Detailed financial statements for Nouveau Monde Graphite Inc. (NMG): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Nouveau Monde Graphite Inc. (NMG) is a Canadian enterprise primarily focused on the acquisition, investigation, growth, and assessment of mineral resources within Canada. The company's main exploratory efforts are directed towards unearthing graphite. A significant asset for the firm is its flagship Matawinie property, an expansive site encompassing 392 mining claims across 21,750 hectares, strategically located just north of Montreal, Quebec.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.34, NMG has negative trailing earnings (P/E not meaningful) and an ROE of -131.72%. Market capitalisation stands at $441M.
Balance sheet quality for NMG: current ratio of 0.9, net cash position of $55.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $18307 | $22818 | $493070 | $834393 | $3.1M | $1.6M | $5.2M | $10.0M | $38180 | $7.3M |
| Gross Profit | -$18307 | -$22818 | -$493070 | -$834393 | -$3.1M | -$1.6M | -$5.2M | -$10.0M | -$38180 | -$7.3M |
| Research & Development | $431847 | -$85031 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.3M | $3.1M | $4.5M | $12.5M | $19.5M | $25.1M | $32.5M | $28.4M | $49626 | $50.9M |
| Operating Expenses | $2.1M | $3.2M | $4.7M | $12.5M | -$19.9M | -$40.0M | $50.0M | $45.1M | $48102 | $50.9M |
| Operating Income | -$2.1M | -$3.2M | -$5.2M | -$13.3M | $16.7M | $38.5M | -$55.2M | -$55.1M | -$86282 | -$58.3M |
| EBITDA | -$2.0M | -$3.5M | -$4.7M | -$12.4M | -$20.3M | -$36.1M | -$41.0M | -$36.2M | -$63716 | -$95.8M |
| Interest Expense | $6500 | $3379 | $7388 | $266164 | $1.2M | $2.3M | $1.7M | $11.3M | $535 | $1.6M |
| Pre-tax Income | -$2.1M | -$4.1M | -$5.2M | -$13.5M | -$18.0M | -$39.5M | -$47.3M | -$55.6M | -$72885 | -$104.7M |
| Income Tax | -$97306 | $897324 | $2.8M | -$345479 | 0 | $400000 | $400000 | $400000 | $400 | $399674 |
| Net Income | -$2.0M | -$5.0M | -$8.1M | -$13.1M | -$18.0M | -$39.9M | -$47.7M | -$56.0M | -$73285 | -$105.1M |
| EPS | $-0.31 | $-0.52 | $-0.54 | $-0.30 | $-0.73 | $-0.93 | $-0.86 | $-0.00 | $-0.00 | $-0.69 |
| EPS (Diluted) | $-0.31 | $-0.52 | $-0.54 | $-0.30 | $-0.73 | $-0.93 | $-0.86 | $-0.00 | $-0.00 | $-0.69 |
| Shares Outstanding (Diluted) | $6.2M | $9.6M | $15.1M | $22.7M | $26.3M | $43.0M | $55.6M | $60.1M | $103.1M | $154.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$3.9M | -$1.6M | -$345891 | -$351152 |
| Operating Income | $13.0M | -$10.6M | -$14.3M | -$13.2M |
| EBITDA | -$75.4M | $7.1M | -$3.8M | -$12.9M |
| Net Income | -$76.7M | $5.0M | -$4.5M | $9.4M |
| EPS | $-0.50 | $0.03 | $-0.03 | $0.04 |
| EPS (Diluted) | $-0.50 | $0.03 | $-0.03 | $0.04 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $2.4M | $10.1M | $3.8M | $3.3M | $3.7M | $62.4M | $59.9M | $36.3M | $106.3M | $74.5M |
| Short-term Investments | $46191 | $53950 | $19757 | $16965 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $747200 | $2.2M | $2.6M | $3.9M | $4.3M | 0 | 0 | $1.2M | 0 | $3.3M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $3.2M | $12.5M | $6.4M | $7.4M | $8.2M | $74.2M | $73.9M | $42.9M | $114.0M | $79.4M |
| Property, Plant & Equipment | $5.6M | $9.6M | $25.5M | $2.6M | $4.1M | $44.4M | $66.8M | $68.5M | $79.2M | $86.9M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | $10194 | $2.1M | $1.2M | $722135 | $481000 | $182000 | $59000 | 0 | 0 |
| Total Assets | $8.9M | $22.1M | $37.7M | $13.4M | $16.6M | $126.3M | $150.1M | $123.9M | $204.1M | $174.3M |
| Accounts Payable | $572099 | $1.6M | $5.8M | 0 | 0 | $13.3M | $12.8M | $6.9M | $10.9M | $8.0M |
| Short-term Debt | 0 | 0 | $930841 | $3.8M | $1.6M | $208000 | $225000 | $480000 | $16.5M | $17.8M |
| Total Current Liabilities | $694049 | $1.6M | $6.7M | $7.6M | $8.3M | $15.7M | $16.1M | $12.0M | $47.0M | $91.3M |
| Long-term Debt | 0 | 0 | $2.4M | 0 | $11.4M | $1.9M | $58.3M | $54.9M | $764000 | $498593 |
| Total Liabilities | $694049 | $2.7M | $14.0M | $8.2M | $20.8M | $20.7M | $77.8M | $69.5M | $50.4M | $94.5M |
| Retained Earnings | -$7.5M | -$12.8M | -$21.6M | -$45.5M | -$60.4M | -$116.9M | -$164.6M | -$220.6M | -$293.9M | -$398.7M |
| Total Equity | $8.2M | $19.5M | $23.7M | $5.2M | -$4.2M | $105.7M | $72.3M | $54.4M | $153.7M | $79.8M |
| Total Debt | 0 | 0 | $3.3M | $3.9M | $13.6M | $4.5M | $61.3M | $57.5M | $19.0M | $19.4M |
| Net Debt | -$2.5M | -$10.2M | -$506065 | $658569 | $10.0M | -$57.9M | $1.4M | $21.1M | -$87.3M | -$55.1M |
| Working Capital | $2.6M | $10.9M | -$295040 | -$200501 | -$134223 | $58.4M | $57.8M | $30.9M | $67.0M | -$11.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $61.8M | $74.5M | $58.1M | $461.4M |
| Total Assets | $161.3M | $174.3M | $167.0M | $608.1M |
| Total Liabilities | $112.4M | $94.5M | $89.3M | $117.8M |
| Total Equity | $49.0M | $79.8M | $77.7M | $490.3M |
| Total Debt | $19.8M | $19.4M | $19.5M | $19.7M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$2.0M | -$5.0M | -$8.1M | -$6.8M | -$18.0M | -$39.9M | -$47.7M | -$56.0M | -$73.3M | -$105.1M |
| Depreciation & Amortization | $18307 | $22818 | $493070 | $724030 | $1.2M | $1.1M | $4.6M | $8.1M | $9.1M | $7.3M |
| Stock-based Compensation | $273710 | $856739 | $844949 | $518974 | $2.0M | $6.7M | $8.7M | $3.1M | $3.9M | 0 |
| Change in Working Capital | $357764 | -$215684 | $4.8M | -$461844 | -$135000 | -$3.2M | -$3.1M | $2.1M | -$1.5M | $476610 |
| Operating Cash Flow | -$1.2M | -$2.6M | $948351 | -$5.1M | -$18.0M | -$34.3M | -$44.9M | -$39.5M | -$52.0M | -$44.8M |
| Capital Expenditure | -$2.1M | -$4.6M | -$17.9M | -$15.4M | -$1.3M | -$37.0M | -$26.7M | -$10.1M | -$14.1M | -$13.7M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$3.3M | -$7.2M | -$17.0M | -$20.6M | -$19.3M | -$71.3M | -$71.6M | -$49.6M | -$66.0M | -$58.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$6.2M | -$10.6M | -$12.4M | -$8.4M |
| Capital Expenditure | -$5.4M | -$2.5M | -$4.1M | -$8.7M |
| Free Cash Flow | -$11.6M | -$13.0M | -$16.5M | -$17.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $964000 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -155.9% | -60.4% | -63.1% | -36.8% | -121.9% | -19.6% | -17.3% | +99.9% | -143300.8% |
| EPS Growth (YoY) | | -67.7% | -3.8% | +44.4% | -143.3% | -27.4% | +7.5% | +99.9% | +33.3% | -114900.0% |
| Shares Change (YoY) | | +53.8% | +56.7% | +50.9% | +15.7% | +63.5% | +29.4% | +8.1% | +71.6% | +49.4% |
| FCF Growth (YoY) | | -115.2% | -136.1% | -21.0% | +6.1% | -269.1% | -0.4% | +30.7% | -33.1% | +11.4% |
| Effective Tax Rate | 4.7% | -21.7% | -53.8% | 2.6% | -0.0% | -1.0% | -0.8% | -0.7% | -0.5% | -0.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.54 | $-0.75 | $-1.13 | $-0.90 | $-0.73 | $-1.66 | $-1.29 | $-0.83 | $-0.64 | $-0.38 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $6.2M | $9.6M | $15.1M | $22.7M | $26.3M | $43.0M | $55.6M | $60.1M | $103.1M | $154.0M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | -131.72% |
| Return on Invested Capital | -57.85% |
| Return on Assets | -60.29% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.24 |
| Current Ratio | 0.87 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -13.24 | -8.69 | -4.85 | -6.73 | -14.14 | -9.50 | -6.01 | -3839.37 | -3810.94 | -4.93 |
| P/B | 3.14 | 2.23 | 1.67 | 8.81 | -64.78 | 3.59 | 3.98 | 3.81 | 1.53 | 6.57 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |