Recent News
June 24, 2026 — Company reported results of its annual general meeting; all matters presented were approved. July 20, 2026 — Seabridge executed an unsecured, short-term loan agreement for up to US$100 million to support summer work programs at the KSM Project. August 13, 2026 — Seabridge filed its Report to Shareholders and interim financial statements for the three and six months ended June 30, 2026. September 8, 2026 — Company announced substantial completion and successful energization of the Treaty Creek Terminal (energized Aug 27, 2026), a key electrical milestone for KSM infrastructure.
Technical Analysis
Directional indicators: ADX at 13.32 indicates no established trend strength; however, DI+ shows a dip-and-reversal and DI- a peak-and-reversal, both of which read as bullish directional shifts. Together these directional moves imply short-term buying pressure despite the ADX’s lack of trend conviction, which supports a near-term constructive price bias relative to valuation.
MACD and signal: MACD registers 0.76 with a decreasing MACD_trend and a signal at 1.00; MACD sits below its signal line, indicating waning bullish momentum and a short-term bearish crossover condition that could impose downward pressure until momentum broadens.
MRO (Momentum/Regression Oscillator): MRO at 24.15 sits positive, signaling the price sits above the model target and may face moderate pullback pressure. The positive MRO moderates upside bias and aligns with the MACD’s indication of decelerating momentum.
RSI: RSI at 53.44 with a dip-and-reversal indicates renewed upward momentum from neutral levels; RSI supports limited upside continuation while still leaving room before overbought readings.
Price vs averages and cloud: Close at $32.32 sits marginally below the 20-day average ($32.39), above the 50-day ($29.01) and 200-day ($30.21) averages. The 12-day EMA trend shows a dip-and-reversal, and the price remains above the Ichimoku cloud (Senkou A $26.32 / Senkou B $29.72) with Tenkan at $32.45 and Kijun at $30.16 — technical positioning favors continuation of project-driven strength while short-term momentum indicators caution for pullbacks.
Volatility, breadth and volume: 42-day beta at 2.17 and 52-week beta 2.49 indicate elevated sensitivity to market moves. Current volume (408,393) sits below 10-day and 50/200-day averages, suggesting conviction requires returning volume; Bollinger bands place the close near the mid-band between $30.74 and $34.03, consistent with consolidation around the mean.
Fundamental Analysis
Profitability and earnings: Net income $117,506,000 and operating cash flow $121,263,000 reflect positive operating performance for the period ending June 30, 2026. EPS actual $0.77 versus estimate -$0.04 produced an EPS beat of $0.81, represented as a 20.25% EPS surprise. EBIT $151,882,000 and EBITDA $151,901,000 indicate operating earnings before non-cash items, while operating income shows a non-cash adjustment (operating income -$5,563,000) tied to reporting items.
Cash flow and investment: Cash and short-term investments total $95,453,000 with beginning-period cash $126,892,000 and end-period cash $81,472,000; operating cash flow remains positive at $121,263,000 while free cash flow stands negative at -$36,416,000 reflecting ongoing capital investment. Capital expenditures -$32,533,000 and a cashFlowDelta of -$45,420,000 indicate active project spending consistent with advancing KSM.
Balance sheet and solvency: Current ratio 2.08 (industry peer mean 2.92) and cash ratio 1.92 show strong near-term liquidity. Total debt $562,307,000 yields debt-to-equity 0.51, above the industry peer mean of 0.209 (industry peer median 0.15884), while debt-to-assets 0.321 sits above the industry peer mean of 0.1155 but below the industry peer high. Interest coverage 69.04, above the industry peer mean of 57.82, demonstrates ample coverage of interest expense.
Returns and growth: Return on equity 10.61% and return on assets 6.62% exceed the industry peer means (ROE mean 5.34%, ROA mean 3.28%), indicating comparatively stronger capital efficiency. Earnings growth shows a YoY decline of -9.56% but a QoQ improvement of +12.14%, evidencing recent quarter-on-quarter recovery in earnings momentum.
Valuation multiples: Trailing P/E 36.66 sits below the industry peer mean P/E of 43.12 and below the industry peer median of 43.28. Price-to-book 2.74 remains below the industry peer mean of 4.25 and below the industry peer median of 3.04, inside the industry peer range of 0.93–8.68. Enterprise multiple 23.08 sits materially below the industry peer mean of 48.88. Forward metrics show a negative forward PE driven by a forward EPS of -$0.05775, and PEG metrics reflect a negative PEG ratio; forward estimates suggest caution in extrapolating earnings into a single forward multiple.
Capital allocation and valuation context: Active capex and a secured short-term credit facility (US$100M) align capital deployment with construction milestones. WMDST values the stock as under-valued; valuation support derives from P/B and trailing P/E below industry peer means and a lower enterprise multiple versus the industry peer mean, balanced against negative free cash flow and ongoing project capital intensity.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-13 |
| NEXT REPORT DATE: | 2026-11-12 |
| CASH FLOW | Begin Period Cash Flow | $ 126.9 M |
| Operating Cash Flow | $ 121.3 M | |
| Capital Expenditures | $ -32.53 M | |
| Change In Working Capital | $ 2.5 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -45.42 M | |
| End Period Cash Flow | $ 81.5 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 | $ 5.6 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ 151.9 M | |
| EBIT | $ 151.9 M | |
| Operating Income | $ -5.56 M | |
| Interest Income | $ 1.1 M | |
| Interest Expense | $ 2.2 M | |
| Net Interest Income | $ -1.09 M | |
| Income Before Tax | $ 149.7 M | |
| Tax Provision | $ 32.2 M | |
| Tax Rate | 21.496 % | |
| Net Income | $ 117.5 M | |
| Net Income From Continuing Operations | $ 117.5 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 | $ 1.1 B | |
| Total Current Assets | $ 103.2 M | |
| Cash and Short-Term Investments | $ 95.5 M | |
| Cash | $ 81.5 M | |
| Net Receivables | $ 7.8 M | |
| Inventory | — | |
| Long-Term Investments | $ 33.8 M | |
| LIABILITIES | ||
| Accounts Payable | $ 6.4 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 49.7 M | |
| Net Debt | $ 479.6 M | |
| Total Debt | $ 562.3 M | |
| Total Liabilities | $ 643.7 M | |
| EQUITY | ||
| Total Equity | $ 1.1 B | |
| Retained Earnings | $ -371.95 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 10.29 | |
| Shares Outstanding | 107.629 M | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | $ 3.0 B |
| Enterprise Value | $ 3.5 B | |
| Enterprise Multiple | 23.076 | |
| Enterprise Multiple QoQ | -105.094 % | |
| Enterprise Multiple YoY | -88.115 % | |
| Enterprise Multiple IPRWA | high: 139.052 mean: 48.879 median: 28.546 SA: 23.076 low: -159.016 |
|
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.581 | |
| Asset To Liability | 2.721 | |
| Debt To Capital | 0.337 | |
| Debt To Assets | 0.321 | |
| Debt To Assets QoQ | 3.37 % | |
| Debt To Assets YoY | -8.526 % | |
| Debt To Assets IPRWA | high: 0.586 SA: 0.321 mean: 0.116 median: 0.097 low: 0.001 |
|
| Debt To Equity | 0.508 | |
| Debt To Equity QoQ | 9.229 % | |
| Debt To Equity YoY | -10.361 % | |
| Debt To Equity IPRWA | high: 1.543 SA: 0.508 mean: 0.209 median: 0.159 low: -0.023 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.744 | |
| Price To Book QoQ | 0.694 % | |
| Price To Book YoY | 76.304 % | |
| Price To Book IPRWA | high: 8.682 mean: 4.249 median: 3.043 SA: 2.744 low: 0.928 |
|
| Price To Earnings (P/E) | 36.664 | |
| Price To Earnings QoQ | -114.448 % | |
| Price To Earnings YoY | -154.151 % | |
| Price To Earnings IPRWA | high: 139.141 median: 43.282 mean: 43.121 SA: 36.664 low: -185.549 |
|
| PE/G Ratio | -0.038 | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -514.486 | |
| Forward PE/G | 0.538 | |
| 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: 217.108 median: 91.103 mean: 74.129 SA: 0 low: -79.162 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | -1712.263 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.7 B | |
| Net Invested Capital | $ 1.7 B | |
| Invested Capital | $ 1.7 B | |
| Net Tangible Assets | $ 1.1 B | |
| Net Working Capital | $ 53.6 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.922 | |
| Current Ratio | 2.078 | |
| Current Ratio QoQ | -69.017 % | |
| Current Ratio YoY | -50.965 % | |
| Current Ratio IPRWA | high: 51.968 mean: 2.915 median: 2.581 SA: 2.078 low: 0.343 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 3.702 | |
| Cost Of Debt | 0.308 % | |
| Interest Coverage Ratio | 69.037 | |
| Interest Coverage Ratio QoQ | -116.904 % | |
| Interest Coverage Ratio YoY | 4.912 % | |
| Interest Coverage Ratio IPRWA | high: 325.96 SA: 69.037 mean: 57.818 median: 44.684 low: -212.703 |
|
| Operating Cash Flow Ratio | 2.442 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -2.706 % | |
| Revenue Growth | — | |
| Revenue Growth QoQ | — | |
| Revenue Growth YoY | — | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | -955.556 % | |
| Earnings Growth QoQ | 1213.894 % | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | high: 174.242 % mean: 32.091 % median: -21.429 % low: -120.0 % SA: -955.556 % |
|
| 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) | $ -36.42 M | |
| Free Cash Flow Yield | -1.198 % | |
| Free Cash Flow Yield QoQ | 47.537 % | |
| Free Cash Flow Yield YoY | -23.205 % | |
| Free Cash Flow Yield IPRWA | high: 4.554 % median: 2.056 % mean: 1.334 % SA: -1.198 % low: -7.827 % |
|
| Free Cash Growth | 36.866 % | |
| Free Cash Growth QoQ | -169.323 % | |
| Free Cash Growth YoY | -33.769 % | |
| Free Cash Growth IPRWA | high: 75.394 % SA: 36.866 % mean: -15.808 % median: -20.991 % low: -214.37 % |
|
| Free Cash To Net Income | -0.31 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 1.032 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 6.618 % | |
| Return On Assets QoQ | -1874.263 % | |
| Return On Assets YoY | 769.645 % | |
| Return On Assets IPRWA | high: 11.146 % SA: 6.618 % median: 3.819 % mean: 3.281 % low: -15.56 % |
|
| Return On Capital Employed (ROCE) | 8.927 % | |
| Return On Equity (ROE) | 0.106 | |
| Return On Equity QoQ | -2018.626 % | |
| Return On Equity YoY | 776.86 % | |
| Return On Equity IPRWA | high: 0.117 SA: 0.106 median: 0.062 mean: 0.053 low: -0.206 |
|
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | 7.146 % | |
| Return On Invested Capital QoQ | -1995.491 % | |
| Return On Invested Capital YoY | 1180.645 % | |
| Return On Invested Capital IPRWA | high: 11.567 % SA: 7.146 % mean: 5.454 % median: 5.116 % low: -8.735 % |
|