Lithium Americas Corp
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow, and deliberately neither green nor red. Not green, because the material operational question is simply still open: the company has no revenue, expects none before production begins per the quarterly report for March 31, 2026, and its entire value rests on whether a plant reaches mechanical completion by the end of 2027 — a plant whose definitive cost estimate is not due until the second half of 2026, with the existing figure of $2.93 billion expressly excluding tariffs the company puts at $80 million to $120 million. Not red, because no risk to the substance of the business is documented: there is no going-concern warning, equity attributable to shareholders is $1,343.9 million, cash of $1,207.6 million covers the operating outflow of $18.3 million per quarter many times over, repayment of the federal loan does not begin until January 2029, and all loan covenants were met as of March 31, 2026. The dilution from 161.8 million to 361.8 million shares is substantial and expensive for existing holders — but it threatens their share of the company, not the company itself. Whether the stock is cheap or expensive is a separate matter, decided by the scanners rather than by this rating. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Lithium Americas is developing the largest known lithium deposit in the world at Thacker Pass in Nevada — funded by a $2.23 billion loan from the U.S. Department of Energy, by General Motors with $430.0 million of cash, and by its own shareholders, whose stake keeps shrinking: 161.8 million shares on December 31, 2023 became 361.8 million on June 24, 2026. There is no revenue before the 2028 production ramp-up, $5.0 million of the $4.6 million quarterly profit belonged to the co-owner and the rest came from a valuation effect of the company's own share-price decline, and the $2.93 billion cost estimate contains neither tariffs nor the consequences of the Middle East conflict. Anyone investing here is funding a construction site with an open final bill. Not investment advice.
Asset and partners
Thacker Pass is, according to the company, the largest known measured and indicated lithium resource in the world; proven and probable reserves stood at 1,056.7 million tonnes of run-of-mine ore containing 14.3 million tonnes of lithium carbonate equivalent as of December 31, 2025 (100 percent project basis). General Motors holds 38 percent and is tied in through 20-year offtake agreements — backing few developers of this size can claim.
Funding and liquidity
As of March 31, 2026 the books held $1,207.6 million of cash and restricted cash, while operating cash outflow for the quarter was only $18.3 million. Of the $2.23 billion Department of Energy loan, two tranches of $435.0 million and $432.0 million had been drawn; repayment does not start until January 2029. The company considers itself funded for at least twelve months.
Earnings position
There is no revenue and, per the quarterly report for March 31, 2026, none until production begins; mechanical completion is targeted for late 2027 and the ramp-up for 2028. The reported quarterly profit of $4.6 million included $5.0 million belonging to the non-controlling interest and arose from a valuation gain triggered by the company's own share price falling from $4.36 to $3.95.
Dilution and ownership
Shares outstanding rose from 161.8 million (December 31, 2023) to 361.8 million (June 24, 2026), up 124 percent. In addition, the shelf prospectus of June 26, 2026 registers up to 69,417,541 shares for the U.S. Department of Energy, which the document puts at 19.19 percent of voting power. Economically, an LAC shareholder owns 62 percent of the project, and 59 percent after full exercise of the joint-venture warrant.
Cost certainty
The capital estimate of $2.93 billion comes from the technical report dated December 31, 2024 and, per the earnings release of May 14, 2026, expressly contains no tariffs; the company expects $80 million to $120 million for those alone. A new definitive cost estimate is announced for the second half of 2026. Until then the decisive number of the project is open.
Availability of funds
Of $1,207.6 million of cash, $449.1 million is restricted and sits in project-company accounts managed by a collateral agent; the loan agreement bars that company from paying dividends or lending to the parent. A further $120 million must go into reserve accounts by October 2026. For a project financing this is normal — but the total should not be read as a freely available cushion.
Worth Noting
Lithium Americas reached our research list through the laggard review of our stock universe: a company with more than three billion dollars of total assets and no revenue line at all. Classic earnings metrics (price-to-earnings, price-to-sales, Altman Z-score) cannot be calculated here or carry no meaning; the Piotroski score of 1 out of 9 (data as of August 2, 2026) is structural, because seven of the nine points test profit, margin or asset turnover.
Risk of confusion: this Lithium Americas Corp. (CIK 0001966983) was created on January 23, 2023 as "1397468 B.C. Ltd." and took over only the North American business in the separation of October 3, 2023. The Argentine assets sit with the sister company, today named Lithium Argentina AG (formerly Lithium Americas (Argentina) Corp., symbol LAAC). Despite Canadian incorporation the company reports under U.S. GAAP and files 10-K/10-Q rather than 40-F or 20-F.
On market capitalization: the article states only an order of magnitude built from dates that belong together — 347.4 million shares times $3.95, both as of March 31, 2026, so a good $1.3 billion. The market capitalization in the fundamental data is internally consistent: it uses the 351,062,478 shares from the cover page of the quarterly report (as of May 13, 2026). It differs from a cross-check against the last share price documented in an SEC filing only because that anchor dates from March 18, 2026 and is months old. Analyses are evergreen; daily prices are not a reason to buy.
Currency of the data: the most recent periodic report is the quarterly report 10-Q for March 31, 2026 (filed May 14, 2026). Every filing from that day onward was reviewed — the earnings release 8-K of May 14, 2026, a Schedule 13G/A of May 15, 2026, an 8-K and an SD of June 23, 2026, the shelf registration S-3ASR of June 26, 2026, and insider filings (Form 4) of June 17, June 22, June 29 and July 8, 2026. No report for the second quarter of 2026 was available as of August 2, 2026.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at LAC since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 2.70 $ to 10.10 $ · Last price: 2.90 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Other Industrial Metals & Mining
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Lithium Americas Corp LAC | 1.0 | – | -293.5 | 0.0 | 0.0 | – | -11.4 |
| MP Materials Corp MP | 9.0 | – | 133.4 | 42.3 | -7.9 | 35.1 | -26.1 |
| Materion Corporation MTRN | 5.5 | 67.0 | 27.4 | 16.0 | 5.7 | 6.1 | 114.2 |
| Skeena Resources Limited SKE | 4.1 | – | -3.7 | – | 0.0 | – | 70.7 |
| USA Rare Earth, Inc. USAR | 4.0 | – | 28.0 | -9.7 | -643.7 | -99.9 | 0.7 |
| Almonty Industries Inc. ALM | 4.0 | – | 57.2 | 49.8 | 8.8 | 12.8 | 176.6 |
| Evolution Metals & Technologies Corp. EMAT | 2.5 | – | 0.0 | 9.4 | -332.9 | – | – |
| Sunshine Silver Mining & Refining Company SSMR | 2.4 | – | 0.0 | -7,081.9 | -9,263.4 | 421.8 | – |
| TMC the metals company Inc TMC | 2.1 | – | -2.1 | – | 0.0 | – | -36.0 |
| Median of companies shown | 4.0 | – | 0.0 | 9.4 | 0.0 | 12.8 | 0.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 1 | -22 | -22 | -0.36 | -10 | 42 | 45 |
| 2017 | 4 | -25 | -33 | -0.44 | -13 | 109 | 113 |
| 2018 | 5 | -28 | -28 | -0.32 | -19 | 82 | 104 |
| 2019 | 0 | 60 | 52 | 0.56 | -18 | 160 | 294 |
| 2020 | 0 | -25 | -27 | -0.17 | -20 | 191 | 327 |
| 2021 | 0 | -45 | -47 | -0.29 | -43 | 536 | 817 |
| 2022 | 0 | -61 | -68 | -0.42 | -52 | 784 | 1,017 |
| 2023 | 0 | -29 | -5 | -0.03 | -40 | 385 | 437 |
| 2024 | 0 | -28 | -43 | -0.21 | -13 | 635 | 1,045 |
| 2025 | 0 | -53 | -122 | -0.50 | -62 | 1,059 | 2,579 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.01 | -106.30 | 0 | – | -36,917,647.10 | -3 | -34 |
| 2024: Q3 | -0.04 | – | 0 | – | – | 0 | -35 |
| 2024: Q4 | -0.10 | – | 0 | – | – | -10 | -75 |
| 2025: Q1 | -0.05 | -150.00 | 0 | -100.00 | – | -19 | -137 |
| 2025: Q2 | -0.06 | -500.00 | 0 | -100.00 | – | -31 | -266 |
| 2025: Q3 | -0.03 | 25.00 | 0 | – | – | 2 | -170 |
| 2025: Q4 | -0.25 | -152.20 | 0 | 100.00 | – | -15 | -265 |
| 2026: Q1 | -0.03 | 40.00 | 0 | – | – | -18 | -313 |
| 2026: Q2 | -0.02 | 66.70 | – | – | – | -6 | -338 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 5 of our scanner strategies — each hit links to the scanner.
Growth
Breakout & Setup
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.07 | -0.11 – -0.02 | 0 | 80.1% | 2 |
| 12/31/2027 | -0.14 | -0.23 – -0.04 | 0 | -116.6% | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Zehn Filings — Geschäftsberichte 10-K für 2025 und 2024, Nachtrag 10-K/A, die Quartalsberichte 10-Q zum 31.03.2026, 30.09.2025, 30.06.2025 und 31.03.2025, Ergebnismitteilung 8-K mit Anlage 99.1, Regalprospekt S-3ASR und Prospektnachtrag 424B5 — enthalten keine einzige Fundstelle zu künstlicher Intelligenz, maschinellem Lernen, generativen Modellen oder Automatisierung. Lithium Americas ist ein vor-operativer Bergbau-Entwickler, dessen Wertschöpfung an Bau und Betrieb der Lithiumanlage Thacker Pass hängt; weder das Geschäftsmodell noch die Risikofaktoren nehmen auf KI Bezug, und es gibt keinen belegten Verdrängungs- oder Nutzungsbezug.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-03-19 · 10-K/A 2026-04-30 · 10-K 2025-03-28 · 10-Q 2026-05-14 · 10-Q 2025-11-13 · 10-Q 2025-08-14 · 10-Q 2025-05-15 · 8-K 2026-05-14 · S-3ASR 2026-06-26 · 424B5 2026-03-19
Rated on August 2, 2026 · How the Rating Is Built
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% -100.0%
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 1
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -11.5%
- ROCE > 15% -2.2%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Lithium Americas Corp., a resource and materials company, focuses on developing, building, and operating of lithium deposits and chemical processing facilities in the United States and Canada. The company's flagship asset is the Thacker Pass project located in the McDermitt Caldera in Humboldt County, northern Nevada, as well as invests in exploration properties in the United States and Canada. Lithium Americas Corp. was incorporated in 2023 and is headquartered in Vancouver, Canada.
- Employees
- 94
- Headquarters
- Vancouver, BC
- Address
- 3260 – 666 Burrard Street, V6C 2X8 Vancouver, Canada
- Phone
- 778 656 5820
- Website
- lithiumamericas.com
- IPO Date
- 01/25/2018
- ISIN
- CA53681J1030
- Stock Split
- 1:5 on 11/08/2017
Management
| Name | Title | Birth Year |
|---|---|---|
| Kelvin Paul Michael Dushnisky B.Sc. (Hon.) | Executive Chairman of Board | 1964 |
| Jonathan David Evans | President, CEO & Director | 1971 |
| Richard Gerspacher | Executive Vice President of Capital Projects & Operation | 1975 |
| Brandin Luke Colton | Executive VP & CFO | 1975 |
| Virginia Morgan | Vice President of Investor Relations & ESG | – |
| Edward Grandy | Senior VP, General Counsel & Corporate Secretary | 1969 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/11/2026 LITHIUM AMERICAS CORP. (LAC): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
- 08/13/2026 LITHIUM AMERICAS CORP. (LAC): Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Unregistered Sales of Equity Securities; Financial Statements and Exhibits SEC ↗
- 08/13/2026 LITHIUM AMERICAS CORP. (LAC): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/06/2026 LITHIUM AMERICAS CORP. (LAC): Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Unregistered Sales of Equity Securities; Other Events; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.