Recent News
December 18, 2025: Seabridge issued a year‑end update outlining KSM field progress, ongoing partner diligence, an expected partnership announcement in 2026, and a planned spin‑out of the Courageous Lake asset (to be renamed Valor Gold). The release also flagged a Snip North resource estimate planned for early 2026 and an M‑245 amendment expected in Q1 2026. January 20, 2026: market coverage noted a new 52‑week high and a mix of analyst views, with one major firm raising its target substantially. February 11, 2026: an industry outlet graded Seabridge’s 2025 scorecard down for missing the KSM partner target, highlighting partner timing as the primary overhang.
Technical Analysis
Directional indicators present a short‑term bearish bias: DI+ shows a peak‑and‑reversal while DI‑ shows a dip‑and‑reversal, and ADX at 17.2 indicates no established trend; these dynamics point to waning directional conviction ahead of any news catalyst.
MACD sits at 1.16 with a peak‑and‑reversal pattern and trades below its 1.26 signal line, signalling bearish momentum that undermines near‑term upside until momentum re‑accelerates.
MRO reads 27.64 and carries a peak‑and‑reversal behavior; the positive MRO implies price currently sits above the model target and therefore carries potential pressure to correct toward that target over the coming weeks.
RSI at 55.75 with a peak‑and‑reversal suggests recent buying momentum lost steam; RSI remains near neutral but leans toward diminishing upside momentum.
Price sits at $33.23, below the 20‑day average ($35.89) and 12‑day EMA ($35.67) but above the 50‑day ($32.79) and well above the 200‑day average ($23.06). This placement indicates medium‑term support around the 50‑day while short‑term data show a pullback from the 12/20‑day bands.
Bollinger parameters place the 1σ lower band at $33.34 and the 1σ upper band at $38.45; the close at $33.23 trades just below the lower 1σ band, reflecting a small short‑term overshoot on the downside that often precedes mean reversion unless broken by a news catalyst or widening volatility.
Volume at ~861k matches the 10‑day average and remains below the 50/200‑day averages, indicating limited conviction behind the recent move; watch for above‑average volume on any partnership or permitting headlines to validate directional change.
Fundamental Analysis
Liquidity and balance‑sheet composition support ongoing development activity. Cash totals $103,104,000 and cash plus short‑term investments reach $111,285,000, while net debt equals $480,032,000. The current ratio stands at 2.99, above the industry peer mean of 2.36 and the industry peer median of 2.46, reflecting sufficient short‑term coverage relative to peers.
Profitability metrics remain negative: net income of -$32,270,000 and operating cash flow of -$29,510,000 produced EPS of -$0.32 versus an estimate of -$0.04, an EPS miss of -$0.28, equivalent to an EPS surprise of -700% (actual vs. estimate). Return on assets equals -1.93% and return on equity equals -3.05%, each reflecting current pre‑development operating losses.
Capital deployment accelerated in 2025: capital expenditures total -$52,864,000 and free cash flow registered -$54,970,000, producing a free cash flow yield of -2.44%. Free cash flow growth trends show sequential improvement (free cash growth QoQ +119.55%; free cash growth YoY +306.27%), indicating recent operational investment stepped up versus prior periods.
Leverage metrics sit above typical peer medians: debt‑to‑assets at 34.24% exceeds the industry peer mean of 12.60% and industry peer median of 10.33%, while debt‑to‑equity at 55.30% sits above the industry peer mean of 23.51% but well inside the reported industry peer high. Interest coverage remains deeply negative, reflecting operating losses relative to financing costs despite modest net interest income.
Valuation context: price‑to‑book equals 2.13, below the industry peer mean of 3.47 and below the industry peer median of 3.28, though above the industry peer low of 0.70. The enterprise multiple reads negative, consistent with development‑stage peers that lack revenue. The current valuation as determined by WMDST registers as under‑valued, driven by asset scale, cash runway, and a P/B below the industry peer mean despite near‑term execution and legal overhangs.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-12 |
| NEXT REPORT DATE: | 2026-02-11 |
| CASH FLOW | Begin Period Cash Flow | $ 121.4 M |
| Operating Cash Flow | $ -29.51 M | |
| Capital Expenditures | $ -52.86 M | |
| Change In Working Capital | $ 861.0 K | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -18.28 M | |
| End Period Cash Flow | $ 103.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | — | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 19.0 K | |
| Depreciation and Amortization | $ 19.0 K | |
| Research and Development | — | |
| Total Operating Expenses | $ 4.7 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -27.60 M | |
| EBIT | $ -27.62 M | |
| Operating Income | $ -4.67 M | |
| Interest Income | $ 1.5 M | |
| Interest Expense | $ 143.0 K | |
| Net Interest Income | $ 1.4 M | |
| Income Before Tax | $ -27.76 M | |
| Tax Provision | $ 4.5 M | |
| Tax Rate | 15.0 % | |
| Net Income | $ -32.27 M | |
| Net Income From Continuing Operations | $ -32.27 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.04 | |
| EPS Actual | $ -0.32 | |
| EPS Difference | $ -0.28 | |
| EPS Surprise | -700.0 % | |
| Forward EPS | $ -0.03 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.7 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.1 B | |
| Total Current Assets | $ 124.9 M | |
| Cash and Short-Term Investments | $ 111.3 M | |
| Cash | $ 103.1 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 22.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 7.7 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 41.8 M | |
| Net Debt | $ 480.0 M | |
| Total Debt | $ 584.4 M | |
| Total Liabilities | $ 650.2 M | |
| EQUITY | ||
| Total Equity | $ 1.1 B | |
| Retained Earnings | $ -227.28 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 10.18 | |
| Shares Outstanding | 103.842 M | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | $ 2.2 B |
| Enterprise Value | $ 2.7 B | |
| Enterprise Multiple | -98.669 | |
| Enterprise Multiple QoQ | -150.819 % | |
| Enterprise Multiple YoY | 137.033 % | |
| Enterprise Multiple IPRWA | high: 157.603 mean: 52.627 median: 27.604 SA: -98.669 low: -180.008 |
|
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.615 | |
| Asset To Liability | 2.625 | |
| Debt To Capital | 0.356 | |
| Debt To Assets | 0.342 | |
| Debt To Assets QoQ | -2.464 % | |
| Debt To Assets YoY | 142562.5 % | |
| Debt To Assets IPRWA | high: 0.574 SA: 0.342 mean: 0.126 median: 0.103 low: 0.001 |
|
| Debt To Equity | 0.553 | |
| Debt To Equity QoQ | -2.364 % | |
| Debt To Equity YoY | 138160.0 % | |
| Debt To Equity IPRWA | high: 2.001 SA: 0.553 mean: 0.235 median: 0.189 low: 0.001 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.129 | |
| Price To Book QoQ | 36.808 % | |
| Price To Book YoY | 18.855 % | |
| Price To Book IPRWA | high: 8.202 mean: 3.473 median: 3.278 SA: 2.129 low: 0.704 |
|
| Price To Earnings (P/E) | -67.706 | |
| Price To Earnings QoQ | -0.0 % | |
| Price To Earnings YoY | 22.75 % | |
| Price To Earnings IPRWA | high: 163.615 mean: 67.81 median: 48.994 SA: -67.706 low: -173.761 |
|
| PE/G Ratio | — | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -369.39 | |
| Forward PE/G | — | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | — | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | — | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | -2782.316 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.6 B | |
| Net Invested Capital | $ 1.6 B | |
| Invested Capital | $ 1.6 B | |
| Net Tangible Assets | $ 1.1 B | |
| Net Working Capital | $ 83.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.665 | |
| Current Ratio | 2.992 | |
| Current Ratio QoQ | -29.412 % | |
| Current Ratio YoY | 31.036 % | |
| Current Ratio IPRWA | high: 12.496 SA: 2.992 median: 2.458 mean: 2.357 low: 0.005 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -21.178 | |
| Cost Of Debt | 0.021 % | |
| Interest Coverage Ratio | -193.119 | |
| Interest Coverage Ratio QoQ | -393.471 % | |
| Interest Coverage Ratio YoY | 73.058 % | |
| Interest Coverage Ratio IPRWA | high: 49.212 mean: 25.336 median: 21.14 low: -56.853 SA: -193.119 |
|
| Operating Cash Flow Ratio | -0.707 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.8 % | |
| Revenue Growth | — | |
| Revenue Growth QoQ | — | |
| Revenue Growth YoY | — | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | 0.0 % | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | -100.0 % | |
| Earnings Growth IPRWA | high: 300.0 % median: 5.6 % mean: 0.117 % SA: 0.0 % low: -150.0 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -54.97 M | |
| Free Cash Flow Yield | -2.443 % | |
| Free Cash Flow Yield QoQ | 56.603 % | |
| Free Cash Flow Yield YoY | 28.241 % | |
| Free Cash Flow Yield IPRWA | high: 11.174 % median: 1.829 % mean: 1.479 % SA: -2.443 % low: -7.163 % |
|
| Free Cash Growth | 122.209 % | |
| Free Cash Growth QoQ | 119.552 % | |
| Free Cash Growth YoY | 306.266 % | |
| Free Cash Growth IPRWA | high: 537.296 % SA: 122.209 % median: -14.298 % mean: -59.239 % low: -339.64 % |
|
| Free Cash To Net Income | 1.703 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 0.914 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -1.926 % | |
| Return On Assets QoQ | -353.088 % | |
| Return On Assets YoY | -0.824 % | |
| Return On Assets IPRWA | high: 6.16 % median: 3.335 % mean: 2.374 % SA: -1.926 % low: -14.746 % |
|
| Return On Capital Employed (ROCE) | -1.658 % | |
| Return On Equity (ROE) | -0.031 | |
| Return On Equity QoQ | -352.397 % | |
| Return On Equity YoY | -4.353 % | |
| Return On Equity IPRWA | high: 0.115 median: 0.055 mean: 0.037 SA: -0.031 low: -0.432 |
|
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | -1.431 % | |
| Return On Invested Capital QoQ | -356.452 % | |
| Return On Invested Capital YoY | -102.929 % | |
| Return On Invested Capital IPRWA | high: 9.171 % median: 4.597 % mean: 4.036 % SA: -1.431 % low: -12.191 % |
|