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Lucid Group, Inc.

Data period: Annual Quarterly Graham uses annual
NASDAQ · Consumer Cyclical
Lucid Group, Inc.
LCID · Auto Manufacturers
$5.36
▲ 0.22 (4.28%)
Cached · 10 min
Overall Grade
F
Defensive
F
Enterprising
Profitability
F⤢
Gross Profit Margin -110.4%
Operating Margin -336.9%
Net Income Margin -364.1%
Fin. Health
D⤢
Years to Pay Off Debt -3.1 yrs
Working Capital vs Long-Term Debt -$2.0B
Working Capital $62M
Valuation
D⤢
Price-to-Book N/A (neg. equity)
Cash Flow
F⤢
Free Cash Flow -$1.4B
Owner Earnings -$659M
Defensive — Graham's strict criteria (P/B, P/E, dividends, stability)  ·  Enterprising — Profitability & cash flow focused, accepts higher valuations for quality
About Lucid Group, Inc.
Lucid Group, Inc., a technology company, designs, develops, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. The company provides Lucid Air sedan and Lucid Gravity SUV. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services. The company is headquartered in Newark, California. Lucid Group, Inc. is a subsidiary of Ayar Third Investment Company.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Price-to-Book
Negative book value means total liabilities exceed total assets on the balance sheet. Two very different causes: (1) Heavy buybacks and dividends in highly profitable companies (Apple, McDonald's, Domino's) — equity deliberately reduced, not a warning sign. (2) Accumulated losses in unprofitable companies (Peloton, WeWork) — a genuine red flag. Check profitability and free cash flow to distinguish between the two. P/B cannot be scored meaningfully here.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Market Data
Market Cap $2.1B
Enterprise Value $6.8B
P/E (TTM) -1.15
Dividend Yield N/A
Exchange NASDAQ
Key Margins
Gross Profit -110.4%
Operating Margin -336.9%
Net Margin -364.1%
Company Info
Sector Consumer Cyclical
Industry Auto Manufacturers
Employees 9000
Country United States
Visit website
Showing Key Metrics
Income Highlights
Metric Q1 2026 Q4 2025 Q4 2024
Gross Profit % -110.4%▼ -80.7%• N/A
Operating Margin % -336.9%▼ -203.7%• N/A
Net Income % -364.1%▼ -155.7%• N/A
Diluted EPS -3.46▲ -3.62• N/A
Balance Sheet Highlights
Metric Q1 2026 Q4 2025 Q4 2024
Total Assets $7.5B $8.4B N/A
Total Debt $3.2B▼ $3.2B• N/A
Working Capital $62M▼ $664M• N/A
Years to Pay Debt -3.08 -3.93 N/A
Cash Flow Highlights
Metric Q1 2026 Q4 2025 Q4 2024
Free Cash Flow -$1.4B▼ -$1.2B• N/A
Owner Earnings -$659M -$366M N/A
CapEx % of Net Income N/A N/A N/A
📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $235M ▲ $282M +20.2%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: -97.2% ▼ -110.4% -13.1pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: -404.8% ▼ -336.9% +68.0pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: -155.8% ▼ -364.1% -208.3pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
❌ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$282M/qtr (≈$1.1B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
1.02x current ratio
vs ≥ 2.0x
❌ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
-$1.4B
vs Positive
Operating Cash Flow
-$1.2B
Latest quarter · Buffett's cash reality check
ROIC
-15.7%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
⚠ Negative Net Assets
Net Assets: -$351M
⚠ Negative Net Assets — total liabilities exceed total assets on paper. This is common in companies that aggressively return capital via buybacks and dividends (Apple, McDonald's, Domino's). It does not indicate insolvency if the business generates strong, consistent free cash flow. Focus on FCF and earnings power rather than balance sheet book value for these companies.
Asset Context — Auto Manufacturers
Asset-heavy businesses (energy, industrials, utilities, REITs) have physical assets with real replacement value — book value and Net Assets are more meaningful here than for technology or consumer brand companies. A low Market Cap / Net Assets ratio may indicate genuine undervaluation.
⚠️ Net margin compressed 208.3pp vs same quarter last year. Common causes: one-time charges (restructuring, write-downs, legal settlements), tax rate changes, or rising interest expense. Check the income statement notes before drawing conclusions about operating health.
Peers & Industry Comparison
Auto Manufacturers — Auto-detected peers
Company Price Market Cap P/E Gross Margin Net Margin Revenue
LCID $5.36 $2.1B -1.15 -110.4% -364.1% $282M
TSLA
Tesla, Inc.		 $400.49 $1,504.1B 367.4 19.1% 3.9% $97.9B
F
Ford Motor Company		 $14.06 $56.0B N/A 7.1% -3.2% $189.9B
GM
General Motors Company		 $79.29 $71.5B 28.9 11.1% 1.4% $184.6B
TM
Toyota Motor Corporation		 $173.94 $206.0B 9.4 16.7% 7.6% $50,685.0B
STLA
Stellantis N.V.		 $6.34 $18.4B N/A 5.8% -13.9% $155.8B
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
10.37%
High — management has strong skin in the game
Return on Assets (ROA)
-13.7%
Poor — assets are not generating adequate returns
Debt Trend YoY
-0.9% YoY
Debt is declining — management is deleveraging
Leadership Team
Taoufiq Boussaid
Chief Financial Officer
Age 54
Pay: $4,135,918
Marc Winterhoff
Chief Operating Officer
Age 56
Pay: $1,988,294
Silvio Napoli
CEO & Executive Director
Age 60
Nick Twork
Vice President of Communications
Akerho Oghoghomeh
Senior Vice President of Marketing
Age 44
Top Institutional Holders
Institution % Owned Shares
Public Investment Fund 45.38% 177,088,867
Uber Technologies, Inc 3.51% 13,715,121
UBS Group AG 2.34% 9,143,526
Blackrock Inc. 1.61% 6,265,246
Vanguard Capital Management LLC 1.54% 6,021,806
Vanguard Portfolio Management LLC 1.36% 5,290,432
State Street Corporation 0.68% 2,660,312
Geode Capital Management, LLC 0.66% 2,588,109
⚠️ Short interest exceeds 20% — heavy bearish bets
Risk Analysis
Beta (Market Risk)
0.84
Low volatility — more stable than the market
Short Interest
35.9% of float
Heavy short selling — market has significant bearish bets
Debt-to-Equity
1.55x
Moderate leverage
Current Ratio
1.02x
Adequate liquidity
52-Week Price Range
Low: $4.47 Current: $5.36 High: $33.70
Currently at 3% of 52-week range

Lucid Group, Inc. (LCID) fundamental analysis — Overall grade F based on profitability, financial health, valuation and cash flow. Graham's Fair Value: N/A (negative EPS). Gross profit margin: -110.4%. Operating margin: -336.9%. Net margin: -364.1%. Market cap: $2.1B. Sector: Consumer Cyclical. Industry: Auto Manufacturers. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett principles.

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