MeritValue

Comstock Inc.

LODEdata completeness 88%16 fiscal years on file
The thesis, from the filings

Comstock Inc. earns about 10% on invested capital, and has bought back 27% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$862,1651$178,1502$1.27M2$3.02M3$1.55M3
Net income−$24.6M4−$46.7M5$9.16M6−$53.3M7−$43.1M7
Operating cash flow−$7.49M8−$12.1M9−$13.6M10−$13.9M11−$24.4M11
Capital expenditure$78,46712$1.01M13$1.82M13——
Free cash flow (derived)−$7.57M8−$13.1M9−$15.4M10——
Total debt$8.97M14$15.8M15$19.7M16$17M17$017
Cash & equivalents$5.91M18$2.52M19$3.79M20$954,27121$17M21
Diluted shares50.4M74.5M10.5M16.6M36.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$29.31
your share of equity
Profit it earned you last year
−$11.74
Free cash flow it threw off
—
Debt you’d be carrying
$0

10 shares is a claim on $29.31 of net worth that earned you −$11.74 last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
10% avg · 5y
FY21 -26%FY22 -53%FY23 —FY24 70%FY25 48%

It earned an average 10% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−27% shares · 5y

Share count is down 27% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001120970-23-000017 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001120970-24-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001437749-26-009589 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001120970-23-000017 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001120970-24-000014 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001437749-25-006453 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001437749-26-009589 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001120970-23-000017 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001120970-24-000014 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001437749-25-006453 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001437749-26-009589 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001120970-23-000017 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2022-12-31 · accession 0001120970-24-000014 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2021-12-31 · accession 0001120970-23-000017 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2022-12-31 · accession 0001120970-24-000014 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2023-12-31 · accession 0001437749-25-006453 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2024-12-31 · accession 0001437749-26-009589 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001120970-23-000017 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001120970-24-000014 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001437749-25-006453 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001437749-26-009589 (CashAndCashEquivalentsAtCarryingValue)