Comstock Inc.

LODE
About the company

Comstock Inc. commercializes technologies, systems, and supply chains that extract, process, and convert under-utilized waste and natural resources into clean energy and clean energy supporting products in the United States. It operates through the Fuels, Metals, Mining, and Strategic Investments segments.

Country: United StatesPrice: $1.43Market Cap: $108.8M

Investment snapshot

18%positive consensus
Scored 1d ago

Positive

3

BUY / PASS

Neutral / negative

1 / 12

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

10 of 12 pass — Buffett and Marks object

Key risk

No clean pass — all 8 investors flag at least one growth criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILFAIL · Rank #2802 (Top 90.5%)PASSFAILFAILFAILFAILFAILFAILPASSFAILFAILFAILBUYNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-24

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-24

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-24

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Qualitative assessment

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-24

Score computed: 2026-11-14

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-24

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage83% pass✓ 13✗ 2▾

    10 of 12 pass — Buffett and Marks object

    LT Debt vs Net Current AssetsLT Debt $0.0M vs NCA $10.6M
    ✓GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.00, IC: -67.3x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0
    ✓Lynch< 0.33
    Cash - Long-term Debt$17.0M
    ✓LynchPositive preferred
    LT Debt / Total Assets Change9.19% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities3.31
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=-67.3x, D/EBITDA=N/A
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0001; #292/4210 (top 6.9%)
    ✓AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Growth0% pass✓ 3✗ 10▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$-3.18 (2010) -> $-1.17 (2025)
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency2/16 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth136.7%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency2/5 years with positive EPS growth
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 100.0% -> -69.1%, operating margin -989.0% -> -2455.2%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR50.4%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR-43.2% over 3 years
    ✗Neff7%-20% annualized
  • Profitability6% pass✓ 5✗ 30▾

    15 of 16 flag LODE's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)2/19 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)2/19 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-46.4%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-2455.2% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$9.8M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)N/A (negative mean EPS)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-35.6%
    ✗Lynch> 15%
    EBIT / Enterprise Value-41.6%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-41.6%, ROC=-161.9%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-25.40%
    ✗PiotroskiROA > 0
    ROA Change YoY-58.40% -> -25.40% (delta: +33.00%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-14.38%, ROA=-25.40%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY85.0% -> -69.1%
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue2772.3%
    ✓Dreman>= 8%
    Net Income / Shareholders' Equity-35.6%
    ✗Dreman> 12%
    Margin of SafetyP/B=0.7x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-39.2% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency2/16 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-3535.2%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-35.6%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-989.0% (2023) -> -2455.2% (2025)
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 100.0% -> -69.1%, operating margin -989.0% -> -2455.2%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-44.94%; #5001/6340 (top 78.9%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets-0.63%; #3546/3702 (top 95.8%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity-35.56%; #4005/5226 (top 76.6%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.2322; #4373/5884 (top 74.3%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR-43.2% over 3 years
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years2/10 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Valuation8% pass✓ 9✗ 19▾

    12 of 13 flag LODE's valuation — Graham, Lynch, Greenblatt +9 more

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio0.7x
    ✓Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value-41.6%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-41.6%, ROC=-161.9%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    Price / Book Value per Share0.7x
    ✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=-52.9%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=0.7x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share
    ✗Ackman<= 25
    Price vs. Trailing Low100% of trailing low ($1.43)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-44.94%; #5001/6340 (top 78.9%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+1.2636; #1125/6449 (top 17.4%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share0.91x
    ✓SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change+128.4%
    ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.0122; #4825/5247 (top 92.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-53.11%; #5243/6202 (top 84.5%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Cash Flow10% pass✓ 2✗ 10▾

    9 of 10 flag LODE's cash flow — Lynch, Piotroski, Dreman +6 more

    Free Cash Flow Proxy$9.8M
    ✓BuffettPositive and growing
    FCF Positive and Growing$-15.4M
    ✗LynchPositive and growing
    Operating Cash Flow$-24.4M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-14.38%, ROA=-25.40%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive0/14 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency0/16 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
  • Verdicts19% pass✓ 3✗ 13▾

    Split decision: 12 FAIL · 2 PASS · 1 BUY · 1 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (3/9)✗BuffettFAIL (1/9)✗LynchFAIL (3/7)✗GreenblattRank #2802✓PiotroskiPASS (F-Score 4)✗DremanFAIL (4/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✗AckmanFAIL (3/9)✓TempletonPASS (4/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #1961/2370 (Top 82.7%))✗NeffFAIL (1/6)✓SchlossBUY (5/7)•OshaughnessyNEUTRAL (Not ranked)
  • Efficiency25% pass✓ 3✗ 8▾

    6 of 8 flag LODE's efficiency — Buffett, Greenblatt, Piotroski +3 more

    Current Ratio3.31
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)-24.7%
    ✗Buffett> 10%
    ROIC - WACC-34.7%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)-161.9%
    ✗Greenblatt> 25%
    Current Ratio Change YoY1.55 -> 2.06
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.03x -> 0.01x
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities3.31
    ✓Dreman> 1.5
    Return on Invested Capital-27.0%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-11.3%; FY2024: ROIC=-45.9%; FY2025: ROIC=-28.0%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/5 years above 12% (latest -28.0%)
    ✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Chemicals
SIC Sector: Chemicals & Pharmaceuticals
Size: Micro Cap($108.8M)
Revenue: $1.6M-48.5% YoY
Net Income: $43.1M+19.2% YoY

Financial Snapshot

Operating Margin-2455.2%
Return on Equity-40.0%
Debt / Equity0.00
Current Ratio2.06
EPS (Diluted)$-1.17
Shares Retired−120.6%

Shareholder Return

Fiscal 2025

Issued 120.6% of shares last year.

Buybacks
—
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: revenue, net income, operating income, ebit, interest expense, operating cash flow, depreciation amortization, capex.

Q3 FY 2026

2026-07-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, capex.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-03-24
FY 2024
Sources
  • 10-K · 2025-03-06
FY 2023
Sources
  • 10-K · 2024-02-27
FY 2022
Sources
  • 10-K · 2023-03-16
FY 2021
Sources
  • 10-K · 2022-03-28
Market Cap$108.8Mcurrent------$153.0Mest.$89.3Mest.$554.0Mest.$435.3Mest.$999.0Mest.
Revenue$1.3M↓52%$367.3K↑579%$272.8K↓20%$313.5K↓60%$1.6M↓48%$3.0M↑137%$1.3M↑615%$178.2K↓79%$862.2K
Operating Income-$46.9M↓15%$2.2M↑121%-$26.9M↓251%-$8.9M↓27%-$38.1M↑4%-$39.7M↓215%-$12.6M↑35%-$19.4M↓202%-$6.4M
Net Income-$48.9M↑7%-$753.5K↑94%-$25.5M↓225%-$9.4M↓3%-$43.1M↑19%-$53.3M↓682%$9.2M↑120%-$46.7M↓90%-$24.6M
EPS (Diluted)--------$-1.17↑64%$-3.21↓3667%$0.09↑115%$-0.62↓27%$-0.49
Gross Margin————-69.1%↓181%85.0%↓15%100.0%100.0%↑46%68.4%
Operating Margin-3535.2%↓141%588.9%↑103%-9872.8%↓337%-2853.0%↓219%-2455.2%↓87%-1315.1%↓33%-989.0%↑91%-10868.0%↓1363%-743.0%
ROE-35.6%↑20%———-40.0%↑55%-89.2%↓862%11.7%↑113%-87.2%↓218%-27.4%
Total Debt$18.6K$18.6K$18.5K↓100%$18.9K↓100%$0↓100%$8.5M↓14%$9.9M↑24%$7.9M↑76%$4.5M
Shareholders' Equity$137.4M↑16%$137.4M↑16%$137.3M↑55%$156.4M↑163%$107.6M↑80%$59.8M↓24%$78.3M↑46%$53.6M↓40%$89.6M
Current Ratio3.31↑30%3.31↑30%3.20↑114%4.51↑148%2.06↑33%1.55↓1%1.56↑61%0.97↑68%0.58
Debt / Equity0.000.000.00↓100%0.00↓100%0.00↓100%0.14↑13%0.13↓15%0.15↑195%0.05
Operating Cash Flow-$31.2M↓37%-$9.4M↓8%-$10.1M↓110%-$5.8M↓17%-$24.4M↓75%-$13.9M↓2%-$13.6M↓13%-$12.1M↓62%-$7.5M
Free Cash Flow---$10.5M---------$15.4M↓18%-$13.1M↓73%-$7.6M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Chemicals

LODE vs Peers — Financial Grading

Revenue$1.6MBottom 25%
Net Income$43.1MBottom 25%
ROE-40.0%Bottom 25%
D/E0.00Top 25%
Op. Margin-2455.2%Bottom 25%
Curr. Ratio2.06Median
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
EIDP, Inc.CTA-PB$46.8B$54.21——————2/95/92/70/3F-Score 14/11
CF Industries Holdings, Inc.CF$18.3B$125.09$7.1B$1.8B37.2%0.6632.5%3.373/94/95/73/3F-Score 88/11
RPM INTERNATIONAL INC/DE/RPM$13.2B$103.73$7.9B$661.4M20.0%0.77—1.683/92/93/71/3F-Score 67/11
Element Solutions IncESI$8.0B$33.08$2.6B$190.8M7.1%0.6113.4%3.682/92/91/71/3F-Score 56/11
NEWMARKET CORPNEU$6.5B$709.19$2.7B$418.7M23.5%0.5020.0%2.534/96/92/71/3F-Score 55/11
HEXCEL CORP /DE/HXL$6.0B$79.46$1.9B$109.4M8.7%0.799.1%2.262/92/93/70/3F-Score 64/11
ICL Group Ltd.ICL$5.8B$4.52$7.2B$226.0M3.8%0.468.1%1.335/94/92/70/3F-Score 45/11
BALCHEM CORPBCPC$5.5B$173.14$1.0B$154.8M12.3%0.1320.2%2.072/94/92/71/3F-Score 95/11