Latest Ratios: P/E Ratio -24.3x · EV/EBITDA N/A · ROE -162.7%. (1996–2025 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.8B | $3.8B | $1.2B | $1.4B | $1.9B | $2.2B | $3.3B | $2.3B | $1.2B | $1.2B | $1.5B |
| Enterprise Value | $2.8B | $3.9B | $1.3B | $1.5B | $2.0B | $2.3B | $3.3B | $2.3B | $1.3B | $1.3B | $1.5B |
| P/E Ratio → | -24.31 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 14.46 | 23.31 | — | — | 64.30 | 28.59 | 29.62 | 16.44 | 7.37 | 4.36 | 4.88 |
| P/FCF | — | — | — | — | — | — | — | — | 12.86 | — | — |
| 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | 13.68 | — | — |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -162.7% | -162.7% | — | -429.9% | -95.1% | -42.1% | -28.0% | -18.6% | -14.3% | -13.5% | -10.6% |
| ROA | -42.5% | -42.5% | -36.5% | -31.9% | -28.7% | -18.8% | -14.8% | -11.0% | -9.6% | -9.8% | -7.9% |
| ROIC | -25.1% | -25.1% | -24.9% | -18.7% | -15.0% | -11.3% | -8.7% | -6.0% | -4.6% | -4.5% | -4.1% |
| ROCE | -21.7% | -21.7% | -20.7% | -15.3% | -11.1% | -9.5% | -8.4% | -6.5% | -5.5% | -5.3% | -4.8% |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.02 | 1.02 | — | — | 4.17 | 1.48 | 1.00 | 0.75 | 0.60 | 0.32 | 0.28 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.34 | — | — | 2.03 | 0.32 | 0.45 | 0.26 | 0.47 | 0.22 | 0.18 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | 0.82 | — | — |
| Interest Coverage | -5.41 | -5.41 | -2.04 | -2.58 | -2.09 | -2.96 | -2.39 | -1.20 | -3.68 | -6.07 | -6.30 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 23.79 | 23.79 | 22.91 | 32.57 | 33.17 | 38.66 | 55.97 | 44.97 | 46.28 | 24.79 | 35.18 |
| Quick Ratio | 23.79 | 23.79 | 22.91 | 32.57 | 33.17 | 38.66 | 55.97 | 44.97 | 46.28 | 24.79 | 35.18 |
| Cash Ratio | 23.32 | 23.32 | 22.55 | 32.19 | 27.37 | 38.59 | 34.74 | 44.44 | 45.63 | 24.53 | 34.50 |
| Asset Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | 7.8% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 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% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $375M | $334M | $334M | $333M | $332M | $329M | $326M | $322M | $322M | $320M |
Project development capital intensity
As reported in financial statements, NovaGold's P/B ratio of 14.46 suggests a significant market premium that appears disconnected from the company's current lack of revenue, reflecting investor optimism regarding the Donlin Gold project's long-term optionality rather than any tangible, near-term fundamental earning power or cash flow generation.
The elevated P/B multiple indicates that the market is pricing the company based on the theoretical net present value of its mineral reserves rather than its current book value. Investors should monitor whether this premium can be sustained if the timeline to a final investment decision continues to extend, as the lack of a positive P/E ratio makes traditional valuation metrics largely inapplicable.
Based on the company's reported figures, the ROIC has remained consistently negative, reaching -2.3% in 2026Q2, which underscores the inherent difficulty of generating returns on invested capital when the business model is entirely focused on pre-revenue project development and ongoing administrative and permitting expenditures.
The persistent negative ROIC is a structural reality for a development-stage entity that has yet to reach commercial production. This trend suggests that capital is being consumed to maintain the asset's viability rather than being deployed to generate incremental economic profit, which warrants further investigation into the efficiency of current project spending.
According to recent SEC filings, the company's liquidity position has deteriorated significantly, with the current ratio falling from 88.72 in 2026Q1 to data unavailable in 2026Q2, highlighting a rapid burn rate that may limit the firm's ability to fund future permitting and optimization studies without seeking additional financing.
The extreme volatility in the current ratio reflects the company's reliance on cash reserves to cover fixed overhead and project costs. This liquidity profile suggests that the firm is highly vulnerable to market conditions, as any delay in securing additional capital could jeopardize the continuity of the Donlin Gold project's development timeline.
As indicated by the company's financial disclosures, the D/E ratio has fluctuated wildly, moving from 0.38 in 2026Q1 to data unavailable in 2026Q2, which suggests that the company's debt profile is highly unstable and potentially reflective of accounting adjustments rather than a sustainable long-term capital structure.
The lack of consistent interest coverage, with a negative 6.89 in 2026Q2, confirms that the company is not generating the operational income necessary to service debt obligations. Investors should monitor the company's ability to manage these liabilities, as the absence of revenue makes the firm entirely dependent on external financing to maintain its balance sheet.
As highlighted by the company's historical financial statements, the use of P/E ratios to evaluate NovaGold is fundamentally flawed, as the company generates no revenue and operates in a pre-production phase where net losses are a standard feature of the business model rather than a sign of failure.
Analysts often misapply earnings-based multiples to development-stage miners, which obscures the reality that the company's value is derived from the potential of its mineral assets rather than current operational performance. A more appropriate focus would be on the project's net present value and the company's cash burn rate relative to its remaining capital reserves.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying NG stock.
NovaGold Resources Inc.'s current P/E ratio is -24.3x. The historical average is 17.8x.
NovaGold Resources Inc.'s return on equity (ROE) is -162.7%. The historical average is -50.4%.
Based on historical data, NovaGold Resources Inc. is trading at a P/E of -24.3x. Compare with industry peers and growth rates for a complete picture.