Seabridge Gold Inc.

SEA.TO · Basic Materials · Gold · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

780.20M USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

780.20M USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

780.20M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

780.20M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

2.69B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.29×

the ratio the screener ranks by

Margin of Safety

-244.2%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 780.20M USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).

The earnings power value was not computed (a NOPAT at or below zero this year), so the value is the book value today, 780.20M USD.

Market value

Market Cap2.69B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-244.2%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 780.20M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, 780.20M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap2.69B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-244.2%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 780.20M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (an operating profit at or below zero in the latest three years), so the value is the book value today, 780.20M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt Today

Not in the value

Market value

Market Cap2.69B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-244.2%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 13.67%
Cost of Equity =Risk-Free Rate 4.50%+Beta 1.86×Market Risk Premium 6.00%= 15.67%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC 25.00% (default): the statements print a tax provision of -8.71M USD on a pretax income of -47.57M USD, which gives no rate between 0 and the profit before tax, so the 25% default stands for the tax the interest saves.

Interest Expense =EBIT -47.05M USD−Pretax Income -47.57M USD= 516.04K USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 516.04K USDTotal Debt 396.14M USD×(1 − Tax Rate for WACC 25.00%)= 0.10%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 396.14M USDMarket Cap + Total Debt 2.69B USD + 396.14M USD= 12.86%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 87.14%×Cost of Equity 15.67%+Debt Weight 12.86%×Cost of Debt 0.10%= 13.67%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 1.23B USD − Total Liabilities 453.45M USD = Book Value Today 780.20M USD

Total Debt 396.14M USD − Cash and Short-Term Investments 67.25M USD = Net Debt Today 328.89M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 125.3%at most 5%does not pass107,871,216 / 86,108,019
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets2.2%at least -10.0%passes(-11.30M USD − -38.87M USD) ÷ 1.23B USD
Price to bookMarket Cap ÷ Book Value Today3.44×at most 3×does not pass2.69B USD ÷ 780.20M USD
Operating marginOperating Income ÷ Revenue—above 10.0%not measured-16.12M USD ÷ 0 USD
Revenue growthRevenue ÷ Revenue a Year Before − 1—above 10.0%not measured0 USD / 0 USD
Net cash(Cash − Total Debt) ÷ Market Cap-12.6%above -30%passes(57.40M USD − 396.14M USD) ÷ 2.69B USD
Operating efficiencyOperating Income ÷ Gross Profit—above 25.0%not measured-16.12M USD ÷ 0 USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

34.85 CAD

Enterprise value

4.23B CAD

the provider's own figure

EV / EBITDA

-147.69×

Price / book

3.39×

the provider's book

Price / earnings

128.96×

Return on equity

3.3%

the provider's figure, not this page's

Profit margin

0.0%

Revenue growth

—

Analyst target, mean

73.57 CAD

Analysts

2

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

0000

Gross profit

————

Operating income

-16.85M-13.20M-15.09M-16.12M

EBITDA

operating income before depreciation and amortisation

3.27M-25.37M-13.34M-47.00M

Pretax income

645.57K-28.72M-13.86M-47.57M

Net income

-5.46M-22.14M-21.80M-38.87M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

2.07M-27.56M1.24M-53.87M

R&D

————
Balance sheet, year end

Total assets

809.26M1.02B1.01B1.29B

Total liabilities

262.28M469.90M425.32M469.91M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

546.98M552.29M588.06M822.29M

Total debt

195.86M435.31M393.36M438.53M

Cash and equivalents

34.09M62.38M34.75M85.91M

Net PP&E

fixed assets after depreciation

651.11M853.84M872.96M985.07M

Working capital

current assets less current liabilities

65.29M41.27M26.39M126.65M
Cash flow

Operating cash flow

-9.81M-16.30M-9.92M-11.30M

Capital expenditure

paid out, so below zero

-131.47M-174.15M-74.14M-100.12M

Depreciation and amortisation

62.05K99.88K94.87K57.01K

Free cash flow

operating cash flow plus capital expenditure

-141.29M-190.44M-84.06M-111.42M