Lucid Group
LCID on Nasdaq. Lucid sells electric cars to consumers. Market value $1.6bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Retail & consumer stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-311.85 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.
Each dollar kept in the business earns -48 cents a year. Above 10 is good.
Quality score: 20 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$4.16 a share, 76% above its 1-year low
Over the past year the price has ranged from $2.37 to $23.78.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $27m | $608m | $595m | $808m | $1.4bn |
| Operating margin | |||||
| Operating margin | -5645.1% | -426.5% | -520.7% | -373.9% | -258.7% |
| Debt to equity | |||||
| Debt to equity | 0.51 | 0.48 | 0.44 | 0.60 | 4.05 |
| Shares outstanding | |||||
| Shares outstanding | 1.68bn | 2.29bn | 3.01bn | 0.32bn | 0.39bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- Debt4.05× equity
- Revenue growth, five yearsStrong, 221.0% a year
- Buying back its own sharesYes, 77% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $405 million last quarter, up 56% on a year ago.
- A loss of $1 billion, compared with a loss of $539 million a year ago.
- It loses 264 cents on each $1 of sales, compared with 323 cents a year earlier.
- Over the past 12 months it spent $5.1 billion more cash than it brought in, compared with $3.1 billion a year earlier.
- 25% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $2.5 billion more than cash, up from $661 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $200m |
| December 2024 | $234m |
| March 2025 | $235m |
| June 2025 | $259m |
| September 2025 | $337m |
| December 2025 | $523m |
| March 2026 | $282m |
| June 2026 | $405m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$992m |
| December 2024 | -$397m |
| March 2025 | -$366m |
| June 2025 | -$539m |
| September 2025 | -$978m |
| December 2025 | -$814m |
| March 2026 | -$1.0bn |
| June 2026 | -$1.0bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 373 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $136,556 | <0.1% | Cut |
Largest holders overall
- Public Investment Fund$1.2bn
- Uber Technologies$253mAdded
- UBS Group AG$89mAdded
- BlackRock$81mAdded
- Vanguard Capital Management$54mAdded
- Vanguard Portfolio Management$53mAdded
- State Street$35mAdded
- Geode Capital Management$29mAdded
- Bank of America$22mAdded
- AQR Capital Management$18mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Public Investment FundInsider or founderat least 56.9%−3.9 pts(filed with 3 related holders)Since 28 April 2026
What they said
Subscription Agreement On April 28, 2026, Ayar Third Investment Company ("Ayar"), an affiliate of the Public Investment Fund ("PIF") purchased from Lucid Group, Inc. (the "Issuer" or the "Company") $550 million of Series C Convertible Preferred Stock, par value $0.0001 per share…
Read the filing - Uber Technologies, IncPassive investor11.5%Since 14 April 2026
- Saud H R H Prince Alwaleed Bin Talal Bin Abdulaziz AlPassive investorSold down below 5%Since 29 July 2026
- BANK OF AMERICA CORP /DE/Passive investorSold down below 5%Since 30 September 2025
| Holder | Stake | Since | |
|---|---|---|---|
Public Investment Fund Insider or founder | at least 56.9%−3.9 pts (filed with 3 related holders) | 28 April 2026 | What they saidSubscription Agreement On April 28, 2026, Ayar Third Investment Company ("Ayar"), an affiliate of the Public Investment Fund ("PIF") purchased from Lucid Group, Inc. (the "Issuer" or the "Company") $550 million of Series C Convertible Preferred Stock, par value $0.0001 per share… Read the filing |
Uber Technologies, Inc Passive investor | 11.5% | 14 April 2026 | |
Saud H R H Prince Alwaleed Bin Talal Bin Abdulaziz Al Passive investor | Sold down below 5% | 29 July 2026 | |
BANK OF AMERICA CORP /DE/ Passive investor | Sold down below 5% | 30 September 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 1 sold $22,760, $22,760 of it under preset trading plans.
- Winitzer OriDirectorSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 1,000
- Price
- $4.12
- Value
- $4,120
- Winitzer OriDirectorSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 1,000
- Price
- $4.80
- Value
- $4,800
- Winitzer OriDirectorSoldunder a preset trading plan
- Date
- 3 August 2026
- Shares
- 1,000
- Price
- $7.46
- Value
- $7,460
- Winitzer OriDirectorSoldunder a preset trading plan
- Date
- 1 June 2026
- Shares
- 1,000
- Price
- $6.38
- Value
- $6,380
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 October 2026 | Winitzer Ori Director | Sold under a preset trading plan | 1,000 | $4.12 | $4,120 |
| 1 September 2026 | Winitzer Ori Director | Sold under a preset trading plan | 1,000 | $4.80 | $4,800 |
| 3 August 2026 | Winitzer Ori Director | Sold under a preset trading plan | 1,000 | $7.46 | $7,460 |
| 1 June 2026 | Winitzer Ori Director | Sold under a preset trading plan | 1,000 | $6.38 | $6,380 |
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 24 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 17 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
- It carries a lot of debt: 4.1× its equity.
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.