New Gold (TSE:NGD)
TSX:NGD
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New Gold
(TSX:NGD)
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Rating:65Neutral
Price Target:
C$12.50
▲(2.80% Upside)
Action:DowngradedDate:03/22/26
The score is driven mainly by improved financial performance (strong revenue growth, sharply higher operating cash flow, positive free cash flow, and a stronger equity base with stable debt). This is offset by weak technicals showing a clear downtrend despite oversold readings, while valuation is supportive with a low P/E but no dividend yield data.
Positive Factors
Strong operating profitability
Sustained high gross and EBITDA margins indicate durable operational efficiency and cost control across assets. Robust margins provide a persistent buffer against commodity price swings, support reinvestment into mines, and underpin long-term earnings stability and cash generation.
Negative Factors
Weak trailing free cash flow growth
Persistent negative FCF growth and low FCF conversion versus net income signal structural cash conversion issues. If sustained, limited free cash constrains dividends, buybacks, and organic growth funding, increasing dependence on debt or equity for capital-intensive projects.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong operating profitability
Sustained high gross and EBITDA margins indicate durable operational efficiency and cost control across assets. Robust margins provide a persistent buffer against commodity price swings, support reinvestment into mines, and underpin long-term earnings stability and cash generation.
Read all positive factors
New Gold (NGD) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$9.63B
Dividend YieldN/A
Average Volume (3M)4.12M
Price to Earnings (P/E)2.6
Beta (1Y)3.10
Revenue Growth48.70%
EPS Growth1718.41%
CountryCA
Employees1,337
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.46
Shares Outstanding791,726,900
10 Day Avg. Volume8,024,456
30 Day Avg. Volume4,122,019
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)3.61
Price to Sales (P/S)4.61
P/FCF Ratio25.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$17.90Price Target Upside47.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.47
Revenue Forecast (FY)C$2.79B
New Gold Business Overview & Revenue Model
Company Description
New Gold Inc., an intermediate gold mining company, engages in the exploration, development, and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100...
How the Company Makes Money
New Gold makes money primarily by producing and selling mined metals from its operating mines. Revenue is generated when gold doré (and any payable by-product metals such as copper and silver, depending on the asset) is sold to third-party buyers,...
New Gold Earnings Call Summary
Earnings Call Date:Oct 28, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The earnings call emphasized significant production achievements and financial improvements, particularly in terms of cost reduction, free cash flow, and debt repayment. Safety milestones and exploration successes were also highlighted. However, there were concerns about increased cash costs and the initial lower grades at C-Zone. Overall, the call conveyed a strong positive outlook with minor challenges noted.Positive Updates
Record Quarterly Production at Rainy River
Rainy River achieved a record quarterly production of over 100,000 ounces of gold, marking a 63% increase over the second quarter.
Negative Updates
High Cash Costs and Capital Expenditures
Increased cash costs and growth capital expenditures related to underground development at Rainy River impacted financials, despite being necessary for future production growth.
Read all updates
Q3-2025 Updates
Positive
Negative
Record Quarterly Production at Rainy River
Rainy River achieved a record quarterly production of over 100,000 ounces of gold, marking a 63% increase over the second quarter.
Read all positive updates
Company Guidance
During the New Gold Third Quarter 2025 Earnings Call, the company reported robust operational and financial performance, with significant improvements over the previous quarter. Rainy River achieved a record quarterly production of over 100,000 ounces of gold, marking a 63% increase from Q2, while New Afton's B3 cave continued to exceed expectations, with C-Zone development progressing well. The company produced approximately 115,200 ounces of gold and 12 million pounds of copper, with all-in sustaining costs (AISC) reduced by $425 an ounce to $966 per ounce. This resulted in a substantial AISC margin of $2,492 per ounce, given an average realized gold price of $3,458 per ounce. Record quarterly free cash flow reached $205 million, driven by Rainy River’s contribution of $183 million. New Gold also strengthened its balance sheet by repaying $260 million in debt, including an early repayment of $150 million on its credit facility. The company remains on track to meet its 2025 guidance objectives, with further reductions in AISC anticipated in the fourth quarter.New Gold Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
78
Positive
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.50B | 924.50M | 786.50M | 604.40M | 745.50M |
| Gross Profit | 742.58M | 240.70M | 336.10M | 78.10M | 172.50M |
| EBITDA | 898.36M | 339.10M | 182.90M | 177.50M | 322.90M |
| Net Income | 872.92M | 102.60M | -64.50M | -66.80M | 140.60M |
Balance Sheet | |||||
| Total Assets | 3.17B | 2.00B | 2.29B | 2.24B | 2.48B |
| Cash, Cash Equivalents and Short-Term Investments | 330.20M | 110.30M | 192.60M | 236.40M | 541.00M |
| Total Debt | 395.68M | 399.70M | 401.20M | 396.20M | 501.70M |
| Total Liabilities | 1.27B | 951.50M | 1.50B | 1.28B | 1.52B |
| Stockholders Equity | 1.91B | 1.05B | 789.20M | 959.50M | 955.90M |
Cash Flow | |||||
| Free Cash Flow | 270.76M | 121.70M | 21.70M | -102.20M | 76.40M |
| Operating Cash Flow | 873.83M | 392.80M | 287.60M | 190.70M | 323.70M |
| Investing Cash Flow | -596.46M | -263.40M | -234.00M | -281.90M | 57.40M |
| Financing Cash Flow | -49.65M | -207.80M | -68.60M | -185.00M | -86.50M |
New Gold Technical Analysis
Negative
12.16
Price Trends
15.26
Negative
13.16
Negative
10.46
Positive
Market Momentum
-0.83
Positive
33.78
Neutral
12.30
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NGD, the sentiment is Negative. The current price of 12.16 is below the 20-day moving average (MA) of 15.14, below the 50-day MA of 15.26, and above the 200-day MA of 10.46, indicating a neutral trend. The MACD of -0.83 indicates Positive momentum. The RSI at 33.78 is Neutral, neither overbought nor oversold. The STOCH value of 12.30 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:NGD.
New Gold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | C$9.21B | 10.22 | 30.82% | 0.42% | 51.00% | 532.40% | |
71 Outperform | C$9.16B | 31.70 | 14.47% | 0.55% | 37.22% | ― | |
67 Neutral | C$9.30B | 14.13 | 12.40% | ― | 44.88% | 38.67% | |
65 Neutral | C$9.63B | 2.56 | 22.38% | ― | 48.70% | 1718.41% | |
62 Neutral | C$8.09B | 24.10 | 28.16% | ― | ― | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | C$7.91B | 14.58 | 12.15% | 1.71% | 34.31% | ― |
* Basic Materials Sector Average
TSE:NGD
New Gold
12.16
6.98
134.75%
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Eldorado Gold
46.82
22.88
95.57%
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5.89
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44.61%
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191.25%
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OR Royalties
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64.04%
TSE:ARTG
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34.93
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107.30%
New Gold Corporate Events
Business Operations and StrategyM&A TransactionsShareholder Meetings
New Gold and Coeur Shareholders Back All-Stock Deal to Create North American Precious Metals Player
Positive
Jan 27, 2026
New Gold shareholders have overwhelmingly approved a plan of arrangement under which a wholly owned subsidiary of U.S.-listed Coeur Mining will acquire all outstanding New Gold common shares, with more than 99% of votes cast in favour of the trans...
Business Operations and StrategyFinancial Disclosures
New Gold Hits 2025 Production Targets and Generates Over $530 Million in Free Cash Flow
Positive
Jan 16, 2026
New Gold reported strong fourth-quarter and full-year 2025 operational results, achieving its production guidance with consolidated output of 353,772 ounces of gold and 50.1 million pounds of copper, alongside record-low safety incident rates. The...
M&A TransactionsShareholder Meetings
ISS Backs New Gold–Coeur Mining Deal as Board Urges Shareholder Support
Positive
Jan 13, 2026
New Gold said that proxy advisory firm Institutional Shareholder Services has recommended that its shareholders vote in favour of the planned all-share acquisition by Coeur Mining, under which a Coeur subsidiary would acquire all outstanding New G...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.