DRDGOLD LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DRDGOLD LTD files with the SEC in its annual reports.

In ZAR millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,433	2,340	2,490	2,762	4,185	5,269	5,119	5,496	6,240	7,878
Cost of revenue	2,237	2,308	2,348	2,554	2,938	3,388	3,742	3,911	4,430	4,748
Gross profit	196	32	143	208	1,247	1,881	1,377	1,585	1,810	3,131
Operating income	120	-24.5	52	125	938	1,817	1,307	1,423	1,613	2,917
Interest expense	47.6	52.2	58.4	78.4	68.8	69.5	74.8	70.7	76.4	73.4
Interest income	36.8	40	38.8	58.3	110	216	226	334	281	224
Pre-tax income	109	-36.7	32.4	105	979	1,964	1,458	1,686	1,817	3,067
Income tax	46.9	-50.4	25.9	26.6	344	524	334	405	488	824
Net income to minority interests										-1
Net income	61.9	13.7	6.5	78.5	635	1,440	1,124	1,281	1,329	2,243
EPS, basic	0.15	0.03	0.02	0.12	0.83	1.68	1.31	1.49	1.54	2.60
EPS, diluted	0.15	0.03	0.02	0.12	0.81	1.67	1.31	1.48	1.54	2.59

Balance sheet

	FY2016	FY2018	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	352	254	302	280	1,715	2,180	2,526	2,471	522	1,306
Inventory		180	233	305	323	340	389	414	460	523
Total current assets		548	626	656	2,190	2,673	3,077	3,214	1,494	2,284
Property, plant and equipment		1,498	1,453	2,775	2,621	2,810	3,084	3,910	6,795
Lease right-of-use assets					44.9	49.1	47.7	34.8	25.7
Total assets		2,287	2,360	4,060	5,675	6,348	7,078	8,155	9,450	12,246
Accounts payable		252	303	419	479	510	598	701	917	954
Total current liabilities		257	321	458	746	532	626	719	954	1,001
Lease liabilities				0	37	37.9	32.8	28.4	22.3	10
Total liabilities		985	1,093	1,371	1,635	1,528	1,638	1,880	2,561	3,363
Retained earnings				-2,838	-2,118	-1,338	-733	86.2	697	2,686
Total equity	1,340	1,302	1,267	2,689	4,040	4,820	5,440	6,274	6,889	8,883
Total liabilities and equity		2,287	2,360	4,060	5,675	6,348	7,078	8,155	9,450	12,246

Cash flow statement

	FY2016	FY2018	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	61.9	13.7	6.5	78.5	635	1,440	1,124	1,281	1,329	2,243
Cash from operations	416	51.6	234	288	1,129	1,573	1,498	1,656	1,845	3,511
Capital expenditures	-99.8	-111	-126	-347	-181	-396	-584	-1,145	-2,986	-2,255
Cash from investing	-107	-96.7	-140	-303	-203	-447	-626	-1,187	-3,043	-2,283
Debt issued			0	192	0	0
Debt repaid	-22.5	0	0	-192	0	0
Stock issued	2.8	0	0
Share buybacks			0	-0.3	0	0
Dividends paid	-253	-50.6	-42.2	0	-565	-641	-513	-515	-732	-431
Cash from financing	-281	-53	-45	-7.9	509	-654	-533	-532	-751	-443
Exchange rate effect	-0.2	0	0	0	0	-8.4	7	8.9	-1.8	0
Net change in cash	27.6	-98.1	48.4	-22.6	1,436	473	339	-63.1	-1,948	785
Free cash flow	316	-59	108	-59.1	948	1,178	914	510	-1,141	1,256
Income taxes paid	-0.4	-10	7.5	1.2	240	452	263	315	72.5	-25.7

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	39.7%	Gross profit / revenue.
Operating margin	37.0%	Operating income / revenue.
Pre-tax margin	38.9%	Pre-tax income / revenue.
Net margin	28.5%	Net income / revenue.
FCF margin	15.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	44.6%	Cash from operations / revenue.
Effective tax rate	26.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	20.7%	Net income / average total assets.
Capex / revenue	28.6%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	26.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	73.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	31.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	20.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	80.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	30.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	25.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	68.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	25.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	28.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	68.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	25.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	26.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	90.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	32.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	25.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	11.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	5.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	29.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	20.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	16.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.28x	Current assets / current liabilities.
Quick ratio	1.30x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.30x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	27.5%	Total liabilities / total assets.
Interest coverage	39.7x	Operating income / interest expense.
Working capital	ZAR 1.28B	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.73x	Revenue / average total assets.
Inventory turnover	9.66x	Cost of revenue / average inventory.
Days inventory	38 days	365 x average inventory / cost of revenue.
Days payables	72 days	365 x average accounts payable / cost of revenue.
FCF conversion	56.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	64.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	ZAR 2.59	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	ZAR 2.60	Net income per basic share, as reported (split-adjusted).
Payout ratio	19.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	34.3%	Dividends paid / free cash flow, when free cash flow is positive.

What was DRDGOLD LTD's revenue in fiscal 2025?

DRDGOLD LTD reported revenue of ZAR 7.88B for fiscal 2025, 26.3% higher than the year before.

Was DRDGOLD LTD profitable in fiscal 2025?

Yes. Net income was ZAR 2.24B, a net margin of 28.5%.

How much free cash flow did DRDGOLD LTD generate in fiscal 2025?

Cash from operations of ZAR 3.51B minus capital expenditures of ZAR 2.25B left free cash flow of ZAR 1.26B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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