Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data TRX GOLD Corp files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
15.1
38.3
41.2
57.6
Cost of revenue
5.72
20.1
23.2
33.7
Gross profit
9.38
18.2
17.9
23.9
General and administrative
3.66
7.68
9.03
Interest expense
-0.46
-1.98
0.97
Pre-tax income
23.1
12.1
-5.28
-1.89
12.4
10.3
14.5
Income tax
0.44
5.33
6.83
7.89
Net income to minority interests
-0.09
-0.68
-1.28
3.89
4.8
3.98
5.88
Net income
-23
-11.5
-4
-2.32
2.25
-0.47
0.69
EPS, basic
-0.02
0.01
0.00
0.00
EPS, diluted
-0.02
0.01
0.00
0.00
Balance sheet
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
13.4
8.48
7.63
8.33
7.77
Receivables
0.55
0.46
2.54
3.14
3.6
4.2
Inventory
0.73
1.18
3.63
4.96
6.25
13
Total current assets
5.4
15.4
15.9
17.2
17.8
25.8
Property, plant and equipment
1.74
2.48
51.6
64.1
77.8
87.5
Lease right-of-use assets
0.1
1.7
4.2
Total assets
38.1
56.5
71.8
84.2
98.9
117
Total current liabilities
10.6
7.41
17.3
17.8
21.3
24.5
Lease liabilities
0.04
0.94
1.61
Total liabilities
13.3
10.1
20.7
23.1
32.8
43
Paid-in capital
7
7
7
Retained earnings
-113
-117
-124
-121
-122
-121
Shareholders' equity
25.1
48
48.8
53.9
54.9
57.3
Minority interests
-0.25
-1.53
2.36
7.16
11.1
17
Total equity
13.8
24.9
46.4
51.2
61.1
66
74.3
Total liabilities and equity
38.1
56.5
71.8
84.2
98.9
117
Cash flow statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-23.1
-12.1
-5.28
-2.32
7.05
3.51
6.57
Cash from operations
-3.93
-6.6
-7.52
2.96
17.3
15.3
16.3
Capital expenditures
-0.02
-0.67
-1.03
-12.7
-15.9
-13.3
-12.8
Cash from investing
-2.19
-6.72
-6.62
-13.9
-17.9
-14
-14.4
Debt issued
0.22
0.22
Stock issued
0.11
Cash from financing
8.33
14.8
23.5
5.94
-0.3
-0.63
-2.48
Net change in cash
2.22
1.51
9.39
-4.97
-0.85
0.7
-0.56
Free cash flow
-3.94
-7.27
-8.55
-9.74
1.4
2.06
3.49
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.29 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
41.5%
Gross profit / revenue.
Pre-tax margin
25.1%
Pre-tax income / revenue.
Net margin
1.2%
Net income / revenue.
FCF margin
6.1%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
28.3%
Cash from operations / revenue.
Effective tax rate
54.6%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
1.2%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
0.6%
Net income / average total assets.
Capex / revenue
22.2%
Capital expenditures / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
40.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
56.3%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
33.5%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
36.7%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y
6.3%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y
76.6%
Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y
69.9%
Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
4.3%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
5.5%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
17.9%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
18.6%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
17.7%
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
25.2%
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
1.05x
Current assets / current liabilities.
Quick ratio
0.49x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.32x
(Cash + short-term investments) / current liabilities.
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
78.6%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.00
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
$0.00
Net income per basic share, as reported (split-adjusted).
Valuation
Metric
Value
How it is calculated
Market cap
$422.4M
Share price x shares outstanding.
Enterprise value
$414.7M
Market cap + total debt - cash - short-term investments.
P/E
615x
Market cap / net income. Only when net income is positive.
P/S
7.33x
Market cap / revenue.
P/B
7.38x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
7.38x
Market cap / tangible book value, when positive.
P/FCF
121x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
25.9x
Market cap / cash from operations, when positive.
EV/Sales
7.20x
Enterprise value / revenue.
EV/FCF
119x
Enterprise value / free cash flow, when both are positive.
FCF yield
0.8%
Free cash flow / market cap.
Earnings yield
0.2%
Net income / market cap (the inverse of P/E).
What was TRX GOLD Corp's revenue in fiscal 2025?
TRX GOLD Corp reported revenue of $57.6M for fiscal 2025, 40% higher than the year before.
Was TRX GOLD Corp profitable in fiscal 2025?
Yes. Net income was $687.0K, a net margin of 1.2%.
How much free cash flow did TRX GOLD Corp generate in fiscal 2025?
Cash from operations of $16.3M minus capital expenditures of $12.8M left free cash flow of $3.5M.
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.