Latest Ratios: P/E Ratio -13.5x · EV/EBITDA N/A · ROE -19.6%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $422M | $697M | $353M | $624M | $674M | $1.1B | $365M | — | — |
| Enterprise Value | $381M | $639M | $331M | $571M | $592M | $1.0B | $317M | — | — |
| P/E Ratio → | -13.51 | — | — | — | — | — | — | — | — |
| P/S Ratio | 18.95 | 120.01 | — | — | — | — | — | — | — |
| P/B Ratio | 1.36 | 1.66 | 5.30 | 9.53 | 8.08 | 9.03 | 5.01 | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 110.08 | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 2.0% | 2.0% | — | — | — | — | — | — | — |
| Operating Margin | -1019.5% | -1019.5% | — | — | — | — | — | — | — |
| Net Profit Margin | -819.2% | -819.2% | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -19.6% | -19.6% | -52.9% | -107.3% | -87.3% | -51.8% | -79.5% | -81.1% | -140.4% |
| ROA | -15.6% | -15.6% | -44.1% | -81.8% | -69.6% | -45.7% | -78.5% | -72.2% | -75.2% |
| ROIC | -21.9% | -21.9% | -112.0% | -1172.7% | -560.8% | -179.0% | -214.2% | -260.8% | -315.7% |
| ROCE | -20.4% | -20.4% | -63.4% | -138.8% | -81.1% | -54.4% | -93.7% | -79.2% | -278.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.14 | -0.33 | -0.82 | -0.98 | -0.82 | -0.65 | -0.82 | -0.34 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -425.12 | -425.12 | -1964.38 | -2944.93 | -5627.58 | -6757.32 | -10841.55 | — | — |
Net cash position: cash ($59M) exceeds total debt ($1M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.89 | 3.89 | 4.03 | 3.28 | 3.48 | 10.70 | 112.05 | 20.94 | 1.28 |
| Quick Ratio | 3.48 | 3.48 | 4.03 | 3.28 | 3.48 | 10.70 | 110.07 | 20.94 | 1.28 |
| Cash Ratio | 3.13 | 3.13 | 3.13 | 3.02 | 3.30 | 10.12 | 108.37 | 18.97 | 0.87 |
| Asset Turnover | — | 0.01 | — | — | — | — | — | — | — |
| Inventory Turnover | 0.65 | 0.65 | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 271.66 | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $235M | $194M | $178M | $167M | $155M | $113M | $45M | $45M |
Includes 30+ ratios · 8 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NFGC stock.
New Found Gold Corp.'s current P/E ratio is -13.5x. This places it at the 50th percentile of its historical range.
New Found Gold Corp.'s return on equity (ROE) is -19.6%. The historical average is -77.5%.
Based on historical data, New Found Gold Corp. is trading at a P/E of -13.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
New Found Gold Corp. has 2.0% gross margin and -1019.5% operating margin.
Key Metrics
Top Statement Risk
Unproven Production Scalability
Extreme Valuation Premature Given Nascent Revenue
NFGC's trailing P/E of -12.19 and P/S of 108.12, according to recent market data, indicate that the market is pricing in future production potential rather than current earnings, a typical anomaly for a junior miner in the development phase.
The negative P/E renders it meaningless for valuation, while the extraordinarily high P/S multiple is solely a function of the company's nascent revenue base of $15.7 million in Q2 2026. Investors should focus instead on net asset value (NAV) and resource potential, as the current multiples do not reflect the company's operational stage.
Margin Volatility Amidst Production Ramp-Up
Gross margins swung to 100% in Q2 2026 from 12.1% in Q4 2025, yet net margins remain deeply negative at -67.0%, based on the company's income statement, highlighting that operating expenses continue to overwhelm nascent revenue streams.
The dramatic improvement in gross margin suggests either a low-cost revenue source or an accounting treatment where cost of goods sold is minimal, but the persistent negative net margin indicates that the company's overhead, including exploration and administrative costs, is still substantial. Until operating leverage is achieved, profitability will remain under pressure.
Negative Returns Reflecting Pre-Production Stage
According to the company's financial data, ROIC has narrowed to -0.1% in Q2 2026 from a nadir of -95.0% in Q1 2024, a positive trend that remains negative, indicating that NFGC's invested capital is still being consumed rather than generating returns.
The improving ROIC trajectory is driven by the onset of revenue and the stabilization of the asset base, but the company is far from achieving a positive return. Investors should monitor whether revenue growth can eventually exceed the cost of capital, a milestone that has yet to be reached.
Fortress Liquidity Underpins Development Phase
Based on the company's balance sheet, NFGC's current ratio of 5.36 in Q2 2026 and cash holdings of $193.8 million present a formidable liquidity position that can absorb significant cash burn and fund capital expenditures without immediate dilutive financing.
The strong liquidity is critical for a mining company in the capital-intensive development phase, as it provides runway to complete construction and commissioning. However, with a quarterly cash burn of $20.1 million in FCF, this buffer, while substantial, will deplete over time without revenue growth or additional funding.
The Peril of Applying Standard P/E to a Resource Start-Up
The P/E ratio of -12.19 is frequently misapplied to NFGC, as the company has no earnings, and the ratio fails to capture the option value of its mineral resources and the capital-intensive development phase.
For exploration and development-stage mining companies, the P/E multiple is meaningless because earnings are negative and not reflective of long-term value. A more appropriate metric is the price-to-net-asset-value (P/NAV) ratio, which discounts the present value of future cash flows from mineral reserves, though this requires detailed engineering and feasibility studies.