New Gold Inc. (NGD) 10-Year Financial Performance & Capital Metrics

NGD • • Industrial / General

Basic MaterialsGoldIntermediate Gold ProducersMulti-Mine Operators

AboutNew Gold Inc., an intermediate gold mining company, engages in the exploration, development, and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interests in the Rainy River mine located in Ontario, Canada; and New Afton mine situated in British Columbia, Canada. It also operates the Cerro San Pedro mine in San Luis Potosí, Mexico. The company was incorporated in 1980 and is headquartered in Toronto, Canada.Show more

Revenue $925M +17.5%
EBITDA $423M +38.2%
Net Income $103M +259.1%
EPS (Diluted) 0.14 +248.5%
Gross Margin 26.04% +101.0%
EBITDA Margin 45.75% +17.6%
Operating Margin 19.72% +151.0%
Net Margin 11.1% +235.3%
ROE 11.14% +251.1%
ROIC 11.63% +170.9%
Debt/Equity 0.38 -25.3%
Interest Coverage 15.44 +74.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 93 (top 7%)
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.45%

5Y7.95%

3Y7.44%

TTM42.61%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-9.97%

TTM1132.45%

EPS CAGR

10Y-

5Y-

3Y-11.21%

TTM1932.9%

ROCE

10Y Avg-2.02%

5Y Avg4.39%

3Y Avg3.9%

Latest9.44%

Peer Comparison

Multi-Mine Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HLHecla Mining Company	16.9B	25.22	445.58	29.12%	25.23%	12.61%	0.02%	0.27
CDECoeur Mining, Inc.	13.63B	21.22	141.47	28.35%	24.03%	13.21%		0.54
ARMNAris Mining Corporation	3.7B	18.24	130.29	14.06%	6.35%	3.44%		0.48
NGDNew Gold Inc.	8.24B	10.41	74.36	17.55%	20.16%	20%	1.48%	0.38
AGIAlamos Gold Inc.	16.92B	40.30	58.41	31.62%	33.38%	13.27%	1.39%	0.08
CGAUCenterra Gold Inc.	3.24B	16.06	45.89	10.92%	26.35%	17.46%	3.52%	0.01
EGOEldorado Gold Corporation	8.16B	40.61	28.80	30.94%	22.17%	9.08%	0.3%	0.24
EQXEquinox Gold Corp.	11.43B	14.56	21.41	39.14%	5.73%	2.35%		0.41

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	712.9M	683.8M	604.4M	604.5M	630.6M	643.4M	745.5M	604.4M	786.5M	924.5M
Revenue Growth %	-0.02%	-0.04%	-0.12%	0%	0.04%	0.02%	0.16%	-0.19%	0.3%	0.18%
Cost of Goods Sold+	660.3M	621.2M	541.3M	565.3M	612.5M	533M	573M	578.1M	684.6M	683.8M
COGS % of Revenue	0.93%	0.91%	0.9%	0.94%	0.97%	0.83%	0.77%	0.96%	0.87%	0.74%
Gross Profit+	52.6M	62.6M	63.1M	39.2M	18.1M	110.4M	172.5M	26.3M	101.9M	240.7M
Gross Margin %	0.07%	0.09%	0.1%	0.06%	0.03%	0.17%	0.23%	0.04%	0.13%	0.26%
Gross Profit Growth %	-0.46%	0.19%	0.01%	-0.38%	-0.54%	5.1%	0.56%	-0.85%	2.87%	1.36%
Operating Expenses+	37.2M	43M	35.2M	29.9M	26M	29M	35.2M	42M	40.1M	58.4M
OpEx % of Revenue	0.05%	0.06%	0.06%	0.05%	0.04%	0.05%	0.05%	0.07%	0.05%	0.06%
Selling, General & Admin	27.7M	31.2M	28.8M	23.9M	19.3M	23.2M	24M	23.9M	29.9M	38.6M
SG&A % of Revenue	0.04%	0.05%	0.05%	0.04%	0.03%	0.04%	0.03%	0.04%	0.04%	0.04%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-266.5M	400K	39.2M	1.3M	6.7M	5.8M	11.2M	18.1M	10.2M	19.8M
Operating Income+	-4.7M	14.9M	-244.7M	-1.05B	-7.9M	81.4M	137.3M	-15.7M	61.8M	182.3M
Operating Margin %	-0.01%	0.02%	-0.4%	-1.73%	-0.01%	0.13%	0.18%	-0.03%	0.08%	0.2%
Operating Income Growth %	0.99%	4.17%	-17.42%	-3.28%	0.99%	11.3%	0.69%	-1.11%	4.94%	1.95%
EBITDA+	236.7M	213.98M	-77.5M	-815.8M	233.8M	267.4M	334.1M	180.2M	306M	422.96M
EBITDA Margin %	0.33%	0.31%	-0.13%	-1.35%	0.37%	0.42%	0.45%	0.3%	0.39%	0.46%
EBITDA Growth %	2.89%	-0.1%	-1.36%	-9.53%	1.29%	0.14%	0.25%	-0.46%	0.7%	0.38%
D&A (Non-Cash Add-back)	241.4M	199.08M	167.2M	230.8M	241.7M	186M	196.8M	195.9M	244.2M	240.66M
EBIT	-249.59M	-5.5M	-233.6M	-1.03B	-20M	64.3M	188.6M	-43.3M	-51.63M	91M
Net Interest Income+	-38.3M	-7.01M	-14.5M	-62.16M	-59.04M	-53.17M	-30.33M	-14.6M	-5.7M	-10.2M
Interest Income	1.4M	1.38M	1.14M	1.42M	2.25M	1.16M	297.36K	3.65M	1.3M	1.6M
Interest Expense	38.5M	8.4M	15.64M	63.58M	61.29M	54.33M	30.63M	18.25M	7M	11.8M
Other Income/Expense	-303.6M	-16.2M	26.18M	-49.4M	-66M	-156.4M	23M	-49.7M	-121M	-99.1M
Pretax Income+	-308.3M	2M	-217.6M	-1.1B	-73.9M	-75M	160.3M	-65.4M	-59.2M	83.2M
Pretax Margin %	-0.43%	0%	-0.36%	-1.81%	-0.12%	-0.12%	0.22%	-0.11%	-0.08%	0.09%
Income Tax+	-106.9M	-700K	-115.9M	-25.2M	-400K	4.3M	19.7M	1.4M	5.3M	-19.4M
Effective Tax Rate %	0.65%	1.35%	0.5%	1.12%	0.99%	1.06%	0.88%	1.02%	1.09%	1.23%
Net Income+	-201.4M	2.7M	-108M	-1.23B	-73.5M	-79.3M	140.6M	-66.8M	-64.5M	102.6M
Net Margin %	-0.28%	0%	-0.18%	-2.03%	-0.12%	-0.12%	0.19%	-0.11%	-0.08%	0.11%
Net Income Growth %	0.58%	1.01%	-41%	-10.35%	0.94%	-0.08%	2.77%	-1.48%	0.03%	2.59%
Net Income (Continuing)	-201.4M	-8.5M	-158M	-1.09B	-73.5M	-79.3M	140.6M	-66.8M	-64.5M	102.6M
Discontinued Operations	0	1.6M	50M	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.40	0.01	-0.19	-2.12	-0.12	-0.12	0.20	-0.10	-0.09	0.14
EPS Growth %	0.58%	1.02%	-20%	-10.16%	0.94%	0%	2.67%	-1.49%	0.04%	2.48%
EPS (Basic)	-0.40	0.01	-0.19	-2.12	-0.12	-0.12	0.20	-0.10	-0.09	0.14
Diluted Shares Outstanding	509M	513.8M	564.7M	578.7M	611.1M	676.3M	682.4M	681.9M	684M	752.2M
Basic Shares Outstanding	503.5M	511.8M	564.29M	577.45M	611.1M	676.3M	680.8M	681.9M	684M	752.2M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	614.6M	409.6M	455M	290.4M	229.2M	418.8M	686.3M	377.5M	351.8M	274.1M
Cash & Short-Term Investments	335.5M	185.9M	216.2M	103.7M	83.9M	231.7M	541M	236.4M	192.6M	110.3M
Cash Only	335.5M	185.9M	216.2M	103.7M	83.4M	186.3M	481.5M	200.8M	185.5M	105.2M
Short-Term Investments	0	0	0	0	500K	45.4M	59.5M	35.6M	7.1M	5.1M
Accounts Receivable	124.7M	29.8M	40M	22.6M	5.9M	81.1M	30.1M	4.4M	17.1M	21.6M
Days Sales Outstanding	63.85	15.91	24.16	13.65	3.42	46.01	14.74	2.66	7.94	8.53
Inventory	145.9M	150M	193.2M	141.8M	110M	93.3M	101M	115.7M	126.7M	118.7M
Days Inventory Outstanding	80.65	88.14	130.28	91.56	65.55	63.89	64.34	73.05	67.55	63.36
Other Current Assets	120.7M	40.2M	5.6M	31.4M	22.3M	12.7M	-600K	10.4M	15.4M	20.1M
Total Non-Current Assets+	3.06B	3.54B	3.56B	1.88B	1.93B	1.83B	1.79B	1.87B	1.93B	1.73B
Property, Plant & Equipment	2.8B	3.21B	3.2B	1.85B	1.93B	1.83B	1.79B	1.86B	1.93B	1.69B
Fixed Asset Turnover	0.25x	0.21x	0.19x	0.33x	0.33x	0.35x	0.42x	0.32x	0.41x	0.55x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	118.8M	106.8M	190.3M	25.8M	1.3M	3M	2.6M	2.1M	2.1M	33.91M
Total Assets+	3.68B	3.95B	4.02B	2.17B	2.16B	2.25B	2.48B	2.24B	2.29B	2B
Asset Turnover	0.19x	0.17x	0.15x	0.28x	0.29x	0.29x	0.30x	0.27x	0.34x	0.46x
Asset Growth %	-0.05%	0.07%	0.02%	-0.46%	-0.01%	0.04%	0.1%	-0.09%	0.02%	-0.12%
Total Current Liabilities+	147.3M	175.4M	181.2M	130.9M	171.9M	158.7M	172.9M	171.2M	229M	196.6M
Accounts Payable	30.2M	32M	60.9M	47.1M	39.7M	41.6M	52M	61.8M	61.5M	36.9M
Days Payables Outstanding	16.69	18.8	41.06	30.41	23.66	28.49	33.12	39.02	32.79	19.7
Short-Term Debt	0	0	0	0	0	9.6M	0	0	0	0
Deferred Revenue (Current)	0	0	1000K	0	0	0	0	-1000K	0	0
Other Current Liabilities	13.5M	8.4M	31.2M	29.6M	60.6M	106.8M	48.6M	38.7M	77.7M	69.5M
Current Ratio	4.17x	2.34x	2.51x	2.22x	1.33x	2.64x	3.97x	2.21x	1.54x	1.39x
Quick Ratio	3.18x	1.48x	1.44x	1.14x	0.69x	2.05x	3.39x	1.53x	0.98x	0.79x
Cash Conversion Cycle	127.8	85.24	113.37	74.79	45.31	81.41	45.95	36.69	42.7	52.19
Total Non-Current Liabilities+	1.43B	1.69B	1.7B	1.08B	1.03B	1.3B	1.35B	1.11B	1.27B	754.9M
Long-Term Debt	787.6M	889.5M	1.01B	780.5M	714.5M	489.2M	491M	394.9M	396M	397M
Capital Lease Obligations	-78.8M	-93M	-186.9M	8.9M	23.9M	19.5M	10.7M	1.3M	2.6M	2M
Deferred Tax Liabilities	414.4M	460.5M	250.3M	41.5M	0	53.5M	69.6M	66.8M	74.8M	55.6M
Other Non-Current Liabilities	147.8M	246.7M	251.7M	304.8M	286.9M	739.9M	776.7M	649.8M	794.4M	300.3M
Total Liabilities	1.58B	1.87B	1.88B	1.21B	1.2B	1.46B	1.52B	1.28B	1.5B	951.5M
Total Debt+	787.6M	889.5M	1.01B	780.5M	747.1M	518.3M	501.7M	396.2M	401.2M	399.7M
Net Debt	452.1M	703.6M	791.5M	676.8M	663.7M	332M	20.2M	195.4M	215.7M	294.5M
Debt / Equity	0.38x	0.43x	0.47x	0.81x	0.78x	0.66x	0.52x	0.41x	0.51x	0.38x
Debt / EBITDA	3.33x	4.16x	-	-	3.20x	1.94x	1.50x	2.20x	1.31x	0.95x
Net Debt / EBITDA	1.91x	3.29x	-	-	2.84x	1.24x	0.06x	1.08x	0.70x	0.70x
Interest Coverage	-0.12x	1.77x	-15.64x	-16.46x	-0.13x	1.50x	4.48x	-0.86x	8.83x	15.44x
Total Equity+	2.1B	2.08B	2.14B	959.3M	961.3M	789.3M	955.9M	959.5M	789.2M	1.05B
Equity Growth %	-0.08%	-0.01%	0.03%	-0.55%	0%	-0.18%	0.21%	0%	-0.18%	0.33%
Book Value per Share	4.12	4.05	3.79	1.66	1.57	1.17	1.40	1.41	1.15	1.40
Total Shareholders' Equity	2.1B	2.08B	2.14B	959.3M	961.3M	789.3M	955.9M	959.5M	789.2M	1.05B
Common Stock	2.84B	2.86B	3.04B	3.04B	3.14B	3.15B	3.16B	3.16B	3.16B	3.33B
Retained Earnings	-846.3M	-843.6M	-961.3M	-2.19B	-2.28B	-2.35B	-2.21B	-2.28B	-2.35B	-2.36B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	2.6M	-33M	-38.9M	6.1M	-13.6M	-116.8M	-93M	-24.6M	-135.9M	-31.2M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	262.6M	282.2M	342.2M	245.1M	263.5M	294.8M	323.7M	190.7M	287.6M	392.8M
Operating CF Margin %	0.37%	0.41%	0.57%	0.41%	0.42%	0.46%	0.43%	0.32%	0.37%	0.42%
Operating CF Growth %	-0.02%	0.07%	0.21%	-0.28%	0.08%	0.12%	0.1%	-0.41%	0.51%	0.37%
Net Income	-201.4M	2.7M	-101.7M	-1.07B	-73.5M	-79.3M	140.6M	-66.8M	-64.5M	102.6M
Depreciation & Amortization	-222.42M	199.08M	167.2M	230.8M	250.08M	0	133.3M	195.9M	235.1M	248.1M
Stock-Based Compensation	8.2M	10.5M	7.7M	2.7M	2.7M	2.4M	1.5M	1M	800K	600K
Deferred Taxes	-106.9M	-700K	-115.9M	-25.2M	-400K	4.3M	19.7M	1.4M	5.3M	-19.4M
Other Non-Cash Items	573.3M	299.8M	518.9M	1.41B	58.72M	351.2M	27.6M	50.1M	116.7M	76.9M
Working Capital Changes	-2.4M	-19.6M	40.9M	-71.6M	25.9M	16.2M	1M	9.1M	-5.8M	-16M
Change in Receivables	5.99M	-13.63M	16.16M	-5.12M	4.5M	-8.8M	9.42M	-3.36M	-4.1M	-8.8M
Change in Inventory	900K	-8.5M	2.8M	-53.1M	16.2M	10.6M	-4.8M	-32M	-6.5M	2.8M
Change in Payables	-12.6M	493.99K	24.5M	-12.5M	7.78M	0	-3.87M	24.11M	0	0
Cash from Investing+	-324.5M	-568.6M	-533.6M	-32.2M	-234M	-173.2M	57.4M	-281.9M	-234M	-263.4M
Capital Expenditures	-389.5M	-567M	-567M	-213.9M	-253.3M	-284.2M	-247.3M	-292.9M	-265.9M	-271.1M
CapEx % of Revenue	0.55%	0.83%	0.94%	0.35%	0.4%	0.44%	0.33%	0.48%	0.34%	0.29%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-22.6M	1.9M	34.3M	31.9M	6.9M	-101.6M	1.4M	15M	-16.9M	6.8M
Cash from Financing+	45.7M	128.4M	219.8M	-312.7M	-50.2M	-21.9M	-86.5M	-185M	-68.6M	-207.8M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	45.7M	28.4M	100.5M	-78.7M	-73.9M	230.5M	-76.3M	-74M	-59.3M	-369.8M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-126.9M	-284.8M	-224.8M	31.2M	10.2M	10.6M	76.4M	-102.2M	21.7M	121.7M
FCF Margin %	-0.18%	-0.42%	-0.37%	0.05%	0.02%	0.02%	0.1%	-0.17%	0.03%	0.13%
FCF Growth %	-11.09%	-1.24%	0.21%	1.14%	-0.67%	0.04%	6.21%	-2.34%	1.21%	4.61%
FCF per Share	-0.25	-0.55	-0.40	0.05	0.02	0.02	0.11	-0.15	0.03	0.16
FCF Conversion (FCF/Net Income)	-1.30x	104.52x	-3.17x	-0.20x	-3.59x	-3.72x	2.30x	-2.85x	-4.46x	3.83x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-9.22%	0.13%	-5.12%	-79.11%	-7.65%	-9.06%	16.11%	-6.98%	-7.38%	11.14%
Return on Invested Capital (ROIC)	-0.13%	0.42%	-6.42%	-34.37%	-0.36%	4.45%	9.82%	-1.11%	4.29%	11.63%
Gross Margin	7.38%	9.15%	10.44%	6.48%	2.87%	17.16%	23.14%	4.35%	12.96%	26.04%
Net Margin	-28.25%	0.39%	-17.87%	-202.76%	-11.66%	-12.33%	18.86%	-11.05%	-8.2%	11.1%
Debt / Equity	0.38x	0.43x	0.47x	0.81x	0.78x	0.66x	0.52x	0.41x	0.51x	0.38x
Interest Coverage	-0.12x	1.77x	-15.64x	-16.46x	-0.13x	1.50x	4.48x	-0.86x	8.83x	15.44x
FCF Conversion	-1.30x	104.52x	-3.17x	-0.20x	-3.59x	-3.72x	2.30x	-2.85x	-4.46x	3.83x
Revenue Growth	-1.8%	-4.08%	-11.61%	0.02%	4.32%	2.03%	15.87%	-18.93%	30.13%	17.55%

Revenue by Geography

	2018
Canada	588.5M
Canada Growth	-
Mexico	16M
Mexico Growth	-
Australia	-
Australia Growth	-
Total geographical area	-
Total geographical area Growth	-
United States	-
United States Growth	-

Frequently Asked Questions

Valuation & Price

New Gold Inc. (NGD) has a price-to-earnings (P/E) ratio of 74.4x. This suggests investors expect higher future growth.

Growth & Financials

New Gold Inc. (NGD) reported $1.23B in revenue for fiscal year 2024. This represents a 77% increase from $695.9M in 2011.

New Gold Inc. (NGD) grew revenue by 17.5% over the past year. This is strong growth.

Yes, New Gold Inc. (NGD) is profitable, generating $247.7M in net income for fiscal year 2024 (11.1% net margin).

Dividend & Returns

New Gold Inc. (NGD) has a return on equity (ROE) of 11.1%. This is reasonable for most industries.

New Gold Inc. (NGD) generated $53.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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New Gold Inc. (NGD) 10-Year Financial Performance & Capital Metrics

NGD • • Industrial / General

Basic MaterialsGoldIntermediate Gold ProducersMulti-Mine Operators

Revenue $925M +17.5%
EBITDA $423M +38.2%
Net Income $103M +259.1%
EPS (Diluted) 0.14 +248.5%
Gross Margin 26.04% +101.0%
EBITDA Margin 45.75% +17.6%
Operating Margin 19.72% +151.0%
Net Margin 11.1% +235.3%
ROE 11.14% +251.1%
ROIC 11.63% +170.9%
Debt/Equity 0.38 -25.3%
Interest Coverage 15.44 +74.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 93 (top 7%)
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.45%

5Y7.95%

3Y7.44%

TTM42.61%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-9.97%

TTM1132.45%

EPS CAGR

10Y-

5Y-

3Y-11.21%

TTM1932.9%

ROCE

10Y Avg-2.02%

5Y Avg4.39%

3Y Avg3.9%

Latest9.44%

Peer Comparison

Multi-Mine Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HLHecla Mining Company	16.9B	25.22	445.58	29.12%	25.23%	12.61%	0.02%	0.27
CDECoeur Mining, Inc.	13.63B	21.22	141.47	28.35%	24.03%	13.21%		0.54
ARMNAris Mining Corporation	3.7B	18.24	130.29	14.06%	6.35%	3.44%		0.48
NGDNew Gold Inc.	8.24B	10.41	74.36	17.55%	20.16%	20%	1.48%	0.38
AGIAlamos Gold Inc.	16.92B	40.30	58.41	31.62%	33.38%	13.27%	1.39%	0.08
CGAUCenterra Gold Inc.	3.24B	16.06	45.89	10.92%	26.35%	17.46%	3.52%	0.01
EGOEldorado Gold Corporation	8.16B	40.61	28.80	30.94%	22.17%	9.08%	0.3%	0.24
EQXEquinox Gold Corp.	11.43B	14.56	21.41	39.14%	5.73%	2.35%		0.41

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	712.9M	683.8M	604.4M	604.5M	630.6M	643.4M	745.5M	604.4M	786.5M	924.5M
Revenue Growth %	-0.02%	-0.04%	-0.12%	0%	0.04%	0.02%	0.16%	-0.19%	0.3%	0.18%
Cost of Goods Sold+	660.3M	621.2M	541.3M	565.3M	612.5M	533M	573M	578.1M	684.6M	683.8M
COGS % of Revenue	0.93%	0.91%	0.9%	0.94%	0.97%	0.83%	0.77%	0.96%	0.87%	0.74%
Gross Profit+	52.6M	62.6M	63.1M	39.2M	18.1M	110.4M	172.5M	26.3M	101.9M	240.7M
Gross Margin %	0.07%	0.09%	0.1%	0.06%	0.03%	0.17%	0.23%	0.04%	0.13%	0.26%
Gross Profit Growth %	-0.46%	0.19%	0.01%	-0.38%	-0.54%	5.1%	0.56%	-0.85%	2.87%	1.36%
Operating Expenses+	37.2M	43M	35.2M	29.9M	26M	29M	35.2M	42M	40.1M	58.4M
OpEx % of Revenue	0.05%	0.06%	0.06%	0.05%	0.04%	0.05%	0.05%	0.07%	0.05%	0.06%
Selling, General & Admin	27.7M	31.2M	28.8M	23.9M	19.3M	23.2M	24M	23.9M	29.9M	38.6M
SG&A % of Revenue	0.04%	0.05%	0.05%	0.04%	0.03%	0.04%	0.03%	0.04%	0.04%	0.04%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-266.5M	400K	39.2M	1.3M	6.7M	5.8M	11.2M	18.1M	10.2M	19.8M
Operating Income+	-4.7M	14.9M	-244.7M	-1.05B	-7.9M	81.4M	137.3M	-15.7M	61.8M	182.3M
Operating Margin %	-0.01%	0.02%	-0.4%	-1.73%	-0.01%	0.13%	0.18%	-0.03%	0.08%	0.2%
Operating Income Growth %	0.99%	4.17%	-17.42%	-3.28%	0.99%	11.3%	0.69%	-1.11%	4.94%	1.95%
EBITDA+	236.7M	213.98M	-77.5M	-815.8M	233.8M	267.4M	334.1M	180.2M	306M	422.96M
EBITDA Margin %	0.33%	0.31%	-0.13%	-1.35%	0.37%	0.42%	0.45%	0.3%	0.39%	0.46%
EBITDA Growth %	2.89%	-0.1%	-1.36%	-9.53%	1.29%	0.14%	0.25%	-0.46%	0.7%	0.38%
D&A (Non-Cash Add-back)	241.4M	199.08M	167.2M	230.8M	241.7M	186M	196.8M	195.9M	244.2M	240.66M
EBIT	-249.59M	-5.5M	-233.6M	-1.03B	-20M	64.3M	188.6M	-43.3M	-51.63M	91M
Net Interest Income+	-38.3M	-7.01M	-14.5M	-62.16M	-59.04M	-53.17M	-30.33M	-14.6M	-5.7M	-10.2M
Interest Income	1.4M	1.38M	1.14M	1.42M	2.25M	1.16M	297.36K	3.65M	1.3M	1.6M
Interest Expense	38.5M	8.4M	15.64M	63.58M	61.29M	54.33M	30.63M	18.25M	7M	11.8M
Other Income/Expense	-303.6M	-16.2M	26.18M	-49.4M	-66M	-156.4M	23M	-49.7M	-121M	-99.1M
Pretax Income+	-308.3M	2M	-217.6M	-1.1B	-73.9M	-75M	160.3M	-65.4M	-59.2M	83.2M
Pretax Margin %	-0.43%	0%	-0.36%	-1.81%	-0.12%	-0.12%	0.22%	-0.11%	-0.08%	0.09%
Income Tax+	-106.9M	-700K	-115.9M	-25.2M	-400K	4.3M	19.7M	1.4M	5.3M	-19.4M
Effective Tax Rate %	0.65%	1.35%	0.5%	1.12%	0.99%	1.06%	0.88%	1.02%	1.09%	1.23%
Net Income+	-201.4M	2.7M	-108M	-1.23B	-73.5M	-79.3M	140.6M	-66.8M	-64.5M	102.6M
Net Margin %	-0.28%	0%	-0.18%	-2.03%	-0.12%	-0.12%	0.19%	-0.11%	-0.08%	0.11%
Net Income Growth %	0.58%	1.01%	-41%	-10.35%	0.94%	-0.08%	2.77%	-1.48%	0.03%	2.59%
Net Income (Continuing)	-201.4M	-8.5M	-158M	-1.09B	-73.5M	-79.3M	140.6M	-66.8M	-64.5M	102.6M
Discontinued Operations	0	1.6M	50M	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.40	0.01	-0.19	-2.12	-0.12	-0.12	0.20	-0.10	-0.09	0.14
EPS Growth %	0.58%	1.02%	-20%	-10.16%	0.94%	0%	2.67%	-1.49%	0.04%	2.48%
EPS (Basic)	-0.40	0.01	-0.19	-2.12	-0.12	-0.12	0.20	-0.10	-0.09	0.14
Diluted Shares Outstanding	509M	513.8M	564.7M	578.7M	611.1M	676.3M	682.4M	681.9M	684M	752.2M
Basic Shares Outstanding	503.5M	511.8M	564.29M	577.45M	611.1M	676.3M	680.8M	681.9M	684M	752.2M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	614.6M	409.6M	455M	290.4M	229.2M	418.8M	686.3M	377.5M	351.8M	274.1M
Cash & Short-Term Investments	335.5M	185.9M	216.2M	103.7M	83.9M	231.7M	541M	236.4M	192.6M	110.3M
Cash Only	335.5M	185.9M	216.2M	103.7M	83.4M	186.3M	481.5M	200.8M	185.5M	105.2M
Short-Term Investments	0	0	0	0	500K	45.4M	59.5M	35.6M	7.1M	5.1M
Accounts Receivable	124.7M	29.8M	40M	22.6M	5.9M	81.1M	30.1M	4.4M	17.1M	21.6M
Days Sales Outstanding	63.85	15.91	24.16	13.65	3.42	46.01	14.74	2.66	7.94	8.53
Inventory	145.9M	150M	193.2M	141.8M	110M	93.3M	101M	115.7M	126.7M	118.7M
Days Inventory Outstanding	80.65	88.14	130.28	91.56	65.55	63.89	64.34	73.05	67.55	63.36
Other Current Assets	120.7M	40.2M	5.6M	31.4M	22.3M	12.7M	-600K	10.4M	15.4M	20.1M
Total Non-Current Assets+	3.06B	3.54B	3.56B	1.88B	1.93B	1.83B	1.79B	1.87B	1.93B	1.73B
Property, Plant & Equipment	2.8B	3.21B	3.2B	1.85B	1.93B	1.83B	1.79B	1.86B	1.93B	1.69B
Fixed Asset Turnover	0.25x	0.21x	0.19x	0.33x	0.33x	0.35x	0.42x	0.32x	0.41x	0.55x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	118.8M	106.8M	190.3M	25.8M	1.3M	3M	2.6M	2.1M	2.1M	33.91M
Total Assets+	3.68B	3.95B	4.02B	2.17B	2.16B	2.25B	2.48B	2.24B	2.29B	2B
Asset Turnover	0.19x	0.17x	0.15x	0.28x	0.29x	0.29x	0.30x	0.27x	0.34x	0.46x
Asset Growth %	-0.05%	0.07%	0.02%	-0.46%	-0.01%	0.04%	0.1%	-0.09%	0.02%	-0.12%
Total Current Liabilities+	147.3M	175.4M	181.2M	130.9M	171.9M	158.7M	172.9M	171.2M	229M	196.6M
Accounts Payable	30.2M	32M	60.9M	47.1M	39.7M	41.6M	52M	61.8M	61.5M	36.9M
Days Payables Outstanding	16.69	18.8	41.06	30.41	23.66	28.49	33.12	39.02	32.79	19.7
Short-Term Debt	0	0	0	0	0	9.6M	0	0	0	0
Deferred Revenue (Current)	0	0	1000K	0	0	0	0	-1000K	0	0
Other Current Liabilities	13.5M	8.4M	31.2M	29.6M	60.6M	106.8M	48.6M	38.7M	77.7M	69.5M
Current Ratio	4.17x	2.34x	2.51x	2.22x	1.33x	2.64x	3.97x	2.21x	1.54x	1.39x
Quick Ratio	3.18x	1.48x	1.44x	1.14x	0.69x	2.05x	3.39x	1.53x	0.98x	0.79x
Cash Conversion Cycle	127.8	85.24	113.37	74.79	45.31	81.41	45.95	36.69	42.7	52.19
Total Non-Current Liabilities+	1.43B	1.69B	1.7B	1.08B	1.03B	1.3B	1.35B	1.11B	1.27B	754.9M
Long-Term Debt	787.6M	889.5M	1.01B	780.5M	714.5M	489.2M	491M	394.9M	396M	397M
Capital Lease Obligations	-78.8M	-93M	-186.9M	8.9M	23.9M	19.5M	10.7M	1.3M	2.6M	2M
Deferred Tax Liabilities	414.4M	460.5M	250.3M	41.5M	0	53.5M	69.6M	66.8M	74.8M	55.6M
Other Non-Current Liabilities	147.8M	246.7M	251.7M	304.8M	286.9M	739.9M	776.7M	649.8M	794.4M	300.3M
Total Liabilities	1.58B	1.87B	1.88B	1.21B	1.2B	1.46B	1.52B	1.28B	1.5B	951.5M
Total Debt+	787.6M	889.5M	1.01B	780.5M	747.1M	518.3M	501.7M	396.2M	401.2M	399.7M
Net Debt	452.1M	703.6M	791.5M	676.8M	663.7M	332M	20.2M	195.4M	215.7M	294.5M
Debt / Equity	0.38x	0.43x	0.47x	0.81x	0.78x	0.66x	0.52x	0.41x	0.51x	0.38x
Debt / EBITDA	3.33x	4.16x	-	-	3.20x	1.94x	1.50x	2.20x	1.31x	0.95x
Net Debt / EBITDA	1.91x	3.29x	-	-	2.84x	1.24x	0.06x	1.08x	0.70x	0.70x
Interest Coverage	-0.12x	1.77x	-15.64x	-16.46x	-0.13x	1.50x	4.48x	-0.86x	8.83x	15.44x
Total Equity+	2.1B	2.08B	2.14B	959.3M	961.3M	789.3M	955.9M	959.5M	789.2M	1.05B
Equity Growth %	-0.08%	-0.01%	0.03%	-0.55%	0%	-0.18%	0.21%	0%	-0.18%	0.33%
Book Value per Share	4.12	4.05	3.79	1.66	1.57	1.17	1.40	1.41	1.15	1.40
Total Shareholders' Equity	2.1B	2.08B	2.14B	959.3M	961.3M	789.3M	955.9M	959.5M	789.2M	1.05B
Common Stock	2.84B	2.86B	3.04B	3.04B	3.14B	3.15B	3.16B	3.16B	3.16B	3.33B
Retained Earnings	-846.3M	-843.6M	-961.3M	-2.19B	-2.28B	-2.35B	-2.21B	-2.28B	-2.35B	-2.36B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	2.6M	-33M	-38.9M	6.1M	-13.6M	-116.8M	-93M	-24.6M	-135.9M	-31.2M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	262.6M	282.2M	342.2M	245.1M	263.5M	294.8M	323.7M	190.7M	287.6M	392.8M
Operating CF Margin %	0.37%	0.41%	0.57%	0.41%	0.42%	0.46%	0.43%	0.32%	0.37%	0.42%
Operating CF Growth %	-0.02%	0.07%	0.21%	-0.28%	0.08%	0.12%	0.1%	-0.41%	0.51%	0.37%
Net Income	-201.4M	2.7M	-101.7M	-1.07B	-73.5M	-79.3M	140.6M	-66.8M	-64.5M	102.6M
Depreciation & Amortization	-222.42M	199.08M	167.2M	230.8M	250.08M	0	133.3M	195.9M	235.1M	248.1M
Stock-Based Compensation	8.2M	10.5M	7.7M	2.7M	2.7M	2.4M	1.5M	1M	800K	600K
Deferred Taxes	-106.9M	-700K	-115.9M	-25.2M	-400K	4.3M	19.7M	1.4M	5.3M	-19.4M
Other Non-Cash Items	573.3M	299.8M	518.9M	1.41B	58.72M	351.2M	27.6M	50.1M	116.7M	76.9M
Working Capital Changes	-2.4M	-19.6M	40.9M	-71.6M	25.9M	16.2M	1M	9.1M	-5.8M	-16M
Change in Receivables	5.99M	-13.63M	16.16M	-5.12M	4.5M	-8.8M	9.42M	-3.36M	-4.1M	-8.8M
Change in Inventory	900K	-8.5M	2.8M	-53.1M	16.2M	10.6M	-4.8M	-32M	-6.5M	2.8M
Change in Payables	-12.6M	493.99K	24.5M	-12.5M	7.78M	0	-3.87M	24.11M	0	0
Cash from Investing+	-324.5M	-568.6M	-533.6M	-32.2M	-234M	-173.2M	57.4M	-281.9M	-234M	-263.4M
Capital Expenditures	-389.5M	-567M	-567M	-213.9M	-253.3M	-284.2M	-247.3M	-292.9M	-265.9M	-271.1M
CapEx % of Revenue	0.55%	0.83%	0.94%	0.35%	0.4%	0.44%	0.33%	0.48%	0.34%	0.29%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-22.6M	1.9M	34.3M	31.9M	6.9M	-101.6M	1.4M	15M	-16.9M	6.8M
Cash from Financing+	45.7M	128.4M	219.8M	-312.7M	-50.2M	-21.9M	-86.5M	-185M	-68.6M	-207.8M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	45.7M	28.4M	100.5M	-78.7M	-73.9M	230.5M	-76.3M	-74M	-59.3M	-369.8M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-126.9M	-284.8M	-224.8M	31.2M	10.2M	10.6M	76.4M	-102.2M	21.7M	121.7M
FCF Margin %	-0.18%	-0.42%	-0.37%	0.05%	0.02%	0.02%	0.1%	-0.17%	0.03%	0.13%
FCF Growth %	-11.09%	-1.24%	0.21%	1.14%	-0.67%	0.04%	6.21%	-2.34%	1.21%	4.61%
FCF per Share	-0.25	-0.55	-0.40	0.05	0.02	0.02	0.11	-0.15	0.03	0.16
FCF Conversion (FCF/Net Income)	-1.30x	104.52x	-3.17x	-0.20x	-3.59x	-3.72x	2.30x	-2.85x	-4.46x	3.83x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-9.22%	0.13%	-5.12%	-79.11%	-7.65%	-9.06%	16.11%	-6.98%	-7.38%	11.14%
Return on Invested Capital (ROIC)	-0.13%	0.42%	-6.42%	-34.37%	-0.36%	4.45%	9.82%	-1.11%	4.29%	11.63%
Gross Margin	7.38%	9.15%	10.44%	6.48%	2.87%	17.16%	23.14%	4.35%	12.96%	26.04%
Net Margin	-28.25%	0.39%	-17.87%	-202.76%	-11.66%	-12.33%	18.86%	-11.05%	-8.2%	11.1%
Debt / Equity	0.38x	0.43x	0.47x	0.81x	0.78x	0.66x	0.52x	0.41x	0.51x	0.38x
Interest Coverage	-0.12x	1.77x	-15.64x	-16.46x	-0.13x	1.50x	4.48x	-0.86x	8.83x	15.44x
FCF Conversion	-1.30x	104.52x	-3.17x	-0.20x	-3.59x	-3.72x	2.30x	-2.85x	-4.46x	3.83x
Revenue Growth	-1.8%	-4.08%	-11.61%	0.02%	4.32%	2.03%	15.87%	-18.93%	30.13%	17.55%

Revenue by Geography

	2018
Canada	588.5M
Canada Growth	-
Mexico	16M
Mexico Growth	-
Australia	-
Australia Growth	-
Total geographical area	-
Total geographical area Growth	-
United States	-
United States Growth	-

Frequently Asked Questions

Valuation & Price

New Gold Inc. (NGD) has a price-to-earnings (P/E) ratio of 74.4x. This suggests investors expect higher future growth.

Growth & Financials

New Gold Inc. (NGD) reported $1.23B in revenue for fiscal year 2024. This represents a 77% increase from $695.9M in 2011.

New Gold Inc. (NGD) grew revenue by 17.5% over the past year. This is strong growth.

Yes, New Gold Inc. (NGD) is profitable, generating $247.7M in net income for fiscal year 2024 (11.1% net margin).

Dividend & Returns

New Gold Inc. (NGD) has a return on equity (ROE) of 11.1%. This is reasonable for most industries.

New Gold Inc. (NGD) generated $53.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.