NOVAGOLD RESOURCES INC

NGdata completeness 75%15 fiscal years on file

The thesis, from the filings

NOVAGOLD RESOURCES INC earns about -96% on equity, but has diluted owners by 112917% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$0¹	—	—	$0²	$0³
Net income	−$40.5M⁴	−$53.3M⁵	−$46.8M⁶	−$45.6M⁶	−$94.7M⁶
Operating cash flow	−$9.86M⁷	−$12.4M⁸	−$7.79M⁹	−$12.6M⁹	−$14M⁹
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$91.1M¹⁰	$63.9M¹¹	$45.7M¹²	$42.2M¹³	$110.1M¹³
Diluted shares	331,546	333,236	334.1M	334.5M	374.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$4.37

your share of equity

Profit it earned you last year

−$2.53

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $4.37 of net worth that earned you −$2.53 last year.

iii. Is this a good business?

Moat signal · return on equity

-96% avg · 5y

FY21 -52%FY22 -178%FY23 —FY24 —FY25 -58%

It earned an average -96% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+112917% shares · 5y

Share count is up 112917% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-11-30 · accession 0001171843-22-000514 (Revenues)
10-K · period ending 2024-11-30 · accession 0001171843-25-000387 (Revenues)
10-K · period ending 2025-11-30 · accession 0001171843-26-000374 (Revenues)
10-K · period ending 2021-11-30 · accession 0001171843-24-000389 (NetIncomeLoss)
10-K · period ending 2022-11-30 · accession 0001171843-25-000387 (NetIncomeLoss)
10-K · period ending 2023-11-30 · accession 0001171843-26-000374 (NetIncomeLoss)
10-K · period ending 2021-11-30 · accession 0001171843-24-000389 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-11-30 · accession 0001171843-25-000387 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-11-30 · accession 0001171843-26-000374 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-11-30 · accession 0001171843-23-000476 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-11-30 · accession 0001171843-24-000389 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-11-30 · accession 0001171843-25-000387 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-11-30 · accession 0001171843-26-000374 (CashAndCashEquivalentsAtCarryingValue)