Recent News
On June 3, 2026 Seabridge completed the spin-out transaction that created Valor Gold Corp., distributing Valor shares to eligible participants.
On June 9, 2026 the British Columbia Supreme Court issued a decision relating to two petitions challenging the Environmental Assessment Office’s determination that the KSM project had been substantially started.
Between late June and mid‑August the company filed its shareholder reports and interim financial statements, reported annual meeting voting results (June 24), and filed its second‑quarter 2026 Report to Shareholders and MD&A (reported August 13).
Technical Analysis
Directional indicators: ADX sits at 18.53, indicating no established trend; both DI+ (29.20) and DI- (23.75) moved in bearish directions (DI+ decreasing; DI- showing a dip-and-reversal that now reads as increased downside pressure), implying directional bias favors sellers absent a pickup in trend strength.
MACD displays a peak-and-reversal pattern with MACD at 1.17 below the signal line at 1.31, signaling bearish momentum and suggesting short‑term momentum has rolled over rather than accelerating higher.
MRO reads 28.23 and shows a dip-and-reversal; because the MRO sits positive, price sits above the model target and carries a potential for mean reversion toward that target, implying a likely moderating of gains in the near term.
RSI at 52.55 with a peak-and-reversal indicates lost upward momentum from recent highs and supports a neutral-to-slightly-bearish short-term stance rather than an overheated condition.
Price versus averages and cloud: price closed $29.92, below the 20‑day average ($32.62) and the 12‑day EMA (peak & reversal), but above the 50‑day average ($28.33) and essentially equal to the 200‑day average ($29.98); this mixed placement favors consolidation with a modest downside bias until short-term averages turn up or price reclaims the 20‑day average.
Volatility and breadth: 42‑day and 52‑week volatility both read 0.04 with a 42‑day beta of 2.25, indicating elevated relative sensitivity to market moves; volume sits slightly below the 10‑day average, suggesting limited conviction behind the latest price attempts.
Fundamental Analysis
Earnings and cash flow: Q1/Q2 results show net income of -$6,647,000 and EBIT of -$8,168,000 with EBITDA of -$8,149,000; operating cash flow registered -$17,016,000 and free cash flow came in negative at -$26,607,000, indicating ongoing cash use related to development and corporate activity. Cash at quarter end totaled $126,892,000 and cash and short‑term investments totaled $144,648,000.
Per‑share and EPS context: reported EPS of $0.77 versus an estimate of -$0.04 produced an EPS surprise that equates to a 2,025% beat relative to the estimate (EPS difference $0.81), a material upside versus consensus used in the period’s estimate.
Balance sheet and liquidity: current ratio stands at 6.71 (up 28.07% QoQ), reflecting ample short‑term liquidity with total current assets of $231,392,000 versus total current liabilities of $34,493,000. Long‑term obligations include total debt of $559,098,000 and net debt of $430,550,000, yielding a debt‑to‑equity of 0.46484 and debt‑to‑assets of 0.31064 (both down QoQ).
Profitability and returns: return on assets registers -0.373% and return on equity -0.553% with earnings growth at -72.73% YoY; QoQ and YoY changes in returns show material declines consistent with negative net income in the latest period.
Valuation metrics: price‑to‑book sits at 2.72, below the industry peer mean of 4.16 and below the peer median of 3.44; price/earnings reads negative and forward P/E remains negative, reflecting current negative or depressed forward earnings expectations. PEG measures at 3.49 and forward PEG at 7.19, indicating elevated multiples relative to near‑term earnings growth assumptions. Free cash flow yield stands negative at -0.812% and free cash flow remains under pressure QoQ.
WMDST valuation: The current valuation as determined by WMDST labels the stock as under‑valued, a conclusion driven by asset scale, project optionality and the balance sheet liquidity despite ongoing operating losses and negative free cash flow.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-08-13 |
| NEXT REPORT DATE: | 2026-11-11 |
| CASH FLOW | Begin Period Cash Flow | $ 117.5 M |
| Operating Cash Flow | $ -17.02 M | |
| Capital Expenditures | $ -22.30 M | |
| Change In Working Capital | $ -421.00 K | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 9.4 M | |
| End Period Cash Flow | $ 126.9 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 | $ 6.1 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -8.15 M | |
| EBIT | $ -8.17 M | |
| Operating Income | $ -6.14 M | |
| Interest Income | $ 971.0 K | |
| Interest Expense | $ 20.0 K | |
| Net Interest Income | $ 951.0 K | |
| Income Before Tax | $ -8.19 M | |
| Tax Provision | $ -1.54 M | |
| Tax Rate | 18.82 % | |
| Net Income | $ -6.65 M | |
| Net Income From Continuing Operations | $ -6.65 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.04 | |
| EPS Actual | $ 0.77 | |
| EPS Difference | $ 0.81 | |
| EPS Surprise | 2025.0 % | |
| Forward EPS | $ -0.06 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.8 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.2 B | |
| Total Current Assets | $ 231.4 M | |
| Cash and Short-Term Investments | $ 144.6 M | |
| Cash | $ 126.9 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 22.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 2.7 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 34.5 M | |
| Net Debt | $ 430.6 M | |
| Total Debt | $ 559.1 M | |
| Total Liabilities | $ 597.1 M | |
| EQUITY | ||
| Total Equity | $ 1.2 B | |
| Retained Earnings | $ -277.71 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 11.18 | |
| Shares Outstanding | 107.621 M | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | $ 3.3 B |
| Enterprise Value | $ 3.7 B | |
| Enterprise Multiple | -453.018 | |
| Enterprise Multiple QoQ | 646.909 % | |
| Enterprise Multiple YoY | -498.935 % | |
| Enterprise Multiple IPRWA | high: 187.475 mean: 48.223 median: 24.106 low: -210.259 SA: -453.018 |
|
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.496 | |
| Asset To Liability | 3.015 | |
| Debt To Capital | 0.317 | |
| Debt To Assets | 0.311 | |
| Debt To Assets QoQ | -8.466 % | |
| Debt To Assets YoY | -11.012 % | |
| Debt To Assets IPRWA | high: 0.661 SA: 0.311 mean: 0.117 median: 0.096 low: 0.0 |
|
| Debt To Equity | 0.465 | |
| Debt To Equity QoQ | -12.839 % | |
| Debt To Equity YoY | -16.978 % | |
| Debt To Equity IPRWA | high: 0.763 SA: 0.465 mean: 0.2 median: 0.158 low: -0.514 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.725 | |
| Price To Book QoQ | -7.136 % | |
| Price To Book YoY | 106.417 % | |
| Price To Book IPRWA | high: 9.819 mean: 4.165 median: 3.436 SA: 2.725 low: -2.763 |
|
| Price To Earnings (P/E) | -253.76 | |
| Price To Earnings QoQ | 260.443 % | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | high: 168.089 median: 44.845 mean: 44.508 low: -165.681 SA: -253.76 |
|
| PE/G Ratio | 3.489 | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -523.04 | |
| Forward PE/G | 7.192 | |
| 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 | high: 214.941 median: 77.437 mean: 74.026 SA: 0 low: -21.551 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | -1173.789 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.8 B | |
| Net Invested Capital | $ 1.8 B | |
| Invested Capital | $ 1.8 B | |
| Net Tangible Assets | $ 1.2 B | |
| Net Working Capital | $ 196.9 M | |
| LIQUIDITY | ||
| Cash Ratio | 4.194 | |
| Current Ratio | 6.708 | |
| Current Ratio QoQ | 28.07 % | |
| Current Ratio YoY | -29.587 % | |
| Current Ratio IPRWA | high: 38.502 SA: 6.708 mean: 2.918 median: 2.632 low: 0.002 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -68.609 | |
| Cost Of Debt | 0.0 % | |
| Interest Coverage Ratio | -408.4 | |
| Interest Coverage Ratio QoQ | 79.764 % | |
| Interest Coverage Ratio YoY | -453.334 % | |
| Interest Coverage Ratio IPRWA | high: 273.0 mean: 73.423 median: 37.736 low: -301.909 SA: -408.4 |
|
| Operating Cash Flow Ratio | -0.493 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.809 % | |
| Revenue Growth | — | |
| Revenue Growth QoQ | — | |
| Revenue Growth YoY | — | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | -72.727 % | |
| Earnings Growth QoQ | -293.939 % | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | high: 144.444 % mean: 17.419 % median: 15.079 % SA: -72.727 % low: -200.0 % |
|
| 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) | $ -26.61 M | |
| Free Cash Flow Yield | -0.812 % | |
| Free Cash Flow Yield QoQ | -52.846 % | |
| Free Cash Flow Yield YoY | -32.837 % | |
| Free Cash Flow Yield IPRWA | high: 4.271 % median: 2.252 % mean: 1.443 % SA: -0.812 % low: -7.734 % |
|
| Free Cash Growth | -53.18 % | |
| Free Cash Growth QoQ | -1673.373 % | |
| Free Cash Growth YoY | 11.109 % | |
| Free Cash Growth IPRWA | high: 172.265 % median: 9.965 % mean: 0.854 % SA: -53.18 % low: -293.325 % |
|
| Free Cash To Net Income | 4.003 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 2.56 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -0.373 % | |
| Return On Assets QoQ | -85.198 % | |
| Return On Assets YoY | -153.902 % | |
| Return On Assets IPRWA | high: 18.394 % median: 5.448 % mean: 3.861 % SA: -0.373 % low: -12.91 % |
|
| Return On Capital Employed (ROCE) | -0.463 % | |
| Return On Equity (ROE) | -0.006 | |
| Return On Equity QoQ | -85.791 % | |
| Return On Equity YoY | -152.17 % | |
| Return On Equity IPRWA | high: 0.183 median: 0.088 mean: 0.067 SA: -0.006 low: -0.309 |
|
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | -0.377 % | |
| Return On Invested Capital QoQ | -85.093 % | |
| Return On Invested Capital YoY | -154.956 % | |
| Return On Invested Capital IPRWA | high: 18.445 % median: 7.972 % mean: 6.311 % SA: -0.377 % low: -4.494 % |
|