Artemis Gold Inc. (ARTG.V) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+45.8%

CA$52.70

vs CA$36.14 price

Levered DCF

CA$28.34

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

5.04

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	24.14×	-91.67×	-108.59×	-33.77×	-69×	-122.37×	10×
P/B	8.31×	4.92×	2.14×	1.24×	2.34×	1.86×	1.28×
P/S	9.21×	0×	0×	0×	0×	0×	0×
EV / EBITDA	14.36×	-215.5×	-97.73×	-42.4×	-87.02×	-74.73×	4.17×
Gross margin	73.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating margin	71.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Net margin	38.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Current ratio	0.81×	0.17×	2.92×	7.79×	24.52×	1.09×	92.88×
Debt / equity	0.59×	1.03×	0.28×	0×	0×	0×	0.02×
Interest coverage	13.48×	-256.12×	-126.93×	-180.8×	-130.88×	-121.02×	-10.58×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	34.5%	-5.3%	-2.0%	-3.7%	-3.3%	-1.5%	12.8%
Return on invested capital	19.2%	-1.1%	-1.3%	-2.1%	-2.2%	-1.6%	-2.9%
Return on assets	14.1%	-1.8%	-1.0%	-3.3%	-2.9%	-1.1%	12.3%
Free cash flow yield	1.5%	-16.9%	-32.3%	-14.4%	-9.1%	-30.9%	-1.5%
Earnings yield	4.2%	-1.1%	-0.9%	-3.0%	-1.4%	-0.8%	10.0%
Enterprise value	CA$8.8B	CA$3.5B	CA$1.3B	CA$520.9M	CA$851.2M	CA$430.5M	CA$32.1M
Net debt / EBITDA	0.67×	-35.93×	-0.64×	15.66×	13.3×	8.85×	-3.98×
Cash conversion cycle (days)	-193	-40,241	-18,856	0	-5,431	-9,828	-3,322