Comstock Inc. (NYSE: LODE)

Sector: Basic Materials Industry: Other Precious Metals & Mining CIK: 0001120970
Market Cap 67.49 Mn
P/B 0.57
P/E -1.28
P/S 24.29
ROIC (Qtr) -30.75
Div Yield % 0.00
Rev 1y % (Qtr) -90.28
Total Debt (Qtr) 27.67 Mn
Debt/Equity (Qtr) 0.23
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About

Investment thesis

Bull case

  • Operating cash flow of (22.81M) provides exceptional 1185.13x coverage of minority interest expenses (19248), showing strong core operations.
  • Operating cash flow of (22.81M) provides strong 226.57x coverage of stock compensation (100683), indicating sustainable incentive practices.
  • Strong tangible asset base of 150.88M provides 5.45x coverage of total debt 27.67M, indicating robust asset backing and low credit risk.
  • Tangible assets of 150.88M provide exceptional 39.60x coverage of deferred revenue 3.81M, showing strong service capability backing.
  • Long-term investments of 52.31M provide solid 1.89x coverage of long-term debt 27.67M, indicating strategic financial planning.

Bear case

  • Investment activities of (10.71M) provide weak support for R&D spending of 21.87M, which is -0.49x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Cash reserves of 31.71M provide limited coverage of acquisition spending of (4.16M), which is -7.62x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • Operating cash flow of (22.81M) provides insufficient coverage of deferred revenue obligations of 3.81M, which is -5.99x, raising concerns about future service delivery capabilities.
  • Free cash flow of (27.25M) provides weak coverage of capital expenditures of 4.43M, with a -6.14 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of (50.19M) show weak coverage of depreciation charges of 2.50M, with a -20.09 ratio indicating high capital intensity and potential reinvestment needs.

Segments Breakdown of Revenue (2024)

Segments Breakdown of Revenue (2024)

Peer comparison

Companies in the Other Precious Metals & Mining
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 HL Hecla Mining Co/De/ 13.92 Bn 43.35 9.78 275.80 Mn
2 TFPM Triple Flag Precious Metals Corp. 7.13 Bn 34.87 20.73 14.50 Mn
3 PPTA Perpetua Resources Corp. 2.49 Bn -56.16 0.00 0.05 Mn
4 ASM Avino Silver & Gold Mines Ltd 1.28 Bn 82.71 20.45 3.38 Mn
5 MUX McEwen Inc. 1.25 Bn -104.83 7.51 127.73 Mn
6 MTA Metalla Royalty & Streaming Ltd. 0.74 Bn -347.30 96.23 8.77 Mn
7 NEWP New Pacific Metals Corp 0.58 Bn -195.22 0.00 0.00 Mn
8 ELE Elemental Royalty Corp 0.30 Bn -829.72 18.50 0.00 Mn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.45 0.38
EV to Cash from Ops. EV/CFO -3.48 46.96
EV to Debt EV to Debt 2.87 3,165.55
EV to EBIT EV/EBIT -1.58 -95.38
EV to EBITDA EV/EBITDA -2.08 4.86
EV to Free Cash Flow [EV/FCF] EV/FCF -2.91 31.14
EV to Market Cap EV to Market Cap 1.18 0.86
EV to Revenue EV/Rev 28.58 13.34
Price to Book Value [P/B] P/B 0.57 6.32
Price to Earnings [P/E] P/E -1.28 -125.76
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 2.56
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 -10.52
Dividend per Basic Share Div per Share (Qtr) 0.00 0.02
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 3.93
Interest Coverage Int. cover (Qtr) -20.55 9.92
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -158.42 -825.54
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 2,226.10 689.03
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -3.81
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -151.73 85.08
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -48.24 150.70
EBIT Growth (1y) % EBIT 1y % (Qtr) -151.73 97.21
EBT Growth (1y) % EBT 1y % (Qtr) -133.19 107.49
EPS Growth (1y) % EPS 1y % (Qtr) -77.05 129.12
FCF Growth (1y) % FCF 1y % (Qtr) -509.86 414.62
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -83.84 41.58
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.02 0.15
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.01
Cash Ratio Cash Ratio (Qtr) 2.30 9.29
Current Ratio Curr Ratio (Qtr) 2.54 12.32
Debt to Equity Ratio Debt/Equity (Qtr) 0.23 0.07
Interest Cover Ratio Int Coverage (Qtr) -20.55 9.92
Times Interest Earned Times Interest Earned (Qtr) -20.55 9.92
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -1,716.30 -110.37
EBIT Margin % EBIT Margin % (Qtr) -1,806.23 -125.82
EBT Margin % EBT Margin % (Qtr) -1,894.14 -136.05
Gross Margin % Gross Margin % (Qtr) 10.80 27.60
Net Profit Margin % Net Margin % (Qtr) -1,894.10 -140.71