Latest Ratios: P/E Ratio -5.4x · EV/EBITDA N/A · ROE -16.1%. (1999–2025 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 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $148M | $310M | $69M | $39M | $42M | $47M | $18M | $14M | $15M | $13M | $5M |
| Enterprise Value | $-54244601 | $108M | $29M | $10M | $13M | $22M | $-3693755 | $-3972989 | $-9985295 | $8M | $2M |
| P/E Ratio → | -5.39 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | 72.49 | 7.09 |
| P/B Ratio | 0.51 | 1.53 | 1.69 | 1.34 | 1.45 | 1.88 | 1.04 | 0.73 | 0.57 | 2.19 | 0.97 |
| 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 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — | — | 46.75 | 2.37 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| 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 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — | — | 39.0% | 40.0% |
| Operating Margin | — | — | — | — | — | — | — | — | — | -3760.7% | -1003.8% |
| Net Profit Margin | — | — | — | — | — | — | — | — | — | -4049.7% | -834.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -16.1% | -16.1% | -33.9% | -27.3% | -27.8% | -37.3% | -79.2% | -47.4% | -99.0% | -125.2% | -312.7% |
| ROA | -16.0% | -16.0% | -33.5% | -26.9% | -27.5% | -33.5% | -69.7% | -46.5% | -94.2% | -103.4% | -140.8% |
| ROIC | -2095.8% | -2095.8% | -2304.4% | -2555.3% | -4464.0% | — | — | -671.4% | -607.9% | -304.3% | — |
| ROCE | -19.1% | -19.1% | -37.6% | -31.2% | -28.9% | -37.5% | -50.6% | -49.1% | -64.3% | -115.9% | -231.0% |
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 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.99 | -0.99 | -0.99 | -0.99 | -1.00 | -1.25 | -0.94 | -0.95 | -0.78 | -0.65 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | -14.96 | -13.97 | -34.58 |
Net cash position: cash ($202M) exceeds total debt ($0)
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 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 239.04 | 239.04 | 94.95 | 59.23 | 82.82 | 144.94 | 4.74 | 52.54 | 52.00 | 4.42 | 3.83 |
| Quick Ratio | 239.04 | 239.04 | 94.95 | 59.23 | 82.82 | 144.94 | 4.74 | 52.54 | 52.00 | 4.42 | 3.83 |
| Cash Ratio | 238.20 | 238.20 | 94.19 | 58.81 | 82.49 | 144.28 | 4.70 | 51.27 | 51.72 | 3.92 | 2.95 |
| Asset Turnover | — | — | — | — | — | — | — | — | — | 0.03 | 0.11 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | 21.64 | 186.41 |
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 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| 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 | — | $25M | $14M | $12M | $11M | $7M | $4M | $3M | $2M | $868703 | $394077 |
Includes 30+ ratios · 27 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 LTBR stock.
Lightbridge Corporation's current P/E ratio is -5.4x. This places it at the 50th percentile of its historical range.
Lightbridge Corporation's return on equity (ROE) is -16.1%. The historical average is -88.3%.
Based on historical data, Lightbridge Corporation is trading at a P/E of -5.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Key Metrics
Top Statement Risk
Cash burn outpacing equity runway
Metrics are mathematically derived from official filings.
Book Value Pricing Reflects Development Stage Skepticism
Based on reported figures, LTBR trades at roughly 0.51 times book value with a trailing P/E of -5.25, a multiple that signals the market prices the company on its cash base and pipeline optionality rather than on earnings that do not yet exist.
A price-to-book ratio near 0.5 means investors are valuing the equity below its accounting net assets, which may reflect doubt about whether the roughly $237M of shareholders' equity can be converted into commercial returns given losses that widened to $10.3M in the latest quarter. Because no revenue or EBITDA is reported, EV/EBITDA and EV/Sales are undefined, so book value and cash are the only anchors available. Investors should monitor whether future dilution or spending may erode the book value that currently supports the multiple.
Negative Returns Deepen as Invested Capital Grows
According to reported quarterly ratios, LTBR's ROIC moved from -107.0% in mid-2024 to -10.8% in the latest quarter, while ROE stayed between -2.5% and -11.8%, indicating returns remain negative across the period with no clear compounding trend.
The erratic ROIC series, including a -161.8% reading in 2025Q3, reflects a small and shifting invested capital base relative to operating losses rather than a stable profitability trend. ROE improved from its late-2024 trough, but this owes more to a larger equity denominator from capital raises than to any improvement in earnings. Investors should treat these figures as evidence that capital is not yet generating returns, not as a signal of improving efficiency.
Cash Reserves Dwarf Obligations but Burn Rate Rises
As reported in the balance sheet, LTBR's current ratio stands at 62.14 with cash of $236.7M against total liabilities of $3.8M, though free cash outflow reached roughly -$4.9M in the latest quarter, a rate that shortens the implied runway.
The current ratio is extremely high because liabilities are minimal, meaning short-term solvency is not a near-term concern based on reported figures. However, a very high current ratio here is a consequence of the absence of operating liabilities rather than evidence of operating strength, so it should not be read as efficient liquidity management. Investors should monitor the quarterly burn rate against the cash balance to judge how long the reserve can fund development spending without further equity issuance.
Leverage-Free Balance Sheet Trails Peers on Returns
Based on peer data, LTBR carries no reported debt and a near-zero debt-to-equity ratio, yet its ROIC of -10.8% trails BWXT's 10.1% and the peer group's pattern of negative returns, showing its gap is operational rather than financial.
Lightbridge's clean balance sheet contrasts with BWXT, which carries a debt-to-equity of 1.63 but earns a 28.5% ROE, suggesting that leverage is not the binding constraint for LTBR. Its peers in small-cap nuclear, including NNE, SMR, OKLO, and UUUU, also report negative returns, so the company's underperformance is partly sector-wide. The gap appears structural, tied to pre-commercial status, and warrants monitoring until revenue-generating milestones are visible.
Fortress Balance Sheet May Overstate Durability
Based on reported figures, the $236.7M cash position may overstate financial durability, since quarterly free cash outflow of roughly -$4.9M and operating losses of $10.3M suggest the reserve is being consumed at an accelerating pace.
The most commonly misapplied ratio for a pre-revenue developer like LTBR is the current ratio, which appears strong at 62.14 but reflects only the absence of liabilities rather than any earnings base. Stock-based compensation of up to $2.5M per quarter also means reported losses understate the economic cost borne by shareholders. Investors should prioritize cash runway and dilution-adjusted metrics over headline liquidity ratios when assessing this company.