NovaGold Resources Inc. (NG) Balance Sheet
NG balance sheet, FY2025
November 30, 2025 · U.S. dollars$335.9M assets = $172.1M liabilities + $163.8M equity
Both columns are drawn to the same scale: what NG owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NG financial health
Debt / equity1.02
Moderate leverage · $1.02 of debt for each $1 of equity
Equity / assets48.8%
Equity-funded · of assets funded by shareholders
Cash / debt69.2%
Partial cover · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal FY2025.
NG balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $408.3MFY2016 | $335.9MFY2025 | −2.1%/yr | |
| Total liabilities | $108.0MFY2016 | $172.1MFY2025 | +5.3%/yr | |
| Shareholders’ equity | $300.3MFY2016 | $163.8MFY2025 | −6.5%/yr | |
| Cash & short-term investments | $105.3MFY2016 | $115.1MFY2025 | +1.0%/yr | |
| Total debt | $84.8MFY2016 | $166.3MFY2025 | +7.8%/yr | |
| Net cash (debt) | $20.5MFY2016 | −$51.2MFY2025 | −$71.6M | |
| Working capital | $104.3MFY2016 | $112.5MFY2025 | +$8.3M | |
| Book value per share | $0.94FY2016 | $0.44FY2025 | −8.1%/yr | |
| Debt / equity | 0.28FY2016 | 1.02FY2025 | +0.73 | |
| Shares outstanding | 319.8MFY2016 | 374.7MFY2025 | +1.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NG assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
NG liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
NG debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NG balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $115.1M | $101.1M | $125.7M | $125.9M | $169.1M | $121.9M | $148.5M | $167.0M | $84.0M | $105.3M |
| Cash & equivalents | $110.1M | $42.2M | $45.7M | $63.9M | $91.1M | $60.9M | $67.5M | $21.0M | $28.0M | $30.3M |
| Short-term investments | $5.0M | $58.9M | $80.0M | $62.0M | $78.0M | $61.0M | $81.0M | $146.0M | $56.0M | $75.0M |
| Receivables | $1.3M | $323,000 | $344,745 | $25.4M | $302,000 | $73.2M | $1.1M | $1.8M | $303,000 | $547,000 |
| Inventory | $0 | $0 | $831 | $0 | −$81 | $1 | $0 | $0 | $0 | $0 |
| Other current assets | $1.0M | $1.3M | $1.1M | $1.3M | $25,081 | $1.3M | $690,000 | $598,000 | $580,000 | $1.5M |
| Total current assets | $117.5M | $102.8M | $127.2M | $152.5M | $169.5M | $196.4M | $150.3M | $169.4M | $84.8M | $107.3M |
| Property, plant & equipment (net) | $898,000 | $1.0M | $898,000 | $958,000 | $423,000 | $634,000 | $42,000 | $39,000 | $45.2M | $43.4M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $303,000 | $547,000 |
| Long-term investments | $217.6M | $6.0M | $5.2M | $5.7M | $5.4M | $26.0M | $2.8M | $90.7M | $252.6M | $242.4M |
| Other non-current assets | $0 | $0 | $0 | $0 | $23.6M | $1.4M | $92.7M | $839,000 | $15.9M | $14.6M |
| Total assets | $335.9M | $109.8M | $133.3M | $159.2M | $198.9M | $224.4M | $245.8M | $260.9M | $398.9M | $408.3M |
| Liabilities | ||||||||||
| Accounts payable | $2.0M | $1.4M | $703,000 | $769,000 | $682,000 | $900,000 | $880,000 | $710,000 | $727,000 | $652,000 |
| Short-term debt | $176,423 | $337,832 | $192,000 | $142,000 | $224,000 | $207,000 | $103.8M | $96.5M | $90.0M | $0 |
| Deferred revenue | — | — | −$895,000 | — | — | $2.2M | — | — | — | — |
| Total current liabilities | $4.9M | $4.5M | $3.9M | $4.6M | $4.4M | $3.5M | $3.3M | $3.7M | $3.4M | $3.1M |
| Long-term debt | $166.3M | $151.5M | $136.7M | $123.7M | $115.7M | $109.8M | $103.8M | $96.5M | $90.0M | $84.8M |
| Lease obligations | $762,000 | $930,000 | $801,000 | $944,000 | $408,000 | $611,000 | — | $0 | $0 | $0 |
| Other long-term liabilities | $885,000 | $1.2M | $859,000 | $1.0M | $464,000 | $404,000 | $751,000 | $80,000 | $21.4M | $20.1M |
| Total liabilities | $172.1M | $157.2M | $141.5M | $129.3M | $120.6M | $113.7M | $107.9M | $100.2M | $114.8M | $108.0M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $2.25B | $1.99B | $1.99B | $1.98B | $1.98B | $1.97B | $1.97B | $1.95B | $1.95B | $1.94B |
| Retained earnings (deficit) | −$2.20B | −$2.10B | −$2.06B | −$2.01B | −$1.96B | −$1.92B | −$1.89B | −$1.86B | −$1.74B | −$1.71B |
| Treasury stock | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Accumulated other comprehensive income | −$25.0M | −$25.1M | −$24.5M | −$24.4M | −$23.3M | −$23.9M | −$24.8M | −$24.5M | −$6.2M | −$18.9M |
| Minority interest | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Total shareholders' equity | $163.8M | −$47.4M | −$8.2M | $29.9M | $78.3M | $110.7M | $138.0M | $160.7M | $284.0M | $300.3M |
| Key figures | ||||||||||
| Total debt | $166.3M | $152.5M | $137.5M | $124.6M | $116.1M | $110.4M | $103.8M | $96.5M | $90.0M | $84.8M |
| Net cash (debt) | −$51.2M | −$51.3M | −$11.8M | $1.3M | $53.0M | $11.5M | $44.8M | $70.5M | −$6.1M | $20.5M |
| Working capital | $112.5M | $98.3M | $123.3M | $147.9M | $165.1M | $192.9M | $147.0M | $165.7M | $81.4M | $104.3M |
| Tangible book value | $163.8M | −$47.4M | −$8.2M | $29.9M | $78.3M | $110.7M | $138.0M | $160.7M | $283.7M | $299.7M |
| Book value per share | $0.44 | −$0.14 | −$0.02 | $0.09 | $0.24 | $0.34 | $0.42 | $0.50 | $0.88 | $0.94 |
| Shares outstanding | 374.7M | 334.5M | 334.1M | 333.2M | 331.5M | 329.3M | 325.8M | 322.5M | 321.7M | 319.8M |
| Current ratio | 23.79 | 22.91 | 32.57 | 33.17 | 38.66 | 55.97 | 44.97 | 46.28 | 24.79 | 35.18 |
| Quick ratio | 23.58 | 22.61 | 32.28 | 32.89 | 38.66 | 55.60 | 44.76 | 46.12 | 24.62 | 34.68 |
| Debt / equity | 1.02 | — | — | 4.17 | 1.48 | 1.00 | 0.75 | 0.60 | 0.32 | 0.28 |
| Equity / assets | 48.8% | −43.2% | −6.2% | 18.8% | 39.4% | 49.3% | 56.1% | 61.6% | 71.2% | 73.5% |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $343.4M | $371.4M | $394.2M | $115.1M | $125.2M | $318.7M | $92.5M | $101.2M | $105.4M | $112.6M | $117.3M | $125.7M |
| Cash & equivalents | $146.4M | $78.2M | $117.5M | $110.1M | $58.2M | $293.7M | $34.0M | $42.2M | $45.6M | $52.6M | $37.5M | $45.7M |
| Short-term investments | $197.0M | $293.2M | $276.7M | $5.0M | $67.0M | $25.0M | $58.7M | $59.0M | $59.9M | $60.0M | $79.9M | $80.0M |
| Receivables | $5.2M | $4.0M | $1.2M | $1.3M | $776,000 | $1.3M | $741,000 | $323,000 | $1.2M | $545,929 | $1.5M | $344,745 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $831 |
| Other current assets | $1.2M | $640,000 | $789,000 | $1.0M | $221,000 | $1.4M | $1.4M | $1.2M | $380,345 | $830,892 | $851,828 | $1.1M |
| Total current assets | $349.8M | $376.0M | $396.1M | $117.5M | $126.2M | $321.4M | $94.6M | $102.8M | $106.9M | $113.9M | $119.7M | $127.2M |
| Property, plant & equipment (net) | $2.3M | $2.4M | $1.3M | $898,000 | $1.1M | $922,000 | $957,000 | $1.0M | $1.1M | $1.1M | $844,837 | $898,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $222.0M | $222.5M | $217.6M | $218.3M | $7.0M | $6.4M | $6.0M | $6.5M | $6.5M | $6.1M | $5.2M |
| Other non-current assets | $221.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $184,395 | $0 | $0 | $0 |
| Total assets | $573.3M | $598.7M | $619.4M | $335.9M | $345.4M | $329.3M | $102.0M | $109.8M | $114.7M | $121.6M | $126.7M | $133.3M |
| Liabilities | ||||||||||||
| Accounts payable | — | $1.4M | $3.4M | $2.0M | $2.2M | $2.4M | $934,000 | $1.4M | $964,000 | $1.3M | $568,000 | $703,000 |
| Short-term debt | $192,000 | $185,000 | −$4.0M | $0 | $176,000 | $175,000 | $339,189 | $337,832 | $337,709 | $333,978 | $182,000 | $383,858 |
| Deferred revenue | — | — | — | — | — | — | — | — | −$1.1M | −$683,076 | −$568,000 | — |
| Total current liabilities | $7.9M | $3.3M | $4.5M | $4.9M | $4.7M | $4.2M | $2.0M | $4.5M | $3.6M | $3.9M | $1.8M | $3.9M |
| Long-term debt | $0 | $173.6M | $169.9M | $166.3M | $162.6M | $158.8M | $155.1M | $151.5M | $147.9M | $144.0M | $140.3M | $136.7M |
| Lease obligations | — | $680,000 | $728,000 | $762,000 | $813,000 | $859,000 | $882,000 | $930,000 | $988,000 | $1.0M | $755,000 | $801,000 |
| Other long-term liabilities | $178.2M | $745,000 | $823,000 | $885,000 | $962,000 | $1.0M | $1.1M | $1.2M | $1.1M | $1.1M | $629,070 | $859,000 |
| Total liabilities | $186.0M | $177.7M | $175.2M | $172.1M | $168.3M | $164.0M | $158.2M | $157.2M | $152.5M | $149.0M | $142.8M | $141.5M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2.55B | $2.55B | $2.55B | $2.25B | $2.25B | $2.23B | $1.99B | $1.99B | $1.99B | $1.99B | $1.99B | $1.99B |
| Retained earnings (deficit) | −$2.28B | −$2.24B | −$2.22B | −$2.20B | −$2.18B | −$2.17B | −$2.11B | −$2.10B | −$2.09B | −$2.08B | −$2.07B | −$2.06B |
| Accumulated other comprehensive income | −$25.0M | −$25.0M | −$25.0M | −$25.0M | −$25.0M | −$25.0M | −$25.6M | −$25.1M | −$24.4M | −$24.5M | −$24.4M | −$24.5M |
| Total shareholders' equity | $387.3M | $421.0M | $444.2M | $163.8M | $177.1M | $165.3M | −$56.1M | −$47.4M | −$37.8M | −$27.5M | −$16.1M | −$8.2M |
| Key figures | ||||||||||||
| Total debt | $178.1M | $174.3M | $169.9M | $166.3M | $163.4M | $159.7M | $156.0M | $152.5M | $148.9M | $145.1M | $141.1M | $137.5M |
| Net cash (debt) | $165.2M | $197.1M | $224.3M | −$51.2M | −$38.3M | $159.1M | −$63.4M | −$51.2M | −$43.5M | −$32.5M | −$23.8M | −$11.8M |
| Working capital | $341.9M | $372.7M | $391.7M | $112.5M | $121.5M | $317.2M | $92.7M | $98.3M | $103.3M | $110.0M | $117.9M | $123.3M |
| Tangible book value | $387.3M | $421.0M | $444.2M | $163.8M | $177.1M | $165.3M | −$56.1M | −$47.4M | −$37.8M | −$27.5M | −$16.1M | −$8.2M |
| Book value per share | $0.88 | $0.96 | $1.07 | $0.44 | $0.44 | $0.47 | −$0.17 | −$0.14 | −$0.11 | −$0.08 | −$0.05 | −$0.02 |
| Shares outstanding | 438.8M | 438.8M | 415.1M | 374.7M | 406.5M | 350.2M | 334.6M | 334.5M | 334.5M | 334.4M | 334.4M | 334.2M |
| Current ratio | 44.51 | 112.82 | 88.72 | 23.79 | 26.91 | 76.72 | 47.82 | 22.91 | 29.78 | 29.28 | 65.41 | 32.57 |
| Quick ratio | 44.35 | 112.63 | 88.54 | 23.58 | 26.86 | 76.40 | 47.13 | 22.64 | 29.67 | 29.07 | 64.94 | 32.28 |
| Debt / equity | 0.46 | 0.41 | 0.38 | 1.02 | 0.92 | 0.97 | — | — | — | — | — | — |
| Equity / assets | 67.6% | 70.3% | 71.7% | 48.8% | 51.3% | 50.2% | −55.0% | −43.2% | −33.0% | −22.6% | −12.7% | −6.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed January 22, 2026); data from EODHD.
NG financial position
At the end of fiscal 2025 (November 30, 2025), NovaGold Resources had total assets of $335.9 million (up 206.1% from a year earlier), total liabilities of $172.1 million and shareholders' equity of $163.8 million. It held $115.1 million in cash and short-term investments against $166.3 million of debt, net debt of $51.2 million. Its current ratio was 23.79. In the latest quarter (ended August 31, 2026) total assets were $573.3 million and equity $387.3 million.
Related: NG income statement, NG cash flow statement, NG key metrics. See the NG stock overview for the latest quote and news.
NG balance sheet FAQ
What are NovaGold Resources's total assets?
NovaGold Resources reported total assets of $335.9 million at the end of fiscal 2025 (November 30, 2025), compared with $109.8 million a year earlier.
How much debt does NovaGold Resources have?
NovaGold Resources had $166.3 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.02.
How much cash does NovaGold Resources have?
NovaGold Resources held $115.1 million in cash and short-term investments at the end of fiscal 2025; with $166.3 million of debt that is net debt of $51.2 million.
What is NovaGold Resources's book value?
NovaGold Resources's shareholders' equity (book value) was $163.8 million at the end of fiscal 2025, or $0.44 per share.
What is NovaGold Resources's current ratio?
NovaGold Resources had current assets of $117.5 million and current liabilities of $4.9 million, a current ratio of 23.79 (it can cover its short-term obligations).