# Seabridge Gold (SA.US)

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

Analysis as of: 2026-10-16T07:31:44.790Z. Financial observations: FY2001–FY2025.

Listing currency: USD. Reporting currency: CAD.

## 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: $26.06 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: 9

Chart: Net income; fiscal year observations.

- FY2016: CAD -7.3M

- FY2017: CAD -10M

- FY2018: CAD -20M

- FY2019: CAD -9.0M

- FY2020: CAD -15M

- FY2021: CAD 895K

- FY2022: CAD -7.4M

- FY2023: CAD -29M

- FY2024: CAD -31M

- FY2025: CAD -53M

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: -1.9%

- ROIC, second-lowest year: -2.7%

- Years with nonpositive capital: 0

- ROIC including acquisitions, ten-year median: -11.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -2.6%

- FY2017: -3.7%

- FY2018: -2.7%

- FY2019: -2.0%

- FY2020: -2.3%

- FY2021: -1.9%

- FY2022: -1.7%

- FY2023: -1.1%

- FY2024: -1.3%

- FY2025: -1.1%

### 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: CAD -849M

- Net income, five-year total: CAD -120M

- Return on incremental invested capital: -1.0%

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

- FY2021: CAD -73M

- FY2022: CAD -191M

- FY2023: CAD -259M

- FY2024: CAD -137M

- FY2025: CAD -190M

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -2.7% vs -1.1%

- Per-share earnings: -0.17 to -0.35 (three-year endpoint medians)

- per-share value declined or ends nonpositive

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

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 6.8%

- Ordinary dilution, 5-year annual growth: 8.7%

- Market cap gain: CAD 3.6B

- Cumulative retained earnings: CAD -174M

- Diluted shares, 10-year annual growth: 6.8%

- Diluted shares, 5-year annual growth: 8.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: CAD -0.18

- Per-share value, starting three-year median: CAD -0.17

- Per-share value, ending three-year median: CAD -0.35

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CAD 615M

- Cumulative net income, 10 years: CAD -182M

- ROIC, first three-year median: -2.7%

- ROIC, last three-year median: -1.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: CAD -0.13

- FY2017: CAD -0.18

- FY2018: CAD -0.32

- FY2019: CAD -0.14

- FY2020: CAD -0.23

- FY2021: CAD 0.01

- FY2022: CAD -0.09

- FY2023: CAD -0.35

- FY2024: CAD -0.35

- FY2025: CAD -0.53

### accounting: pass

- Sloan accruals: -2.0%

- 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: -0.6%

- FY2017: -0.0%

- FY2018: -2.5%

- FY2019: 0.4%

- FY2020: -0.8%

- FY2021: 1.7%

- FY2022: 0.1%

- FY2023: -0.6%

- FY2024: -1.2%

- FY2025: -2.0%

## Holders

- [Arnold Van Den Berg](https://gigainvestors.com/VAN): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 34% since Feb 2026 · "Seabridge Gold (SA) Reports Wider Q3 Loss as Exploration Spending Surges" (finance.yahoo.com, Nov 2025) · net income CAD -53.1M

Story as of 2026-10-16T09:59:32.611Z; price observation 2026-10-15.

- 2025-11-27: Seabridge Gold (SA) Reports Wider Q3 Loss as Exploration Spending Surges ([finance.yahoo.com](https://finance.yahoo.com/news/seabridge-gold-sa-reports-wider-105212941.html))

### Net income · FY2025

net income CAD -53.1M; source https://www.sec.gov/Archives/edgar/data/1231346/000121390026035021/ea0282731-40f_seabridge.htm; observed 2026-03-27.

- FY2016: CAD -7.3M 

- FY2017: CAD -10M 

- FY2018: CAD -20M 

- FY2019: CAD -9.0M 

- FY2020: CAD -15M 

- FY2021: CAD 895K 

- FY2022: CAD -7.4M 

- FY2023: CAD -29M 

- FY2024: CAD -31M 

- FY2025: CAD -53M 

## Owner memo

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

### Why customers stay

It lost 1.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); 10-year return on capital observations [[2016,-0.02557918047977627],[2017,-0.03735183604270873],[2018,-0.026869049026535533],[2019,-0.020349992337702013],[2020,-0.022761967345700854],[2021,-0.018514682477007376],[2022,-0.016962263373920684],[2023,-0.011302480027627867],[2024,-0.012642202201372788],[2025,-0.01097248929705569]]; median -0.019432337407354693. 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 2026-03-27); 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 2.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SA.US SharesStats.PercentInsiders = 2.409 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.3 times net assets; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-27); Closing price 26.06 USD; reporting-to-trading FX 0.7047; FY2025 net assets per share 11.14114471484337; price multiple 3.3192527555254387. FY2025 cash earnings/share -1.8807925483530605. Closing-price date 2026-10-15.

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

- 2016-10: $10.95 per share

- 2016-11: $9.30 per share

- 2016-12: $8.15 per share

- 2017-01: $9.85 per share

- 2017-02: $10.20 per share

- 2017-03: $11.00 per share

- 2017-04: $10.30 per share

- 2017-05: $10.25 per share

- 2017-06: $10.80 per share

- 2017-07: $11.65 per share

- 2017-08: $12.25 per share

- 2017-09: $12.20 per share

- 2017-10: $13.60 per share

- 2017-11: $10.75 per share

- 2017-12: $11.30 per share

- 2018-01: $11.90 per share

- 2018-02: $10.65 per share

- 2018-03: $10.80 per share

- 2018-04: $10.45 per share

- 2018-05: $11.10 per share

- 2018-06: $11.15 per share

- 2018-07: $11.65 per share

- 2018-08: $11.30 per share

- 2018-09: $12.95 per share

- 2018-10: $12.63 per share

- 2018-11: $11.72 per share

- 2018-12: $13.23 per share

- 2019-01: $13.91 per share

- 2019-02: $14.33 per share

- 2019-03: $12.39 per share

- 2019-04: $12.05 per share

- 2019-05: $12.00 per share

- 2019-06: $13.53 per share

- 2019-07: $13.69 per share

- 2019-08: $15.78 per share

- 2019-09: $12.66 per share

- 2019-10: $12.87 per share

- 2019-11: $12.98 per share

- 2019-12: $13.82 per share

- 2020-01: $13.93 per share

- 2020-02: $9.83 per share

- 2020-03: $9.35 per share

- 2020-04: $13.98 per share

- 2020-05: $15.51 per share

- 2020-06: $17.54 per share

- 2020-07: $19.44 per share

- 2020-08: $19.02 per share

- 2020-09: $18.78 per share

- 2020-10: $19.26 per share

- 2020-11: $18.68 per share

- 2020-12: $21.07 per share

- 2021-01: $19.41 per share

- 2021-02: $17.04 per share

- 2021-03: $16.17 per share

- 2021-04: $16.94 per share

- 2021-05: $19.12 per share

- 2021-06: $17.55 per share

- 2021-07: $18.11 per share

- 2021-08: $17.97 per share

- 2021-09: $15.45 per share

- 2021-10: $18.44 per share

- 2021-11: $19.31 per share

- 2021-12: $16.49 per share

- 2022-01: $16.05 per share

- 2022-02: $17.30 per share

- 2022-03: $18.50 per share

- 2022-04: $17.66 per share

- 2022-05: $14.11 per share

- 2022-06: $12.43 per share

- 2022-07: $13.72 per share

- 2022-08: $12.09 per share

- 2022-09: $11.87 per share

- 2022-10: $10.70 per share

- 2022-11: $12.49 per share

- 2022-12: $12.58 per share

- 2023-01: $13.16 per share

- 2023-02: $10.98 per share

- 2023-03: $12.95 per share

- 2023-04: $14.04 per share

- 2023-05: $13.59 per share

- 2023-06: $12.05 per share

- 2023-07: $12.76 per share

- 2023-08: $11.75 per share

- 2023-09: $10.55 per share

- 2023-10: $10.96 per share

- 2023-11: $12.39 per share

- 2023-12: $12.13 per share

- 2024-01: $10.51 per share

- 2024-02: $11.33 per share

- 2024-03: $15.12 per share

- 2024-04: $15.00 per share

- 2024-05: $15.85 per share

- 2024-06: $13.69 per share

- 2024-07: $16.60 per share

- 2024-08: $17.57 per share

- 2024-09: $16.79 per share

- 2024-10: $17.43 per share

- 2024-11: $14.39 per share

- 2024-12: $11.41 per share

- 2025-01: $12.31 per share

- 2025-02: $10.84 per share

- 2025-03: $11.67 per share

- 2025-04: $12.43 per share

- 2025-05: $12.27 per share

- 2025-06: $14.52 per share

- 2025-07: $15.32 per share

- 2025-08: $17.44 per share

- 2025-09: $24.15 per share

- 2025-10: $23.83 per share

- 2025-11: $27.93 per share

- 2025-12: $29.59 per share

- 2026-01: $28.26 per share

- 2026-02: $39.35 per share

- 2026-03: $28.34 per share

- 2026-04: $27.95 per share

- 2026-05: $34.11 per share

- 2026-06: $25.74 per share

- 2026-07: $25.81 per share

- 2026-08: $31.78 per share

- 2026-09: $28.34 per share

- 2026-10: $28.08 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 40-F filing](https://www.sec.gov/Archives/edgar/data/1231346/000121390026035021/ea0282731-40f_seabridge.htm); period 2025-12-31, filed 2026-03-27.

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

- [Arnold Van Den Berg](https://gigainvestors.com/VAN): 647,986 SA shares; USD 16,679,000 reported position value; 3.52% of portfolio; reduce; quarter 2026 Q2.

# SA — Seabridge Gold Inc.

Held by 1 investor · USD 16,679,000 total · 2026 Q2 · reported price USD 25.74 (split-adjusted).
Page: https://gigainvestors.com/s/SA

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Arnold Van Den Berg (https://gigainvestors.com/VAN) | USD 16,679,000 | 3.5% | reduce -1.53% |

## Total held by quarter

- 2024 Q2: USD 9,717,929 · 1 holder · USD 13.69
- 2024 Q3: USD 11,774,491 · 1 holder · USD 16.79
- 2024 Q4: USD 7,128,671 · 1 holder · USD 11.41
- 2025 Q1: USD 8,820,384 · 1 holder · USD 11.67
- 2025 Q2: USD 10,933,604 · 1 holder · USD 14.52
- 2025 Q3: USD 17,943,039 · 1 holder · USD 24.15
- 2025 Q4: USD 20,931,670 · 1 holder · USD 29.59
- 2026 Q1: USD 18,649,137 · 1 holder · USD 28.34
- 2026 Q2: USD 16,679,000 · 1 holder · USD 25.74