Seabridge Gold Inc. (SA) Key Metrics
SA key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Canadian dollarsSA returns How much profit the business earns on the capital it uses.
SA financial health Debt, liquidity and how easily interest is covered.
SA efficiency & capital use Working capital cycle and where the cash goes.
SA returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
SA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
SA key metrics in Canadian dollars
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −5.4% | −4.0% | −4.0% | −1.0% | 0.1% | −2.9% | −2.2% | −5.4% | −3.1% | −2.5% |
| Return on invested capital (ROIC) | −1.2% | −1.3% | −1.3% | −1.5% | −1.5% | −2.7% | −2.1% | −2.8% | −3.9% | −2.7% |
| Return on assets (ROA) | −3.2% | −2.2% | −2.4% | −0.8% | 0.1% | −2.7% | −2.1% | −4.9% | −2.9% | −2.3% |
| Return on tangible assets | −2.9% | −2.2% | −2.2% | −0.7% | 0.1% | −45.1% | −2.0% | −4.7% | −2.7% | −2.2% |
| Income quality (OCF / net income) | — | — | — | — | −13.11 | — | — | — | — | — |
| Financial health | ||||||||||
| 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 |
| 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 |
| Net 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 |
| Debt / equity | 0.53 | 0.67 | 0.79 | 0.36 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt / assets | 0.32 | 0.39 | 0.43 | 0.24 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net debt / EBITDA | — | — | — | 30.17 | −7.66 | — | — | — | — | — |
| Current ratio | 5.24 | 2.86 | 2.38 | 2.70 | 3.13 | 4.53 | 2.87 | 3.76 | 3.81 | 2.28 |
| Quick ratio | 5.24 | 2.86 | 2.38 | 2.78 | 3.13 | 4.53 | 2.87 | 3.76 | 3.81 | 2.28 |
| Interest coverage | -40.2 | -59.1 | -4.7 | -6.6 | -199.5 | -20.3 | -38.5 | -85.9 | -491.5 | -345.7 |
| 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 |
| Invested capital | C$1.60B | C$1.35B | C$1.22B | C$874.2M | C$658.5M | C$573.7M | C$399.4M | C$363.7M | C$332.7M | C$298.9M |
| Tangible asset 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 |
| Net current asset value | −C$519.4M | −C$551.6M | −C$527.1M | −C$214.7M | C$8.8M | C$13.1M | −C$15.1M | −C$12.4M | −C$3.7M | −C$13.6M |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 |
| Share buybacks (net) | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Capex / depreciation | 590.40 | 781.46 | 598.10 | 2,182.10 | 866.01 | 4,410.97 | 755.58 | 31.74 | — | — |
| Efficiency | ||||||||||
| Days of inventory on hand | — | — | — | -9,295.8 | — | — | — | — | — | — |
| Days payables outstanding | 16,984.0 | 16,938.9 | 20,377.4 | 30,271.6 | 13,810.3 | 24,206.6 | 31,055.4 | 106.0 | 322.4 | — |
| Receivables turnover | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payables turnover | 0.02 | 0.02 | 0.02 | 0.01 | 0.03 | 0.02 | 0.01 | 3.44 | 1.13 | 0.00 |
| Asset turnover | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Average receivables | C$3.7M | C$3.7M | C$4.7M | C$7.5M | C$6.4M | C$2.5M | C$1.7M | C$730,500 | C$257,500 | C$249,500 |
| Average payables | C$10.8M | C$17.9M | C$21.5M | C$12.9M | C$6.4M | C$2.4M | C$2.4M | C$2.2M | C$1.8M | C$1.5M |
| Average inventory | — | — | — | −C$4.0M | — | — | C$0 | C$0 | C$0 | C$0 |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 94.9% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from SA's annual financial statements (latest annual report filed March 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Canadian dollars; data from EODHD. Averages use the opening and closing balance of each year.
SA valuation and financial ratios
Seabridge Gold earned a return on equity of −5.4% and a return on invested capital of −1.2% in fiscal 2025. It ended the year with C$599.5 million of debt and C$126.2 million in cash and short-term investments, net debt of C$473.3 million.
See the SA income statement, the SA chart for price history, or the SA stock overview for the latest quote and news.
SA key metrics FAQ
What is Seabridge Gold's return on equity?
Seabridge Gold's return on equity (ROE) was −5.4% in fiscal 2025: net income of -C$53.1 million on average shareholders' equity of C$983.5 million.
What is Seabridge Gold's ROIC?
Seabridge Gold's return on invested capital was −1.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Seabridge Gold have?
Seabridge Gold had total debt of C$599.5 million at the end of fiscal 2025, a debt-to-equity ratio of 0.53.
What is Seabridge Gold's current ratio?
Seabridge Gold's current ratio was 5.24 at the end of fiscal 2025: current assets were 5.24 times current liabilities.