New Gold Financials

NGD

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2024 Currency USD FYE December

This page shows New Gold (NGD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NGD FY2024 2026-04-22

New Gold’s operating model is defined by cash-rich, asset-heavy mines, where non-cash charges swing earnings more than cash does.

From FY2023 to FY2024, operating cash flow reached $392.8M while net income turned positive at $102.6M. With depreciation still running at $248.1M, the profit recovery reflects a business whose mines throw off cash even when accounting charges make earnings look much more volatile.

The company now looks lightly levered: total liabilities fell to $951.5M in FY2024 from $1.5B in FY2023, and long-term debt is almost absent. That improves solvency, but cash on hand slipped to $105.2M and the current ratio narrowed to 1.4x, so day-to-day liquidity is tighter than the liability reduction alone implies.

In FY2024, revenue reached $924.5M while total assets fell to $2.0B, a useful sign for an asset-heavy operator. With return on assets back to 5.1%, the business produced more output from a smaller asset base, which is the healthier form of improvement for a capital-intensive company.

Financial Health Signals

Financial Profile 35/100

Based on FY2024 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of New Gold's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

New Gold's revenue surged 17.5% year-over-year to $924.5M, reflecting rapid business expansion. This strong growth earns a score of 73/100.

Leverage

100

New Gold carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

New Gold's current ratio of 1.39 is below the typical benchmark, resulting in a score of 23/100. However, the company holds substantial cash reserves (54% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Returns

New Gold generates a 9.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 13/100. This is up from -8.2% the prior year.

Piotroski F-Score Neutral

6/9

New Gold passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

3.83x

For every $1 of reported earnings, New Gold generates $3.83 in operating cash flow ($392.8M OCF vs $102.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$924.5M

YoY+17.5%

5Y CAGR+8.0%

New Gold generated $924.5M in revenue in fiscal year 2024. This represents an increase of 17.5% from the prior year.

EBITDA

N/A

Net Income

$102.6M

YoY+259.1%

New Gold reported $102.6M in net income in fiscal year 2024. This represents an increase of 259.1% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$105.2M

YoY-43.3%

5Y CAGR+4.8%

New Gold held $105.2M in cash against $2.0M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

791M

YoY+15.1%

5Y CAGR+6.4%

New Gold had 791M shares outstanding in fiscal year 2024. This represents an increase of 15.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

11.1%

YoY+19.3pp

5Y CAGR+22.8pp

New Gold's net profit margin was 11.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 19.3 percentage points from the prior year.

Return on Equity

9.8%

YoY+17.9pp

5Y CAGR+17.4pp

New Gold's ROE was 9.8% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 17.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

NGD Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$924.5M+17.5%	$786.5M+30.1%	$604.4M-18.9%	$745.5M+15.9%	$643.4M+2.0%	$630.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$300K-25.0%	$400K-42.9%	$700K-36.4%	$1.1M-8.3%	$1.2M-20.0%	$1.5M
Income Tax	-$19.4M-466.0%	$5.3M+278.6%	$1.4M-92.9%	$19.7M+358.1%	$4.3M+1175.0%	-$400K
Net Income	$102.6M+259.1%	-$64.5M+3.4%	-$66.8M-147.5%	$140.6M+277.3%	-$79.3M-7.9%	-$73.5M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	$-0.12

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NGD Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$2.0B-12.3%	$2.3B+1.9%	$2.2B-9.4%	$2.5B+10.1%	$2.3B+4.2%	$2.2B
Current Assets	$274.1M-22.1%	$351.8M-6.8%	$377.5M-45.0%	$686.3M+63.9%	$418.8M+82.7%	$229.2M
Cash & Equivalents	$105.2M-43.3%	$185.5M-7.6%	$200.8M-58.3%	$481.5M+158.5%	$186.3M+123.4%	$83.4M
Inventory	$118.7M-6.3%	$126.7M+9.5%	$115.7M+14.6%	$101.0M+8.3%	$93.3M-15.2%	$110.0M
Accounts Receivable	$26.2M+60.7%	$16.3M+15.6%	$14.1M-46.6%	$26.4M-65.8%	$77.1M+225.3%	$23.7M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$951.5M-36.4%	$1.5B+16.6%	$1.3B-15.6%	$1.5B+4.1%	$1.5B+22.0%	$1.2B
Current Liabilities	$196.6M-14.1%	$229.0M+33.8%	$171.2M-1.0%	$172.9M+8.9%	$158.7M-7.7%	$171.9M
Long-Term Debt	$2.0M-23.1%	$2.6M+100.0%	$1.3M-87.9%	$10.7M-45.1%	$19.5M-18.4%	$23.9M
Total Equity	$1.1B+33.3%	$789.2M-17.7%	$959.5M+0.4%	$955.9M+21.1%	$789.3M-17.9%	$961.3M
Retained Earnings	-$2.4B-0.5%	-$2.3B-2.8%	-$2.3B-3.0%	-$2.2B+6.0%	-$2.4B-3.5%	-$2.3B

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
Total Assets	$2.0B-12.3%	$2.3B+1.9%	$2.2B-9.4%	$2.5B+10.1%	$2.3B+4.2%	$2.2B-0.5%	$2.2B-46.0%	$4.0B
Current Assets	$274.1M-22.1%	$351.8M-6.8%	$377.5M-45.0%	$686.3M+63.9%	$418.8M+82.7%	$229.2M-21.1%	$290.4M-36.2%	$455.0M
Cash & Equivalents	$105.2M-43.3%	$185.5M-7.6%	$200.8M-58.3%	$481.5M+158.5%	$186.3M+123.4%	$83.4M-19.6%	$103.7M-52.0%	$216.2M
Inventory	$118.7M-6.3%	$126.7M+9.5%	$115.7M+14.6%	$101.0M+8.3%	$93.3M-15.2%	$110.0M-22.4%	$141.8M-26.6%	$193.2M
Accounts Receivable	$26.2M+60.7%	$16.3M+15.6%	$14.1M-46.6%	$26.4M-65.8%	$77.1M+225.3%	$23.7M-34.0%	$35.9M+32.5%	$27.1M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$951.5M-36.4%	$1.5B+16.6%	$1.3B-15.6%	$1.5B+4.1%	$1.5B+22.0%	$1.2B-2.3%	$1.2B-34.8%	$1.9B
Current Liabilities	$196.6M-14.1%	$229.0M+33.8%	$171.2M-1.0%	$172.9M+8.9%	$158.7M-7.7%	$171.9M+31.3%	$130.9M-27.8%	$181.2M
Long-Term Debt	$2.0M-23.1%	$2.6M+100.0%	$1.3M-87.9%	$10.7M-45.1%	$19.5M-18.4%	$23.9M+168.5%	$8.9M-99.5%	$1.8B
Total Equity	$1.1B+33.3%	$789.2M-17.7%	$959.5M+0.4%	$955.9M+21.1%	$789.3M-17.9%	$961.3M+1.8%	$944.5M-55.9%	$2.1B
Retained Earnings	-$2.4B-0.5%	-$2.3B-2.8%	-$2.3B-3.0%	-$2.2B+6.0%	-$2.4B-3.5%	-$2.3B-3.3%	-$2.2B-129.0%	-$961.3M

NGD Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$392.8M+36.6%	$287.6M+50.8%	$190.7M-41.1%	$323.7M+9.8%	$294.8M+11.9%	$263.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$263.4M-12.6%	-$234.0M+17.0%	-$281.9M-591.1%	$57.4M+133.1%	-$173.2M+26.0%	-$234.0M
Financing Cash Flow	-$207.8M-202.9%	-$68.6M+62.9%	-$185.0M-113.9%	-$86.5M-295.0%	-$21.9M+56.4%	-$50.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NGD Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	11.1%+19.3pp	-8.2%+2.8pp	-11.1%-29.9pp	18.9%+31.2pp	-12.3%-0.7pp	-11.7%
Return on Equity	9.8%+17.9pp	-8.2%-1.2pp	-7.0%-21.7pp	14.7%+24.8pp	-10.1%-2.4pp	-7.6%
Return on Assets	5.1%+7.9pp	-2.8%+0.2pp	-3.0%-8.7pp	5.7%+9.2pp	-3.5%-0.1pp	-3.4%
Current Ratio	1.39-0.1	1.54-0.7	2.21-1.8	3.97+1.3	2.64+1.3	1.33
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.01-0.0	0.020.0	0.02
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.39-0.1	1.54-0.7	2.21-1.8	3.97+1.3	2.64+1.3	1.33-0.9	2.22-0.3	2.51
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.01-0.0	0.020.0	0.02+0.0	0.01-0.8	0.83
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is New Gold's annual revenue?

New Gold (NGD) reported $924.5M in total revenue for fiscal year 2024. This represents a 17.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is New Gold's revenue growing?

New Gold (NGD) revenue grew by 17.5% year-over-year, from $786.5M to $924.5M in fiscal year 2024.

Is New Gold profitable?

Yes, New Gold (NGD) reported a net income of $102.6M in fiscal year 2024, with a net profit margin of 11.1%.

How much debt does New Gold have?

As of fiscal year 2024, New Gold (NGD) had $105.2M in cash and equivalents against $2.0M in long-term debt.

What is New Gold's net profit margin?

New Gold (NGD) had a net profit margin of 11.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is New Gold's return on equity (ROE)?

New Gold (NGD) has a return on equity of 9.8% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is New Gold's operating cash flow?

New Gold (NGD) generated $392.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are New Gold's total assets?

New Gold (NGD) had $2.0B in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does New Gold have outstanding?

New Gold (NGD) had 791M shares outstanding as of fiscal year 2024.

What is New Gold's current ratio?

New Gold (NGD) had a current ratio of 1.39 as of fiscal year 2024, which is considered adequate.

What is New Gold's debt-to-equity ratio?

New Gold (NGD) had a debt-to-equity ratio of 0.00 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is New Gold's return on assets (ROA)?

New Gold (NGD) had a return on assets of 5.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is New Gold's Piotroski F-Score?

New Gold (NGD) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are New Gold's earnings high quality?

New Gold (NGD) has an earnings quality ratio of 3.83x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is New Gold?

New Gold (NGD) scores 35 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.