Latest Ratios: P/E Ratio -16.6x · EV/EBITDA N/A · ROE -28.9%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $600M | $619M | $200M | $205M | $220M | — | — | — |
| Enterprise Value | $571M | $589M | $191M | $180M | $196M | — | — | — |
| P/E Ratio → | -16.59 | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — |
| P/B Ratio | 4.34 | 5.50 | 2.17 | 1.98 | 2.17 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -28.9% | -28.9% | -34.6% | -35.6% | -0.0% | -29.7% | 87.0% | -23.1% |
| ROA | -28.0% | -28.0% | -33.1% | -34.0% | -0.0% | -26.9% | 72.8% | -20.7% |
| ROIC | -27.8% | -27.8% | -31.9% | -36.7% | -0.0% | -38.7% | -6.3% | -20.5% |
| ROCE | -29.9% | -29.9% | -34.8% | -36.7% | -0.0% | -33.6% | -6.0% | -22.3% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | — | — | 0.02 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.26 | -0.10 | -0.24 | -0.24 | -0.36 | -0.17 | -0.19 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -245.52 | — | — | -1272.36 | — | — |
Net cash position: cash ($30M) exceeds total debt ($205666)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.12 | 10.12 | 3.62 | 5.79 | 9.80 | 16.50 | 6.74 | 9.66 |
| Quick Ratio | 10.12 | 10.12 | 3.62 | 5.79 | 9.80 | 16.50 | 6.74 | 9.67 |
| Cash Ratio | 9.90 | 9.90 | 3.43 | 5.69 | 9.51 | 16.32 | 6.52 | 1.61 |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $109M | $91M | $78M | $72M | $71M | $71M | $24M |
Capital depletion and dilution
As reported in financial statements, Dakota Gold's P/B ratio of 4.10 suggests that the market assigns a significant premium to the company's land holdings and geological data, despite the absence of revenue or proven reserves to justify such a valuation relative to historical book value.
The current P/B multiple appears to reflect investor optimism regarding the Homestake District's potential rather than tangible financial performance. Investors should monitor whether this premium holds as the company continues to burn cash, as any failure to delineate a resource could lead to a sharp valuation contraction.
Based on Dakota Gold's reported figures, the ROIC has remained consistently negative, fluctuating between -3.4% and -9.8% over the last ten quarters, which is typical for a pre-revenue explorer but highlights the ongoing destruction of capital inherent in the current development-heavy business model.
The persistent negative ROIC indicates that the company is currently a capital consumer rather than a compounder. This trend warrants further investigation into whether the recent consolidation of projects will eventually lead to a pivot toward positive returns or if the current trajectory of capital intensity will continue to erode shareholder value.
According to recent SEC filings, the company's current ratio has experienced extreme volatility, swinging from 2.17 in 2024Q3 to 38.50 in 2026Q1, which suggests that liquidity is highly dependent on the timing of equity-based financing rounds rather than operational cash generation.
While the high current ratio in the most recent quarter appears to provide a buffer, it is misleading because it is largely a function of recent capital raises rather than sustainable liquidity. Investors should be wary of this metric, as it may mask the underlying reality that the company remains entirely reliant on external capital markets to fund its ongoing exploration activities.
As indicated by quarterly data, the most commonly misapplied ratio for Dakota Gold is the P/E multiple, which is fundamentally irrelevant for a pre-revenue exploration company and obscures the true risk profile by suggesting a negative earnings trend that is expected rather than a sign of operational failure.
Using P/E or EV/EBITDA to evaluate this business model is misleading because these metrics assume a steady-state production environment that does not exist. Analysts should instead focus on EV per ounce of inferred resource or the cash runway relative to planned drilling programs to better assess the company's actual progress and risk.
Includes 30+ ratios · 7 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying DC stock.
Dakota Gold Corp.'s current P/E ratio is -16.6x. This places it at the 50th percentile of its historical range.
Dakota Gold Corp.'s return on equity (ROE) is -28.9%. The historical average is -9.3%.
Based on historical data, Dakota Gold Corp. is trading at a P/E of -16.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.