Persistent negative free cash flow remains the primary financial challenge, with capital expenditures peaking at $63.7 million in 2023Q4, highlighting the intense capital requirements of the project development phase.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Cash from Operations | -18.13M | -15.45M | -14.22M | -21.54M | -7.98M | -11.74M | -9.74M | -10.9M | -9.41M | -10.14M | -5.18M | -7.43M | -4.25M | -5.7M | -4.18M | -3.23M | -8.63M | -8.53M | -2.55M | -3.35M | -2.33M | -1.22M | -1.76M | -816.21K | -982.27K | -285.28K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -339.77% | -8.62% | 33.97% | -169.79% | 31.98% | -20.44% | 10.56% | -15.84% | 7.25% | -95.85% | 30.27% | -74.57% | 25.42% | -36.3% | -29.65% | 62.58% | -1.08% | -234.33% | 23.82% | -43.76% | -90.93% | 30.82% | -116.16% | 16.91% | -244.32% | - |
| Net Income | -70.35M | -53.13M | -31.25M | -29.27M | -7.39M | 895K | -14.94M | -11.61M | -19.94M | -10.29M | -7.29M | -9.07M | -13.02M | -13.65M | -12.51M | -20.1M | 3.54M | -4.68M | 10.29M | -5.54M | -3.33M | -1.16M | -1.23M | -1.34M | -1.63M | -153.99K |
| Depreciation & Amortization | 128.03K | 231.81K | 136K | 385K | 84K | 85K | 36K | 36K | 1.17M | -2.12M | -866K | -117K | -552K | 2.55M | 13K | 31K | 35.99K | 39.35K | 40.75K | 24.76K | 2.61K | 7.21K | 4.34K | 2.94K | 1.73K | 432 |
| Stock-Based Compensation | 2.46M | 0 | 3.68M | 3.27M | 3.14M | 3.51M | 8.8M | 5.4M | 5.18M | 7.52M | 3.67M | 3.65M | 9.68M | 7.04M | 10.69M | 14.92M | 452.83K | 1.48M | 1.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -9.41M | -11.9M | 11.38M | -8.7M | 8.27M | 4.63M | -800K | -697K | 4.97M | 2.16M | 2.97M | 2.7M | 5.9M | 5.96M | 2.58M | 498K | -303K | 171K | -20.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 59.46M | 49.95M | 1.23M | 12.67M | -17.08M | -21.89M | -1.41M | -2.22M | -729K | -7.46M | -5.22M | -3M | -8.02M | -3.8M | -5.57M | 272K | -10.54M | 90.31K | -20.59M | 2.36M | 921.02K | -346.17K | -343.18K | 485.91K | 837.39K | -315 |
| Working Capital Changes | -405.27K | -601.51K | 605K | 100K | 5M | 1.03M | -1.43M | -1.8M | -50K | -2.08M | 687K | -1.7M | 1.21M | -1.26M | 613K | 1.15M | -1.81M | -5.64M | 5.85M | -188.98K | 76.06K | 275.75K | -199.22K | 33.22K | -191.13K | -131.41K |
| Change in Receivables | -10.59K | -169.86K | -32K | 457K | -845K | -5.06M | -1.7M | -1.66M | -997K | 15K | -3K | 408K | -253K | 1.22M | -679K | 1.9M | -2.74M | -127.69K | 182.18K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.15M | 1.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -180.63M | -187.79M | -121.24M | -202.9M | -286.44M | -78.64M | -180.46M | -14.77M | -42.65M | -28.15M | -16.55M | -21.69M | -9.43M | -11.4M | -41.23M | -49.79M | -59.29M | -247.87K | -3.21M | -20.28M | -8.75M | -7.08M | -8.23M | -4.45M | -8.6M | -126.22K |
| Capital Expenditures | -145.04M | -136.86M | -106.28M | -230.16M | -183.3M | -73.61M | -158.79M | -27.2M | -37.07M | -21.92M | -24.07M | -18.6M | -30.99M | -34.56M | -48.72M | -41.3M | -37.76M | -21.67M | -14.71M | -8.53M | -30.92K | -3.84M | -6.71M | -6.3M | -5.86M | -126.22K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | -684K | 0 | 0 | 0 | 0 | -39K | -437K | -101K | -530K | -2.62M | -1.6M | 1M | 1M | 0 | 0 | 0 | 10.18M | 0 | 30.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -34.91M | -50.47M | -14.96M | -53.72M | -50.69M | 4.34M | 0 | -533K | -38K | 892K | 9.12K | 5.12M | 5.43M | 2M | 1.35M | -30.3M | -37.76M | -21.67M | -14.7M | -200K | -14.59M | 0 | 225K | 0 | 0 | 0 |
| Cash from Financing | 169.72M | 271.97M | 101.27M | 260.45M | 325.83M | 84.56M | 199.72M | 31.53M | 50.93M | 40.7K | 22.39M | 29.85M | 12.88M | 15.89M | 40.63M | 59.04M | 68.68M | 966.88K | 383.13K | 31.33M | 12.55M | 11.3M | 8.24M | 7.47M | 8.08M | 10.55K |
| Debt Issued (Net) | -429K | -477K | -639K | 198.82M | 281.93M | -77K | -21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 800K | 0 |
| Equity Issued (Net) | 133.72M | 272.44M | 101.02M | 61.52M | 36.58M | 59.1M | 195.44M | 26.33M | 41.6M | 0 | 22.39M | 29.85M | 12.88M | 15.89M | 40.63M | 59.04M | 68.68M | 966.88K | 383.13K | 31.33M | 12.55M | 11.3M | 8.24M | 7.47M | 7.28M | 10.55K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 36.43M | 388 | 886K | 107K | 7.32M | 25.53M | 4.3M | 5.2M | 9.34M | 40.7K | 0 | 0 | 0 | 0 | 0 | 0 | 469 | 0 | 0 | 0 | 0 | 0 | 0 | 20 | 0 | 0 |
| Net Change in Cash | -29.93M | 69.93M | -32.62M | 36.29M | 34.63M | -6M | 8.73M | 5.87M | -1.12M | 2.4M | 656K | 734K | -807K | -1.22M | -4.78M | 6.02M | 759.09K | -7.81M | -5.38M | 7.69M | 1.46M | 2.99M | -1.75M | 2.2M | -1.5M | -400.95K |
| Free Cash Flow | -163.17M | -152.31M | -120.5M | -251.7M | -191.28M | -85.35M | -168.54M | -38.1M | -46.47M | -32.06M | -29.25M | -26.03M | -35.24M | -40.26M | -52.91M | -44.53M | -46.39M | -30.2M | -17.26M | -11.88M | -2.36M | -5.06M | -8.48M | -7.12M | -6.84M | -411.5K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -65.74% | -26.4% | 52.13% | -31.59% | -124.12% | 49.36% | -342.4% | 18.03% | -44.97% | -9.6% | -12.37% | 26.14% | 12.46% | 23.91% | -18.81% | 4% | -53.61% | -74.98% | -45.33% | -402.93% | 53.37% | 40.28% | -19.06% | -4.12% | -1562.05% | - |
| FCF per Share | -1.52 | -1.51 | -1.36 | -3.03 | -2.39 | -1.10 | -2.54 | -0.61 | -0.79 | -0.57 | -0.55 | -0.52 | -0.74 | -0.88 | -1.21 | -1.06 | -1.16 | -0.81 | -0.46 | -0.33 | -0.07 | -0.17 | -0.29 | -0.27 | -0.42 | -0.03 |
| FCF Conversion (FCF/Net Income) | 2.32x | 0.29x | 0.46x | 0.74x | 1.08x | -13.11x | 0.65x | 1.22x | 0.47x | 0.99x | 0.71x | 0.82x | 0.33x | 0.42x | 0.33x | 0.16x | -2.44x | 1.82x | -0.25x | 0.60x | 0.71x | 1.05x | 1.44x | 0.61x | 0.60x | 1.85x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Project development funding uncertainty
As reported in financial statements, Seabridge Gold consistently records negative free cash flow, with quarterly outflows reaching as high as $71.0 million in 2023Q4, underscoring the company's status as a pre-revenue developer entirely reliant on external capital to fund its extensive Kerr-Sulphurets-Mitchell project development activities.
The persistent negative free cash flow trajectory reflects the company's strategic focus on long-term asset development rather than near-term operational viability. Investors should monitor the magnitude of these outflows, as they represent the primary mechanism for capital depletion in the absence of commercial production.
Based on recent quarterly filings, Seabridge Gold's capital expenditures remain the dominant driver of cash outflows, with quarterly spending peaking at $63.7 million in 2023Q4, which highlights the significant financial commitment required to maintain the Kerr-Sulphurets-Mitchell project's development timeline and regulatory status.
The high level of capital expenditure is indicative of the company's commitment to achieving 'substantially started' status, which is essential for preserving its environmental permits. This heavy investment phase suggests that the company will continue to face significant liquidity pressure until a major joint venture partner is secured.
According to the provided data, the relationship between net income and operating cash flow is highly erratic, with operating cash flow remaining negative across nearly all observed periods despite occasional positive net income, suggesting that accounting profits are not currently indicative of the company's underlying cash generation capacity.
The consistent divergence between net income and operating cash flow highlights the lack of operational cash generation, as net income is often influenced by non-operating items. This disconnect warrants further investigation into the sustainability of the company's current accounting practices relative to its actual cash burn.
As indicated by the financial data, the company's practice of capitalizing exploration and evaluation expenditures effectively masks the true economic cost of its activities, as these costs are moved to the balance sheet rather than being reflected as immediate cash-impacting expenses on the income statement.
By capitalizing these costs, the company avoids immediate hits to its income statement, which may lead to an overstatement of its financial health. Analysts should be wary of this accounting treatment, as it obscures the true cash-on-cash return of the company's exploration and development efforts.
Quick answers to the most common questions about buying SA stock.
Seabridge Gold Inc. (SA) generated $-15.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Seabridge Gold Inc. (SA) reported negative free cash flow of $152.3M in 2025, indicating capital requirements exceeded cash from operations.
Seabridge Gold Inc. (SA) spent $136.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.