Forensic Analysis · Energy / Oil & Gas · as of Jun 27, 2026
NOVAGOLD RESOURCES INC (NG)
A forensic read on NOVAGOLD RESOURCES INC built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Distress
Financial health
-19.1
Altman Z-score
Clean
Earnings quality
2
Forensic signals
-42.5%
ROE
$2.8B
Market cap
NOVAGOLD RESOURCES INC earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is -19.1, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-17%Return on invested capital.Return on invested capital is -17% and rising from -42% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+6.4%/yrShare-count dilution.Diluted share count changed +13% over the last 2 years to FY2013 (+6.4%/yr). The count is GROWING — existing holders are being diluted. That's ~6.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2011 has been diluted ~13%.
Key fundamentals
Debt / Equity0.49x
Free Cash Flow$-14.0M
Return on Equity-57.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on NOVAGOLD RESOURCES INC:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about NG's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown