DVS maintains a healthy liquidity profile with a current ratio of 5.70 and zero debt, though its $143.3 million asset base is primarily composed of capitalized exploration costs rather than revenue-generating infrastructure.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 62.67M | 34.57M | 11.47M | 28.91M | 15.83M | 23.87M | 4.49M | 2.94M | 6.02M | 5.09M | 307.7K | 1.84M | 1.95M | 1.64M | 3.12M |
| Cash & Short-Term Investments | 61.03M | 34.18M | 9.98M | 28.5M | 15.48M | 23.65M | 3.82M | 2.56M | 5.87M | 4.67M | 212.4K | 1.56M | 358.62K | 1.27M | 2.18M |
| Cash Only | 61.03M | 32.06M | 9.98M | 28.5M | 15.48M | 23.65M | 3.82M | 2.56M | 5.87M | 4.67M | 212.4K | 1.56M | 358.62K | 1.27M | 2.18M |
| Short-Term Investments | 0 | 2.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.14M | 67.55K | 967.26K | 132.35K | 96.52K | 96.82K | 566.63K | 272.72K | 67.57K | 164.33K | 74.47K | 134.34K | 1.58M | 349.07K | 687.54K |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 80.65M | 71.68M | 71.28M | 71.32M | 4.37M | 4.2M | 3.9M | 3.92M | 3.78M | 3.69M | 3.66M | 3.61M | 3.4M | 11.77M | 7.16M |
| Property, Plant & Equipment | 155.91K | 71.52M | 71.12M | 71.16M | 4.28M | 4.11M | 3.81M | 3.83M | 3.69M | 3.6M | 3.57M | 3.52M | 3.35M | 11.58M | 7.11M |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 207.83K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 80.29M | 159K | 159K | 159K | 91K | 91K | 91K | 91K | 91K | 91K | 91K | 91K | 50K | 191.03K | 50K |
| Total Assets | 143.32M | 106.25M | 82.75M | 100.24M | 20.19M | 28.07M | 8.39M | 6.87M | 9.79M | 8.78M | 3.97M | 5.45M | 5.35M | 13.41M | 10.28M |
| Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Asset Growth % | 34.89% | 28.4% | -17.45% | 396.38% | -28.07% | 234.51% | 22.2% | -29.88% | 11.6% | 120.92% | -27.08% | 1.83% | -60.11% | 30.41% | - |
| Total Current Liabilities | 11M | 4.4M | 804.05K | 4.1M | 343.67K | 1.42M | 362.98K | 308.64K | 359.75K | 563.76K | 2.13M | 497.85K | 544.3K | 1.15M | 403.79K |
| Accounts Payable | 1.63M | 118.52K | 146.43K | 285.44K | 121.42K | 93.39K | 43.4K | 110.78K | 290.55K | 224.84K | 499.03K | 294.06K | 316.26K | 69.48K | 160.3K |
| Days Payables Outstanding | 16.32K | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.52M | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 9.37M | 3.48M | 0 | 3.65M | 134.67K | 1.16M | 255.35K | 155.17K | 0 | 0 | 0 | 0 | 42K | 0 | 0 |
| Current Ratio | 5.70x | 7.86x | 14.26x | 7.05x | 46.05x | 16.86x | 12.36x | 9.54x | 16.72x | 9.02x | 0.14x | 3.70x | 3.58x | 1.43x | 7.73x |
| Quick Ratio | 5.70x | 7.86x | 14.26x | 7.05x | 46.05x | 16.86x | 12.36x | 9.54x | 16.72x | 9.02x | 0.14x | 3.70x | 3.58x | 1.43x | 7.73x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 228.74K | 277.78K | 0 | 0 | 0 | 0 | 18K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 228.74K | 277.78K | 0 | 0 | 0 | 0 | 18K |
| Total Liabilities | 11M | 4.4M | 804.05K | 4.1M | 343.67K | 1.42M | 362.98K | 308.64K | 588.49K | 841.53K | 2.13M | 497.85K | 544.3K | 1.15M | 421.79K |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.52M | 0 | 0 | 0 | 0 |
| Net Debt | -61.03M | -32.06M | -9.98M | -28.5M | -15.48M | -23.65M | -3.82M | -2.56M | -5.87M | -4.67M | 1.31M | -1.56M | -358.62K | -1.27M | -2.18M |
| Debt / Equity | - | - | - | - | - | - | - | - | - | - | 0.82x | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | -14.31x | -6.05x | - | - | - | - |
| Total Equity | 132.32M | 101.85M | 81.95M | 96.14M | 19.85M | 26.66M | 8.03M | 6.56M | 9.2M | 7.93M | 1.84M | 4.95M | 4.8M | 12.26M | 9.86M |
| Equity Growth % | 29.91% | 24.29% | -14.76% | 384.32% | -25.54% | 232% | 22.42% | -28.75% | 16.02% | 330.53% | -62.77% | 3% | -60.82% | 24.37% | - |
| Book Value per Share | 1.57 | 0.35 | 0.32 | 0.45 | 0.15 | 0.26 | 0.12 | 0.13 | 0.24 | 0.34 | 0.10 | 0.32 | 0.38 | 1.42 | 22.15 |
| Total Shareholders' Equity | 132.32M | 101.85M | 81.95M | 96.14M | 19.85M | 26.66M | 8.03M | 6.56M | 9.2M | 7.93M | 1.84M | 4.95M | 4.8M | 12.26M | 9.86M |
| Common Stock | 285.75M | 224.36M | 184.75M | 173.97M | 80M | 79.83M | 54.63M | 48.56M | 42.97M | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -166.63M | -135.02M | -114.37M | -87.72M | -68.45M | -60.25M | -52.97M | -48M | -39.61M | -33.34M | -28.38M | -24.81M | -19.44M | -6.47M | -1.66M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 13.2M | 12.51M | 11.57M | 9.89M | 8.31M | 7.07M | 6.37M | 6M | 5.85M | 5.34M | 3.42M | 2.96M | 2.8M | 2.02M | 33.2K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Exploration funding and dilution
According to recent financial filings, DVS maintains a strong liquidity position with $61.0 million in cash as of 2025Q4, providing a substantial buffer that supports the company's intensive seasonal drilling programs while maintaining a current ratio of 5.70, which suggests significant short-term financial flexibility for the firm.
The current liquidity profile appears well-positioned to fund multi-year exploration activities without immediate reliance on capital markets. Investors should monitor how the company balances this cash runway against the potential for increased logistical costs associated with expanding the Kitsault Valley project footprint.
As reported in financial statements, the company's asset base is dominated by capitalized exploration and evaluation expenditures, with total assets reaching $143.3 million in 2025Q4, signaling a strategic shift toward district-scale consolidation rather than traditional revenue-generating property, plant, and equipment investments which remain negligible at $155.9 thousand.
The asset composition confirms the company's status as a pure-play exploration entity where value is tied to geological potential rather than operational infrastructure. The lack of significant PPE suggests that any transition to production would require substantial future capital expenditure, which warrants further investigation by long-term stakeholders.
Based on reported figures, equity has grown to $132.3 million by 2025Q4, yet this expansion is primarily driven by equity-based financing rather than retained earnings, which remain deeply negative at -$166.6 million, reflecting the persistent cash burn inherent in the company's current pre-revenue exploration business model.
The reliance on equity issuance to bolster the balance sheet suggests that shareholder dilution remains a primary mechanism for funding operations. Analysts should interpret the negative retained earnings as a structural feature of the exploration phase, though it highlights the long-term necessity of achieving a successful project exit.
As indicated by financial disclosures, the capitalization of exploration costs on the balance sheet may mask the true economic burn rate, as these expenditures are not reflected in the income statement, potentially creating a disconnect between reported asset values and the actual cash required to sustain operations.
This accounting treatment warrants careful scrutiny, as it may lead to an overstatement of the company's net worth if exploration results do not ultimately support the carrying value of these assets. Investors should remain cautious regarding the potential for future impairment charges if geological targets fail to yield economic mineralization.
Quick answers to the most common questions about buying DVS stock.
As of 2025, Dolly Varden Silver Corporation (DVS) had total assets of $143.3M including $62.7M in current assets.
Dolly Varden Silver Corporation (DVS) carries total debt of $0.0M, offset by $61.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Dolly Varden Silver Corporation (DVS) has total shareholders' equity (book value) of $132.3M ($1.57 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Dolly Varden Silver Corporation (DVS) reported a current ratio of 5.70x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.