Latest Ratios: P/E Ratio -5.7x · EV/EBITDA N/A · ROE -9.6%. (2007–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $648M | $1.1B | $596M | $1.0B | $1.6B | $2.4B | $1.0B | $180M | $174M | $418M | $19M |
| Enterprise Value | $611M | $1.0B | $25M | $835M | $1.6B | $2.4B | $1.0B | $216M | $151M | $363M | $17M |
| P/E Ratio → | -5.69 | — | — | — | — | — | — | 3.50 | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | 35.86 | 97.41 | — |
| P/B Ratio | 0.45 | 0.67 | 0.63 | 2.67 | — | — | 5.44 | 1.13 | 2.11 | 3.84 | 0.31 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — | 31.10 | 84.71 | — |
| EV / EBITDA | — | — | — | — | — | — | — | 3.56 | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | 3.72 | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — | -40.4% | -42.3% | — |
| Operating Margin | — | — | — | — | — | — | — | — | -583.7% | -589.3% | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | -583.7% | -775.1% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -9.6% | -9.6% | -6.4% | -2.9% | — | -63.1% | -15.2% | 42.7% | -29.6% | -39.2% | -18.4% |
| ROA | -6.7% | -6.7% | -5.7% | -2.2% | -350.5% | -27.9% | -8.6% | 26.0% | -26.0% | -36.5% | -16.3% |
| ROIC | -4.1% | -4.1% | -7.5% | -21.2% | -984.4% | -40.1% | -10.2% | 35.0% | -37.3% | -33.4% | -13.3% |
| ROCE | -3.1% | -3.1% | -4.0% | -14.9% | — | -27.4% | -8.2% | 31.5% | -26.9% | -29.4% | -15.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.34 | 0.34 | 0.02 | 0.01 | — | — | 0.65 | 0.75 | 0.23 | 0.01 | 0.07 |
| Debt / EBITDA | — | — | — | — | — | — | — | 1.98 | — | — | — |
| Net Debt / Equity | — | -0.02 | -0.60 | -0.50 | — | — | -0.12 | 0.23 | -0.28 | -0.50 | -0.02 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | 0.60 | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | -76.26 | -16947.09 | -18861.81 | -29575.32 | 19.89 | — | — | — |
Net cash position: cash ($568M) exceeds total debt ($532M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.16 | 5.16 | 10.33 | 8.37 | 0.04 | 0.40 | 17.63 | 6.20 | 13.96 | 16.44 | 1.14 |
| Quick Ratio | 5.16 | 5.16 | 10.33 | 8.37 | 0.04 | 0.40 | 17.42 | 6.12 | 13.48 | 15.88 | 1.07 |
| Cash Ratio | 3.21 | 3.21 | 10.19 | 7.95 | 0.01 | 0.21 | 16.91 | 5.58 | 12.38 | 14.87 | 0.89 |
| Asset Turnover | — | — | — | — | — | — | — | — | 0.05 | 0.04 | — |
| Inventory Turnover | — | — | — | — | — | — | 0.28 | — | 4.21 | 2.93 | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | 146.74 | 86.53 | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | 28.6% | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $244M | $201M | $160M | $134M | $134M | $134M | $92M | $89M | $76M | $27M |
Includes 30+ ratios · 18 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying LAC stock.
Lithium Americas Corp.'s current P/E ratio is -5.7x. The historical average is 18.1x.
Lithium Americas Corp.'s return on equity (ROE) is -9.6%. The historical average is -20.0%.
Based on historical data, Lithium Americas Corp. is trading at a P/E of -5.7x. Compare with industry peers and growth rates for a complete picture.
Key Metrics
Top Statement Risk
Pre-revenue funding gap
Metrics are mathematically derived from official filings.
Negative Returns Reflect Pre-Production Phase
Lithium Americas' ROIC has remained negative across all reported quarters, ranging from -0.5% to -2.4%, indicating the company is currently destroying value as it invests heavily in Thacker Pass without generating any revenue.
The persistent negative ROIC is a direct consequence of the company's pre-revenue status, where all capital invested is being consumed by development costs and SG&A. The trend shows a slight improvement from -2.4% in 2024Q4 to -0.6% in 2026Q2, but this is likely due to the growing asset base from capitalized construction costs rather than operational improvement. Investors should monitor whether ROIC turns positive only after commercial production begins, as the current negative returns are expected but highlight the significant capital at risk.
Leverage Rises to Fund Construction
The debt-to-equity ratio has surged from 0.01 in early 2024 to 0.59 in 2026Q2, reflecting a strategic shift to debt financing for Thacker Pass construction, which increases financial risk ahead of revenue generation.
The rapid increase in leverage, with total debt reaching $1.2B by 2026Q2, is a direct result of drawing down on the DOE loan facility to fund peak construction activity. While the current ratio remains healthy at 5.47, the compression from over 10 in early 2025 indicates that liquidity is being actively deployed. The absence of interest coverage data suggests the company is likely capitalizing interest during construction, which masks the true debt service burden until production commences.
Liquidity Adequate but Compressing
The current ratio has compressed from a peak of 20.28 in 2024Q2 to 5.47 in 2026Q2, indicating that while the company maintains a strong liquidity position, its cash reserves are being rapidly consumed by construction expenditures.
The sharp decline in the current ratio, alongside a drop in cash from $1.2B to $822.8M in the latest quarter, reflects the lumpy cash outflows typical of major project construction. The quick ratio mirrors the current ratio exactly, confirming the company has minimal inventory dependence, which is appropriate for its development stage. This liquidity profile appears adequate for the near-term construction timeline but would become strained if project delays or cost overruns necessitate additional capital raises before revenue generation.
Working Capital Metrics Inapplicable
Efficiency ratios like asset turnover and the cash conversion cycle are currently meaningless for Lithium Americas, as the company has no revenue, no accounts receivable, and no inventory from operations, rendering standard working capital analysis inapplicable.
The absence of data for asset turnover, DSO, DIO, and CCC is expected for a pre-revenue developer. The only notable working capital metric is the volatile DPO, which swung from 311 days in 2024Q3 to 40,089 days in 2026Q2, likely reflecting large, lumpy payables to construction contractors rather than operational supplier leverage. Investors should disregard these metrics until commercial production begins, at which point the company's ability to manage working capital will become a critical indicator of operational efficiency.
P/B Ratio Misleads on Asset Value
The price-to-book ratio of 0.47 is the most commonly misapplied metric for Lithium Americas, as it severely understates the company's value by valuing its massive, capitalized Thacker Pass construction costs at a steep discount to their potential future cash flows.
For a development-stage company with a single, high-potential asset, P/B is misleading because the book value is dominated by capitalized exploration and construction costs, not the net present value of the future lithium resource. The market is pricing the equity based on the project's optionality and strategic value, not its current accounting book value. A more appropriate alternative is a risk-adjusted Net Asset Value (rNAV) model, which discounts the projected future cash flows from Thacker Pass to present value, accounting for technical and execution risks.