Latest Ratios: P/E Ratio -84.7x · EV/EBITDA N/A · ROE -5.4%. (2001–2025 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 | $3.4B | $3.0B | $1.0B | $1.0B | $1.0B | $1.3B | $1.4B | $862M | $782M | $638M | $435M |
| Enterprise Value | $3.7B | $3.5B | $1.5B | $1.5B | $1.2B | $1.3B | $1.4B | $853M | $779M | $634M | $433M |
| P/E Ratio → | -84.66 | — | — | — | — | 1433.91 | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 3.95 | 2.66 | 1.20 | 1.38 | 1.36 | 1.82 | 2.27 | 2.08 | 2.02 | 1.79 | 1.40 |
| 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | 282.20 | 224.85 | — | — | — | — | — |
| 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 | 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 | -5.4% | -5.4% | -4.0% | -4.0% | -1.0% | 0.1% | -2.9% | -2.2% | -5.4% | -3.1% | -2.5% |
| ROA | -3.2% | -3.2% | -2.2% | -2.4% | -0.8% | 0.1% | -2.7% | -2.1% | -4.9% | -2.9% | -2.3% |
| ROIC | -1.1% | -1.1% | -1.3% | -1.2% | -2.1% | -2.2% | -2.5% | -2.0% | -2.5% | -3.6% | -2.5% |
| ROCE | -1.4% | -1.4% | -1.6% | -1.5% | -2.6% | -2.7% | -3.1% | -2.4% | -3.1% | -4.4% | -3.1% |
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 | 0.53 | 0.53 | 0.67 | 0.79 | 0.36 | 0.00 | 0.00 | 0.00 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.43 | 0.61 | 0.68 | 0.30 | -0.02 | -0.03 | -0.02 | -0.01 | -0.01 | -0.01 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -116.90 | -116.90 | -52.61 | -8.99 | 1.25 | 60.01 | -20.42 | -34.21 | -102.87 | -250.53 | — |
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 | 5.24 | 5.24 | 2.86 | 2.38 | 2.70 | 3.13 | 4.53 | 2.87 | 3.76 | 3.81 | 2.28 |
| Quick Ratio | 5.24 | 5.24 | 2.86 | 2.38 | 2.70 | 3.13 | 4.53 | 2.87 | 3.76 | 3.81 | 2.28 |
| Cash Ratio | 3.09 | 3.09 | 2.72 | 2.19 | 2.53 | 2.55 | 4.05 | 2.38 | 3.51 | 3.71 | 2.17 |
| 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 | — | — | — | — | — | 0.1% | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| 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 | — | $101M | $89M | $83M | $80M | $78M | $66M | $62M | $59M | $56M | $53M |
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying SA stock.
Seabridge Gold Inc.'s current P/E ratio is -84.7x. The historical average is 48.4x.
Seabridge Gold Inc.'s return on equity (ROE) is -5.4%. The historical average is -4.3%.
Based on historical data, Seabridge Gold Inc. is trading at a P/E of -84.7x. Compare with industry peers and growth rates for a complete picture.
Key Metrics
Top Statement Risk
Prolonged pre-revenue cash burn
Valuation Reflects Optionality, Not Earnings
Seabridge's valuation multiples are non-traditional, with a negative TTM P/E of -86.62 and a P/B of 4.04, indicating the market is pricing its massive resource inventory rather than current or near-term earnings power.
The negative P/E and absence of EV/EBITDA or P/S ratios confirm the company is valued on an asset basis, likely EV/Resource Ounce, which is standard for pre-production developers. The P/B of 4.04, while high, must be interpreted cautiously as the book value is heavily inflated by capitalized exploration costs that may not reflect the project's true net present value. This valuation structure makes the stock highly sensitive to changes in gold and copper prices and the perceived timeline to a major partnership.
Negative ROIC Reflects Development-Stage Economics
Return on Invested Capital has been consistently negative, ranging from -0.2% to -0.4% over the last ten quarters, which is expected for a pre-revenue entity funding long-term development with shareholder capital.
The persistently negative ROIC is a direct function of the company's business model, where invested capital is being consumed to advance the KSM project without generating any operating income. This metric is not indicative of management's capital allocation skill but rather the stage of the project lifecycle. Investors should monitor this ratio only after a joint venture is secured and capital is deployed toward construction, at which point it will become a meaningful measure of efficiency.
Minimal Leverage Amidst Significant Debt Load
Despite a reported debt-to-equity ratio of just 0.51%, the company carries $562.6M in total debt, a figure that appears significant relative to its $81.5M cash position and lack of operational cash flow.
The low D/E ratio is misleading as it is calculated against a large equity base built through share issuances. The absolute debt level is material and, with interest coverage ratios swinging wildly from -1168.73 to 414.86, the company's ability to service this debt from operations is non-existent. This structure suggests the debt is likely project financing or convertible instruments, but it introduces refinancing risk if a major partnership is not secured before maturity.
Adequate Liquidity Masked by Volatile Cash Position
The current ratio of 2.08 and quick ratio of 2.08 indicate a strong liquidity position, but the cash balance has been volatile, ranging from $49.8M to $156.8M over ten quarters, reflecting episodic financing.
The identical current and quick ratios confirm the absence of inventory, which is appropriate for an exploration company. The liquidity position appears adequate for near-term needs given the current quarterly cash burn rate, but it is entirely dependent on the company's ability to access capital markets. The volatility in the cash balance underscores the company's reliance on external financing, making liquidity a function of market sentiment rather than operational generation.
The Misleading Nature of Book Value
The Price-to-Book ratio of 4.04 is the most commonly misapplied metric for Seabridge, as it compares market capitalization to a book value dominated by capitalized exploration costs with uncertain recoverability.
For a pre-production miner, book value is an accounting construct that reflects historical cash outflows, not the future economic value of the mineral resources. The $1.4B in capitalized Property, Plant & Equipment on the balance sheet may have little correlation with the project's actual net present value, which is driven by metal prices, future capital costs, and permitting outcomes. A more appropriate valuation framework is Enterprise Value per Gold Equivalent Ounce in the Measured & Indicated resource category, which directly values the core asset.