New Gold Inc. (NGD) Financial Ratios
29 years of historical data (1997–2025) · Basic Materials · Gold
EV/EBITDA
↑
17.69
↑+256% vs avg
5yr avg: 4.96
30Y Low3.1·High16.5
P/FCF
↑
59.07
↑+143% vs avg
5yr avg: 24.35
30Y Low13.4·High139.7
P/B Ratio
↑
6.49
↑+285% vs avg
5yr avg: 1.68
30Y Low0.1·High3.6
ROE
↑
57.9%
↓+309% vs avg
5yr avg: 14.2%
30Y Low-79%·High58%
Debt/EBITDA
↓
0.44
↓-65% vs avg
5yr avg: 1.28
30Y Low0.4·High4.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NGD Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
New Gold Inc. trades at 64.9x earnings, 485% above its 5-year average of 11.1x, sitting at the 83rd percentile of its historical range. Compared to the Basic Materials sector median P/E of 23.6x, the stock trades at a premium of 175%. On a free-cash-flow basis, the stock trades at 59.1x P/FCF, 143% above the 5-year average of 24.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.2B | $6.9B | $1.9B | $999M | $668M | $1.0B | $1.5B | $538M | $438M | $1.9B | $1.8B |
| Enterprise Value | $7.5B | $7.0B | $2.2B | $1.2B | $864M | $1.0B | $1.8B | $1.2B | $1.1B | $2.6B | $2.5B |
| P/E Ratio → | 64.86 | 8.06 | 17.71 | — | — | 7.50 | — | — | — | — | 350.00 |
| P/S Ratio | 7.78 | 4.68 | 2.02 | 1.27 | 1.11 | 1.37 | 2.30 | 0.85 | 0.72 | 3.07 | 2.63 |
| P/B Ratio | 6.49 | 3.62 | 1.77 | 1.27 | 0.70 | 1.07 | 1.88 | 0.56 | 0.46 | 0.87 | 0.86 |
| P/FCF | 59.07 | 22.65 | 15.33 | 46.02 | — | 13.40 | 139.73 | 52.72 | 14.04 | — | — |
| P/OCF | 18.30 | 7.70 | 4.75 | 3.47 | 3.50 | 3.16 | 5.02 | 2.04 | 1.79 | 5.43 | 6.37 |
P/E links to full P/E history page with 30-year chart
NGD EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
New Gold Inc.'s enterprise value stands at 17.7x EBITDA, 256% above its 5-year average of 5.0x. The Basic Materials sector median is 11.0x, placing the stock at a 61% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.73 | 2.34 | 1.54 | 1.43 | 1.40 | 2.82 | 1.91 | 1.84 | 4.38 | 3.66 |
| EV / EBITDA | 17.69 | 7.82 | 5.11 | 3.97 | 4.79 | 3.12 | 6.78 | 5.14 | — | — | 11.69 |
| EV / EBIT | 41.05 | 7.31 | 23.74 | — | — | 5.53 | 28.20 | — | — | — | — |
| EV / FCF | — | 22.86 | 17.75 | 55.96 | — | 13.66 | 171.05 | 117.79 | 35.73 | — | — |
NGD Profitability
Margins and return-on-capital ratios measuring operating efficiency
New Gold Inc. earns an operating margin of 44.4%, significantly above the Basic Materials sector average of 10.3%. Operating margins have expanded from 7.9% to 44.4% over the past 3 years, signaling improving operational efficiency. Return on equity of 57.9% is exceptionally high. ROIC of 29.5% represents excellent returns on invested capital.
Margins
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 | 53.2% | 53.2% | 26.0% | 13.0% | 4.4% | 23.1% | 17.2% | 2.9% | 6.5% | 10.4% | 9.2% |
| Operating Margin | 44.4% | 44.4% | 19.7% | 7.9% | -2.6% | 18.4% | 12.7% | -1.3% | -173.1% | -40.5% | 2.2% |
| Net Profit Margin | 58.1% | 58.1% | 11.1% | -8.2% | -11.1% | 18.9% | -12.3% | -11.7% | -202.8% | -17.9% | 0.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 57.9% | 57.9% | 11.1% | -7.4% | -7.0% | 16.1% | -9.1% | -7.7% | -79.1% | -5.1% | 0.1% |
| ROA | 33.1% | 33.1% | 4.8% | -2.8% | -2.8% | 5.9% | -3.6% | -3.4% | -39.6% | -2.7% | 0.1% |
| ROIC | 29.5% | 29.5% | 11.6% | 4.3% | -1.1% | 9.8% | 4.4% | -0.4% | -34.4% | -6.4% | 0.4% |
| ROCE | 28.5% | 28.5% | 9.4% | 3.0% | -0.7% | 6.2% | 4.0% | -0.4% | -35.6% | -6.4% | 0.4% |
NGD Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
New Gold Inc. carries a Debt/EBITDA ratio of 0.4x, which is very conservative (82% below the sector average of 2.4x). Net debt stands at $66M ($396M total debt minus $330M cash). Interest coverage of 26.6x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.21 | 0.21 | 0.38 | 0.51 | 0.41 | 0.52 | 0.66 | 0.78 | 0.81 | 0.47 | 0.43 |
| Debt / EBITDA | 0.44 | 0.44 | 0.95 | 1.31 | 2.20 | 1.50 | 1.94 | 3.20 | — | — | 4.16 |
| Net Debt / Equity | — | 0.03 | 0.28 | 0.27 | 0.20 | 0.02 | 0.42 | 0.69 | 0.71 | 0.37 | 0.34 |
| Net Debt / EBITDA | 0.07 | 0.07 | 0.70 | 0.70 | 1.08 | 0.06 | 1.24 | 2.84 | — | — | 3.29 |
| Debt / FCF | — | 0.22 | 2.42 | 9.94 | — | 0.26 | 31.32 | 65.07 | 21.69 | — | — |
| Interest Coverage | 26.58 | 26.58 | 7.71 | -7.38 | -2.37 | 6.16 | 1.18 | -0.33 | -16.26 | -14.93 | -0.65 |
NGD Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.32x means New Gold Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 0.92x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 1.54x to 1.32x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.32 | 1.32 | 1.39 | 1.54 | 2.21 | 3.97 | 2.64 | 1.33 | 2.22 | 2.51 | 2.34 |
| Quick Ratio | 0.92 | 0.92 | 0.79 | 0.98 | 1.53 | 3.39 | 2.05 | 0.69 | 1.14 | 1.44 | 1.48 |
| Cash Ratio | 0.84 | 0.84 | 0.56 | 0.84 | 1.38 | 3.13 | 1.46 | 0.49 | 0.79 | 1.19 | 1.06 |
| Asset Turnover | — | 0.46 | 0.46 | 0.34 | 0.27 | 0.30 | 0.29 | 0.29 | 0.28 | 0.15 | 0.17 |
| Inventory Turnover | 4.48 | 4.48 | 5.76 | 5.40 | 5.00 | 5.67 | 5.71 | 5.57 | 3.99 | 2.80 | 4.14 |
| Days Sales Outstanding | — | 3.76 | 8.53 | 7.94 | 2.66 | 14.74 | 46.01 | 3.42 | 13.65 | 24.16 | 15.91 |
NGD Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
New Gold Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 1.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.5% | 12.4% | 5.6% | — | — | 13.3% | — | — | — | — | 0.3% |
| FCF Yield | 1.7% | 4.4% | 6.5% | 2.2% | — | 7.5% | 0.7% | 1.9% | 7.1% | — | — |
| 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 | — | $794M | $752M | $684M | $682M | $682M | $676M | $611M | $579M | $565M | $514M |
Peer Comparison
Compare NGD with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NGDYou | $7B | 64.9 | 17.7 | 59.1 | 53.2% | 44.4% | 57.9% | 29.5% | 0.4 |
 EGO | $7B | 13.2 | 6.7 | — | 44.9% | 41.5% | 12.6% | 13.3% | 1.2 |
 CDE | $11B | 19.5 | 11.0 | 17.1 | 39.3% | 36.3% | 26.4% | 23.5% | 0.4 |
 HL | $11B | 32.6 | 15.2 | 34.5 | 41.1% | 37.5% | 13.9% | 15.3% | 0.4 |
 PAAS | $21B | 18.8 | 11.8 | 19.1 | 37.7% | 32.3% | 17.0% | 15.7% | 0.5 |
 AG | $9B | 51.4 | 13.2 | 25.3 | 34.8% | 27.8% | 7.4% | 13.1% | 0.5 |
 IAG | $10B | 14.6 | 6.6 | 12.9 | 41.2% | 38.9% | 17.7% | 19.1% | 0.5 |
 NEM | $115B | 16.2 | 8.2 | 15.8 | 49.8% | 46.9% | 22.1% | 24.9% | 0.0 |
 AEM | $83B | 18.8 | 10.2 | 19.6 | 58.1% | 53.1% | 19.6% | 21.9% | 0.0 |
 KGC | $32B | 13.4 | 7.2 | 12.4 | 47.5% | 43.2% | 31.0% | 29.9% | 0.2 |
 GFI | $35B | 28.0 | 13.5 | 48.7 | 42.5% | 40.2% | 24.9% | 24.0% | 1.1 |
| Basic Materials Median | — | 23.6 | 11.0 | 29.0 | 30.9% | 10.3% | -0.0% | 4.6% | 2.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 29 years · Updated daily
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NGD — Frequently Asked Questions
Quick answers to the most common questions about buying NGD stock.
What is New Gold Inc.'s P/E ratio?
New Gold Inc.'s current P/E ratio is 64.9x. The historical average is 27.7x. This places it at the 83th percentile of its historical range.
What is New Gold Inc.'s EV/EBITDA?
New Gold Inc.'s current EV/EBITDA is 17.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.2x.
What is New Gold Inc.'s ROE?
New Gold Inc.'s return on equity (ROE) is 57.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -5.6%.
Is NGD stock overvalued?
Based on historical data, New Gold Inc. is trading at a P/E of 64.9x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are New Gold Inc.'s profit margins?
New Gold Inc. has 53.2% gross margin and 44.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does New Gold Inc. have?
New Gold Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.