Denison Mines Corp. (DNN) Balance Sheet
DNN balance sheet, 2025
December 31, 2025 · Canadian dollarsC$1.15B assets = C$777.8M liabilities + C$368.1M equity
Both columns are drawn to the same scale: what DNN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
DNN financial health
Debt / equity1.67
High leverage · C$1.67 of debt for each $1 of equity
Equity / assets32.1%
Balanced · of assets funded by shareholders
Cash / debt87.8%
Partial cover · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
DNN balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | C$292.2M2016 | C$1.15B2025 | +16.4%/yr | |
| Total liabilities | C$60.1M2016 | C$777.8M2025 | +32.9%/yr | |
| Shareholders’ equity | C$232.1M2016 | C$368.1M2025 | +5.3%/yr | |
| Cash & short-term investments | C$15.9M2016 | C$539.0M2025 | +47.9%/yr | |
| Total debt | C$370,9712016 | C$613.9M2025 | +127.8%/yr | |
| Net cash (debt) | C$15.5M2016 | −C$74.9M2025 | −C$90.5M | |
| Working capital | C$13.2M2016 | C$507.7M2025 | +C$494.5M | |
| Debt / equity | 0.002016 | 1.672025 | +1.67 | |
| Shares outstanding | 529.1M2016 | 896.6M2025 | +6.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DNN assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
DNN liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
DNN debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
DNN balance sheet in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | C$539.0M | C$114.8M | C$141.5M | C$58.9M | C$78.4M | C$32.7M | C$6.3M | C$23.2M | C$41.5M | C$15.9M |
| Cash & equivalents | C$465.5M | C$108.5M | C$131.1M | C$50.9M | C$64.0M | C$19.6M | C$6.3M | C$23.2M | C$3.6M | C$15.9M |
| Short-term investments | C$73.5M | C$6.3M | C$10.4M | C$8.0M | C$14.4M | C$13.1M | C$0 | C$0 | C$37.9M | C$0 |
| Receivables | C$5.3M | C$3.1M | C$1.9M | C$4.1M | C$3.7M | C$2.6M | C$3.1M | C$4.1M | C$4.8M | C$2.4M |
| Inventory | C$12.3M | C$3.7M | C$3.6M | C$2.7M | C$3.5M | C$2.4M | C$2.6M | C$3.6M | C$3.5M | C$3.2M |
| Other current assets | C$3.2M | C$2.1M | C$1.6M | C$1.4M | C$1.3M | C$1.1M | C$754,194 | C$843,000 | C$665,218 | C$1.5M |
| Total current assets | C$559.8M | C$123.7M | C$148.5M | C$67.2M | C$86.9M | C$38.8M | C$12.8M | C$31.7M | C$50.5M | C$23.0M |
| Property, plant & equipment (net) | C$316.7M | C$259.7M | C$254.9M | C$253.5M | C$254.5M | C$201.6M | C$198.4M | C$258.3M | C$249.6M | C$252.7M |
| Goodwill & intangible assets | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Long-term investments | C$165.9M | C$266.5M | C$309.8M | C$181.9M | C$154.6M | C$293,000 | C$12.1M | C$7.8M | C$12.7M | C$11.4M |
| Other non-current assets | C$103.6M | C$13.7M | C$13.3M | C$13.2M | C$14.3M | C$40.2M | C$35.0M | C$14.4M | C$14.3M | C$5.2M |
| Total assets | C$1.15B | C$663.6M | C$726.6M | C$515.8M | C$510.3M | C$280.9M | C$258.3M | C$312.2M | C$327.0M | C$292.2M |
| Liabilities | ||||||||||
| Accounts payable | C$20.0M | C$13.3M | C$5.0M | C$5.4M | C$3.5M | C$5.6M | C$6.1M | C$5.6M | C$5.8M | C$5.6M |
| Short-term debt | C$450,632 | C$0 | C$213,000 | C$216,000 | C$179,000 | C$188,383 | C$362,444 | C$5.6M | C$5.8M | C$370,971 |
| Deferred revenue | C$4.5M | C$4.5M | C$4.5M | C$4.9M | C$4.7M | C$2.7M | C$3.5M | C$4.6M | C$3.1M | −C$5.6M |
| Total current liabilities | C$52.1M | C$33.9M | C$17.9M | C$18.4M | C$16.4M | C$9.3M | C$11.5M | C$12.5M | C$13.8M | C$9.8M |
| Long-term debt | C$614.0M | C$2.0M | C$204,000 | C$360,000 | C$329,000 | C$375,000 | C$532,000 | C$0 | C$0 | C$0 |
| Lease obligations | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 |
| Other long-term liabilities | C$111.8M | C$63.4M | C$66.7M | C$61.0M | C$96.9M | C$92.8M | C$84.1M | C$77.5M | C$81.9M | C$49.6M |
| Total liabilities | C$777.8M | C$99.3M | C$84.8M | C$79.8M | C$113.6M | C$102.5M | C$96.2M | C$89.9M | C$95.7M | C$60.1M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | C$1.68B | C$1.67B | C$1.66B | C$1.54B | C$1.52B | C$1.07B | C$1.03B | C$1.33B | C$1.45B | C$1.53B |
| Retained earnings (deficit) | −C$1.39B | −C$1.18B | −C$1.08B | −C$1.18B | −C$1.19B | −C$948.7M | −C$919.5M | −C$1.17B | −C$1.23B | −C$1.29B |
| Treasury stock | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 |
| Accumulated other comprehensive income | C$1.6M | C$1.8M | C$1.8M | C$1.8M | C$1.8M | C$1.4M | C$1.2M | C$1.1M | −C$60.2M | −C$81.7M |
| Minority interest | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 |
| Total shareholders' equity | C$368.1M | C$564.3M | C$641.8M | C$436.0M | C$396.7M | C$178.4M | C$162.1M | C$222.2M | C$231.3M | C$232.1M |
| Key figures | ||||||||||
| Total debt | C$613.9M | C$2.0M | C$417,000 | C$576,000 | C$508,000 | C$482,731 | C$772,700 | C$5.6M | C$5.8M | C$370,971 |
| Net cash (debt) | −C$74.9M | C$112.8M | C$141.0M | C$58.4M | C$77.9M | C$32.2M | C$5.5M | C$17.7M | C$35.8M | C$15.5M |
| Working capital | C$507.7M | C$89.8M | C$130.6M | C$48.7M | C$70.5M | C$29.5M | C$1.2M | C$19.2M | C$36.6M | C$13.2M |
| Tangible book value | C$368.1M | C$564.3M | C$641.8M | C$436.0M | C$396.7M | C$178.4M | C$162.1M | C$222.2M | C$231.3M | C$232.1M |
| Shares outstanding | 896.6M | 892.2M | 854.0M | 828.7M | 793.7M | 628.4M | 590.3M | 565.0M | 555.3M | 529.1M |
| Current ratio | 10.75 | 3.65 | 8.28 | 3.65 | 5.31 | 4.17 | 1.11 | 2.54 | 3.65 | 2.36 |
| Quick ratio | 10.45 | 3.48 | 7.99 | 3.43 | 5.02 | 3.80 | 0.82 | 2.18 | 3.35 | 1.88 |
| Debt / equity | 1.67 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.02 | 0.00 |
| Equity / assets | 32.1% | 85.0% | 88.3% | 84.5% | 77.7% | 63.5% | 62.7% | 71.2% | 70.7% | 79.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | C$549.9M | C$562.8M | C$539.0M | C$482.8M | C$94.2M | C$90.7M | C$114.8M | C$116.4M | C$128.2M | C$141.7M | C$141.5M | C$61.6M |
| Cash & equivalents | C$465.5M | C$419.6M | C$465.5M | C$471.3M | C$54.5M | C$83.6M | C$108.5M | C$105.9M | C$121.1M | C$120.3M | C$131.1M | C$44.8M |
| Short-term investments | C$84.4M | C$143.3M | C$73.5M | C$11.5M | C$39.7M | C$7.1M | C$6.3M | C$10.5M | C$7.1M | C$21.4M | C$10.4M | C$16.8M |
| Receivables | C$7.4M | C$6.6M | C$5.3M | C$7.2M | C$4.1M | C$3.8M | C$3.1M | C$3.4M | C$2.4M | C$2.4M | C$1.9M | C$4.2M |
| Inventory | C$16.5M | C$13.1M | C$12.3M | C$8.0M | C$4.1M | C$3.8M | C$3.7M | C$3.6M | C$3.2M | C$3.1M | C$3.6M | C$2.4M |
| Other current assets | C$4.9M | C$4.0M | C$3.2M | C$2.0M | C$3.0M | C$2.5M | C$2.1M | C$816,000 | C$1.3M | C$1.6M | C$1.6M | C$556,493 |
| Total current assets | C$578.7M | C$586.6M | C$559.8M | C$499.9M | C$105.4M | C$100.8M | C$123.7M | C$124.2M | C$135.1M | C$148.8M | C$148.5M | C$68.8M |
| Property, plant & equipment (net) | C$385.5M | C$337.6M | C$316.7M | C$280.6M | C$265.4M | C$260.6M | C$259.7M | C$258.4M | C$256.4M | C$256.1M | C$254.9M | C$184.7M |
| Goodwill & intangible assets | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Long-term investments | C$79.5M | C$108.0M | C$165.9M | C$254.9M | C$240.8M | C$241.4M | C$266.5M | C$275.4M | C$289.7M | C$293.3M | C$309.8M | C$256.2M |
| Other non-current assets | C$71.2M | C$76.9M | C$103.6M | C$71.8M | C$15.3M | C$15.7M | C$13.7M | C$13.9M | C$14.2M | C$14.7M | C$13.3M | C$0 |
| Total assets | C$1.11B | C$1.11B | C$1.15B | C$1.11B | C$626.9M | C$618.4M | C$663.6M | C$671.9M | C$695.4M | C$712.9M | C$726.6M | C$452.0M |
| Liabilities | ||||||||||||
| Accounts payable | C$37.2M | C$23.7M | C$20.0M | C$23.6M | C$9.9M | C$15.9M | C$13.3M | C$6.6M | C$5.0M | C$8.9M | C$5.0M | C$4.1M |
| Short-term debt | — | — | C$450,632 | C$0 | C$0 | C$0 | C$0 | C$0 | — | C$223,000 | C$8.0M | C$162,678 |
| Deferred revenue | C$4.5M | C$4.5M | C$4.5M | C$4.5M | C$4.5M | C$4.5M | C$4.5M | C$4.5M | C$4.5M | C$4.5M | C$4.5M | C$3.6M |
| Total current liabilities | C$61.5M | C$42.6M | C$52.1M | C$41.8M | C$26.7M | C$31.4M | C$33.9M | C$19.8M | C$19.5M | C$22.3M | C$17.9M | C$13.0M |
| Long-term debt | C$316.9M | C$305.1M | C$614.0M | C$294.8M | C$0 | C$0 | C$2.0M | C$0 | C$0 | C$67,000 | C$0 | C$245,000 |
| Lease obligations | — | — | — | — | — | — | — | — | — | C$310,000 | — | C$323,000 |
| Other long-term liabilities | C$447.4M | C$500.7M | C$111.8M | C$367.7M | C$64.3M | C$64.8M | C$63.4M | C$67.2M | C$66.6M | C$67.0M | C$66.9M | C$45.5M |
| Total liabilities | C$825.8M | C$848.4M | C$777.8M | C$704.3M | C$91.0M | C$96.2M | C$99.3M | C$87.0M | C$86.1M | C$89.4M | C$84.8M | C$58.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | C$1.69B | C$1.70B | C$1.68B | C$1.67B | C$1.67B | C$1.67B | C$1.67B | C$1.66B | C$1.66B | C$1.66B | C$1.66B | C$1.16B |
| Retained earnings (deficit) | −C$1.48B | −C$1.51B | −C$1.39B | −C$1.34B | −C$1.21B | −C$1.22B | −C$1.18B | −C$1.15B | −C$1.12B | −C$1.10B | −C$1.08B | −C$824.0M |
| Accumulated other comprehensive income | C$1.9M | C$1.7M | C$1.6M | C$1.7M | C$1.6M | C$1.8M | C$1.8M | C$1.8M | C$1.8M | C$1.8M | C$1.8M | C$1.3M |
| Total shareholders' equity | C$289.0M | C$260.8M | C$368.1M | C$402.9M | C$535.9M | C$522.2M | C$564.3M | C$584.9M | C$609.3M | C$623.5M | C$641.8M | C$393.2M |
| Key figures | ||||||||||||
| Total debt | C$687.6M | C$731.9M | C$613.9M | C$294.8M | C$0 | C$0 | C$2.0M | C$0 | — | C$427,000 | C$8.0M | C$343,022 |
| Net cash (debt) | −C$137.7M | −C$169.0M | −C$74.9M | C$188.0M | C$94.2M | C$90.7M | C$112.8M | C$116.4M | — | C$141.3M | C$133.4M | C$61.3M |
| Working capital | C$517.2M | C$544.0M | C$507.7M | C$458.2M | C$78.7M | C$69.4M | C$89.8M | C$104.4M | C$115.6M | C$126.5M | C$130.6M | C$55.8M |
| Tangible book value | C$289.0M | C$260.8M | C$368.1M | C$402.9M | C$535.9M | C$522.2M | C$564.3M | C$584.9M | C$609.3M | C$623.5M | C$641.8M | C$393.2M |
| Shares outstanding | 914.4M | 903.1M | 901.6M | 896.6M | 903.2M | 895.8M | 892.2M | 892.2M | 892.2M | 891.2M | 848.6M | 843.3M |
| Current ratio | 9.41 | 13.77 | 10.75 | 11.97 | 3.94 | 3.21 | 3.65 | 6.28 | 6.94 | 6.68 | 8.28 | 5.29 |
| Quick ratio | 9.06 | 13.37 | 10.45 | 11.74 | 3.68 | 3.01 | 3.48 | 6.05 | 6.71 | 6.47 | 7.99 | 5.06 |
| Debt / equity | 2.38 | 2.81 | 1.67 | 0.73 | 0.00 | 0.00 | 0.00 | 0.00 | — | 0.00 | 0.01 | 0.00 |
| Equity / assets | 25.9% | 23.5% | 32.1% | 36.4% | 85.5% | 84.4% | 85.0% | 87.1% | 87.6% | 87.5% | 88.3% | 87.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed March 30, 2026); data from EODHD.
DNN financial position
At the end of fiscal 2025 (December 31, 2025), Denison Mines had total assets of C$1.1 billion (up 72.7% from a year earlier), total liabilities of C$777.8 million and shareholders' equity of C$368.1 million. It held C$539.0 million in cash and short-term investments against C$613.9 million of debt, net debt of C$74.9 million. Its current ratio was 10.75. In the latest quarter (ended June 30, 2026) total assets were C$1.1 billion and equity C$289.0 million.
Related: DNN income statement, DNN cash flow statement, DNN key metrics. See the DNN stock overview for the latest quote and news.
DNN balance sheet FAQ
What are Denison Mines's total assets?
Denison Mines reported total assets of C$1.1 billion at the end of fiscal 2025 (December 31, 2025), compared with C$663.6 million a year earlier.
How much debt does Denison Mines have?
Denison Mines had C$613.9 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.67.
How much cash does Denison Mines have?
Denison Mines held C$539.0 million in cash and short-term investments at the end of fiscal 2025; with C$613.9 million of debt that is net debt of C$74.9 million.
What is Denison Mines's book value?
Denison Mines's shareholders' equity (book value) was C$368.1 million at the end of fiscal 2025.
What is Denison Mines's current ratio?
Denison Mines had current assets of C$559.8 million and current liabilities of C$52.1 million, a current ratio of 10.75 (it can cover its short-term obligations).