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what it is
NovaGold owns half of a giant Alaska gold project and is still waiting to turn rocks into revenue.
how it gets paid
Last year Ng made $0 in revenue.
what just happened
Latest quarter revenue was $0 and EPS came in at -$0.22, far below the usual quarterly run-rate.
At a glance
B+ balance sheet — decent shape, but not bulletproof
75/100 earnings predictability — reasonably predictable
-$0.14 fy2024 eps est
39.0% operating margin
1.15 beta
xvary composite: 73/100 — average
What they do
NovaGold owns half of a giant Alaska gold project and is still waiting to turn rocks into revenue.
NG owns 50% of Donlin Gold, which holds about 39 million ounces in measured and indicated resources, according to company materials. Resource estimate → a calculation of how much gold may be there → so what: size gives you optionality if gold prices stay high. You are paying for scale in one of the safer mining jurisdictions, not for a business that currently sells anything.
How they make money
$0
annual revenue
The products that matter
gold deposit development
Donlin Gold Project
39M estimated ounces · only core asset
It is the whole story: one project with an estimated 39 million ounces of gold behind a company currently generating $0 revenue.
single-asset thesis
Key numbers
$0
annual revenue
Revenue → money from customers → so what: the market is valuing a future mine at roughly $5 billion before it sells a single ounce.
39.0%
operating margin
Operating margin → profit after operating costs on reported revenue → so what: with no meaningful sales, this number tells you more about accounting presentation than operating strength.
$163M
long-term debt
Long-term debt → borrowings due beyond one year → so what: debt is only 3% of capital, so leverage is not the immediate problem. Execution is.
-$0.14
fy2024 eps
EPS → profit per share → so what: NG is still losing money at the same annual pace shown in FY2023.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 1 — safer than 95% of stocks
- price stability 20 / 100
- long-term debt $163M (3% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for NG right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest quarter revenue was $0 and EPS came in at -$0.22, far below the usual quarterly run-rate.
This is still a pre-revenue development story, so the quarter was about spending and project progress, not sales. The quarterly EPS history in the provided data had mostly been between -$0.03 and -$0.04, which makes -$0.22 stand out.
$0
revenue
-$0.22
eps
n/a
n/a
the number that mattered
The number that mattered was $0 revenue, because it reminds you this stock trades on future mine economics, not current business results.
source: company earnings report, 2026
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What could go wrong
the #1 risk is Donlin Gold never making the jump from resource to buildable mine.
high
single-asset concentration
You do not own a diversified miner. You own one undeveloped project carrying a roughly $5B equity value and producing $0 revenue today.
one project drives essentially the entire thesis
high
financing and dilution
The recent $248M raise bought time, not completion. If the next major step requires more equity before the project is substantially de-risked, your ownership gets diluted to keep the story alive.
the company has already shown it needs outside capital
med
gold price sensitivity
At 30x book value and $0 revenue, the stock is effectively discounting future mine economics. If gold weakens, that future becomes less valuable fast.
valuation depends on a favorable long-term gold backdrop
med
permitting and engineering delays
The bankable feasibility study matters because it is the bridge between idea and execution. Every delay extends the timeline on a company that still has no operating cash flow.
time is a real cost when the business is still pre-revenue
A roughly $5B valuation and $0 revenue sit on one undeveloped asset. That is concentrated risk by definition.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
cash runway after the $248M raise
This is the number that tells you whether the company bought enough time to reach the next real milestone without coming back to shareholders again.
calendar
bankable feasibility study milestones
WSP, Worley, and Hatch were hired to work on the study. You want tangible progress, not just another reminder that work is ongoing.
trend
gold price direction
With $0 revenue and a 30x price-to-book multiple, sentiment around long-term gold economics can move the stock almost as much as company-specific news.
risk
another equity raise before the next major study
That would be the cleanest sign the current balance-sheet cushion is thinner than it looks.
Analyst rankings
earnings predictability
75 / 100
in human-speak, analysts do not expect wild operating surprises because there is no producing mine yet.
beta
1.15
When the market moves, NG has tended to move a bit more. Not chaos, but not defensive either.
risk rank
1
That score speaks to balance-sheet safety more than project certainty. A clean cap table does not build a mine by itself.
source: institutional data
Institutional activity
institutional ownership data for NG is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$10
current price
n/a
target midpoint · n/a from current
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