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Develops the Thacker Pass lithium clay deposit in Nevada in partnership with General Motors.
Develops the Thacker Pass lithium clay deposit in Nevada in partnership with General Motors.
Pre-revenue: no lithium is produced yet, so it is funded by General Motors' investment in the project, a US Department of Energy loan and share issuance. Project cash flow is meant to come from lithium carbonate sold to GM under the offtake and to others. A 2023 corporate split left it focused on Thacker Pass, with the Argentine assets in a separate company.
Moat: narrow (regulatory licence, scale). One of the largest known US lithium deposits with a major automaker as JV partner and offtaker.
Headquarters: Vancouver, Canada (mine in Nevada, US) · Founded: 2016 · Employees: 94
Size Lithium Americas (LAC.TO) is a Canada Materials company (Other Metals/Minerals) with a market value of $712M, the 297th largest of 420 Canada companies the cockpit tracks. Shares closed at C$2.75 on 6 Nov 2026.
Performance Over six months the shares fell 64.3%, against -24.1% for the median peer and +5.2% for the Canada market (cap-weighted) — 2nd lowest of 20 in its peer set.
Valuation It trades at 0.49× book value against a peer median of 2.46× (cheapest of 20).
Price implies The share price implies a return on equity of about 10.7%; Lithium Americas delivers -9.3%, so the price asks more than the business earns today.
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$0 | C$0 | C$0 | C$0 | C$0 |
| Revenue growth | — | — | — | — | — |
| Gross profit | -C$1.48M | -C$1.46M | -C$1.36M | -C$1.33M | -C$1.98M |
| EBITDA | -C$88.2M | -C$72.4M | -C$37.4M | -C$37.5M | -C$77.2M |
| Net income | -C$132M | -C$171M | -C$58.3M | -C$6.87M | -C$88.3M |
| Free cash flow | -C$1.50B | -C$1.15B | -C$264M | -C$308M | -C$69.6M |
| Capital expenditure | C$1.45B | C$1.07B | C$243M | C$255M | C$7.32M |
| Total debt | C$1.64B | C$730M | C$32.6M | C$5.13M | C$61.2M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Lithium Americas LAC.TO | $712M | -64% | n/a | -9% | 0.49× | 10.7% |
| Albemarle ALB | $11.7B | -51% | +18% | 2% | 1.46× | 15.5% |
| Enviri NVRI | $672M | +24% | -23% | -81% | 1.05× | 6.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LAC.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.8% | -17.3% | 7th lowest of 20 |
| 6-month return | -64.3% | -24.1% | 2nd lowest of 20 |
| Return on equity | -9.3% | 1.3% | 7th lowest of 20 |
| Price / book | 0.49× | 2.46× | cheapest of 20 |
| ROE the price implies | 10.7% | 29.5% | 5th least demanding of 20 |
| ROE delivered | -9.3% | 0.8% | 7th lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Lithium Americas LAC.TO | Canada | $712M | -64% | n/a | -9% | 0.49× | 10.7% | -9.3% |
| Wenzhou Hongfeng Electrical Alloy 300283.SZ | China | $712M | -23% | +48% | 11% | 3.87× | 39.0% | 11.1% |
| Gold Royalty GROY | United States | $723M | -14% | +82% | 0% | 0.99× | 10.6% | 0.2% |
| NorthIsle Copper and Gold NCX.V | Canada | $725M | +3% | n/a | -33% | 7.55× | 85.9% | -33.3% |
| Talamore Mining TALA.TO | Canada | $728M | -32% | n/a | -61% | 5.37× | 84.0% | -60.7% |
| Infund 002141.SZ | China | $738M | +32% | -3% | 9% | 5.48× | 37.3% | 8.8% |
| Lithium Argentina LAR | United States | $686M | -64% | n/a | -7% | 0.89× | 12.4% | -6.6% |
| Alnera Aluminium 301613.SZ | China | $749M | -36% | +31% | 7% | 2.07× | 16.0% | 7.1% |
| Mishra Dhatu Nigam MIDHANI.NS | India | $753M | -8% | +18% | 9% | 4.64× | 72.6% | n/a |
| Enviri NVRI | United States | $672M | +24% | -23% | -81% | 1.05× | 6.5% | -81.2% |
| Gruvaktiebolaget Viscaria VISC.ST | Sweden | $669M | -1% | n/a | -5% | 1.31× | 8.3% | -5.2% |
| Imperial Metals III.TO | Canada | $759M | -2% | +5% | 11% | 1.00× | 8.7% | 11.0% |
| Sigma Lithium SGML | United States | $655M | -73% | -14% | -32% | 7.94× | 47.3% | -31.8% |
| Marimaca Copper MARI.TO | Canada | $652M | -18% | n/a | -16% | 2.46× | 14.1% | -16.4% |
| GRIPM Advanced Materials 688456.SS | China | $780M | -24% | +34% | 7% | 4.00× | 47.8% | 7.3% |
| Fuda New Material 603045.SS | China | $645M | -31% | +63% | 33% | 3.21× | 38.8% | 33.5% |
| Lingyuan Iron & Steel 600231.SS | China | $642M | -31% | -3% | -60% | 1.61× | 13.8% | -59.6% |
| Jiangyin Electrical Alloy 300697.SZ | China | $791M | -24% | +54% | 16% | 3.74× | 34.1% | 15.8% |
| Develop Global DVP.AX | Australia | $801M | -43% | +68% | 1% | 1.72× | 14.9% | 1.3% |
| Indian Metals & Ferro Alloys IMFA.NS | India | $633M | -25% | +32% | 21% | 1.99× | 29.5% | 20.8% |
| Abenojar Tungsten ABT.L | United Kingdom | $619M | n/a | n/a | n/a | n/a | n/a | n/a |