MeritValue

LIGHTBRIDGE Corp

LTBRdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

LIGHTBRIDGE Corp earns about -4386% on invested capital, but has diluted owners by 248% over 5 years — worth asking whether the growth reaches owners. 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$01$02$03$04$04
Net income−$7.84M5−$7.5M6−$7.91M7−$11.8M8−$19.6M8
Operating cash flow−$11M9−$6.76M10−$6.48M11−$9.49M12−$14.3M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$24.7M13$28.9M13$28.6M14$40M14$201.9M14
Diluted shares7.0M10.8M12.1M14.5M24.5M

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
$82.79
your share of equity
Profit it earned you last year
−$7.99
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $82.79 of net worth that earned you −$7.99 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-4386% avg · 5y
FY21 -14211%FY22 -2610%FY23 -1999%FY24 -1733%FY25 -1375%

It earned an average -4386% 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
+248% shares · 5y

Share count is up 248% over 5 years — owners have been diluted. Worth asking what they got for it.

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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
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 0001477932-23-001946 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001477932-24-001002 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001477932-25-001404 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001477932-26-001076 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001477932-23-001946 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001477932-24-001002 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001477932-25-001404 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001477932-26-001076 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001477932-23-001946 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001477932-24-001002 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001477932-25-001404 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001477932-26-001076 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001477932-23-001946 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001477932-26-001076 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)