Share count
862Mpeak FY2025
← All companies ← DQ Manual DSGX → ← CMCL Gold & Precious Metals EGO →
DRD, DRDGOLD Limited
We are a South African gold mining company engaged in surface gold tailings retreatment, including exploration, extraction, processing and smelting.
The supply of gold consists of a combination of new production from mining and existing stocks of bullion and fabricated gold held by governments, public and private financial institutions, industrial organizations and private individuals.
The decrease in gold production, at Ergo, is mainly due to the reduction in average yield despite an increase in tonnage throughput.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
R 7.9B
+26.3% YoY · 13% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue R 7.9B 5-yr avg R 6.0B
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Capital build-out. Capital spending has surged to 29% of sales, today's earnings are charged less depreciation than tomorrow's will be. Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
- What moves the needle
- Gross margin has run about 27% and operating margin about 22% through the cycle, a spread the cycle sets more than the company does. The margin is cyclical, swinging between −1.0% and 37% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. The cash cycle has run negative through the cycle (a median of −16 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. Read this kind of business on the commodity price and the cost position. On its own account, the filing leans hardest on supplier & input dependence, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has run high across the record (median 22%, above 15% in 6 of 10 years). Owner earnings agree: roughly 23% of revenue reaches owners as cash, consistently, and customers and suppliers fund the business through negative working capital. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMJun 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| R 2.4B | R 2.3B | R 2.5B | R 2.8B | R 4.2B | R 5.3B | R 5.1B | R 5.5B | R 6.2B | R 7.9B | R 7.9B | RevenueRevenue |
| 8% | 1% | 6% | 8% | 30% | 36% | 27% | 29% | 29% | 40% | 40% | Gross marginGross mgn |
| R 120M | (R 25M) | R 52M | R 125M | R 938M | R 1.8B | R 1.3B | R 1.4B | R 1.6B | R 2.9B | R 2.9B | Operating incomeOp. inc. |
| 4.9% | −1.0% | 2.1% | 4.5% | 22.4% | 34.5% | 25.5% | 25.9% | 25.8% | 37.0% | 37.0% | Operating marginOp. mgn |
| R 62M | R 14M | R 7M | R 79M | R 635M | R 1.4B | R 1.1B | R 1.3B | R 1.3B | R 2.2B | R 2.2B | Net incomeNet inc. |
| 43% | — | — | 25% | 35% | 27% | 23% | 24% | 27% | 27% | 27% | Effective tax rateTax rate |
| Cash flow & returns | |||||||||||
| R 416M | R 52M | R 234M | R 288M | R 1.1B | R 1.6B | R 1.5B | R 1.7B | R 1.8B | R 3.5B | R 3.5B | Operating cash flowOp. cash |
| R 180M | R 180M | R 168M | R 169M | R 271M | R 253M | R 268M | R 218M | R 270M | R 459M | R 459M | DepreciationDeprec. |
| R 174M | (R 142M) | R 59M | R 41M | R 223M | (R 119M) | R 106M | R 157M | R 246M | R 809M | R 809M | Working capital & otherWC & other |
| R 100M | R 111M | R 126M | R 347M | R 181M | R 396M | R 584M | R 1.1B | R 3.0B | R 2.3B | R 2.3B | CapexCapex |
| 4.1% | 4.7% | 5.1% | 12.6% | 4.3% | 7.5% | 11.4% | 20.8% | 47.9% | 28.6% | 28.6% | Capex / revenueCapex/rev |
| R 316M | (R 59M) | R 108M | R 119M | R 948M | R 1.3B | R 1.2B | R 1.4B | R 1.6B | R 3.1B | R 3.1B | Owner earningsOwner earn. |
| 13.0% | −2.5% | 4.3% | 4.3% | 22.6% | 25.1% | 24.0% | 26.2% | 25.2% | 38.7% | 38.7% | Owner earnings marginOE mgn |
| R 316M | (R 59M) | R 108M | (R 59M) | R 948M | R 1.2B | R 914M | R 510M | (R 1.1B) | R 1.3B | R 1.3B | Free cash flowFCF |
| 13.0% | −2.5% | 4.3% | −2.1% | 22.6% | 22.4% | 17.9% | 9.3% | −18.3% | 15.9% | 15.9% | Free cash flow marginFCF mgn |
| R 253M | R 51M | R 42M | R 0 | R 565M | R 641M | R 513M | R 515M | R 732M | R 431M | R 431M | Dividends paidDiv. paid |
| — | — | R 0 | R 300K | R 0 | R 0 | — | — | — | — | — | BuybacksBuybacks |
| 7% | -2% | 3% | 4% | 26% | 50% | 35% | 28% | 19% | 28% | 28% | ROICROIC |
| 5% | 1% | 1% | 3% | 16% | 30% | 21% | 20% | 19% | 25% | 25% | Return on equityROE |
| −14% | −3% | −3% | 3% | 2% | 17% | 11% | 12% | 9% | 20% | 20% | Retained to equityRetained/eq |
| Balance sheet | |||||||||||
| R 352M | R 254M | R 302M | R 280M | R 1.7B | R 2.2B | R 2.5B | R 2.5B | R 522M | R 1.3B | R 1.3B | Cash & investmentsCash+inv |
| — | R 35M | R 600K | R 0 | R 23M | R 57M | R 0 | — | — | — | R 0 | ReceivablesReceiv. |
| — | R 180M | R 233M | R 305M | R 323M | R 340M | R 389M | R 414M | R 460M | R 523M | R 523M | InventoryInvent. |
| — | R 252M | R 303M | R 419M | R 479M | R 510M | R 598M | R 701M | R 917M | R 954M | R 954M | Accounts payablePayables |
| — | (R 37M) | (R 70M) | (R 115M) | (R 132M) | (R 113M) | (R 209M) | (R 287M) | (R 457M) | (R 432M) | (R 432M) | Operating working capitalOper. WC |
| — | R 548M | R 626M | R 656M | R 2.2B | R 2.7B | R 3.1B | R 3.2B | R 1.5B | R 2.3B | R 2.3B | Current assetsCur. assets |
| — | R 257M | R 321M | R 458M | R 746M | R 532M | R 626M | R 719M | R 954M | R 1.0B | R 1.0B | Current liabilitiesCur. liab. |
| — | 2.1× | 2.0× | 1.4× | 2.9× | 5.0× | 4.9× | 4.5× | 1.6× | 2.3× | 2.3× | Current ratioCurr. ratio |
| — | R 2.3B | R 2.4B | R 4.1B | R 5.7B | R 6.3B | R 7.1B | R 8.2B | R 9.5B | R 12.2B | R 12.2B | Total assetsAssets |
| (R 352M) | (R 254M) | (R 302M) | (R 280M) | (R 1.7B) | (R 2.2B) | (R 2.5B) | (R 2.5B) | (R 522M) | (R 1.3B) | (R 1.3B) | Net debt / (cash)Net debt |
| 2.5× | -0.5× | 0.9× | 1.6× | 13.6× | 26.1× | 17.5× | 20.1× | 21.1× | 39.7× | 39.7× | Interest coverageInt. cov. |
| R 1.3B | R 1.3B | R 1.3B | R 2.7B | R 4.0B | R 4.8B | R 5.4B | R 6.3B | R 6.9B | R 8.9B | R 8.9B | Shareholders’ equityEquity |
| Per share | |||||||||||
| 422M | 422M | 422M | 665M | 770M | 855M | 857M | 860M | 861M | 862M | 862M | Shares out (diluted)Shares |
| R 5.76 | R 5.54 | R 5.90 | R 4.16 | R 5.44 | R 6.16 | R 5.97 | R 6.39 | R 7.25 | R 9.14 | R 9.14 | Revenue / shareRev/sh |
| R 0.15 | R 0.03 | R 0.02 | R 0.12 | R 0.82 | R 1.68 | R 1.31 | R 1.49 | R 1.54 | R 2.60 | R 2.60 | EPS (diluted)EPS |
| R 0.75 | R -0.14 | R 0.26 | R 0.18 | R 1.23 | R 1.54 | R 1.44 | R 1.67 | R 1.83 | R 3.54 | R 3.54 | Owner earnings / shareOE/sh |
| R 0.75 | R -0.14 | R 0.26 | R -0.09 | R 1.23 | R 1.38 | R 1.07 | R 0.59 | R -1.32 | R 1.46 | R 1.46 | Free cash flow / shareFCF/sh |
| R 0.60 | R 0.12 | R 0.10 | R 0.00 | R 0.73 | R 0.75 | R 0.60 | R 0.60 | R 0.85 | R 0.50 | R 0.50 | Dividends / shareDiv/sh |
| R 0.24 | R 0.26 | R 0.30 | R 0.52 | R 0.24 | R 0.46 | R 0.68 | R 1.33 | R 3.47 | R 2.62 | R 2.62 | Cap. spending / shareCapex/sh |
| R 3.17 | R 3.09 | R 3.00 | R 4.05 | R 5.25 | R 5.64 | R 6.35 | R 7.30 | R 8.00 | R 10.30 | R 10.30 | Book value / shareBVPS |
The diluted share count moved ×1.57 into 2019 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | +5.3%/yr | +10.9%/yr |
| Owner earnings / share | +18.8%/yr | +23.5%/yr |
| EPS | +37.6%/yr | +25.8%/yr |
| Dividends / share | −2.0%/yr | −7.4%/yr |
| Capital spending / share | +30.6%/yr | +61.9%/yr |
| Book value / share | +14.0%/yr | +14.4%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
ROIC
28%low FY2017
Gross margin
40%low FY2017
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
R 3.1Bowner earningsvs.R 2.2Bnet incomelow FY2017
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2016FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business earned R 3.1B of owner earnings, the operating cash left after the R 459M it takes just to hold its position. It put R 1.8B more into growth; free cash flow, after that spending, was R 1.3B.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | R 2.2B | R 1.3B | R 1.3B | R 1.1B | R 1.4B |
| Depreciation & amortizationnon-cash charge added back | +R 459M | +R 270M | +R 218M | +R 268M | +R 253M |
| Working capital & othertiming of cash in and out, other non-cash items | +R 809M | +R 246M | +R 157M | +R 106M | −R 119M |
| Cash from operations | R 3.5B | R 1.8B | R 1.7B | R 1.5B | R 1.6B |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −R 459M | −R 270M | −R 218M | −R 268M | −R 253M |
| Owner earnings | R 3.1B | R 1.6B | R 1.4B | R 1.2B | R 1.3B |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −R 1.8B | −R 2.7B | −R 928M | −R 317M | −R 143M |
| Free cash flow | R 1.3B | (R 1.1B) | R 510M | R 914M | R 1.2B |
| Owner-earnings marginowner earnings ÷ revenue | 39% | 25% | 26% | 24% | 25% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about R 459M, roughly its depreciation, the rate its assets wear out). The other R 1.8B of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? 39.7×ComfortableOperating income R 2.9B ÷ interest expense R 73M
What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
- Net cash, debt-freeCash R 1.3B − debt R 0
What this means
Cash and short-term investments exceed every dollar of debt by R 1.3B, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Negative, funded by othersDSO 0 + DIO 40 − DPO 73 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money.
Is it a good business?
- Not enough dataIndustry peers: median 4%
What this means
The filing data didn't include the inputs for this check.
- High through the cycle10-yr median margin, range -3%–39%; latest R 3.1B = operating cash R 3.5B − maintenance capex R 459MIndustry peers: median 9%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 39% of revenue this year, a 23% median across 10 years. It chose to put R 1.8B more into growth, so free cash flow this year was R 1.3B — the gap is investment, not weakness.
- Cash-backedCash from ops R 3.5B ÷ net income R 2.2B
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Reinvests most of itDividends + buybacks R 431M ÷ Owner Earnings R 3.1B
What this means
Of R 3.1B Owner Earnings, R 431M (14%) went back to shareholders, R 431M dividends, R 0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
- Investing or harvesting? 4.91×ExpandingCapex R 2.3B ÷ depreciation R 459M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 3 of 4 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size —Revenue ≥ $2B (a dollar floor) · R 7.9B
What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
- Strong liquidity PassCurrent ratio ≥ 2× · 2.28×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Earnings stability PassA profit every year (10-yr record) · no losses
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record NearUninterrupted dividends · 9 of 10 yrs
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth PassEarnings +33% over the record · +5811%
What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are R 1.87/share (latest year R 2.59), the averaged base the calculator's gate runs on, and book value is R 10.27/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2016–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 10 of 10
What this means
Never lost money over the record, the earnings stability Graham insisted on.
- Operating margin 2% → 30% (3-yr avg ends)
What this means
Through the cycle the operating margin widened — about 2% early to 30% lately, median 22% — pricing power intact or improving.
- Owner earnings growth +38%/yr
What this means
Owner earnings grew about 38% a year over the record.
- Worst year 2017 · −1.0% op. margin
What this means
Operations went underwater in 2017, understand why before trusting the good years.
- Dividend record rising
What this means
Paid and raised the dividend across the record, the continuity Graham prized.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing A competitive risk, new this year
Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.
“The use of artificial intelligence may not meet the existing and rapidly evolving regulatory standards and could introduce security risks that may expose confidential data, lead to the loss of competitive information and result in operational failures.”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Jun 30, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsR 2.3B
- Cash & short-term investmentsR 1.3B
- InventoryR 523M
- Other current assetsR 455M
Current liabilitiesR 1.0B
- Accounts payableR 954M
- Other current liabilitiesR 47M
Current ratio2.28×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.76×stricter: inventory excluded
Cash ratio1.30×strictest: cash alone against what's due
Working capitalR 1.3Bthe cushion left after near-term bills
Deeper floors
Tangible book valueR 8.9Bequity stripped of goodwill & intangibles
Net current asset value(R 1.1B)Graham's net-net: current assets less all liabilities
Debt incl. operating leasesR 17MR 17M of it operating leases
From the company's latest filing.
Debt maturity
the debt note, SEC EDGAR →Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.
Bars scaled to the largest single year.
Due in the next 12 monthsR 9Mthe first rung: what must be repaid or rolled over within the year
Within two yearsR 14Mthe near wall, the part most exposed to today’s credit conditions
Biggest single yearR 9Min 2026the lumpiest maturity, where a refinancing, if needed, is largest
Due over the next five yearsR 27Mthe maturities the filing lists for the coming five years
Against what the business has and earns
Cash & short-term investments, Jun 30, 2025R 1.3B
One year of owner earnings (FY2025)R 3.1B
Together, against R 9M due next year489.7×
Cash on hand as of Jun 30, 2025 plus a year’s owner earnings comes to R 4.4B against the R 9M due in the twelve months after the Jun 30, 2025 schedule: 490 times it.
Maturity schedule extracted from the company’s Jun 30, 2025 annual report and reconciled to the total the table states.
How the cash was used, 2016–2025
Over the record, the business generated R 12.2B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.
- ReinvestedR 8.2B · 67%
- DividendsR 3.7B · 31%
- BuybacksR 300K · 0%
- Retained (debt / cash)R 229M · 2%
- Returned to ownersR 3.7B
37% of the owner earnings the business produced over the span, R 3.7B as dividends and R 300K as buybacks.
- Average price paid for buybacks—
Buybacks ran R 300K over the span, but the filings don't tag the share count needed to deduce the average price paid.
- Net change in share count104.2%
The diluted count rose from 422M to 862M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
- Dividend recordR 0.50/sh
Paid in 9 of the years on record, the per-share dividend shrinking about 2% a year. It was cut at least once along the way.
- Return on what it retained43%
Of the earnings it kept rather than paid out (R 4.5B over the span), annual owner earnings (first three years vs last three) grew R 1.9B, so each retained R 1 added about 0.43 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Inverting the record
Invert: instead of why DRDGOLD Limited is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.
1 of the 3 tests turned up something to look into; the other 2 came back clean.
- Look hereDid the share count rise anyway?104.2%
Diluted shares grew 104.2% over 2016–2025, even as the company spent R 300K on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.
And these came back clean
- Is it less profitable than it was?
- Did reported profit become cash?
Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.
Peers, Gold & Precious Metals
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| FCXFreeport-McMoRan Inc. | $25.2B | 29% | 25.5% | 15% | 13% |
| NEMNewmont Corporation | $22.7B | — | 12.0% | 4% | 19% |
| CLFCleveland-Cliffs | $18.6B | 14% | 8.4% | 16% | 9% |
| SCCOSouthern Copper Corporation | $13.4B | 52% | 41.5% | 18% | 24% |
| DRDDRDGOLD Limited | R 7.9B | 28% | 24.0% | 22% | 23% |
| CDECoeur Mining Inc. | $2.1B | 79% | 4.3% | 2% | 2% |
| MUXMcEwen Inc. | $198M | 77% | -43.0% | -9% | -7% |
| IAUXi-80 Gold Corp. | $95M | — | -177.0% | -15% | -157% |
| Group median | — | 41% | 10.2% | 9% | 11% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American Depositary Shares, each representing ten ordinary”; DRDGOLD Limited reports in ZAR, so every figure in this tool is stated per ADS and translated at ZAR 1 = $0.061 (2026-07-17, reference rate) so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed, in ZAR.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what DRDGOLD Limited has delivered.
DRDGOLD Limited’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.
$
Through the cycle, DRDGOLD Limited earns about $112M on its 23.3% median owner-earnings margin. This year’s 38.7% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’21→’25+16%/yr
Owner-earnings growth · ’16→’25−8%/yr
Owner-earnings growth · ’16→’25+38%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Free cash flow $77M on 86M shares outstanding, per the 20-F cover, as of 2025-06-30; net cash $80M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($137M) runs well above depreciation ($28M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $186M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "DRDGOLD Limited (DRD), the owner's record," https://ownerscorecard.com/c/DRD, data as of 2026-07-09.
Manual order: ← DQ its page in the Manual DSGX →
Industry order: ← CMCL the Gold & Precious Metals chapter EGO →