Share count
232Mpeak FY2021
← All companies ← TRVG Manual TS → ← TGB Gold & Precious Metals URG →
TRX, TRX Gold Corporation
Gold & Precious Metals capital-intensive
A metals and mining business, a price-taker on a global commodity.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$70M
+70.6% YoY · 67% 3-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $70M 5-yr avg $38M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- The commodity price and the cost position. What decides it: the price of the metal, which is out of its hands; where the operation sits on the cost curve; and the discipline not to overbuild at the top. On its own account, the filing leans hardest on debt terms & refinancing, set against the numbers in what the filing emphasizes, below.
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, 2022–2025
realized figures from each filing · older years to the left| 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMNov 2025 | |
|---|---|---|---|---|---|
| Income statement | |||||
| $15M | $38M | $41M | $58M | $70M | RevenueRevenue |
| 62% | 47% | 44% | 42% | 47% | Gross marginGross mgn |
| — | — | — | $10M | $13M | Operating incomeOp. inc. |
| — | — | — | 16.6% | 18.3% | Operating marginOp. mgn |
| ($2M) | $2M | ($470K) | $687K | $687K | Net incomeNet inc. |
| Cash flow & returns | |||||
| $3M | $17M | $15M | $16M | $18M | Operating cash flowOp. cash |
| $122K | $1M | $2M | $4M | $4M | DepreciationDeprec. |
| $5M | $14M | $14M | $12M | $13M | Working capital & otherWC & other |
| $13M | $16M | $13M | $13M | $13M | CapexCapex |
| 84.1% | 41.6% | 32.2% | 22.2% | 18.7% | Capex / revenueCapex/rev |
| $3M | $16M | $13M | $12M | $14M | Owner earningsOwner earn. |
| 18.8% | 41.7% | 31.7% | 21.6% | 19.8% | Owner earnings marginOE mgn |
| ($10M) | $1M | $2M | $3M | $5M | Free cash flowFCF |
| −64.5% | 3.7% | 5.0% | 6.1% | 6.9% | Free cash flow marginFCF mgn |
| — | — | — | 10% | 14% | ROICROIC |
| -5% | 4% | -1% | 1% | 1% | Return on equityROE |
| −5% | 4% | −1% | 1% | 1% | Retained to equityRetained/eq |
| Balance sheet | |||||
| $8M | $8M | $8M | $8M | $9M | Cash & investmentsCash+inv |
| $3M | $3M | $4M | $4M | $8M | ReceivablesReceiv. |
| $4M | $5M | $6M | $13M | $17M | InventoryInvent. |
| $6M | $8M | $10M | $17M | $25M | Operating working capitalOper. WC |
| $16M | $17M | $18M | $26M | $36M | Current assetsCur. assets |
| $17M | $18M | $21M | $25M | $33M | Current liabilitiesCur. liab. |
| 0.9× | 1.0× | 0.8× | 1.1× | 1.1× | Current ratioCurr. ratio |
| $72M | $84M | $99M | $117M | $130M | Total assetsAssets |
| ($8M) | ($8M) | ($8M) | ($8M) | ($9M) | Net debt / (cash)Net debt |
| — | — | — | 9.9× | 13.3× | Interest coverageInt. cov. |
| $49M | $54M | $55M | $57M | $54M | Shareholders’ equityEquity |
The record, charted
FY2019–2025Each measure over its full record; the current point and the worst year marked.
Gross margin
42%low FY2025
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$12Mowner earningsvs.$687Knet incomelow FY2021
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2022FY2025
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 $12M of owner earnings, the operating cash left after the $4M it takes just to hold its position. It put $9M more into growth; free cash flow, after that spending, was $3M.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | $687K | ($470K) | $2M | ($2M) | ($4M) |
| Depreciation & amortizationnon-cash charge added back | +$4M | +$2M | +$1M | +$122K | +$286K |
| Working capital & othertiming of cash in and out, other non-cash items | +$12M | +$14M | +$14M | +$5M | −$4M |
| Cash from operations | $16M | $15M | $17M | $3M | ($8M) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$4M | −$2M | −$1M | −$122K | −$286K |
| Owner earnings | $12M | $13M | $16M | $3M | ($8M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$9M | −$11M | −$15M | −$13M | −$744K |
| Free cash flow | $3M | $2M | $1M | ($10M) | ($9M) |
| Owner-earnings marginowner earnings ÷ revenue | 22% | 32% | 42% | 19% | — |
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 $4M, roughly its depreciation, the rate its assets wear out). The other $9M 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 40-F · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? 13.3×ComfortableOperating income $13M ÷ interest expense $968K
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 $9M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $9M, 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.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Not enough dataIndustry peers: median -12%
What this means
The filing data didn't include the inputs for this check.
- High through the cycle4-yr median margin, range 19%–42%; latest $14M = operating cash $18M − maintenance capex $4MIndustry peers: median -105%
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 20% of revenue this year, a 22% median across 4 years. It chose to put $9M more into growth, so free cash flow this year was $5M — the gap is investment, not weakness.
- Are earnings backed by cash? 26.08×Cash-backedCash from ops $18M ÷ net income $687K
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?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 3.24×ExpandingCapex $13M ÷ depreciation $4M
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 · 0 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 MissRevenue ≥ $2B · $70M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity MissCurrent ratio ≥ 2× · 1.09×
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 MissA profit every year (7-yr record) · 5 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · none paid
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 —Earnings +33% over the record · —
What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
- 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 $0.00/share (latest year $0.00), the averaged base the calculator's gate runs on, and book value is $0.19/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, 2022–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 2 of 4
What this means
Lost money in 2 year(s), look at what happened there before trusting the average.
- Owner earnings growth +11%/yr
What this means
Owner earnings grew about 11% a year over the record.
- Worst year 2025 · 16.6% op. margin
What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
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.
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.
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, Nov 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 assets$36M
- Cash & short-term investments$9M
- Receivables$8M
- Inventory$17M
- Other current assets$2M
Current liabilities$33M
- Other current liabilities$33M
Current ratio1.09×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.56×stricter: inventory excluded
Cash ratio0.28×strictest: cash alone against what's due
Working capital$3Mthe cushion left after near-term bills
Deeper floors
Tangible book value$54Mequity stripped of goodwill & intangibles
Net current asset value($19M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$3M$3M of it operating leases
From the company's latest filing.
How the cash was used, 2019–2025
Over the record, the business generated $34M of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.
- Reinvested$56M · 167%
- Source of funding−$23M
Reinvestment and shareholder returns ran $23M beyond the operating cash the business generated, so the gap was financed off the balance sheet.
- Net change in share count87.4%
The diluted count rose from 136M to 255M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
- Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
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.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Income taxes, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
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 |
|---|---|---|---|---|---|
| MPMP Materials | $224M | — | -10.4% | -4% | -3% |
| MUXMcEwen Inc. | $198M | 77% | -43.0% | -9% | -7% |
| IAUXi-80 Gold Corp. | $95M | — | -177.0% | -15% | -157% |
| TRXTRX Gold Corporation | $70M | 46% | 18.3% | 14% | 27% |
| UECUranium Energy Corp. | $67M | 31% | -103.9% | -12% | -168% |
| EUenCore Energy Corp. | $43M | 17% | -168.1% | -16% | -106% |
| IDRIdaho Strategic Resources Inc. | $42M | 6% | -2.6% | -9% | -8% |
| URGUr Energy Inc Common Shares (Canada) | $27M | -9% | -167.4% | -32% | -105% |
| Group median | — | 24% | -73.4% | -11% | -56% |
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. TRX Gold Corporation's US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what TRX Gold Corporation has delivered.
$
Through the cycle, TRX Gold Corporation earns about $18M on its 25.7% median owner-earnings margin. This year’s 19.8% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.
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 · since FY2023+58%/yr
Owner-earnings growth · ’22→’25+11%/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 $5M on 285M shares outstanding (a weighted cover-text, the only count this filer tags); net cash $9M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($13M) runs well above depreciation ($4M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $14M, 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, "TRX Gold Corporation (TRX), the owner's record," https://ownerscorecard.com/c/TRX, data as of 2026-07-09.
Manual order: ← TRVG its page in the Manual TS →
Industry order: ← TGB the Gold & Precious Metals chapter URG →