Seabridge Gold (TSX:SEA): Assessing Valuation Ahead of Anticipated Q3 2025 Results and Bullish Analyst Calls

Anticipation is building as Seabridge Gold (TSX:SEA) gears up to report its quarterly results for the period ending September 30, 2025. Investors are watching closely, given the consistent optimism from analysts and the company’s recent price momentum.

See our latest analysis for Seabridge Gold.

Seabridge Gold’s share price momentum is hard to ignore, gaining over 100% year-to-date and posting a significant 52.9% climb in just the last three months. This surge, fueled by growing optimism and anticipation for the upcoming results, has also driven the company’s one-year total shareholder return to nearly 76%, which indicates both recent and longer-term investor confidence.

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Given the soaring share price and bullish analyst sentiment, investors have to ask if Seabridge Gold is still undervalued or if the recent run-up has already priced in all of its prospective growth.

Price-to-Book Ratio of 3.5x: Is it justified?

Seabridge Gold trades at a price-to-book ratio of 3.5x, which places it well above both industry and peer averages. This elevated multiple suggests the market is pricing in substantial future value despite the company’s current lack of profitability and revenue.

The price-to-book ratio compares a company's market value to its book value. For resource companies like Seabridge Gold, it is often used as a benchmark for how much investors are willing to pay relative to the company's net assets. A higher ratio can signal optimism about future prospects but may also mean heightened expectations are reflected in the price.

Looking closer, Seabridge Gold’s ratio stands out as expensive when compared to the Canadian Metals and Mining industry average of 2.7x and the peer average of 3.1x. This points to the market assigning a premium to Seabridge Gold relative to its closest comparables, despite its ongoing losses and absence of meaningful revenue.

See what the numbers say about this price — find out in our valuation breakdown.

Result: Price-to-Book of 3.5x (OVERVALUED)

However, persistent losses and the absence of revenue growth remain key risks that could challenge the current optimism around Seabridge Gold’s share price.

Find out about the key risks to this Seabridge Gold narrative.

Build Your Own Seabridge Gold Narrative

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A great starting point for your Seabridge Gold research is our analysis highlighting 4 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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