NOVAGOLD RESOURCES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NOVAGOLD RESOURCES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	0	0	0	0	0	0			0	0
General and administrative	20.2	20.8	18.5	16.3	18.7	20.2	20.1	21.8	24.9	25.4
Operating expenses	29	32	27.3	26.8	33.2	36.8	48.3	40.3	37.9	47.3
Operating income	-29	-32	-27.3	-26.8	-33.2	-36.8	-48.3	-40.3	-37.9	-47.3
Interest expense	4.55	5.23	6.46	7.29	6.01	5.92	7.96	13.1	14.8	14.8
Interest income	0.88	1.11	2	4.19	1.74	0.46	1.59	5.79	5.38	5.11
Other non-operating income	-3.42	0.64	1.75	4.4	1.57	0.28	0.78	0.78	2.7	1.9
Pre-tax income	-32.4	-36.6	-30.9	-26.5	-34.3	-40.4	-53.4	-46.8	-44.9	-94.7
Income tax	0.28	0.31	0.53	1.28	-0.78	0.14	-0.03	0.04	0.72	0
Income from continuing operations	-32.7	-36.9	-31.5	-27.8	-33.6
Net income	-33.8	-39	-113	-27.8	-33.6	-40.5	-53.3	-46.8	-45.6	-94.7
EBITDA	-29	-32	-27.3	-26.8	-33.2	-36.8	-48.3	-40.3	-37.8	-47.3
EPS, basic	-0.11	-0.12	-0.35	-0.09	-0.10	-0.12	-0.16	-0.14	-0.14	-0.25
EPS, diluted	-0.11	-0.12	-0.35	-0.09	-0.10	-0.12	-0.16	-0.14	-0.14	-0.25
Shares, basic (weighted)	320	322	0.32	326	0.33	0.33	0.33	334	334	375
Shares, diluted (weighted)	320	322	0.32	326	329	332	0.33	334	334	375

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	30.3	28	21	67.5	60.9	91.1	63.9	45.7	42.2	110
Short-term investments										0
Receivables						0	0.3
Other current assets	2.06	0.88	2.38	1.79	1.87	0.33	2.24	1.47	1.53	2.34
Total current assets	107	84.8	169	150	196	169	153	127	103	117
Lease right-of-use assets				0	0.6			0.76	0.9	0.72
Long-term investments	1.12	1.45	0.84	0.94	1.4	1.83	1.85	2.1	3.39	4.41
Other non-current assets	5.81	1.5	0.88	0.98	2.04	2.25	2.8	3	4.4	5.22
Total assets	408	399	261	246	224	199	159	133	110	336
Accounts payable	0.65	0.59	0.71	0.88	0.9	0.68	0.77	0.7	1.37	1.98
Accrued liabilities	2.19	2.51	2.55	2.14	2.22	2.64	2.53	2.8	2.48	2.66
Total current liabilities	3.05	3.42	3.66	3.34	3.51	4.38	4.6	3.91	4.49	4.94
Long-term debt	84.8	90	96.5	104	110	116	124	137	152	166
Lease liabilities				0	0.4
Other non-current liabilities					0.4	0.46	1	0.86	1.16	0.89
Total liabilities	108	115	100	108	114	121	129	142	157	172
Paid-in capital	82.6	83.5	88	82.3	81.2	82.2	82.9	88.6	93.4	137
Retained earnings	-1,706	-1,745	-1,858	-1,885	-1,919	-1,959	-2,013	-2,059	-2,105	-2,200
Other comprehensive income	-18.9	-6.18	-24.5	-24.8	-23.9	-23.3	-24.4	-24.5	-25.1	-25
Shareholders' equity	300	284	161	138	111	78.3	29.9	-8.22	-47.4	164
Total equity	300	284	161	138	111	78.3	29.9	-8.22	-47.4	164
Total liabilities and equity	408	399	261	246	224	199	159	133	110	336
Shares outstanding	320	322	323	328	330	332	334	334	335	407

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-33.8	-39	-113	-27.8	-33.6	-40.5	-53.3	-46.8	-45.6	-94.7
Depreciation and amortization	0.03	0.03	0.02	0.02	0.01	0.01	0.01	0.01	0.02	0.02
Stock-based compensation	10.3	10.3	7.73	6.18	7.06	8.24	8.21	8.73	7.24	6.7
Deferred income tax	-0.07	-0.04	0.08	0.67	-0.75	0	0	0	0	0
Change in payables	-0.32	0.05	0.23	0.08	-0.14	-0.24	0.13	-0.06	0.71	0.61
Cash from operations	-8.94	-8.08	-10.4	-6.13	-10	-9.86	-12.4	-7.79	-12.6	-14
Purchases of investments	-90	-133	-152	-154	-61	-159	-132	-166	-119	-5
Sales and maturities of investments	100	152	62	219	81			0	0.06	0.95
Cash from investing	1.78	5.8	3.53	53.9	4.72	40.4	-12.4	-10.3	9.36	-178
Stock issued	0	0	0	0	0	0	0	0	0	0
Cash from financing	-4.28	-0.2	0	-1.2	-1.65	-0.73	-2.12	0	-0.17	260
Exchange rate effect		0.15	-0.09	0.01
Net change in cash	-11.5	-2.32	-6.95	46.5	-6.64	30.2	-27.2	-18.1	-3.53	67.9
Interest paid	0	0
Income taxes paid	0.33	0.34	0.33	0.69	0.38	0.14	0	0.08	0.65	0.22

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to May 31, 2026; growth uses fiscal years. Valuation uses the share price of $7.13 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	-17.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-12.1%	Net income / average total assets.
Return on invested capital (ROIC)	-15.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.

Growth

Metric	Value	How it is calculated
Book value CAGR, 3y	76.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	206.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	28.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	12.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	939.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	113x	Current assets / current liabilities.
Quick ratio	23.8x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	23.8x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	29.7%	Total liabilities / total assets.
Interest coverage	-4.62x	Operating income / interest expense.
Working capital	$372.7M	Current assets - current liabilities.
Tangible book value	$421.0M	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.16	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	-$0.04	Cash from operations / diluted weighted shares.
Book value per share	$0.96	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.96	Tangible book value / shares outstanding.
Cash per share	$0.18	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.13B	Share price x shares outstanding.
Enterprise value	$3.05B	Market cap + total debt - cash - short-term investments.
P/B	7.43x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.43x	Market cap / tangible book value, when positive.
Earnings yield	-2.3%	Net income / market cap (the inverse of P/E).

What was NOVAGOLD RESOURCES INC's revenue in fiscal 2025?

NOVAGOLD RESOURCES INC reported revenue of $0.0 for fiscal 2025.

Was NOVAGOLD RESOURCES INC profitable in fiscal 2025?

No. It reported a net loss of $94.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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