Stock fact sheet · data as of
Seabridge Gold Inc. (SA): fair value, margin of safety and Wheel Score
Ticker symbol SA · Basic Materials · Gold · Canada · Speculative
Is SA undervalued?
At 25.34 (close of 5 Nov 2026), SA trades 797% over the GLS average fair value of 2.83, with 0 of 5 models above the price. The stock earns none of the Wheel Score's Value points at this price. That is a statement about price against trailing fundamentals, not about the company's prospects - the Wall Street View and the Growth tab on the Quote page carry the forward numbers.
The 5 models disagree widely: GLS Growth gives 0.6763 while Graham Number gives 6.23. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
The nightly engine files SA under Speculative - it is losing money or its Piotroski health score is 3 or lower - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.
Nine valuation models for SA
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | - | - | Present value of the projected free cash flows, discounted at the cost of capital; no value tonight |
| Graham Number | 6.23 | -75% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 3.73 | -85% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 0.9242 | -96% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 0.6763 | -97% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 2.57 | -90% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -3.45 | -114% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is weak: SA passes 3 of the nine Piotroski tests. Our scans drop the stock at the health filter; a low score is often the reason a stock looks cheap on the valuation models. The GLS Moat score is low at 0.4 out of 10: returns on capital, margins or the balance sheet have not shown a lasting edge yet - often a young company, a thin-margin business or one that has only recently turned profitable.
Returns on capital are thin or negative - ROIC -3.1%, ROE -4.7%, ROA -2.9% - with debt at 0.53 times equity and negative free cash flow.
Seabridge Gold Inc. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain.
Institutional ownership scores 5/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 3 / 9 | ROIC | -3.1% |
|---|---|---|---|
| GLS Moat | 0.4 / 10 | ROE | -4.7% |
| Debt / equity | 0.53 | ROA | -2.9% |
| Free-cash-flow yield | -4.6% | Payout ratio | 0% |
| Institutions | 5 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 27: Weak
SA scores 27 out of 100 on the Wheel Score, in the Weak band (under 50): it fails filter 2, a real business, not a gamble - speculative (a loss, or a weak Piotroski score); and filter 3, below fair value - trades 797% above our fair value; and filter 4, financially healthy - Piotroski 3/9 (under 6); and filter 5, can repay its debt - debt with no positive cash flow to repay it, and the parts are thin too - value weak, premium strong, moat weak, health weak, red flags good, option trading good, stability weak. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility is 65% on the near-the-money contracts 20-60 days out - above the 60% top of the sweet spot. It still passes the 25-80% filter, but the Wheel Score rewards it less because volatility this high usually comes with a reason. The option chain is deep: 51,904 contracts of open interest across all expiries, which means tight fills at most strikes.
Volume runs at 599k shares a day on a market cap of $2.7B, with a beta of 1.85 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score rates that weak.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Fails | speculative (a loss, or a weak Piotroski score) |
| 3 | Below fair value | Fails | trades 797% above our fair value |
| 4 | Financially healthy | Fails | Piotroski 3/9 (under 6) |
| 5 | Can repay its debt | Fails | debt with no positive cash flow to repay it |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 797% above fair value | |
| Premium | Strong | implied volatility 65% | |
| Moat | Weak | moat 0.4/10 | |
| Health | Weak | Piotroski 3/9 | |
| Red Flags | Good | Red Flags score 80/100 | |
| Option trading | Good | 2,919 contracts a day, 51,904 open interest | |
| Stability | Weak | beta 1.85, $2.7B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
Seabridge Gold Inc. reports earnings on 11 Nov 2026 (after the close) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Gold
The 12 companies below are the closest to Seabridge Gold Inc. by market cap within the Gold industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| NG NovaGold Resources Inc. | 6.10 | - | - | 23Weak | $2.7B |
| FSM Fortuna Mining Corp. | 9.59 | 36.78 | +74% | 77Good | $2.8B |
| AAUC Allied Gold Corporation | 20.41 | 37.45 | +46% | 31No options | $2.8B |
| ARIS Aris Mining Corporation | 15.72 | 36.71 | +57% | 80Good | $3.2B |
| DRD DRDGOLD Limited | 24.40 | 41.66 | +41% | 50Fair | $2.1B |
| CGAU Centerra Gold Inc. | 21.41 | 35.39 | +39% | 80Good | $4.2B |
| HYMC Hycroft Mining Holding Corporation | 17.47 | 4.15 | -321% | 18Weak | $1.6B |
| OGC OceanaGold Corporation | 25.78 | 40.42 | +36% | 46Weak | $5.7B |
| SSRM SSR Mining Inc. | 28.15 | 26.66 | -6% | 39Weak | $5.7B |
| AUGO Aura Minerals | 72.39 | 72.58 | +0% | 31Weak | $6.1B |
| IAUX i-80 Gold Corp | 1.38 | - | - | 9No options | $1.2B |
| OR OR Royalties Inc. | 34.50 | 33.79 | -2% | 39Weak | $6.5B |
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Start free See the Sunday ScanQuestions about SA
Is SA undervalued right now?
No: at 25.34 the stock trades 797% above the GLS average fair value of 2.83 (data as of 5 Nov 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of SA and what does it mean?
SA scores 27 out of 100 (Weak) - it fails Wheel Trade Filters 2, 3, 4, 5. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for SA?
2.83 per share as of 5 Nov 2026 - the simple average of the 5 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Seabridge Gold Inc. report earnings next?
The next earnings report is due on 11 Nov 2026 (after the close), 6 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does SA have listed options, and how liquid are they?
Yes. The nightly snapshot found 146 listed contracts with 51,904 open interest across all expiries and implied volatility of 65% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.