Comstock Inc.
LODE Basic Materials Other Precious Metals & Mining
Comstock Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.6 million, down 48.5% from fiscal 2024. In the quarter to June 2026, revenue fell 19.7%, EPS fell 25.9%, free cash flow fell 74.0% and total debt fell 50.8%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Comstock Inc. (LODE) Altman Z-score
Comstock Inc.'s Altman Z-score for fiscal 2025 is −2.37, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −2.37 | 1.59 |
| FY2024 | −3.96 | (1.19) |
| FY2023 | −2.77 | 1.67 |
| FY2022 | −4.44 | (2.63) |
| FY2021 | −1.81 | 3.65 |
| FY2020 | −5.46 | 2.73 |
| FY2019 | −8.20 | 3.51 |
| FY2018 | −11.70 | (1.46) |
| FY2017 | −10.25 | (2.24) |
| FY2016 | −8.00 | (1.93) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.06 | — | 0.08 | |
| Retained earnings / total assets | (2.23) | — | −3.13 | |
| EBIT / total assets | (0.22) | — | −0.74 | |
| Market value of equity / total liabilities | 2.35 | — | 1.41 | |
| Sales / total assets | 0.01 | — | 0.01 | |
| Altman Z-score | Distress zone | −2.37 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −6.40 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MTA Metalla Royalty & Streaming Ltd. compare | 22.3× |
| ASM Avino Silver compare | 13.3× |
| VOXR Vox Royalty Corp. compare | 9.6× |
| ITRG Integra Resources Corp. compare | 4.4× |
| GORO Gold Resource Corporation compare | 3.1× |
| MUX McEwen Inc. compare | 0.3× |
| LODE Comstock Inc. | −2.4× |
| SLSR Solaris Resources Inc. compare | — |
| GRML Greenland Mines Ltd compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets