Lithium Americas (LAC) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 9, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the LAC SEC filings page.
This page shows Lithium Americas (LAC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Capital deployment, rather than operating revenue, is the visible mechanic as Lithium Americas finances a rapidly expanding asset base.
From FY2023 to FY2025, assets expanded from$436.9M to$2.6B while free cash flow reached-$826.3M in FY2025. That pairing suggests the company is still converting financing into project assets, not yet converting operations into self-funded growth.
The cash-flow split reveals a capital-intensive buildout: FY2025 operating cash flow was
Financing provided
Financial Health Signals
Lithium Americas does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Lithium Americas passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Lithium Americas reported a net loss of $86.3M while operations used $61.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Lithium Americas reported $1.7M in net income in Q2 2026. This represents an increase of 112.5% from the same quarter a year earlier. Against the prior quarter it is down 64.1%.
Lithium Americas earned -$0.02 per diluted share (EPS) in Q2 2026. This represents an increase of 66.7% from the same quarter a year earlier.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
Lithium Americas recorded an outflow of $337.8M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 26.9% from the same quarter a year earlier. Against the prior quarter it is down 6.4%.
Lithium Americas held $822.8M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Lithium Americas's ROE was 0.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 2.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.2 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Lithium Americas invested $332.2M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 41.0% from the same quarter a year earlier. Against the prior quarter it is up 11.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
LAC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| SG&A Expenses | $15.1M+92.9% | $11.1M+70.3% | N/A | $9.7M+62.8% | $7.8M+22.4% | $6.5M+12.3% | N/A | $6.0M |
| Interest Expense | N/A | N/A | N/A | $0-100.0% | $0-100.0% | $0-100.0% | N/A | $10K |
| Net Income | $1.7M+112.5% | $4.6M+140.2% | N/A | -$199.2M-2233.2% | -$13.2M-102.1% | -$11.5M-84.0% | N/A | -$8.5M |
| EPS (Basic) | $0.01+116.7% | $0.00+100.0% | $0.48+580.0% | -$0.83-1975.0% | -$0.06-100.0% | -$0.05-25.0% | -$0.10 | -$0.04 |
| EPS (Diluted) | -$0.02+66.7% | $0.00+100.0% | $0.48+580.0% | -$0.83-1975.0% | -$0.06-100.0% | -$0.05-25.0% | -$0.10 | -$0.04 |
| Diluted Shares (Avg) | 402M+83.0% | 353M+61.6% | N/A | 239M+9.5% | 220M+7.4% | 219M+34.9% | N/A | 218M |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA, Income Tax.
LAC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.5B+164.1% | $3.1B+205.6% | $2.6B+146.8% | $1.5B | $1.3B | $1.0B | $1.0B+139.2% | N/A |
| Current Assets | $1.3B+150.6% | $1.2B+169.8% | $911.6M+51.3% | $388.6M | $511.7M | $449.3M | $602.5M+192.6% | N/A |
| Cash & Equivalents | $822.8M+61.7% | $758.5M+69.8% | $568.2M-4.3% | $385.3M+12.8% | $508.9M+35.3% | $446.6M+202.7% | $593.9M+203.8% | $341.5M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $1.6B+119.5% | $1.2B+214.5% | $1.5B+270.9% | $975.9M | $722.8M | $393.0M | $409.9M+688.9% | N/A |
| Current Liabilities | $234.6M+352.9% | $164.7M+279.4% | $176.8M+203.4% | $103.1M | $51.8M | $43.4M | $58.3M+137.0% | N/A |
| Non-Current Liabilities | $1.4B+101.5% | $1.1B+206.4% | $1.3B+282.0% | $872.8M | $671.0M | $349.6M | $351.7M+1184.6% | N/A |
| Total Equity | $1.4B+129.9% | $1.3B+114.9% | $1.1B+66.7% | $475.6M-25.1% | $616.3M-3.9% | $625.5M+63.0% | $635.0M+65.0% | $635.1M |
| Retained Earnings | -$219.4M-178.3% | -$221.6M-233.8% | -$221.1M-297.2% | -$276.5M | -$78.8M | -$66.4M | -$55.7M-323.3% | N/A |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
LAC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.6M+81.8% | -$18.3M+3.1% | -$14.2M-71.0% | $2.3M+2653.6% | -$30.5M-1056.9% | -$18.8M-763.9% | -$8.3M | $84K |
| Depreciation & Amortization | $236K-12.3% | $327K+23.4% | $244K-6.5% | $268K+3.1% | $269K+0.7% | $265K+29.9% | $261K | $260K |
| Stock-Based Compensation | N/A | $2.1M+107.0% | N/A | N/A | N/A | $1.0M-25.6% | N/A | N/A |
| Capital Expenditures | $332.2M+41.0% | $299.3M+153.8% | $239.4M+262.9% | $172.2M+396.2% | $235.6M+661.1% | $117.9M+155.9% | $66.0M | $34.7M |
| Free Cash Flow | -$337.8M-26.9% | -$317.6M-132.2% | -$253.5M-241.5% | -$169.9M-390.8% | -$266.1M-692.2% | -$136.8M-183.4% | -$74.2M | -$34.6M |
| Investing Cash Flow | -$332.2M-41.0% | -$299.3M-153.8% | -$239.4M-262.9% | -$172.2M-396.2% | -$235.6M-661.1% | -$117.9M-155.9% | -$66.0M | -$34.7M |
| Financing Cash Flow | $409.4M+24.7% | $619.6M+6005.9% | $773.5M+136.6% | $46.3M+81342.1% | $328.3M+25.2% | -$10.5M-87325.0% | $327.0M | -$57K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
LAC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | 0.1%+2.3pp | 0.3%+2.2pp | N/A | -41.9%-40.5pp | -2.1%-1.1pp | -1.8%-0.2pp | N/A | -1.3% |
| Return on Assets | 0.1%+1.0pp | 0.1%+1.3pp | N/A | -13.7% | -1.0% | -1.1% | N/A | N/A |
| Current Ratio | 5.47-4.4x | 7.36-3.0x | 5.16-5.2x | 3.77 | 9.88 | 10.35 | 10.34+2.0x | N/A |
| Debt-to-Equity | 1.12-0.1x | 0.92+0.3x | 1.44+0.8x | 2.05 | 1.17 | 0.63 | 0.65+0.5x | N/A |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Lithium Americas LAC | FY2025 | N/A | -$86.3M | N/A | $1.2B | — |
| Sigma Lithium Corporation SGML | FY2025 | $110.0M | -$50.2M | -45.6% | $1.2B | 14/100 |
| Standard Lithium SLI | FY2025 | N/A | -$48.4M | N/A | $592.3M | — |
| Ferroglobe GSM | FY2025 | $1.3B | -$177.1M | -13.3% | $844.6M | 30/100 |
| Americas Gold And Silver Corp USAS | FY2021 | N/A | $160.6M | N/A | $1.8B | — |
| Nexa Resources NEXA | FY2025 | $3.0B | $223.1M | 7.4% | $1.9B | 31/100 |
Where Lithium Americas Ranks
Frequently Asked Questions
Is Lithium Americas profitable?
No, Lithium Americas (LAC) reported a net income of -$86.3M in fiscal year 2025.
What is Lithium Americas's return on equity (ROE)?
Lithium Americas (LAC) has a return on equity of -8.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Lithium Americas's free cash flow?
Lithium Americas (LAC) recorded an outflow of $826.3M in free cash flow during fiscal year 2025. This represents a -333.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Lithium Americas's operating cash flow?
Lithium Americas (LAC) recorded an outflow of $61.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Lithium Americas's total assets?
Lithium Americas (LAC) had $2.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Lithium Americas's capital expenditures?
Lithium Americas (LAC) invested $765.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Lithium Americas's current ratio?
Lithium Americas (LAC) had a current ratio of 5.16 as of fiscal year 2025, which is generally considered healthy.
What is Lithium Americas's debt-to-equity ratio?
Lithium Americas (LAC) had a debt-to-equity ratio of 1.44 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Lithium Americas's return on assets (ROA)?
Lithium Americas (LAC) had a return on assets of -3.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Lithium Americas's P/E ratio?
Lithium Americas (LAC) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $1.2B as of Sep 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Lithium Americas's price-to-sales ratio?
Lithium Americas (LAC) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $1.2B as of Sep 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Lithium Americas's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Lithium Americas (LAC) held $568.2M in cash, cash equivalents and investments, and reported an operating cash outflow of $61.2M over that year. Dividing the one by the other, the reported balance equals about 111 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Lithium Americas's Piotroski F-Score?
Lithium Americas (LAC) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Lithium Americas's earnings high quality?
Lithium Americas (LAC) reported a net loss of $86.3M while operations used $61.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.