Latest Ratios: P/E Ratio -10.3x · EV/EBITDA N/A · ROE -19.6%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $361M | $697M | $353M | $624M | $674M | $1.1B | $365M | — | — |
| Enterprise Value | $321M | $639M | $331M | $571M | $592M | $1.0B | $317M | — | — |
| P/E Ratio → | -10.32 | — | — | — | — | — | — | — | — |
| P/S Ratio | 88.14 | 120.01 | — | — | — | — | — | — | — |
| P/B Ratio | 1.21 | 1.66 | 5.30 | 9.53 | 8.08 | 9.03 | 5.01 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 110.08 | — | — | — | — | — | — | — |
| 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 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 2.0% | 2.0% | — | — | — | — | — | — | — |
| Operating Margin | -1019.5% | -1019.5% | — | — | — | — | — | — | — |
| Net Profit Margin | -819.2% | -819.2% | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -19.6% | -19.6% | -76.1% | -107.3% | -87.3% | -51.8% | -79.5% | -81.1% | -140.4% |
| ROA | -15.6% | -15.6% | -63.4% | -81.8% | -69.6% | -45.7% | -78.5% | -72.2% | -75.2% |
| ROIC | -21.9% | -21.9% | -161.1% | -1172.7% | -560.8% | -179.0% | -214.2% | -260.8% | -315.7% |
| ROCE | -20.4% | -20.4% | -91.2% | -138.8% | -81.1% | -54.4% | -93.7% | -79.2% | -278.5% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.14 | -0.33 | -0.82 | -0.98 | -0.82 | -0.65 | -0.82 | -0.34 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -425.12 | -425.12 | — | -2944.93 | -5627.58 | -6757.32 | -10841.55 | — | — |
Net cash position: cash ($59M) exceeds total debt ($1M)
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.89 | 3.89 | 4.03 | 3.28 | 3.48 | 10.70 | 112.05 | 20.94 | 1.28 |
| Quick Ratio | 3.48 | 3.48 | 4.03 | 3.28 | 3.48 | 10.70 | 110.07 | 20.94 | 1.28 |
| Cash Ratio | 3.13 | 3.13 | 3.13 | 3.02 | 3.30 | 10.12 | 108.37 | 18.97 | 0.87 |
| Asset Turnover | — | 0.01 | — | — | — | — | — | — | — |
| Inventory Turnover | 0.65 | 0.65 | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 271.66 | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — | — |
| Shares Outstanding | — | $235M | $194M | $178M | $167M | $155M | $113M | $45M | $45M |
Exploration Capital Depletion Risk
Based on reported financial statements, NFGC trades at a P/S ratio of 89.98, which suggests that market participants are pricing the company based on future discovery potential rather than current revenue, significantly outpacing the valuation multiples observed in more mature, cash-generating peers within the gold sector.
The elevated P/S ratio indicates that investors are assigning a substantial premium to the company's land position and drill results, effectively discounting the absence of a formal NI 43-101 resource estimate. This valuation appears to rely heavily on the assumption that the Queensway project will mirror the success of high-grade, Tier-1 discoveries, which warrants caution given the lack of quantifiable economic reserves.
As reported in financial statements, the company's ROIC has remained consistently negative, bottoming out at -99.2% in 2023Q4 and showing -2.7% in 2026Q1, which highlights the structural reality that capital is being deployed for exploration rather than for generating returns on invested assets.
The persistent decay in ROIC is a direct consequence of the company's strategy to prioritize aggressive drilling over immediate profitability. Investors should monitor whether this trend reverses once the company transitions toward a development phase, as current negative returns are an expected byproduct of the pre-revenue exploration business model.
According to recent quarterly filings, the cash conversion cycle has fluctuated significantly, reaching 73 days in 2026Q1, which reflects the inherent difficulty in managing working capital when the primary operational activity is the non-linear, high-cost process of diamond drilling and site maintenance.
The erratic nature of the CCC and DSO metrics suggests that the company's operational efficiency is secondary to its exploration objectives. The lack of consistent turnover ratios is typical for an explorer, but it implies that management's focus remains entirely on geological data acquisition rather than optimizing the cash-to-cash cycle.
Based on the provided data, the current ratio has remained relatively stable, hovering around 2.89 in 2026Q1, yet this liquidity buffer is being rapidly depleted by the company's high-intensity drilling program, which necessitates frequent access to capital markets to sustain operations.
While the current ratio appears adequate on the surface, it masks the underlying risk that the company's liquidity is entirely dependent on external financing rather than internal cash generation. Investors should monitor the cash burn rate closely, as any delay in securing additional funding could force a reduction in the scope of the Queensway project.
As noted in historical data, the P/E ratio is the most commonly misapplied metric for NFGC, as the company's negative earnings and lack of operational revenue render traditional price-to-earnings analysis entirely meaningless for assessing the true economic value of its mineral properties.
Using P/E to value an exploration-stage company obscures the reality that the firm is not yet a business in the traditional sense, but rather a vehicle for mineral discovery. Analysts should instead focus on metrics like EV per ounce of gold equivalent or the cost of discovery per ounce to better gauge the company's progress toward a viable production asset.
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Quick answers to the most common questions about buying NFGC stock.
New Found Gold Corp.'s current P/E ratio is -10.3x. This places it at the 50th percentile of its historical range.
New Found Gold Corp.'s return on equity (ROE) is -19.6%. The historical average is -80.4%.
Based on historical data, New Found Gold Corp. is trading at a P/E of -10.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
New Found Gold Corp. has 2.0% gross margin and -1019.5% operating margin.