Lithium Americas Corp. Common Shares (LAC)

FairStock Score: 63/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Mr. Market is offering Lithium Americas at $2.20 as of 2026-10-13, a market value of about $799 million. The company has no reported revenue in the filed figures. Its main purpose is Thacker Pass, a long-dated lithium development. Graham would ask whether assets and future earnings protect the price; Buffett would ask whether there is a durable moat. I see neither yet. The filed results show losses: in fiscal year 2023 (ended 2023-12-31), net loss was $5.1 million; in fiscal year 2024 (ended 2024-12-31), $42.6 million; and in fiscal year 2025 (ended 2025-12-31), $86.3 million. In fiscal Q3 2025 (quarter ended 2025-09-30), net loss was $199.2 million. More recently, in fiscal Q1 2026 (quarter ended 2026-03-31), net income was $4.6 million, and in fiscal Q2 2026 (quarter ended 2026-06-30), net income was $1.7 million. Those two positive quarters may show accounting relief, but they do not replace years of cash consumption. Trailing free cash flow is negative $1.1 billion, a FairStock calculation, equal to -135.1% of market cap. FairStock also calculates P/E -4.89, P/B 0.56, ROE -3.70%, ROCE -1.66%, D/E 0.60, Piotroski 0/9, and Altman Z-Score 0.57. A 0/9 Piotroski and a Z-Score of 0.57 are not signs of safety. The balance sheet may be the only support: P/B below 1 suggests the market values it below book, but the book depends on completing a capital-intensive project. Beta of 3.47 signals extreme volatility. This is speculation on lithium prices and project financing, not a proven business with an earnings record. The valuation may look statistically cheap, but the business quality and cash generation are not yet proven.

In plain English: Lithium Americas is a small mining company focused on a Nevada lithium project, and it has no reported revenue yet. It has mostly lost money and used a lot of cash, so the business looks financially weak today. At $2.20 on 2026-10-13, the shares trade below their reported accounting value, which can look cheap, but the lack of profits and heavy cash spending make that cheapness uncertain.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer