Lithium Americas
LAC on NYSE. Lithium Americas sells lithium carbonate to battery and chemical makers. Market value $926m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Materials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-116.99 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$2.54 a share, 2% above its 1-year low
Over the past year the price has ranged from $2.49 to $10.52.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||
| Revenue | n/a | n/a | n/a |
| Operating margin | |||
| Operating margin | n/a | n/a | n/a |
| Debt to equity | |||
| Debt to equity | n/a | n/a | n/a |
| Shares outstanding | |||
| Shares outstanding | 0.16bn | 0.30bn | 0.36bn |
Health checks
- Free cash flow positive0 of 3 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 124% more shares since 2023
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $2 million, after a loss of $13 million a year ago.
- Over the past 12 months it spent $1.1 billion more cash than it brought in, compared with $512 million a year earlier.
- 83% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| December 2023 | Not reported |
| December 2024 | Not reported |
| March 2025 | -$12m |
| June 2025 | -$13m |
| September 2025 | -$199m |
| December 2025 | $138m |
| March 2026 | $5m |
| June 2026 | $2m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 March 2026
- Next quarterly (estimated, 10-Q)
- 12 November 2026
Who owns it
None of the long-term investors we follow own it. 275 funds in all.
Largest holders overall
- VAN ECK Associates$87mCut
- General Motors Holdings$58m
- Ameriprise Financial$51mAdded
- TWO Sigma Investments, LP$23mAdded
- Morgan Stanley$22mAdded
- D. E. Shaw$16mCut
- Marshall Wace, LLP$15mAdded
- Mirae Asset Global Etfs Holdings$10mAdded
- Susquehanna International Group, LLP$10mAdded
- Millennium Management$9mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- ORION RESOURCE PARTNERS (USA) LPPassive investor8.8%−1.2 ptsSince 31 December 2025
- VAN ECK ASSOCIATES CORPPassive investor7.4%+1.4 ptsSince 31 March 2026
- at least 4.9%−1.9 pts(filed with 1 related holder)Since 30 January 2026
- Ganfeng Lithium Group Co., Ltd./ADRPassive investorSold down below 5%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
ORION RESOURCE PARTNERS (USA) LP Passive investor | 8.8%−1.2 pts | 31 December 2025 | |
VAN ECK ASSOCIATES CORP Passive investor | 7.4%+1.4 pts | 31 March 2026 | |
at least 4.9%−1.9 pts (filed with 1 related holder) | 30 January 2026 | ||
Ganfeng Lithium Group Co., Ltd./ADR Passive investor | Sold down below 5% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $3,780 of shares on the open market. 4 sold $556,043.
- BROWN MICHAEL JOHNDirectorBought
- Date
- 20 March 2026
- Shares
- 1,000
- Price
- $3.78
- Value
- $3,780
- GRANDY EDWARDSr VP, GC & SecretarySold
- Date
- 17 November 2025
- Shares
- 6,342
- Price
- $4.50
- Value
- $28,539
- BARNUM AUBREEVP, Human ResourcesSold
- Date
- 14 November 2025
- Shares
- 4,763
- Price
- $4.50
- Value
- $21,434
- GERSPACHER RICHARDEVP, Capital ProjectsSold
- Date
- 14 November 2025
- Shares
- 6,118
- Price
- $4.50
- Value
- $27,531
- CROWLEY TIMOTHY AMBROSEVP, Gov & External AffairsSold
- Date
- 14 November 2025
- Shares
- 4,763
- Price
- $4.50
- Value
- $21,434
- GRANDY EDWARDSr VP, GC & SecretarySold
- Date
- 14 November 2025
- Shares
- 6,183
- Price
- $4.50
- Value
- $27,824
- GERSPACHER RICHARDEVP, Capital ProjectsSold
- Date
- 16 October 2025
- Shares
- 63,198
- Price
- $6.79
- Value
- $429,282
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 20 March 2026 | BROWN MICHAEL JOHN Director | Bought | 1,000 | $3.78 | $3,780 |
| 17 November 2025 | GRANDY EDWARD Sr VP, GC & Secretary | Sold | 6,342 | $4.50 | $28,539 |
| 14 November 2025 | BARNUM AUBREE VP, Human Resources | Sold | 4,763 | $4.50 | $21,434 |
| 14 November 2025 | GERSPACHER RICHARD EVP, Capital Projects | Sold | 6,118 | $4.50 | $27,531 |
| 14 November 2025 | CROWLEY TIMOTHY AMBROSE VP, Gov & External Affairs | Sold | 4,763 | $4.50 | $21,434 |
| 14 November 2025 | GRANDY EDWARD Sr VP, GC & Secretary | Sold | 6,183 | $4.50 | $27,824 |
| 16 October 2025 | GERSPACHER RICHARD EVP, Capital Projects | Sold | 63,198 | $6.79 | $429,282 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.