While total assets have grown to $35.9M by 2026Q3, this expansion is driven by capitalized exploration costs rather than retained earnings, which remain deeply negative at -$27.9M.
| Metric | TTM | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 |
|---|
| Total Current Assets | 4.77M | 5.36M | 1.49M | 795.35K | 434.12K | 516.56K | 105.21K | 259.3K | 3.52M | 387.97K | 15.62K | 12.54K | 23.98K | 296.89K | 725.42K | 52.77K |
| Cash & Short-Term Investments | 4.07M | 5.01M | 998.26K | 574.59K | 235.46K | 392.21K | 3.21K | 137.95K | 3.21M | 312.37K | 14.43K | 11.13K | 19.12K | 243.56K | 700.51K | 52.77K |
| Cash Only | 4.07M | 5.01M | 998.26K | 574.59K | 235.46K | 392.21K | 3.21K | 137.95K | 3.21M | 312.37K | 14.43K | 11.13K | 19.12K | 243.56K | 700.51K | 52.77K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 381.29K | 231.86K | 146.21K | 164.05K | 142.71K | 49.41K | 42.97K | 75.29K | 0 | 0 | 0 | 0 | 2.86K | 0 | 18.72K | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 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 | 42.91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 31.14M | 22.38M | 15.11M | 12.51M | 7.48M | 6.41M | 5.83M | 6.18M | 3.98M | 1.2M | 292.89K | 265.89K | 156.14K | 276.72K | 47.47K | 66.97K |
| Property, Plant & Equipment | 29.08M | 21.32M | 15.09M | 12.48M | 7.19M | 6.26M | 5.63M | 6.12M | 3.96M | 1.19M | 289.39K | 260.39K | 156.14K | 276.72K | 47.47K | 46.97K |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 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 | 0 |
| Long-Term Investments | 5.07M | 383.73K | 0 | 2.9K | 8K | 96.36K | 148.77K | 11K | 26K | 10K | 3.5K | 5.5K | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 36.53K | 671.98K | 19.23K | 24.4K | 284.84K | 48K | 48K | 48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20K |
| Total Assets | 35.91M | 27.74M | 16.6M | 13.3M | 7.92M | 6.92M | 5.94M | 6.44M | 7.5M | 1.59M | 308.51K | 278.44K | 180.12K | 573.61K | 772.9K | 119.74K |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Asset Growth % | 293.73% | 67.13% | 24.8% | 67.98% | 14.35% | 16.64% | -7.84% | -14.08% | 372.59% | 414.22% | 10.8% | 54.59% | -68.6% | -25.78% | 545.47% | - |
| Total Current Liabilities | 1.48M | 3.1M | 2.73M | 2.91M | 1.1M | 1.04M | 732.07K | 696.25K | 930.05K | 394.09K | 376.48K | 271.22K | 182.18K | 59.88K | 98.49K | 81.29K |
| Accounts Payable | 124.17K | 93.71K | 1.1M | 884.74K | 603K | 536.09K | 515.76K | 439.66K | 527.17K | 129.36K | 75.54K | 70.49K | 44.56K | 4.52K | 7.67K | 8.21K |
| Days Payables Outstanding | - | - | - | - | - | - | 49.93K | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 521.37K | 1.14M | 1.26M | 7.5K | 7.5K | 7.5K | 5.5K | 105.5K | 6.5K | 31K | 50.5K | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 477K | 477K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 985.8K | 1.79M | 11.67K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40K | 0 |
| Current Ratio | 3.23x | 1.73x | 0.54x | 0.27x | 0.39x | 0.50x | 0.14x | 0.37x | 3.78x | 0.98x | 0.04x | 0.05x | 0.13x | 4.96x | 7.37x | 0.65x |
| Quick Ratio | 3.23x | 1.73x | 0.54x | 0.27x | 0.39x | 0.50x | 0.14x | 0.37x | 3.78x | 0.98x | 0.04x | 0.05x | 0.13x | 4.96x | 7.37x | 0.65x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 152.76K | 656.95K | 0 | 74.39K | 136.34K | 135.25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 40K | 40K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 34.39K | 96.34K | 135.25K | 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 | 0 |
| Other Non-Current Liabilities | 0 | 152.76K | 656.95K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 1.48M | 3.25M | 3.39M | 2.91M | 1.18M | 1.18M | 867.31K | 696.25K | 930.05K | 394.09K | 376.48K | 271.22K | 182.18K | 59.88K | 98.49K | 81.29K |
| Total Debt | 0 | 521.37K | 1.14M | 1.29M | 143.84K | 197.72K | 183.7K | 5.5K | 105.5K | 6.5K | 31K | 50.5K | 37K | 0 | 0 | 0 |
| Net Debt | -4.07M | -4.48M | 140.26K | 716.51K | -91.61K | -194.5K | 180.49K | -132.45K | -3.11M | -305.87K | 16.57K | 39.37K | -19.12K | -243.56K | -700.51K | -52.77K |
| Debt / Equity | 0.00x | 0.02x | 0.09x | 0.12x | 0.02x | 0.03x | 0.04x | 0.00x | 0.02x | 0.01x | - | 7.00x | - | - | - | - |
| Debt / EBITDA | -0.00x | - | - | 1.21x | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.21x | - | - | 0.67x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -121.34x | -11.44x | -34.32x | 10.28x | -35.90x | -11.62x | -12.14x | -35.77x | -175.86x | - | - | - | - | - | - | - |
| Total Equity | 34.43M | 24.49M | 13.21M | 10.39M | 6.74M | 5.75M | 5.07M | 5.75M | 6.57M | 1.19M | -67.97K | 7.22K | -2.07K | 513.73K | 674.41K | 38.45K |
| Equity Growth % | 400.85% | 85.41% | 27.17% | 54.08% | 17.26% | 13.42% | -11.77% | -12.51% | 450.79% | 1854.22% | -1041.53% | 449.42% | -100.4% | -23.82% | 1653.98% | - |
| Book Value per Share | 2.40 | 3.26 | 2.92 | 2.64 | 2.06 | 2.05 | 2.07 | 2.76 | 3.80 | 1.24 | -0.16 | 0.02 | -0.01 | 1.39 | 2.31 | 0.28 |
| Total Shareholders' Equity | 34.43M | 24.49M | 13.21M | 10.39M | 6.74M | 5.75M | 5.07M | 5.75M | 6.57M | 1.19M | -67.97K | 7.22K | -2.07K | 513.73K | 674.41K | 38.45K |
| Common Stock | 59.52M | 45.67M | 32.12M | 26.45M | 24.16M | 20.17M | 17.84M | 16.45M | 15.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -27.86M | -24.46M | -21.48M | -17.87M | -19.72M | -15.6M | -14.1M | -11.82M | -13.59M | -3.05M | -1.79M | -1.79M | -1.64M | -1.1M | -912.23K | -547.55K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 2.77M | 3.28M | 2.46M | 1.81M | 2.29M | 1.14M | 1.13M | 1.12M | 4.22M | 598.34K | 29.03K | 195.56K | 246.23K | 297.88K | 358.1K | 201K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Dilutive financing dependency
As reported in financial statements, FMST has grown total assets to $35.9M by 2026Q3, yet this expansion is primarily driven by capitalized exploration costs rather than revenue-generating activities, leaving the company's long-term viability tethered to the successful conversion of these mineral claims into commercial production assets.
The steady increase in net PPE from $13.2M in 2024Q2 to $29.1M in 2026Q3 suggests an aggressive capitalization of exploration and evaluation expenditures. Investors should monitor whether this asset growth reflects genuine geological value or merely the deferral of costs that would otherwise weigh on the income statement.
Based on recent quarterly filings, the company's cash position of $4.1M as of 2026Q3 represents a significant decline from historical peaks, indicating that the firm's liquidity buffer is rapidly depleting as it funds concurrent exploration programs across its uranium and lithium project portfolios in Canada.
While the current ratio of 3.23 appears superficially healthy, it is heavily influenced by the composition of current assets which may not be easily liquidated to meet operational commitments. The volatility in cash levels suggests that the company remains highly susceptible to liquidity shocks if capital markets tighten.
According to the provided balance sheet data, equity has expanded to $34.4M, yet this growth is largely a function of external capital raises rather than retained earnings, which remain deeply negative at -$27.9M, highlighting the persistent reliance on shareholder dilution to sustain the firm's ongoing exploration activities.
The accumulation of negative retained earnings underscores the structural inability of the business to self-fund its operations. This reliance on equity markets warrants further investigation into the potential for future share issuance, which may continue to suppress per-share value for existing investors.
As evidenced by the company's financial disclosures, the capitalization of exploration assets effectively masks the true cash burn rate, as significant expenditures are moved to the balance sheet instead of being expensed, potentially misleading investors regarding the actual cost of maintaining the firm's mineral claim portfolio.
The absence of debt is a positive feature, but it may be a necessity rather than a strategic choice given the lack of cash flow to service interest payments. The reliance on capitalized assets suggests that the balance sheet is highly sensitive to impairment risks should exploration results fail to meet market expectations.
Quick answers to the most common questions about buying FMST stock.
As of 2025, Foremost Clean Energy Ltd. (FMST) had total assets of $27.7M including $5.4M in current assets.
Foremost Clean Energy Ltd. (FMST) carries total debt of $0.5M, offset by $5.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Foremost Clean Energy Ltd. (FMST) has total shareholders' equity (book value) of $24.5M ($3.26 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Foremost Clean Energy Ltd. (FMST) reported a current ratio of 1.73x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.