Seabridge Gold Inc. (SA) Balance Sheet
SA balance sheet, 2025
December 31, 2025 · Canadian dollarsC$1.86B assets = C$733.3M liabilities + C$1.12B equity
Both columns are drawn to the same scale: what SA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SA financial health
Current ratio5.24
Comfortable · current assets cover current liabilities 5.24×
Debt / equity0.53
Moderate leverage · C$0.53 of debt for each $1 of equity
Equity / assets60.5%
Equity-funded · of assets funded by shareholders
Cash / debt21.0%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
SA balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | C$338.0M2016 | C$1.86B2025 | +20.8%/yr | |
| Total liabilities | C$26.6M2016 | C$733.3M2025 | +44.5%/yr | |
| Shareholders’ equity | C$311.4M2016 | C$1.12B2025 | +15.3%/yr | |
| Cash & short-term investments | C$12.4M2016 | C$126.2M2025 | +29.4%/yr | |
| Total debt | C$02016 | C$599.5M2025 | — | |
| Net cash (debt) | C$12.4M2016 | −C$473.3M2025 | −C$485.7M | |
| Working capital | C$7.3M2016 | C$173.1M2025 | +C$165.8M | |
| Current ratio | 2.282016 | 5.242025 | +2.95 | |
| Debt / equity | 0.002016 | 0.532025 | +0.53 | |
| Shares outstanding | 53.3M2016 | 100.9M2025 | +7.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SA assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
SA liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
SA debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SA balance sheet in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | C$126.2M | C$55.2M | C$86.2M | C$131.5M | C$44.1M | C$41.3M | C$15.9M | C$22.9M | C$23.0M | C$12.4M |
| Cash & equivalents | C$117.4M | C$49.8M | C$82.4M | C$46.1M | C$11.5M | C$17.5M | C$8.8M | C$2.9M | C$4.0M | C$1.6M |
| Short-term investments | C$8.7M | C$5.4M | C$3.8M | C$85.4M | C$32.6M | C$23.7M | C$7.1M | C$19.9M | C$18.9M | C$10.8M |
| Receivables | C$4.5M | C$2.9M | C$4.5M | C$4.9M | C$10.0M | C$2.8M | C$2.2M | C$1.2M | C$265,000 | C$250,000 |
| Inventory | C$0 | C$0 | C$0 | −C$4.0M | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other current assets | C$83.3M | C$0 | C$3.3M | C$7.9M | C$0 | C$2.2M | C$1.1M | C$423,000 | C$357,000 | C$387,000 |
| Total current assets | C$214.0M | C$58.1M | C$94.0M | C$140.4M | C$54.2M | C$46.2M | C$19.2M | C$24.5M | C$23.6M | C$13.1M |
| Property, plant & equipment (net) | C$1.35B | C$1.25B | C$1.13B | C$881.5M | C$662.3M | C$591.7M | C$425.9M | C$395.3M | C$358.1M | C$322.9M |
| Goodwill & intangible assets | C$0 | C$0 | C$0 | C$0 | C$0 | C$614.7M | C$0 | C$0 | C$0 | C$0 |
| Long-term investments | C$1.1M | C$913,000 | C$1.2M | C$1.4M | C$2.4M | C$2.6M | C$2.4M | C$2.5M | C$91,098 | C$0 |
| Other non-current assets | C$295.8M | C$142.3M | C$127.3M | C$72.3M | C$28.9M | C$0 | C$1.9M | C$1.2M | C$1.1M | C$2.0M |
| Total assets | C$1.86B | C$1.45B | C$1.35B | C$1.10B | C$747.7M | C$647.8M | C$449.4M | C$423.5M | C$382.9M | C$338.0M |
| Liabilities | ||||||||||
| Accounts payable | C$13.0M | C$8.5M | C$27.3M | C$15.7M | C$10.2M | C$2.5M | C$2.3M | C$2.5M | C$1.8M | C$1.8M |
| Short-term debt | C$731,701 | C$348,000 | C$373,000 | C$511,000 | C$90,000 | C$41,000 | C$46,000 | C$0 | C$0 | C$0 |
| Deferred revenue | — | — | −C$27.3M | — | C$5.5M | C$5.4M | C$4.3M | — | — | — |
| Total current liabilities | C$40.8M | C$20.3M | C$39.4M | C$52.0M | C$17.3M | C$10.2M | C$6.7M | C$6.5M | C$6.2M | C$5.7M |
| Long-term debt | C$599.6M | C$563.6M | C$575.0M | C$264.7M | C$182,000 | C$207,000 | C$228,000 | C$0 | C$0 | C$0 |
| Lease obligations | C$1.4M | C$1.4M | C$1.4M | C$1.6M | C$272,000 | C$248,000 | C$274,000 | C$0 | C$0 | C$0 |
| Other long-term liabilities | C$92.9M | C$25.8M | C$6.7M | C$38.4M | C$27.9M | C$22.7M | C$27.4M | C$30.4M | C$21.1M | C$20.9M |
| Total liabilities | C$733.3M | C$609.7M | C$621.0M | C$355.1M | C$45.4M | C$33.1M | C$34.3M | C$36.9M | C$27.3M | C$26.6M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | C$1.38B | C$1.05B | C$934.6M | C$856.5M | C$809.3M | C$704.6M | C$494.9M | C$457.1M | C$405.9M | C$360.6M |
| Retained earnings (deficit) | −C$270.8M | −C$217.9M | −C$186.6M | −C$157.4M | −C$150.0M | −C$150.9M | −C$135.9M | −C$124.3M | −C$106.7M | −C$96.4M |
| Treasury stock | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 |
| Accumulated other comprehensive income | −C$21.2M | −C$30.3M | −C$57.5M | C$5.3M | −C$1.8M | C$24.9M | C$20.0M | −C$2.4M | C$495,000 | C$593,000 |
| Minority interest | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 |
| Total shareholders' equity | C$1.12B | C$843.0M | C$729.9M | C$740.5M | C$702.3M | C$614.7M | C$415.0M | C$386.6M | C$355.6M | C$311.4M |
| Key figures | ||||||||||
| Total debt | C$599.5M | C$563.9M | C$575.3M | C$265.2M | C$272,000 | C$248,000 | C$274,000 | C$0 | C$0 | C$0 |
| Net cash (debt) | −C$473.3M | −C$508.7M | −C$489.1M | −C$133.6M | C$43.9M | C$41.0M | C$15.7M | C$22.9M | C$23.0M | C$12.4M |
| Working capital | C$173.1M | C$37.8M | C$54.5M | C$88.4M | C$36.9M | C$36.0M | C$12.5M | C$18.0M | C$17.4M | C$7.3M |
| Tangible book value | C$1.12B | C$843.0M | C$729.9M | C$740.5M | C$702.3M | C$0 | C$415.0M | C$386.6M | C$355.6M | C$311.4M |
| Shares outstanding | 100.9M | 88.8M | 83.0M | 80.1M | 77.6M | 66.4M | 62.4M | 59.1M | 56.4M | 53.3M |
| Current ratio | 5.24 | 2.86 | 2.38 | 2.70 | 3.13 | 4.53 | 2.87 | 3.76 | 3.81 | 2.28 |
| Quick ratio | 3.20 | 2.86 | 2.30 | 2.62 | 3.13 | 4.32 | 2.71 | 3.70 | 3.75 | 2.22 |
| Debt / equity | 0.53 | 0.67 | 0.79 | 0.36 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Equity / assets | 60.5% | 58.0% | 54.0% | 67.6% | 93.9% | 94.9% | 92.4% | 91.3% | 92.9% | 92.1% |
| 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$95.5M | C$145.0M | C$126.2M | C$111.3M | C$128.1M | C$163.4M | C$55.2M | C$56.2M | C$75.8M | C$59.8M | C$86.2M | C$132.6M |
| Cash & equivalents | C$81.5M | C$127.2M | C$117.4M | C$103.1M | C$121.4M | C$156.8M | C$49.8M | C$51.2M | C$71.3M | C$55.7M | C$82.4M | C$119.0M |
| Short-term investments | C$14.0M | C$17.8M | C$8.7M | C$8.2M | C$6.7M | C$6.6M | C$5.4M | C$5.1M | C$4.5M | C$4.1M | C$3.8M | C$13.6M |
| Receivables | C$7.8M | C$2.9M | C$4.5M | C$0 | C$6.9M | C$2.7M | C$2.9M | C$7.9M | C$10.0M | C$3.1M | C$4.5M | C$11.2M |
| Inventory | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | −C$6.5M |
| Other current assets | C$0 | C$84.1M | C$83.3M | C$13.6M | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$3.3M | C$6.5M |
| Total current assets | C$103.3M | C$232.0M | C$214.0M | C$124.9M | C$134.9M | C$166.1M | C$58.1M | C$64.1M | C$85.8M | C$62.9M | C$94.0M | C$143.7M |
| Property, plant & equipment (net) | C$1.44B | C$1.38B | C$1.35B | C$1.39B | C$1.31B | C$1.27B | C$1.25B | C$1.22B | C$1.18B | C$1.15B | C$1.13B | C$1.08B |
| 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$0 | C$0 | C$1.1M | C$1.3M | C$1.4M | C$829,000 | C$913,000 | C$972,000 | C$1.2M | C$1.3M | C$1.2M | C$1.3M |
| Other non-current assets | C$204.3M | C$193.3M | C$295.8M | C$192.5M | C$196.4M | C$157.6M | C$142.3M | C$142.2M | C$142.2M | C$127.3M | C$127.3M | C$116.4M |
| Total assets | C$1.75B | C$1.80B | C$1.86B | C$1.71B | C$1.64B | C$1.60B | C$1.45B | C$1.43B | C$1.41B | C$1.34B | C$1.35B | C$1.34B |
| Liabilities | ||||||||||||
| Accounts payable | C$6.4M | C$2.7M | C$13.0M | C$7.7M | C$5.0M | C$3.0M | C$8.5M | C$11.6M | C$22.3M | C$8.4M | C$27.3M | C$19.0M |
| Short-term debt | C$1.1M | C$1.1M | C$731,701 | C$342,000 | C$794,000 | C$542,000 | C$348,000 | C$698,000 | C$629,000 | C$742,000 | C$373,000 | C$552,000 |
| Deferred revenue | — | — | — | — | — | — | — | — | −C$22.3M | −C$8.4M | −C$27.3M | C$44.2M |
| Total current liabilities | C$49.7M | C$34.6M | C$40.8M | C$41.8M | C$31.8M | C$17.4M | C$20.3M | C$28.1M | C$40.7M | C$19.7M | C$39.4M | C$63.8M |
| Long-term debt | C$561.1M | C$557.4M | C$599.6M | C$584.1M | C$576.9M | C$557.3M | C$563.6M | C$507.3M | C$483.0M | C$597.2M | C$573.9M | C$488.7M |
| Lease obligations | C$1.2M | C$1.7M | C$1.4M | C$1.3M | C$1.4M | C$1.2M | C$1.4M | C$713,000 | C$1.1M | C$1.2M | C$1.4M | C$1.6M |
| Other long-term liabilities | C$33.2M | C$6.6M | C$92.9M | C$24.3M | C$16.6M | C$26.7M | C$25.8M | C$29.5M | C$37.6M | C$7.1M | C$7.7M | C$38.7M |
| Total liabilities | C$643.9M | C$598.6M | C$733.3M | C$650.2M | C$625.3M | C$601.4M | C$609.7M | C$564.9M | C$561.4M | C$624.1M | C$621.0M | C$591.2M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | C$1.43B | C$1.43B | C$1.38B | C$1.28B | C$1.23B | C$1.20B | C$1.05B | C$1.02B | C$990.0M | C$946.7M | C$934.6M | C$899.3M |
| Retained earnings (deficit) | −C$372.1M | −C$278.4M | −C$270.8M | −C$227.3M | −C$195.0M | −C$207.3M | −C$217.9M | −C$177.1M | −C$149.6M | −C$194.8M | −C$186.6M | −C$164.5M |
| Accumulated other comprehensive income | C$8.5M | C$18.2M | −C$21.2M | −C$30.7M | −C$58.0M | −C$38.7M | −C$30.3M | −C$23.6M | −C$31.4M | −C$72.6M | −C$57.5M | −C$20.6M |
| Total shareholders' equity | C$1.11B | C$1.21B | C$1.12B | C$1.06B | C$1.02B | C$995.8M | C$843.0M | C$862.9M | C$848.5M | C$718.8M | C$729.9M | C$750.4M |
| Key figures | ||||||||||||
| Total debt | C$562.6M | C$560.5M | C$599.5M | C$584.4M | C$577.3M | C$557.6M | C$563.9M | C$507.6M | C$484.1M | C$598.5M | C$575.3M | C$490.3M |
| Net cash (debt) | −C$467.1M | −C$415.5M | −C$473.3M | −C$473.2M | −C$449.2M | −C$394.2M | −C$508.7M | −C$451.4M | −C$408.3M | −C$538.6M | −C$489.1M | −C$357.7M |
| Working capital | C$53.6M | C$197.4M | C$173.1M | C$83.2M | C$103.1M | C$148.7M | C$37.8M | C$36.0M | C$45.1M | C$43.2M | C$54.5M | C$79.9M |
| Tangible book value | C$1.11B | C$1.21B | C$1.12B | C$1.06B | C$1.02B | C$995.8M | C$843.0M | C$862.9M | C$848.5M | C$718.8M | C$729.9M | C$750.4M |
| Shares outstanding | 108.4M | 107.1M | 104.2M | 102.3M | 101.1M | 96.0M | 90.6M | 89.6M | 88.3M | 86.4M | 84.5M | 83.5M |
| Current ratio | 2.08 | 6.71 | 5.24 | 2.99 | 4.24 | 9.53 | 2.86 | 2.28 | 2.11 | 3.19 | 2.38 | 2.25 |
| Quick ratio | 2.08 | 4.28 | 3.20 | 2.67 | 4.24 | 9.53 | 2.86 | 2.28 | 2.11 | 3.19 | 2.30 | 2.25 |
| Debt / equity | 0.51 | 0.46 | 0.53 | 0.55 | 0.57 | 0.56 | 0.67 | 0.59 | 0.57 | 0.83 | 0.79 | 0.65 |
| Equity / assets | 63.2% | 66.8% | 60.5% | 61.9% | 62.0% | 62.3% | 58.0% | 60.4% | 60.2% | 53.5% | 54.0% | 55.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed March 27, 2026); data from EODHD.
SA financial position
At the end of fiscal 2025 (December 31, 2025), Seabridge Gold had total assets of C$1.9 billion (up 27.9% from a year earlier), total liabilities of C$733.3 million and shareholders' equity of C$1.1 billion. It held C$126.2 million in cash and short-term investments against C$599.5 million of debt, net debt of C$473.3 million. Its current ratio was 5.24. In the latest quarter (ended June 30, 2026) total assets were C$1.8 billion and equity C$1.1 billion.
Related: SA income statement, SA cash flow statement, SA key metrics. See the SA stock overview for the latest quote and news.
SA balance sheet FAQ
What are Seabridge Gold's total assets?
Seabridge Gold reported total assets of C$1.9 billion at the end of fiscal 2025 (December 31, 2025), compared with C$1.5 billion a year earlier.
How much debt does Seabridge Gold have?
Seabridge Gold had C$599.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.53.
How much cash does Seabridge Gold have?
Seabridge Gold held C$126.2 million in cash and short-term investments at the end of fiscal 2025; with C$599.5 million of debt that is net debt of C$473.3 million.
What is Seabridge Gold's book value?
Seabridge Gold's shareholders' equity (book value) was C$1.1 billion at the end of fiscal 2025.
What is Seabridge Gold's current ratio?
Seabridge Gold had current assets of C$214.0 million and current liabilities of C$40.8 million, a current ratio of 5.24 (it can cover its short-term obligations).