# NovaGold Resources (NG.US)

Canonical: https://gigainvestors.com/s/NG

Analysis as of: 2026-10-16T07:30:35.645Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $6.56 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 10

Chart: Net income; fiscal year observations.

- FY2016: -$33M

- FY2017: -$39M

- FY2018: -$32M

- FY2019: -$28M

- FY2020: -$35M

- FY2021: -$40M

- FY2022: -$51M

- FY2023: -$47M

- FY2024: -$44M

- FY2025: -$95M

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -16.6%

- ROIC, second-lowest year: -489.8%

- Years with nonpositive capital: 0

- ROIC including acquisitions, ten-year median: -125.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -5.6%

- FY2017: -5.7%

- FY2018: -15.7%

- FY2019: -13.8%

- FY2020: -15.5%

- FY2021: -61.9%

- FY2022: -53.5%

- FY2023: -890.3%

- FY2024: -489.8%

- FY2025: -17.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$279M

- Net income, five-year total: -$277M

- Return on incremental invested capital: -8.6%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$40M

- FY2022: -$54M

- FY2023: -$47M

- FY2024: -$44M

- FY2025: -$94M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -5.7% vs -489.8%

- Per-share earnings: -0.10 to -0.14 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.7%

- Ordinary dilution, 5-year annual growth: 2.6%

- Market cap gain: $2.7B

- Cumulative retained earnings: -$494M

- Diluted shares, 10-year annual growth: 1.7%

- Diluted shares, 5-year annual growth: 2.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$0.04

- Per-share value, starting three-year median: -$0.10

- Per-share value, ending three-year median: -$0.14

- Buybacks concentrated in cheaper years (correlation): -0.32

- Average buyback yield: 0.0%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: $252K

- Cumulative net income, 10 years: -$444M

- ROIC, first three-year median: -5.7%

- ROIC, last three-year median: -489.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.10

- FY2017: -$0.12

- FY2018: -$0.10

- FY2019: -$0.09

- FY2020: -$0.11

- FY2021: -$0.12

- FY2022: -$0.15

- FY2023: -$0.14

- FY2024: -$0.13

- FY2025: -$0.25

### accounting: pass

- Sloan accruals: -16.7%

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.3%

- FY2017: -7.8%

- FY2018: -8.2%

- FY2019: -8.8%

- FY2020: -11.1%

- FY2021: -15.0%

- FY2022: -24.6%

- FY2023: -29.3%

- FY2024: -28.9%

- FY2025: -16.7%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 51% since Feb 2026 · net income USD -94.7M

Story as of 2026-10-16T09:59:15.418Z; price observation 2026-10-15.

- 2025-06-25: NOVAGOLD Q2 2025 slides: $1B Donlin Gold acquisition reshapes growth strategy ([investing.com](https://www.investing.com/news/company-news/novagold-q2-2025-slides-1b-donlin-gold-acquisition-reshapes-growth-strategy-93CH-4110909))

- 2025-10-01: Novagold Resources Widens Fiscal Q3 Net Loss, Provides Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/novagold-resources-widens-fiscal-q3-124732229.html))

- 2025-11-25: Novagold Reports High-Grade Drill Results and Receives Positive Decision From Alaska Supreme Court ([finance.yahoo.com](https://finance.yahoo.com/news/novagold-reports-high-grade-drill-135100204.html))

### Net income · FY2025

net income USD -94.7M; source https://www.sec.gov/Archives/edgar/data/1173420/000117184326000374/ng20251130_10k.htm; observed 2026-01-22.

- FY2016: -$33M 

- FY2017: -$39M 

- FY2018: -$32M 

- FY2019: -$28M 

- FY2020: -$35M 

- FY2021: -$40M 

- FY2022: -$51M 

- FY2023: -$47M 

- FY2024: -$44M 

- FY2025: -$95M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### Why customers stay

It lost 16.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-22); 10-year return on capital observations [[2016,-0.05627589215192226],[2017,-0.05727180449132241],[2018,-0.15734773864833398],[2019,-0.13843347883938537],[2020,-0.1547386556891357],[2021,-0.6190980932421212],[2022,-0.5349876966841187],[2023,-8.903125524182276],[2024,-4.897574845118726],[2025,-0.17389938077758704]]; median -0.1656235597129605. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-22); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NG.US SharesStats.PercentInsiders = 0.714 percentage points; cache date 2026-10-16.

### What the price says

The price is 15 times net assets; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-22); Closing price 6.56 USD; reporting-to-trading FX 1; FY2025 net assets per share 0.4371313737316588; price multiple 15.006930168382235. FY2025 cash earnings/share -0.25026554435257886. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $5.00 per share

- 2016-11: $4.58 per share

- 2016-12: $4.56 per share

- 2017-01: $5.32 per share

- 2017-02: $5.29 per share

- 2017-03: $4.87 per share

- 2017-04: $4.18 per share

- 2017-05: $3.93 per share

- 2017-06: $4.56 per share

- 2017-07: $4.47 per share

- 2017-08: $4.36 per share

- 2017-09: $4.12 per share

- 2017-10: $4.07 per share

- 2017-11: $3.85 per share

- 2017-12: $3.93 per share

- 2018-01: $3.72 per share

- 2018-02: $3.96 per share

- 2018-03: $4.33 per share

- 2018-04: $4.78 per share

- 2018-05: $4.84 per share

- 2018-06: $4.45 per share

- 2018-07: $4.31 per share

- 2018-08: $3.67 per share

- 2018-09: $3.71 per share

- 2018-10: $4.03 per share

- 2018-11: $3.67 per share

- 2018-12: $3.95 per share

- 2019-01: $3.89 per share

- 2019-02: $3.97 per share

- 2019-03: $4.17 per share

- 2019-04: $4.00 per share

- 2019-05: $4.05 per share

- 2019-06: $5.91 per share

- 2019-07: $6.17 per share

- 2019-08: $7.44 per share

- 2019-09: $6.07 per share

- 2019-10: $7.28 per share

- 2019-11: $6.96 per share

- 2019-12: $8.96 per share

- 2020-01: $9.12 per share

- 2020-02: $7.98 per share

- 2020-03: $7.38 per share

- 2020-04: $11.19 per share

- 2020-05: $9.56 per share

- 2020-06: $9.18 per share

- 2020-07: $9.12 per share

- 2020-08: $10.59 per share

- 2020-09: $11.89 per share

- 2020-10: $10.36 per share

- 2020-11: $9.96 per share

- 2020-12: $9.67 per share

- 2021-01: $9.12 per share

- 2021-02: $8.35 per share

- 2021-03: $8.76 per share

- 2021-04: $8.99 per share

- 2021-05: $10.26 per share

- 2021-06: $8.01 per share

- 2021-07: $7.82 per share

- 2021-08: $7.23 per share

- 2021-09: $6.88 per share

- 2021-10: $7.31 per share

- 2021-11: $6.75 per share

- 2021-12: $6.86 per share

- 2022-01: $6.60 per share

- 2022-02: $6.98 per share

- 2022-03: $7.73 per share

- 2022-04: $6.22 per share

- 2022-05: $5.59 per share

- 2022-06: $4.81 per share

- 2022-07: $4.88 per share

- 2022-08: $4.43 per share

- 2022-09: $4.69 per share

- 2022-10: $4.63 per share

- 2022-11: $5.77 per share

- 2022-12: $5.98 per share

- 2023-01: $6.31 per share

- 2023-02: $5.59 per share

- 2023-03: $6.22 per share

- 2023-04: $5.44 per share

- 2023-05: $5.15 per share

- 2023-06: $3.99 per share

- 2023-07: $4.51 per share

- 2023-08: $4.12 per share

- 2023-09: $3.84 per share

- 2023-10: $3.52 per share

- 2023-11: $4.20 per share

- 2023-12: $3.74 per share

- 2024-01: $2.56 per share

- 2024-02: $2.48 per share

- 2024-03: $3.00 per share

- 2024-04: $2.90 per share

- 2024-05: $3.93 per share

- 2024-06: $3.46 per share

- 2024-07: $4.78 per share

- 2024-08: $4.25 per share

- 2024-09: $4.10 per share

- 2024-10: $3.46 per share

- 2024-11: $3.66 per share

- 2024-12: $3.33 per share

- 2025-01: $3.13 per share

- 2025-02: $3.00 per share

- 2025-03: $2.92 per share

- 2025-04: $4.23 per share

- 2025-05: $3.58 per share

- 2025-06: $4.09 per share

- 2025-07: $5.19 per share

- 2025-08: $6.84 per share

- 2025-09: $8.80 per share

- 2025-10: $8.29 per share

- 2025-11: $10.19 per share

- 2025-12: $9.32 per share

- 2026-01: $8.73 per share

- 2026-02: $13.32 per share

- 2026-03: $8.98 per share

- 2026-04: $8.06 per share

- 2026-05: $8.57 per share

- 2026-06: $5.97 per share

- 2026-07: $5.83 per share

- 2026-08: $8.60 per share

- 2026-09: $6.50 per share

- 2026-10: $6.71 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1173420/000117184326000374/ng20251130_10k.htm); period 2025-11-30, filed 2026-01-22.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Matthew McLennan](https://gigainvestors.com/FE): 7,485,429 NG shares; USD 44,688,000 reported position value; 0.07% of portfolio; reduce; quarter 2026 Q2.

# NG — NovaGold Resources

Held by 1 investor · USD 44,688,000 total · 2026 Q2 · reported price USD 5.97 (split-adjusted).
Page: https://gigainvestors.com/s/NG

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Matthew McLennan (https://gigainvestors.com/FE) | USD 44,688,000 | 0.1% | reduce -18.4% |

## Total held by quarter

- 2011 Q3: USD 32,250,000 · 1 holder · USD 6.45
- 2011 Q4: USD 63,314,012 · 1 holder · USD 8.48
- 2012 Q1: USD 71,800,000 · 1 holder · USD 7.18
- 2012 Q2: USD 84,480,000 · 1 holder · USD 5.28
- 2012 Q3: USD 117,600,000 · 1 holder · USD 5.60
- 2012 Q4: USD 97,814,233 · 1 holder · USD 4.51
- 2013 Q1: USD 78,728,529 · 1 holder · USD 3.63
- 2013 Q2: USD 45,762,313 · 1 holder · USD 2.11
- 2013 Q3: USD 50,316,856 · 1 holder · USD 2.32
- 2013 Q4: USD 55,088,282 · 1 holder · USD 2.54
- 2014 Q1: USD 78,294,763 · 1 holder · USD 3.61
- 2014 Q2: USD 91,307,743 · 1 holder · USD 4.21
- 2014 Q3: USD 65,715,549 · 1 holder · USD 3.03
- 2014 Q4: USD 63,980,485 · 1 holder · USD 2.95
- 2015 Q1: USD 64,197,368 · 1 holder · USD 2.96
- 2015 Q2: USD 74,173,986 · 1 holder · USD 3.42
- 2015 Q3: USD 78,294,763 · 1 holder · USD 3.61
- 2015 Q4: USD 79,895,060 · 1 holder · USD 4.21
- 2016 Q1: USD 75,600,000 · 1 holder · USD 5.04
- 2016 Q2: USD 58,140,000 · 1 holder · USD 6.12
- 2016 Q3: USD 53,200,000 · 1 holder · USD 5.60
- 2016 Q4: USD 43,320,000 · 1 holder · USD 4.56
- 2017 Q1: USD 46,265,000 · 1 holder · USD 4.87
- 2017 Q2: USD 43,320,000 · 1 holder · USD 4.56
- 2017 Q3: USD 39,140,000 · 1 holder · USD 4.12
- 2017 Q4: USD 42,219,342 · 1 holder · USD 3.93
- 2018 Q1: USD 58,312,738 · 1 holder · USD 4.33
- 2018 Q2: USD 59,928,795 · 1 holder · USD 4.45
- 2018 Q3: USD 49,963,108 · 1 holder · USD 3.71
- 2018 Q4: USD 0 · 0 holders
- 2019 Q1: USD 0 · 0 holders
- 2019 Q2: USD 0 · 0 holders
- 2019 Q3: USD 48,877,819 · 1 holder · USD 6.07
- 2019 Q4: USD 72,149,137 · 1 holder · USD 8.96
- 2020 Q1: USD 49,992,585 · 1 holder · USD 7.38
- 2020 Q2: USD 62,185,898 · 1 holder · USD 9.18
- 2020 Q3: USD 104,988,855 · 1 holder · USD 11.89
- 2020 Q4: USD 96,368,909 · 1 holder · USD 9.67
- 2021 Q1: USD 100,513,090 · 1 holder · USD 8.76
- 2021 Q2: USD 92,124,476 · 1 holder · USD 8.01
- 2021 Q3: USD 79,221,900 · 1 holder · USD 6.88
- 2021 Q4: USD 79,523,103 · 1 holder · USD 6.86
- 2022 Q1: USD 108,971,302 · 1 holder · USD 7.73
- 2022 Q2: USD 74,047,343 · 1 holder · USD 4.81
- 2022 Q3: USD 90,743,475 · 1 holder · USD 4.69
- 2022 Q4: USD 112,880,172 · 1 holder · USD 5.98
- 2023 Q1: USD 116,104,299 · 1 holder · USD 6.22
- 2023 Q2: USD 74,478,481 · 1 holder · USD 3.99
- 2023 Q3: USD 71,955,375 · 1 holder · USD 3.84
- 2023 Q4: USD 69,990,121 · 1 holder · USD 3.74
- 2024 Q1: USD 55,328,889 · 1 holder · USD 3.00
- 2024 Q2: USD 74,339,633 · 1 holder · USD 3.46
- 2024 Q3: USD 106,955,913 · 1 holder · USD 4.10
- 2024 Q4: USD 86,696,197 · 1 holder · USD 3.33
- 2025 Q1: USD 53,234,643 · 1 holder · USD 2.92
- 2025 Q2: USD 48,284,258 · 1 holder · USD 4.09
- 2025 Q3: USD 103,944,201 · 1 holder · USD 8.80
- 2025 Q4: USD 85,531,392 · 1 holder · USD 9.32
- 2026 Q1: USD 82,372,902 · 1 holder · USD 8.98
- 2026 Q2: USD 44,688,000 · 1 holder · USD 5.97