Nouveau Monde Graphite Inc. (NMG) Balance Sheet
NMG balance sheet, 2025
December 31, 2025 · Canadian dollarsC$174.3M assets = C$94.5M liabilities + C$79.8M equity
Both columns are drawn to the same scale: what NMG owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NMG financial health
Current ratio0.87
Tight · current assets cover current liabilities 0.87×
Debt / equity0.24
Low leverage · C$0.24 of debt for each $1 of equity
Equity / assets45.8%
Equity-funded · of assets funded by shareholders
Cash / debt384.6%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
NMG balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | C$8.9M2016 | C$174.3M2025 | +39.2%/yr | |
| Total liabilities | C$694,0492016 | C$94.5M2025 | +72.6%/yr | |
| Shareholders’ equity | C$8.2M2016 | C$79.8M2025 | +28.8%/yr | |
| Cash & short-term investments | C$2.5M2016 | C$74.5M2025 | +46.1%/yr | |
| Total debt | C$3.3M2018 | C$19.4M2025 | +28.7%/yr | |
| Net cash (debt) | C$506,0652018 | C$55.1M2025 | +C$54.6M | |
| Working capital | C$2.6M2016 | −C$11.9M2025 | −C$14.5M | |
| Current ratio | 4.682016 | 0.872025 | −3.81 | |
| Debt / equity | 0.142018 | 0.242025 | +0.10 | |
| Shares outstanding | 6.2M2016 | 154.0M2025 | +42.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NMG assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
NMG liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
NMG debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NMG balance sheet in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | C$74.5M | C$106.3M | C$36.3M | C$59.9M | C$62.4M | C$3.7M | C$4.1M | C$3.8M | C$10.2M | C$2.5M |
| Cash & equivalents | C$74.5M | C$106.3M | C$36.3M | C$59.9M | C$62.4M | C$3.7M | C$4.1M | C$3.8M | C$10.1M | C$2.4M |
| Short-term investments | — | — | — | C$55.0M | — | C$0 | C$22,450 | C$19,757 | C$53,950 | C$46,191 |
| Receivables | C$3.3M | C$3.2M | C$1.2M | C$10.3M | C$9.1M | C$4.3M | C$5.1M | C$2.6M | C$2.2M | C$747,200 |
| Inventory | C$0 | C$0 | C$87,000 | C$621,000 | C$0 | C$158,000 | C$158,395 | C$0 | C$0 | C$0 |
| Other current assets | C$1.6M | C$4.5M | C$5.3M | C$3.1M | C$2.8M | C$10,761 | C$300,000 | C$53,246 | C$159,979 | C$40,294 |
| Total current assets | C$79.4M | C$114.0M | C$42.9M | C$73.9M | C$74.2M | C$8.2M | C$9.6M | C$6.4M | C$12.5M | C$3.2M |
| Property, plant & equipment (net) | C$86.9M | C$79.2M | C$68.5M | C$66.8M | C$44.4M | C$4.1M | C$39.1M | C$25.5M | C$9.6M | C$5.6M |
| Goodwill & intangible assets | C$0 | C$0 | C$59,000 | C$182,000 | C$481,000 | C$722,135 | C$1.5M | C$2.1M | C$20,377 | C$0 |
| Long-term investments | C$450,000 | C$325,000 | C$1.1M | C$800,000 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other non-current assets | C$7.6M | C$10.6M | C$11.4M | C$8.4M | C$7.3M | C$3.6M | C$2.8M | C$3.6M | C$0 | C$0 |
| Total assets | C$174.3M | C$204.1M | C$123.9M | C$150.1M | C$126.3M | C$16.6M | C$53.1M | C$37.7M | C$22.1M | C$8.9M |
| Liabilities | ||||||||||
| Accounts payable | C$8.0M | C$10.9M | C$6.9M | C$12.8M | C$13.3M | C$4.3M | C$4.9M | C$5.8M | C$1.6M | C$572,099 |
| Short-term debt | C$17.8M | C$17.0M | C$931,000 | C$656,000 | C$537,000 | C$1.6M | C$5.0M | C$930,841 | — | — |
| Deferred revenue | C$184,849 | C$785,000 | C$1.3M | C$20,000 | — | C$1.2M | −C$4.9M | −C$5.8M | — | — |
| Total current liabilities | C$91.3M | C$47.0M | C$12.0M | C$16.1M | C$15.7M | C$8.3M | C$9.9M | C$6.7M | C$1.6M | C$694,049 |
| Long-term debt | C$499,000 | C$764,000 | C$54.9M | C$58.3M | C$3.9M | C$15.3M | C$150,000 | C$2.4M | C$0 | C$0 |
| Lease obligations | C$1.7M | C$1.7M | C$2.1M | C$2.8M | C$2.3M | C$1.1M | — | — | — | — |
| Other long-term liabilities | C$2.7M | C$2.7M | C$2.6M | C$3.3M | C$1.0M | C$0 | C$5.7M | C$4.9M | C$1.1M | C$0 |
| Total liabilities | C$94.5M | C$50.4M | C$69.5M | C$77.8M | C$20.7M | C$20.8M | C$15.7M | C$14.0M | C$2.7M | C$694,049 |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | C$436.1M | C$411.2M | C$238.8M | C$210.8M | C$206.5M | C$47.5M | C$56.2M | C$36.2M | C$25.7M | C$13.2M |
| Retained earnings (deficit) | −C$398.7M | −C$293.9M | −C$220.6M | −C$164.6M | −C$116.9M | −C$60.4M | −C$28.4M | −C$21.6M | −C$12.8M | −C$7.5M |
| Accumulated other comprehensive income | C$5.4M | C$3.7M | C$7.7M | C$829,000 | C$0 | C$966,248 | C$2.2M | C$4.8M | C$3.4M | −C$600,249 |
| Total shareholders' equity | C$79.8M | C$153.7M | C$54.4M | C$72.3M | C$105.7M | −C$4.2M | C$37.4M | C$23.7M | C$19.5M | C$8.2M |
| Key figures | ||||||||||
| Total debt | C$19.4M | C$19.0M | C$57.5M | C$61.3M | C$4.5M | C$13.6M | C$5.1M | C$3.3M | — | — |
| Net cash (debt) | C$55.1M | C$87.3M | −C$21.1M | −C$1.4M | C$57.9M | −C$10.0M | −C$1.0M | C$506,065 | — | — |
| Working capital | −C$11.9M | C$67.0M | C$30.9M | C$57.8M | C$58.4M | −C$134,223 | −C$258,490 | −C$295,040 | C$10.9M | C$2.6M |
| Tangible book value | C$79.8M | C$153.7M | C$54.4M | C$72.1M | C$105.2M | −C$4.9M | C$35.8M | C$21.5M | C$19.4M | C$8.2M |
| Shares outstanding | 154.0M | 103.1M | 60.1M | 55.6M | 43.0M | 26.3M | 22.7M | 15.1M | 9.6M | 6.2M |
| Current ratio | 0.87 | 2.43 | 3.58 | 4.59 | 4.72 | 0.98 | 0.97 | 0.96 | 7.81 | 4.68 |
| Quick ratio | 0.85 | 2.33 | 3.14 | 4.36 | 4.54 | 0.96 | 0.93 | 0.95 | 7.71 | 4.62 |
| Debt / equity | 0.24 | 0.12 | 1.06 | 0.85 | 0.04 | — | 0.14 | 0.14 | — | — |
| Equity / assets | 45.8% | 75.3% | 43.9% | 48.2% | 83.7% | −25.2% | 70.4% | 62.8% | 87.9% | 92.2% |
| 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$461.4M | C$58.1M | C$74.5M | C$61.8M | C$73.5M | C$89.0M | C$106.3M | C$56.5M | C$73.9M | C$88.0M | C$36.3M | C$48.6M |
| Cash & equivalents | C$461.4M | C$58.1M | C$74.5M | C$61.8M | C$73.5M | C$89.0M | C$106.3M | C$56.5M | C$73.9M | C$88.0M | C$36.3M | C$48.6M |
| Receivables | C$5.9M | C$2.9M | C$3.3M | C$0 | C$4.2M | C$3.0M | C$3.2M | C$3.0M | C$2.8M | C$4.7M | C$1.2M | C$6.6M |
| Inventory | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$87,000 | C$0 |
| Other current assets | C$1.8M | C$1.5M | C$1.6M | C$5.6M | C$2.5M | C$3.8M | C$4.5M | C$1.9M | C$3.6M | C$2.1M | C$5.3M | C$2.5M |
| Total current assets | C$469.1M | C$62.5M | C$79.4M | C$67.3M | C$80.2M | C$95.8M | C$114.0M | C$61.5M | C$80.3M | C$94.9M | C$42.9M | C$57.7M |
| Property, plant & equipment (net) | C$119.6M | C$93.5M | C$86.9M | C$86.0M | C$84.5M | C$83.2M | C$79.2M | C$74.4M | C$69.1M | C$68.6M | C$68.5M | C$68.6M |
| Goodwill & intangible assets | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$42,000 | C$48,000 | C$53,000 | C$59,000 | C$157,921 |
| Long-term investments | C$300,000 | C$350,000 | C$450,000 | C$425,000 | C$300,000 | C$325,000 | C$325,000 | C$300,000 | C$525,000 | C$625,000 | C$1.1M | C$1.2M |
| Other non-current assets | C$19.1M | C$10.7M | C$7.6M | C$7.6M | C$9.8M | C$10.7M | C$10.6M | C$11.7M | C$11.6M | C$11.6M | C$11.4M | C$8.7M |
| Total assets | C$608.1M | C$167.0M | C$174.3M | C$161.3M | C$174.8M | C$190.1M | C$204.1M | C$147.9M | C$161.6M | C$175.8M | C$123.9M | C$136.4M |
| Liabilities | ||||||||||||
| Accounts payable | C$43.7M | C$12.5M | C$8.0M | C$11.7M | C$12.6M | C$11.6M | C$10.9M | C$10.7M | C$8.7M | C$8.0M | C$6.9M | C$8.2M |
| Short-term debt | C$18.4M | C$18.1M | C$17.8M | C$18.0M | C$16.9M | C$17.4M | C$17.0M | C$15.5M | C$15.3M | C$57.6M | C$931,000 | C$925,000 |
| Deferred revenue | — | C$185,477 | C$184,849 | — | C$925,000 | C$1.0M | C$785,000 | C$875,000 | — | C$1.1M | C$1.3M | C$1.4M |
| Total current liabilities | C$114.5M | C$86.0M | C$91.3M | C$109.0M | C$47.2M | C$41.9M | C$47.0M | C$35.3M | C$43.4M | C$89.1M | C$12.0M | C$10.5M |
| Long-term debt | C$362,000 | C$431,000 | C$499,000 | C$567,000 | C$634,000 | C$699,000 | C$764,000 | C$828,000 | C$891,000 | C$953,000 | C$54.9M | C$54.9M |
| Lease obligations | C$1.6M | C$1.5M | C$1.7M | C$1.8M | C$1.4M | C$1.6M | C$1.7M | C$1.8M | C$1.9M | C$2.0M | C$2.1M | C$2.2M |
| Other long-term liabilities | C$3.0M | C$2.9M | C$2.7M | C$2.8M | C$2.7M | C$2.7M | C$2.7M | C$2.3M | C$2.4M | C$2.5M | C$2.6M | C$2.7M |
| Total liabilities | C$117.8M | C$89.3M | C$94.5M | C$112.4M | C$50.5M | C$45.2M | C$50.4M | C$38.5M | C$46.7M | C$92.5M | C$69.5M | C$68.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | C$838.7M | C$437.9M | C$436.1M | C$411.5M | C$411.2M | C$411.2M | C$411.2M | C$344.0M | C$343.9M | C$298.0M | C$238.8M | C$238.8M |
| Retained earnings (deficit) | −C$394.3M | −C$404.6M | −C$398.7M | −C$404.0M | −C$327.3M | −C$306.3M | −C$293.9M | −C$272.0M | −C$263.9M | −C$252.8M | −C$220.6M | −C$204.0M |
| Accumulated other comprehensive income | C$6.3M | C$5.8M | C$5.4M | C$4.9M | C$4.5M | C$4.1M | C$3.7M | C$3.3M | C$2.8M | C$8.8M | C$7.7M | C$5.9M |
| Total shareholders' equity | C$490.3M | C$77.7M | C$79.8M | C$49.0M | C$124.4M | C$144.8M | C$153.7M | C$109.5M | C$114.9M | C$83.4M | C$54.4M | C$68.3M |
| Key figures | ||||||||||||
| Total debt | C$19.7M | C$19.5M | C$19.4M | C$19.8M | C$18.6M | C$19.3M | C$19.0M | C$17.7M | C$17.6M | C$60.0M | C$57.5M | C$57.5M |
| Net cash (debt) | C$441.7M | C$38.6M | C$55.1M | C$42.0M | C$54.8M | C$69.7M | C$87.3M | C$38.8M | C$56.2M | C$28.0M | −C$21.1M | −C$8.9M |
| Working capital | C$354.6M | −C$23.5M | −C$11.9M | −C$41.6M | C$33.1M | C$54.0M | C$67.0M | C$26.2M | C$36.8M | C$5.9M | C$30.9M | C$47.1M |
| Tangible book value | C$490.3M | C$77.7M | C$79.8M | C$49.0M | C$124.4M | C$144.8M | C$153.7M | C$109.4M | C$114.8M | C$83.3M | C$54.4M | C$68.1M |
| Shares outstanding | 247.4M | 162.6M | 160.8M | 153.9M | 153.6M | 153.4M | 115.3M | 113.3M | 106.1M | 75.7M | 60.9M | 60.7M |
| Current ratio | 4.10 | 0.73 | 0.87 | 0.62 | 1.70 | 2.29 | 2.43 | 1.74 | 1.85 | 1.07 | 3.58 | 5.48 |
| Quick ratio | 4.08 | 0.71 | 0.85 | 0.57 | 1.65 | 2.20 | 2.33 | 1.69 | 1.76 | 1.04 | 3.14 | 5.24 |
| Debt / equity | 0.04 | 0.25 | 0.24 | 0.40 | 0.15 | 0.13 | 0.12 | 0.16 | 0.15 | 0.72 | 1.06 | 0.84 |
| Equity / assets | 80.6% | 46.6% | 45.8% | 30.4% | 71.1% | 76.2% | 75.3% | 74.0% | 71.1% | 47.4% | 43.9% | 50.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed March 26, 2026); data from EODHD.
NMG financial position
At the end of fiscal 2025 (December 31, 2025), Nouveau Monde Graphite had total assets of C$174.3 million (down 14.6% from a year earlier), total liabilities of C$94.5 million and shareholders' equity of C$79.8 million. It held C$74.5 million in cash and short-term investments against C$19.4 million of debt, a net cash position of C$55.1 million. Its current ratio was 0.87. In the latest quarter (ended June 30, 2026) total assets were C$608.1 million and equity C$490.3 million.
Related: NMG income statement, NMG cash flow statement, NMG key metrics. See the NMG stock overview for the latest quote and news.
NMG balance sheet FAQ
What are Nouveau Monde Graphite's total assets?
Nouveau Monde Graphite reported total assets of C$174.3 million at the end of fiscal 2025 (December 31, 2025), compared with C$204.1 million a year earlier.
How much debt does Nouveau Monde Graphite have?
Nouveau Monde Graphite had C$19.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.24.
How much cash does Nouveau Monde Graphite have?
Nouveau Monde Graphite held C$74.5 million in cash and short-term investments at the end of fiscal 2025; with C$19.4 million of debt that is net cash of C$55.1 million.
What is Nouveau Monde Graphite's book value?
Nouveau Monde Graphite's shareholders' equity (book value) was C$79.8 million at the end of fiscal 2025.
What is Nouveau Monde Graphite's current ratio?
Nouveau Monde Graphite had current assets of C$79.4 million and current liabilities of C$91.3 million, a current ratio of 0.87 (current liabilities exceed current assets).