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NGDNew Gold Inc.
$9.08$7.2B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
NGD logo

New Gold Inc.

NGD
AMEX · Gold
$9.08
At close - Jun 20, 4:00 PM EDT - USD
Market Cap$7.19B
P/E64.9x
52W High$13.63
Volume25.32M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2025Q4

Operational Scaling Drives Significant Margin Expansion Potential

New Gold has successfully transitioned into a high-growth phase, evidenced by an 89.2% revenue increase in 2025Q4 as production ramps up at its core Canadian assets. While the company has significantly improved its financial resilience by reducing its debt-to-...

GrowthAccelerating
ProfitabilityStrong
ValuationAttractive
TechnicalsMixed
Explore valuation models
MARKET ACTION

NGD price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

10/12 Beats

EPS beat 10 of last 12 quarters

02

Valuation risk

+191% Peers

P/E is 191% above peer median

03

Market leadership

RS 82 · Leader

High momentum (Outperforming 82% of market)

04

Mixed Trend

Mixed

Price < 50DMA but > 200DMA

Next CatalystEstimated earnings · Jan 28
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth accelerated to 89.2% in 2025Q4, supported by a substantial expansion in gross margins to 69.1% compared to 11.8% in 2024Q1.

Analyst Consensus-1.9% target
Buy(18 analysts)
12 Buy3 Hold3 Sell

The Bull Case

Upside Catalysts

Precious metals bull trend

Gold and silver are expected to face bullish trends in 2026, with Deutsche Bank forecasting $4,450/oz gold average.

Top-ten producer status

The acquisition by Coeur Mining elevates New Gold Inc. to a top-ten global precious metals producer, with projected 2026 EBITDA of $3B.

Low-cost ramp at New Afton

New Gold Inc.'s growth is supported by a low-cost ramp at New Afton, contributing to high free cash flow.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
NGD+6.07%
S&P 500 (^GSPC)+13.22%
1-Year Return
NGD+32.36%
S&P 500 (^GSPC)+15.99%
3-Year Return
NGD+808.00%
S&P 500 (^GSPC)+94.62%
5-Year Return
NGD+710.71%
S&P 500 (^GSPC)+91.27%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
64.9x
Forward P/EExpansion
6.6x
EV/EBITDA100th %ile
17.7x
FCF YieldCash Flow
1.7%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
64.9x
8.1x
100th· High
EV/EBITDA
17.7x
4.8x
100th· High
Price/FCF
59.1x
22.6x
100th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$8.96-1.3%
Base (Fair)$12.16+33.9%
Bull$15.59+71.7%
$8.96 Bear$12.16 Base$15.59 Bull
Current Market Price: $9.08
Trades at a 25.3% discount to Base DCF ($12.16)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$1.48B+59.7% YoY
Net income
$858M+736.2% YoY
Free cash flow
$305M+150.9% YoY
Operating margin
44.4%+24.7 pts YoY
ROIC (TTM)29.5%
Avg ROIC 5Y-
ROE (TTM)57.9%
Piotroski Score7 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate10/12 (83%)
Revenue Beat Rate6/12 (50%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q4 2025Latest
Oct 28, 2025
$0.25+38.9%
vs $0.18
$449M+6.9%
vs $420M
Q3 2025
Jul 28, 2025
$0.11+10.0%
vs $0.10
$313M-27.5%
vs $432M
Q2 2025
Apr 29, 2025
$0.02+100.0%
vs $0.01
$208M+21.9%
vs $171M
Q1 2025
Feb 19, 2025
$0.07+16.7%
vs $0.06
$262M-0.0%
vs $262M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
04

Compare before deciding

Benchmark NGD against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for New Gold Inc. (NGD)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
NGD logoNGDNew Gold Inc.Current
$9.08$7.19B64.8659.66%58.12%57.88%—
EGO logoEGOEldorado Gold Corporation
$42.37$9.02B16.8839.93%29.89%12.38%—
CDE logoCDECoeur Mining, Inc.
$19.52$20.12B21.6996.41%26.82%12.49%—
HL logoHLHecla Mining Company
$18.35$12.31B37.4553.03%20.83%12.98%—
PAAS logoPAASPan American Silver Corp.
$48.75$20.54B18.6830.63%32.09%19.5%—
AG logoAGFirst Majestic Silver Corp.
$19.31$9.52B55.17128.18%21.12%10.78%—

Compare NGD vs Peers

New Gold Inc. (NGD) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs EGO

Most directly comparable listed peer for NGD.

Scale Benchmark

vs CAT

Larger-name benchmark to compare NGD against a more recognizable public peer.

Peer Set

Compare Top 5

vs EGO, CDE, HL, PAAS

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NGD Frequently Asked Questions

New Gold Inc. (NGD) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is New Gold Inc.'s revenue?

New Gold Inc. (NGD) reported $1.46B in revenue for fiscal year 2025. This represents a 146246802300% increase from $0.0M in 1997.

How fast is New Gold Inc. growing?

New Gold Inc. (NGD) grew revenue by 59.7% over the past year. This is strong growth.

Is NGD profitable?

Yes, New Gold Inc. (NGD) is profitable, generating $856.3M in net income for fiscal year 2025 (58.1% net margin).

Dividend & Returns
What is NGD's return on equity?

New Gold Inc. (NGD) has a return on equity (ROE) of 57.9%. This is excellent, indicating efficient use of shareholder capital.

What is New Gold Inc.'s free cash flow?

New Gold Inc. (NGD) generated $279.4M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in NGD back in 1997?

Total return calculator · dividends reinvested · 29+ years of data

See returns →