Share count
235Mpeak FY2025
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NFGC, New Found Gold Corp
Gold & Precious Metals capital-intensive
A metals and mining business, a price-taker on a global commodity.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
C$6M
Vital signs · TTM, with 5-yr average
Revenue C$6M 5-yr avg C$6M
The business in brief
What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- The commodity price and the cost position. What decides it: the price of the metal, which is out of its hands; where the operation sits on the cost curve; and the discipline not to overbuild at the top.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, charted
FY2020–2025Each measure over its full record; the current point and the worst year marked.
ROIC
−14%low FY2022
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
(C$56M)owner earningsvs.(C$48M)net incomelow FY2023
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business earned (C$56M) of owner earnings, the operating cash left after the C$828K it takes just to hold its position. It put C$948K more into growth; free cash flow, after that spending, was (C$57M).
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | (C$48M) | (C$50M) | C$80M | C$90M | C$51M |
| Depreciation & amortizationnon-cash charge added back | +C$828K | +C$814K | +C$940K | +C$880K | +C$583K |
| Working capital & othertiming of cash in and out, other non-cash items | −C$8M | −C$6M | −C$180M | −C$165M | −C$100M |
| Cash from operations | (C$55M) | (C$56M) | (C$99M) | (C$74M) | (C$49M) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −C$828K | −C$626K | −C$940K | −C$880K | −C$583K |
| Owner earnings | (C$56M) | (C$56M) | (C$100M) | (C$75M) | (C$49M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −C$948K | — | −C$547K | −C$4M | −C$901K |
| Free cash flow | (C$57M) | (C$56M) | (C$101M) | (C$80M) | (C$50M) |
| Owner-earnings marginowner earnings ÷ revenue | -964% | — | — | — | — |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about C$828K, roughly its depreciation, the rate its assets wear out). The other C$948K of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 40-F · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? -2549.0×Does not cover its interestOperating income (C$64M) ÷ interest expense C$25K
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net cashCash C$59M + ST investments C$9M − debt C$503K
What this means
Cash and short-term investments exceed every dollar of debt by C$67M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- TightDSO 272 + DIO 566 − DPO 792 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- Below average through the cycle6-yr median, range -6779%–-14%; -18% latest = NOPAT (C$64M) ÷ invested capital C$361MIndustry peers: median -16%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 6 years (it ran -18% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Owner-earnings margin -964%Consumes cashOwner earnings (C$56M) = operating cash (C$55M) − maintenance capex C$828KIndustry peers: median -105%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -964% of revenue this year.
- Are earnings backed by cash? -0.69×Thinly cash-backedCash from ops (C$55M) ÷ net income C$80M
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 2.15×ExpandingCapex C$2M ÷ depreciation C$828K
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 2 of 5 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size —Revenue ≥ $2B (a dollar floor) · C$6M
What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
- Strong liquidity PassCurrent ratio ≥ 2× · 3.89×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt PassDebt ≤ working capital · C$503K vs C$63M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability MissA profit every year (6-yr record) · 2 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · none paid
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth MissEarnings +33% over the record · −110%
What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are C$-0.02/share (latest year C$0.23), the averaged base the calculator's gate runs on, and book value is C$1.22/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsC$84M
- Cash & short-term investmentsC$68M
- ReceivablesC$4M
- InventoryC$9M
- Other current assetsC$3M
Current liabilitiesC$22M
- Accounts payableC$12M
- Other current liabilitiesC$9M
Current ratio3.89×all current assets ÷ what's due · Graham looked for 2×
Quick ratio3.48×stricter: inventory excluded
Cash ratio3.13×strictest: cash alone against what's due
Working capitalC$63Mthe cushion left after near-term bills
Cash runway1.2 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book valueC$298Mequity stripped of goodwill & intangibles
Net current asset value(C$33M)Graham's net-net: current assets less all liabilities
Debt incl. operating leasesC$654KC$150K of it operating leases
From the company's latest filing.
Acquisitions & goodwill
from the balance sheet & the 6-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
GoodwillC$121M23% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equity29%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital
Cash spent acquiringC$0over 6 years buying other businesses, against C$12M of capital spent building
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 6-year record, from the company's own filings.
Peers, Gold & Precious Metals
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| MUXMcEwen Inc. | $198M | 77% | -43.0% | -9% | -7% |
| IAUXi-80 Gold Corp. | $95M | — | -177.0% | -15% | -157% |
| EUenCore Energy Corp. | $43M | 17% | -168.1% | -16% | -106% |
| IDRIdaho Strategic Resources Inc. | $42M | 6% | -2.6% | -9% | -8% |
| URGUr Energy Inc Common Shares (Canada) | $27M | -9% | -167.4% | -32% | -105% |
| NFGCNew Found Gold Corp | C$6M | 2% | -1102.0% | -204% | -964% |
| IEIvanhoe Electric Inc. | $3M | 65% | -3501.0% | -65% | -2787% |
| ALOYREalloys Inc. | $2M | 45% | -133.6% | -48% | -71% |
| Group median | — | 17% | -167.8% | -24% | -106% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. New Found Gold Corp reports in CAD, and every figure here (owner earnings, book value, the share count) is on that CAD, ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share in CAD. A US ADR price in dollars bundles the ADR-to-ordinary ratio and the exchange rate, so it will not reconcile with these figures and would throw the multiple off.
New Found Gold Corp is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
C$
The assumptions
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−980%
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "New Found Gold Corp (NFGC), the owner's record," https://ownerscorecard.com/c/NFGC, data as of 2026-07-09.
Manual order: ← NEXN its page in the Manual NGG →
Industry order: ← NEM the Gold & Precious Metals chapter ODV →