.4	0	5.0	5.9	7.1
Total inventory	–	–	–	–	–	–
Prepaid expenses	0.5	0.6	0.5	0.7	0.2	0.2
Other current assets	2.0	8.6	0	22.5	0.9	7.1
Total current assets	20.7	12.6	23.2	30.8	13.8	20.8
Property, plant & equipment	60.4	27.6	31.7	29.0	36.3	15.3
Goodwill	1.5	–	–	0	12.8	–
Intangibles	24.9	5.9	15.9	17.7	23.2	–
Long-term investments	39.5	38.9	31.3	18.8	25.9	3.3
Note receivable	10.3	2.4	1.0	1.0	8.9	0.9
Other long-term assets	12.3	4.0	3.5	2.9	6.1	2.9
Total assets	170	91.3	106	100	127	43.1
Liabilities
Accounts payable	2.3	2.9	1.3	0.7	0.6	0.3
Payable/accrued	–	–	–	–	–	–
Accrued expenses	5.4	4.5	2.4	1.7	0.9	0.4
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0	0.6	5.3	14.2	13.0	3.6
Other current liabilities	2.4	0.2	5.8	15.0	9.3	0.6
Total current liabilities	10.0	8.1	14.8	31.6	23.9	4.8
Long-term debt	12.0	8.4	5.4	6.5	4.5	0
Minority interest	3.3	0	0	2.8	3.4	0
Other liabilities	36.7	15.0	8.0	5.5	5.6	6.5
Total liabilities	62.0	31.5	28.2	46.5	37.4	11.3
Shareholders' equity
Preferred stock	0	0	–	0	0	0
Common stock	0.2	0.2	0.1	0.1	0	0
Additional paid-in capital	486	395	364	348	339	253
Retained earnings (accumulated deficit)	−379	−336	−282	−291	−246	−221
Treasury stock	–	0	−3.4	−3.4	−3.9	–
Other equity	0	0	0	0	0	0
Total equity	108	59.8	78.3	53.6	89.6	31.8
Total liabilities & shareholders' equity	170	91.3	106	100	127	43.1

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Comstock Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−43.2	−53.4	10.5	−46.7	−24.6	14.9
Depreciation, depletion & amortization	3.8	2.2	2.5	3.3	1.1	1.2
Deferred taxes	–	–	–	0	−5.7	–
Non-cash items	10.8	35.2	−29.7	30.2	22.7	−19.4
Changes in working capital	4.2	2.0	3.1	1.1	−0.9	−0.5
Cash from operations	−24.4	−13.9	−13.6	−12.1	−7.5	−3.8
Investing activities
Capital expenditures	−10.2	−1.2	−14.0	−3.1	−0.1	−0.1
Other investing cash flows	−11.8	−5.3	17.6	−0.6	−16.0	3.3
Cash from investing	−22.0	−6.5	3.6	−3.7	−16.1	3.2
Financing activities
Financing cash flow items	16.8	−0.1	−0.3	−2.9	−1.1	−0.1
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	45.6	17.7	11.6	15.3	28.1	2.1
Cash from financing	62.4	17.6	11.3	12.4	27.1	2.0
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	16.0	−2.8	1.3	−3.4	3.5	1.4
Free cash flow	−34.6	−15.2	−27.6	−15.2	−7.6	−3.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.