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Lucas GC Ltd (LGCL) stock

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NASDAQ: LGCL Nasdaq Application Software

C Fundamentals grade

Lucas GC Ltd is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$1.3

Price-to-earnings vs peers

Base case. Range ~$1.3–$22. Earnings per share times peers' typical (harmonic-mean) price-to-earnings.

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Lucas GC Ltd valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 1 selling0 purchases and 1 sale by directors and officers, last 12 monthsInsider trades

Value diary

Our note on each quarter Lucas GC files

Where Lucas GC stands after its latest Filing

Revenue for the twelve months was $145m, down 1.9% on a year earlier, a smaller fall than the 29.0% decline a quarter earlier. That puts it 158 of 183 for growth among the application software companies we cover. Free-cash-flow margin fell to -4.6% from 5.6% a year earlier. Operating margin narrowed to 1.9% from 5.7%. The diluted share count is up 21.6% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 3 financial-health checks. Our price-to-earnings vs peers value is $1.31 a share, against a share price of $1.29.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Lucas GC Ltd's trailing-twelve-month revenue fell 1.9% year on year, with a free-cash-flow margin of -4.6%. Where it stands out: change in growth rate of +27.2pp ranks 13 of 184 application software companies we cover. Where it lags: revenue growth of -1.9% ranks 159 of 184 application software companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to -1.9% (+27.2pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Lucas GC Ltd's latest figures clears our strength thresholds.

Things to watch

  • Revenue shrinking. Revenue fell 1.9% over the last 12 months.
  • Burning cash. Free cash flow was -4.6% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 21.6% in a year.
  • Weak cash conversion. Free cash flow was -488% of net income over the last 12 months.
  • Below peers: gross margin. Gross margin of 33.8% ranks 137 of 160 application software companies we cover (median 69.8%).

Price chart

  • 1 day-0.8%
  • 1 week-9.9%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$145M
Operating margin
1.9%
Net margin
0.9%
EPS (TTM, diluted)
$0.56

Growth

Revenue growth
−1.9%
Change in growth rate
+27.2 pts
Share count change
+21.6%

Cash

Free cash flow (TTM)
-$6.6M
FCF margin
-4.6%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for LGCL from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Lucas GC Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value Lucas GC Ltd as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$1.3 ~$9.5–$22 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$97 ~$68–$140 Left out: out of range vs price (75.51x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$59 ~$52–$69 Left out: out of range vs price (46.15x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$66 ~$66–$85 Left out: out of range vs price (51.47x)
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. — Does not apply: earnings are positive: price-to-earnings is the better measure
Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$1.3 ~$1.3–$22 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Lucas GC Ltd with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Lucas GC Ltd: too few analysts cover it.

Positioning

Short interest
1.7%
of tradable shares
Days to cover
0.01
at average volume
Short interest, 1 month
+65%
to October 15, 2026
Held by institutions
0%
of shares
Held by insiders
25.3%
of shares
Employees
311
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Lucas GC Ltd in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Lucas GC Ltd
$100M $150M $200M $250M FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY21 Q4: $101.1M Revenue (TTM), FY22 Q4: $114.2M Revenue (TTM), FY23 Q4: $208.3M Revenue (TTM), FY24 Q4: $147.8M Revenue (TTM), FY25 Q4: $145M $145M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY21 Q4 $101.1M
FY22 Q4 $114.2M
FY23 Q4 $208.3M
FY24 Q4 $147.8M
FY25 Q4 $145M
Revenue growth, TTM YoY Lucas GC Ltd
-50% 0% 50% 100% FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY22 Q4: 12.9% Revenue growth, TTM YoY, FY23 Q4: 82.5% Revenue growth, TTM YoY, FY24 Q4: -29.0% Revenue growth, TTM YoY, FY25 Q4: -1.9% -1.9%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY22 Q4 12.9%
FY23 Q4 82.5%
FY24 Q4 -29.0%
FY25 Q4 -1.9%
Operating margin (TTM) Lucas GC Ltd
0% 2% 4% 6% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Operating margin (TTM), FY21 Q4: 5.7% Operating margin (TTM), FY22 Q4: 4.1% Operating margin (TTM), FY23 Q4: 4.6% Operating margin (TTM), FY24 Q4: 2.6% Operating margin (TTM), FY25 Q4: 1.9% 1.9%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY21 Q4 5.7%
FY22 Q4 4.1%
FY23 Q4 4.6%
FY24 Q4 2.6%
FY25 Q4 1.9%
FCF margin (TTM) Lucas GC Ltd
-5% 0% 5% 10% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY21 Q4: 5.6% FCF margin (TTM), FY22 Q4: -3.8% FCF margin (TTM), FY23 Q4: -3.3% FCF margin (TTM), FY24 Q4: -2.3% FCF margin (TTM), FY25 Q4: -4.6% -4.6%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY21 Q4 5.6%
FY22 Q4 -3.8%
FY23 Q4 -3.3%
FY24 Q4 -2.3%
FY25 Q4 -4.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Lucas GC took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $145M
  2. Cost of revenue $96M · 66.2%
  3. Gross profit $49M · 33.8%
  4. Research and development $24.4M · 16.8%
  5. Selling, general and admin $21.8M · 15.1%
  6. Operating income $2.7M · 1.9%
  7. Interest and other $1M · 0.7%
  8. Net income $1.4M · 0.9%

Shares of revenue. Source: Lucas GC's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 101 114 208 148 145
Gross profit 28 32 59 50 49
EBITDA 6 5 10 5 5
Operating income 6 5 10 4 3
Net income 6 5 11 6 1
Diluted EPS $2.98 $2.56 $5.62 $2.79 $0.56
Growth (year on year)
Revenue — +12.9% +82.5% −29.0% −1.9%
EBITDA — −13.1% +95.5% −50.1% −9.8%
Operating income — −18.2% +103.2% −59.3% −29.7%
Net income — −12.1% +103.9% −49.6% −75.4%
Diluted EPS — −14.0% +119.6% −50.4% −79.7%
Margins
Gross margin 27.5% 28.1% 28.4% 33.6% 33.8%
EBITDA margin 5.9% 4.6% 4.9% 3.4% 3.2%
Operating margin 5.7% 4.1% 4.6% 2.6% 1.9%
Net margin 6.1% 4.7% 5.3% 3.7% 0.9%
Free-cash-flow margin 5.6% −3.8% −3.3% −2.3% −4.6%
Cash flow
Cash from operations 9 −2 −5 3 5
Capital spending 4 2 2 6 12
Free cash flow 6 −4 −7 −3 −7
Balance sheet
Cash — 7 4 4 4
Total debt — 1 6 9 14
Net debt (negative = net cash) — −6 1 5 9
Diluted shares 2m 2m 2m 2m 2m
Returned to shareholders
Buybacks — — — 0 —
Total returned — — — 0 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · December 31, 2025
What it owns · $65m
Short-term assets $32mLonger-term assets $33m
What it owes, and who funded it · $64m
Short-term liabilities $20mLonger-term liabilities $0mShareholders' equity $45m
  • Short-term assets cover short-term liabilities $32m of assets due within a year against $20m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $32m short-term assets against $0 of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $3m against $373,332 of interest.

From Lucas GC Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2024 Q4 TTM
Buybacks (TTM)
$118,970
Returned to shareholders
-3%
of free cash flow
Diluted share count
+21.6%
year over year
Total shareholder yield
3.9%
dividends 0.0% + buybacks 3.9% of market value
R&D spending
16.8%
of revenue
Days sales outstanding
11 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated LGCL STEM BBAI API SMRT EXFY Median
Revenue, last 12 months $145m $148m $142m $141m $151m $138m $482m
Revenue growth, last 12 months −1.9% −5.1% −1.5% 5.9% −2.8% −4.3% 12.0%
Revenue growth, 3-year average — −29.1% −2.9% — −9.9% −5.8% 11.1%
Revenue growth, latest quarter — −12.3% 31.5% — 4.0% −5.3% 11.9%
Gross margin 33.8% 41.5% 30.2% 66.4% 36.4% 48.7% 69.2%
Operating margin 1.9% −29.1% −164.2% −6.7% −14.9% −8.0% 1.1%
Operating margin, 3-year average — −127.3% −116.2% — −26.7% −10.6% −0.8%
Net margin 0.9% −49.4% −126.8% 6.8% −13.0% −11.3% 2.1%
Cash from operations / revenue 3.4% 7.9% −50.4% 19.3% −0.5% 9.1% 18.2%
Free-cash-flow margin −4.6% 7.9% −51.2% 18.1% −0.7% 9.1% 15.0%
Free-cash-flow margin, 3-year average — −7.1% −30.3% — −9.8% 10.8% 16.2%
Stock pay / revenue — 5.4% 13.4% 3.9% 6.7% 18.0% 9.3%
Change in share count 21.6% — 45.2% 6.0% −1.4% 3.6% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth -1.9% 12.0% 159 of 184
Change in growth rate Growth +27.2pp +0.2pp 13 of 184
Gross margin Profitability 33.8% 69.8% 137 of 160
Operating margin Profitability 1.9% 1.1% 87 of 181
Net margin Profitability 0.9% 2.1% 95 of 185
Free-cash-flow margin Cash generation -4.6% 15.2% 136 of 180
Change in share count Balance sheet 21.6% 1.7% 140 of 163
Days sales outstanding Balance sheet 11 days 57 days 12 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

13F filings for June 30, 2026
Reported value
$383,451
Institutions reporting
6
Shares held vs prior quarter
▲ 344.5%
Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Bank Of America Corp $147,327 80K 38.4% New
L1 Global Manager Pty Ltd $97,974 53K 25.6% New
Sassicaia Capital Advisers LLC $76,775 42K 20.0% New
Virtu Financial LLC $60,000 32K 15.6% New
UBS Group AG $1,373 1K 0.4% ▲ 271.0%
Caitong International Asset Management Co., Ltd $2 0K 0.0% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Lucas GC Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1,403 1 trade by 1 insider · 0% under pre-set plans
Net ▼ $1,403 net selling
Insider Date Trade Shares Price Value
Lee Wallace Wang Leong Chief Financial Officer May 28, 2026 Sell 775 $1.81 $1,403

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Lucas GC Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Lucas GC Ltd in brief

What does Lucas GC Ltd do?
Lucas GC Ltd is a US-listed company in the application software industry. Its financial year ends in December.
What is Lucas GC Ltd's stock ticker?
Lucas GC Ltd trades under the ticker LGCL on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Lucas GC Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Lucas GC Ltd reported revenue of $145M, 1.9% lower than a year earlier, according to its SEC filings.
What is Lucas GC Ltd's free cash flow?
Lucas GC Ltd's free-cash-flow margin is -4.6% of revenue over the trailing twelve months, ranking 136 of the 180 application software companies we cover.
Who are Lucas GC Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Bank Of America Corp, L1 Global Manager Pty Ltd and Sassicaia Capital Advisers LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Lucas GC Ltd buying back stock, and does it pay a dividend?
Lucas GC Ltd spent $118,970 on share repurchases over the trailing twelve months, and its diluted share count still rose 21.6% over the year.
Who are Lucas GC Ltd's competitors?
In our Application Software peer group, the companies closest to Lucas GC Ltd are Stem, Inc., Bigbear.ai Holdings, Inc., Agora, Inc., Smartrent, Inc. and Expensify, Inc. The side-by-side comparison below sets their revenue, margins and growth against Lucas GC Ltd's.
Are insiders buying or selling Lucas GC Ltd stock?
Over the last 12 months, Lucas GC Ltd's directors and officers reported 0 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.