Rankings Commodities & uranium Lightbridge
Lightbridge
54
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−10
- Quality of growth / path to revenue−8
- Long and uncertain timeline−8
Strengths
- Net cash above the market cap+4
- DOE validation+1
How the score is built
From 100 to 54, 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
- 4.65 USD
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −83%
- 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−27 of −30
- −10MarginNo revenue. Operating loss USD 29m TTM (incl. share-based compensation), net loss 12.1m in H1 2026 (+46%). Burn is however small relative to cash (operating cash flow −8.3m in H1).
- −8Quality of growth / path to revenueThe first irradiated fuel samples were only taken out of the Advanced Test Reactor in May 2026, and post-irradiation examination (PIE) begins later in 2026. Commercial use requires further testing, qualification and NRC approval, so revenue realistically lies in the 2030s.
- −4Capital allocationThe company sold shares via ATM at high prices (USD 63m net in H1 2025, 44m in H1 2026), which gave a large cash balance, but the share count has risen 66% in a year. G&A was 8.0m in H1 (2.8m share-based) with only 13 employees.
- −5MoatPatented metallic fuel (multi-lobed, new patent for PHWR) and close cooperation with Idaho National Laboratory. However, the technology is not qualified, and established fuel suppliers (Westinghouse, Framatome, GNF) and new players (Standard Nuclear/TRISO, Centrus for HALEU) have the customers.
Price
Today's multiples against the company's own history and its peers. · 1 finding−1 of −35
- −1Multiples vs own history and absolute levelP/B 0.94 vs 1.4–2.0 in 2021–2025, and the market value (USD 225m) is below net cash (237.5m), so EV is negative. The market pays nothing for the technology, but the cash is being used slowly over many years.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−17 of −35
- −8Long and uncertain timelineThe PIE results are the first real data point, followed by several years of irradiation, qualification in commercial reactors and licensing. No supply agreement with a utility has been signed, and the entire roadmap depends on INL and DOE budgets.
- −3Dependence on INLThe company has committed to about USD 18m in future INL tasks, and INL is effectively the only development platform (ATR, fabrication). Delays in the laboratory's capacity hit the timeline directly.
- −3Dilution and ATMThe ATM programme of USD 150m has about 96m left. Selling shares below cash per share (USD 6.74) would destroy value, but historically management has issued aggressively (share count +66% in a year).
- −3Milestones downgradedIn Q2 2026 USD 0.5–0.7m of share-based compensation was reversed because performance milestones 'are no longer considered probable', which suggests that internal timelines have slipped.
Plus
Only documented strengths. · 2 findings+5 of +15
- +4Net cash above the market capUSD 237.5m in cash as of 30/6-2026, no debt, equal to USD 6.74 per share vs a price of 6.39. Spending of approx. 17m a year gives over 10 years of runway.
- +1DOE validationSelected for DOE's Nuclear Energy Launch Pad Program (administered by NRIC at INL) 24/8-2026.
Caveats
What the score does not capture, or where the data is weak.
Pre-revenue: no revenue, so margin and growth are assessed on burn and timeline. Market cap 225m USD (≈1,482m DKK) at 2/10-2026 vs Nordnet's 1,598m DKK at 1/10. Industry: nuclear fuel fits closest under 'Commodities & uranium' (the stock is included in the Global X Uranium ETF's index), but the company does not mine uranium and is therefore not set as cyclical. The remaining ATM capacity (approx. 96m USD) comes from Panabee's review of the 10-Q and has not been checked in the filing itself. No analyst forecast retrieved (forecast page not reviewed).
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