Rankings Commodities & uranium Comstock Inc
Comstock Inc
46
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−14
- Capital allocation−7
- Quality of growth−6
Strengths
- Net cash+2
- Sale of non-core assets+2
- Customer agreements+1
How the score is built
From 100 to 46, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 1.44 USD
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −54%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−30 of −30
- −14MarginTTM revenue only USD 1.0m with negative gross profit (−1.7m), operating profit −44.8m and net loss −61.0m. Q2 2026: revenue 0.27m, operating loss 26.9m incl. a writedown of 13.6m.
- −6Quality of growthRevenue fell 48% in 2025 to 1.55m and 69% TTM to 1.0m. The first industrial-scale factory was delayed from June to August and only reached continuous operation 22/9-2026, and the company has struggled to secure a stable supply of panels.
- −7Capital allocationAccumulated deficit USD 414m. Repeated strategy shifts (gold/silver → biofuel → recycling → real estate); technology acquisitions (Flux Photon, Fenix) were written down by 13.6m in Q2 2026; investments in the Sierra Springs fund (47.6%) and Green Li-ion. The share count has risen 150% over a year.
- −3MoatEarly player with a permitted 'zero-landfill' process and approvals in Nevada and California, but the barriers are low: competitors such as SOLARCYCLE and We Recycle Solar are building capacity, and landfilling is still cheaper for many customers.
Price
Today's multiples against the company's own history and its peers. · 2 findings−4 of −35
- −2Multiples vs own historyEV about USD 120m pro forma (after the mine sale) vs 44-181m at year-ends 2022-2025. P/B 1.26, but book value consists of plant, land, water rights and a fund stake that are hard to realize. EV/Sales over 100 is meaningless.
- −2PeersAqua Metals (metal recovery) has an EV of USD 4m; SOLARCYCLE is private. The market pays a lot for Comstock's recycling plans (100,000 tons capacity, 5 plants in 2030), which have not yet shown revenue.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 6 findings−19 of −35
- −5Dilution and ATMShare count +150% over a year: issue in January/March 2026 of 20.9m shares at USD 2.75 (57.5m gross), ATM sales at an average of USD 3.99 and shares to pay for acquisitions and debt. The ATM with Titan Partners has 94.2m in remaining capacity.
- −3LawsuitsMagnesis Corporation sued the company on 12/6-2026 for non-payment of licenses (including fraud; Magnesis has terminated the agreements). Former Bioleum employees and shareholders sued on 27/5-2026 for taking over Bioleum by fraud. Amounts cannot be estimated.
- −4Governance and related partiesCEO Corrado De Gasperis is a director of Sierra Clean Processing, which leases out the plant site in Silver Springs; a close family member of the CEO is part of Bioleum's founder group, which received preference shares; profit interest agreement for the Metals director on a sale of Comstock Metals. Many related-party transactions make the value hard to see through.
- −4Execution and raw material supplyThe start-up of the first factory has been postponed twice (June → August → continuous operation 22/9). The target of USD 5m in revenue in H2 2026 at at least 25% capacity utilisation is at risk, and the company has had trouble securing a stable supply of panels.
- −2Regulation and demandThere is no federal requirement for solar panel recycling in the USA; demand depends on state rules (e.g. California's DTSC) and customers' ESG wishes, while landfilling is still cheaper.
- −1
Plus
Only documented strengths. · 3 findings+5 of +15
- +2Net cashNo interest-bearing debt at 30/6-2026 and approx. USD 51m in cash pro forma after the mine sale (approx. 30% of market cap); working capital 39.9m.
- +2Sale of non-core assetsThe mining operation was sold to Mackay Gold & Silver and closed on 24/8-2026: USD 20m in cash, 2m Mackay shares, 7m within 18 months (secured by a lien), 10m contingent and a 1.5% NSR royalty.
- +1Customer agreementsRecycling agreement with the solar panel producer Illuminate USA (July 2026) and prepaid recycling fees of 1.8 m (deferred revenue) at 30/6.
Caveats
What the score does not capture, or where the data is weak.
Price USD 2.28 (2/10-2026); above DKK 3 is fine according to the brief. 75.99m shares (20/7-2026) give a market cap of about USD 173m (about DKK 1,141m), in line with Nordnet's DKK 1,161m. Nordnet calls the stock 'Comstock Mining', but the mining operations were sold to Mackay Gold & Silver on 24/8-2026 (USD 20m cash at closing, 2m Mackay shares, 7m within 18 months, 10m contingent and a 1.5% NSR royalty). The company is now a solar panel recycler (Comstock Metals) plus Bioleum (biofuel) and real estate/water rights via 47.6% of Sierra Springs Opportunity Fund. Cash of 31.4m at 30/6 plus 20m from the mine sale = about 51m pro forma; no interest-bearing debt according to the 10-Q (stockanalysis' 19.4m of debt is leases and obligations). No going concern warning. ATM with Titan Partners (94.2m remaining capacity). No analyst coverage (the forecast page returns 404). Industry: solar panel recycling and metal recovery do not fit exactly; the closest is 'Commodities & uranium'. Cyclical = false, because revenue is mainly recycling fees and the mining operations have been sold.
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