Detailed financial statements for DRDGOLD Limited (DRD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
DRDGOLD Limited is a South African gold mining firm specializing in the retrieval of gold from surface tailings. Its comprehensive activities span the full spectrum of gold recovery, including exploration, extraction, processing, and smelting. The company's primary focus involves extracting gold from existing surface tailings within Gauteng province's Witwatersrand basin. Founded in 1895, DRDGOLD's corporate headquarters are situated in Johannesburg, South Africa.
Analysis Summary
DRDGOLD Limited reported revenue of 10.73B ZAR in the most recent fiscal year, growing at a 5-year CAGR of 15.3%. Net income reached 4.09B ZAR, with a 23.2% 5-year CAGR.
Trailing-twelve-month margins: gross margin 53.0%, operating margin 50.9%, net margin 38.1%. Free cash flow grew at 11.9% CAGR over 5 years.
At $22.63 (closing price, October 30, 2026), DRD trades at a P/E of 7.38 and an ROE of 36.20%. Market capitalisation stands at $2.0B.
Balance sheet quality for DRD: debt-to-equity ratio of 0.00, current ratio of 3.62 over the last 12 months, net cash position of 2.74B ZAR at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of 2.06B ZAR represents 50% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2.34B ZAR | 2.49B ZAR | 2.76B ZAR | 4.18B ZAR | 5.27B ZAR | 5.12B ZAR | 5.50B ZAR | 6.24B ZAR | 7.88B ZAR | 10.73B ZAR |
| Cost of Revenue | 2.31B ZAR | 2.35B ZAR | 2.55B ZAR | 2.94B ZAR | 3.39B ZAR | 3.74B ZAR | 3.91B ZAR | 4.43B ZAR | 4.75B ZAR | 5.04B ZAR |
| Gross Profit | 32.0M ZAR | 142.7M ZAR | 208.2M ZAR | 1.25B ZAR | 1.88B ZAR | 1.38B ZAR | 1.59B ZAR | 1.81B ZAR | 3.13B ZAR | 5.69B ZAR |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 69.4M ZAR | 90.7M ZAR | 90.9M ZAR | 309.9M ZAR | 64.0M ZAR | 161.2M ZAR | 172.9M ZAR | 199.3M ZAR | 213.8M ZAR | 223.8M ZAR |
| Operating Expenses | 69.4M ZAR | 90.7M ZAR | 90.9M ZAR | 309.9M ZAR | 63.9M ZAR | 69.9M ZAR | 162.5M ZAR | 197.3M ZAR | 2.21B ZAR | 223.8M ZAR |
| Operating Income | -24.5M ZAR | 52.0M ZAR | 125.2M ZAR | 937.9M ZAR | 1.82B ZAR | 1.31B ZAR | 1.42B ZAR | 1.61B ZAR | 916.7M ZAR | 5.46B ZAR |
| EBITDA | 197.4M ZAR | 241.8M ZAR | 430.5M ZAR | 1.26B ZAR | 2.05B ZAR | 1.79B ZAR | 1.91B ZAR | 1.87B ZAR | 3.38B ZAR | 5.97B ZAR |
| Interest Expense | 52.2M ZAR | 58.4M ZAR | 78.4M ZAR | 68.8M ZAR | 58.9M ZAR | 72.9M ZAR | 70.4M ZAR | 67.6M ZAR | 0 | 96.2M ZAR |
| Pre-tax Income | -36.7M ZAR | 32.4M ZAR | 105.1M ZAR | 978.9M ZAR | 1.96B ZAR | 1.46B ZAR | 1.69B ZAR | 1.82B ZAR | 3.07B ZAR | 5.66B ZAR |
| Income Tax | -50.4M ZAR | 25.9M ZAR | 26.6M ZAR | 343.9M ZAR | 523.7M ZAR | 334.3M ZAR | 405.0M ZAR | 488.2M ZAR | 824.4M ZAR | 1.56B ZAR |
| Net Income | 13.7M ZAR | 6.5M ZAR | 78.5M ZAR | 635.0M ZAR | 1.44B ZAR | 1.12B ZAR | 1.28B ZAR | 1.33B ZAR | 2.24B ZAR | 4.09B ZAR |
| EPS | 3.20 ZAR | 1.50 ZAR | 11.50 ZAR | 81.00 ZAR | 16.70 ZAR | 13.10 ZAR | 14.90 ZAR | 15.40 ZAR | 26.00 ZAR | 473.10 ZAR |
| EPS (Diluted) | 3.20 ZAR | 1.50 ZAR | 11.50 ZAR | 81.00 ZAR | 16.70 ZAR | 13.10 ZAR | 14.80 ZAR | 15.40 ZAR | 25.90 ZAR | 469.90 ZAR |
| Shares Outstanding (Diluted) | 4.2 M | 4.2 M | 6.8 M | 7.8 M | 8.6 M | 8.6 M | 8.6 M | 8.7 M | 8.7 M | 8.7 M |
Income Statement (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 3.80B ZAR | 4.08B ZAR | 4.81B ZAR | 6.05B ZAR |
| Gross Profit | 1.28B ZAR | 1.82B ZAR | 2.32B ZAR | 3.45B ZAR |
| Operating Income | 1.18B ZAR | -295.9M ZAR | 2.20B ZAR | 3.34B ZAR |
| EBITDA | 1.58B ZAR | 1.92B ZAR | 2.46B ZAR | 3.60B ZAR |
| Net Income | 970.1M ZAR | 1.27B ZAR | 1.84B ZAR | 2.31B ZAR |
| EPS | 112.10 ZAR | 14.80 ZAR | 211.90 ZAR | 266.70 ZAR |
| EPS (Diluted) | 112.10 ZAR | 14.70 ZAR | 211.90 ZAR | 265.00 ZAR |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 253.7M ZAR | 302.1M ZAR | 279.5M ZAR | 1.72B ZAR | 2.18B ZAR | 2.51B ZAR | 2.46B ZAR | 521.5M ZAR | 1.31B ZAR | 2.75B ZAR |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 111.3M ZAR | 79.0M ZAR | 66.5M ZAR | 126.2M ZAR | 135.3M ZAR | 142.9M ZAR | 130.1M ZAR | 353.0M ZAR | 329.6M ZAR | 462.1M ZAR |
| Inventory | 180.3M ZAR | 233.0M ZAR | 304.6M ZAR | 323.4M ZAR | 340.0M ZAR | 389.3M ZAR | 413.6M ZAR | 460.0M ZAR | 522.6M ZAR | 575.5M ZAR |
| Total Current Assets | 548.3M ZAR | 626.3M ZAR | 656.1M ZAR | 2.19B ZAR | 2.67B ZAR | 3.08B ZAR | 3.21B ZAR | 1.49B ZAR | 2.28B ZAR | 3.79B ZAR |
| Property, Plant & Equipment | 1.50B ZAR | 1.45B ZAR | 2.78B ZAR | 2.62B ZAR | 2.81B ZAR | 3.08B ZAR | 3.91B ZAR | 6.79B ZAR | 8.54B ZAR | 11.82B ZAR |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 66.5M ZAR | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 2.29B ZAR | 2.36B ZAR | 4.06B ZAR | 5.68B ZAR | 6.35B ZAR | 7.08B ZAR | 8.15B ZAR | 9.45B ZAR | 12.25B ZAR | 17.30B ZAR |
| Accounts Payable | 135.6M ZAR | 227.0M ZAR | 324.4M ZAR | 348.0M ZAR | 352.9M ZAR | 429.1M ZAR | 525.1M ZAR | 917.4M ZAR | 954.4M ZAR | 1.00B ZAR |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.1M ZAR |
| Total Current Liabilities | 256.9M ZAR | 320.6M ZAR | 458.2M ZAR | 745.9M ZAR | 531.5M ZAR | 625.5M ZAR | 718.7M ZAR | 953.5M ZAR | 1.00B ZAR | 1.05B ZAR |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 985.0M ZAR | 1.09B ZAR | 1.37B ZAR | 1.64B ZAR | 1.53B ZAR | 1.64B ZAR | 1.88B ZAR | 2.56B ZAR | 3.36B ZAR | 4.66B ZAR |
| Retained Earnings | -2.88B ZAR | -2.91B ZAR | -2.84B ZAR | -2.12B ZAR | -1.34B ZAR | -733.4M ZAR | 86.2M ZAR | 697.2M ZAR | 0 | 0 |
| Total Equity | 1.30B ZAR | 1.27B ZAR | 2.69B ZAR | 4.04B ZAR | 4.82B ZAR | 5.44B ZAR | 6.27B ZAR | 6.89B ZAR | 8.88B ZAR | 12.65B ZAR |
| Total Debt | 16.8M ZAR | 14.7M ZAR | 11.0M ZAR | 47.1M ZAR | 54.8M ZAR | 52.3M ZAR | 39.7M ZAR | 29.2M ZAR | 17.4M ZAR | 11.3M ZAR |
| Net Debt | -236.9M ZAR | -287.4M ZAR | -268.5M ZAR | -1.67B ZAR | -2.13B ZAR | -2.46B ZAR | -2.42B ZAR | -492.3M ZAR | -1.29B ZAR | -2.74B ZAR |
| Working Capital | 291.4M ZAR | 305.7M ZAR | 197.9M ZAR | 1.44B ZAR | 2.14B ZAR | 2.45B ZAR | 2.50B ZAR | 540.1M ZAR | 1.28B ZAR | 2.74B ZAR |
Balance Sheet (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 661.2M ZAR | 1.31B ZAR | 1.73B ZAR | 2.75B ZAR |
| Total Assets | 10.32B ZAR | 12.25B ZAR | 14.63B ZAR | 17.30B ZAR |
| Total Liabilities | 2.64B ZAR | 3.36B ZAR | 3.88B ZAR | 4.66B ZAR |
| Total Equity | 7.68B ZAR | 8.88B ZAR | 10.75B ZAR | 12.65B ZAR |
| Total Debt | 22.2M ZAR | 17.4M ZAR | 21.5M ZAR | 11.3M ZAR |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -36.7M ZAR | 32.4M ZAR | 105.1M ZAR | 978.9M ZAR | 1.44B ZAR | 1.12B ZAR | 1.28B ZAR | 1.33B ZAR | 2.24B ZAR | 4.09B ZAR |
| Depreciation & Amortization | 228.4M ZAR | 205.4M ZAR | 240.4M ZAR | 270.8M ZAR | 282.5M ZAR | 326.2M ZAR | 217.5M ZAR | 317.2M ZAR | 459.2M ZAR | 508.0M ZAR |
| Stock-based Compensation | 10.0M ZAR | 17.2M ZAR | 21.4M ZAR | 224.1M ZAR | -28.3M ZAR | 18.4M ZAR | 22.0M ZAR | 26.4M ZAR | 30.1M ZAR | 0 |
| Change in Working Capital | -117.8M ZAR | 14.6M ZAR | 73.8M ZAR | -92.0M ZAR | -194.9M ZAR | 78.1M ZAR | 56.8M ZAR | -111.0M ZAR | 55.5M ZAR | -211.4M ZAR |
| Operating Cash Flow | 51.6M ZAR | 233.8M ZAR | 288.3M ZAR | 1.13B ZAR | 1.57B ZAR | 1.50B ZAR | 1.66B ZAR | 1.85B ZAR | 3.51B ZAR | 5.46B ZAR |
| Capital Expenditure | -110.6M ZAR | -125.9M ZAR | -347.4M ZAR | -181.1M ZAR | -395.7M ZAR | -584.1M ZAR | -1.15B ZAR | -2.99B ZAR | -2.25B ZAR | -3.40B ZAR |
| Acquisitions | 20.5M ZAR | 7.0M ZAR | 5.8M ZAR | 700,000 ZAR | 100,000 ZAR | 12.2M ZAR | 900,000 ZAR | 300,000 ZAR | 0 | 141.9M ZAR |
| Stock Repurchased | 0 | 0 | -300,000 ZAR | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -50.6M ZAR | -42.2M ZAR | 0 | -564.5M ZAR | -640.9M ZAR | -513.3M ZAR | -515.3M ZAR | -731.7M ZAR | -431.0M ZAR | -749.5M ZAR |
| Free Cash Flow | -59.0M ZAR | 107.9M ZAR | -59.1M ZAR | 947.8M ZAR | 1.18B ZAR | 913.7M ZAR | 510.4M ZAR | -1.14B ZAR | 1.26B ZAR | 2.06B ZAR |
Cash Flow (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 1.28B ZAR | 2.23B ZAR | 2.20B ZAR | 3.46B ZAR |
| Capital Expenditure | -947.6M ZAR | -1.31B ZAR | -1.57B ZAR | -1.95B ZAR |
| Free Cash Flow | 335.4M ZAR | 920.8M ZAR | 626.6M ZAR | 1.51B ZAR |
| Dividends Paid | -172.3M ZAR | -258.7M ZAR | -329.3M ZAR | -448.6M ZAR |
| Stock-based Compensation | 0 | 16.1M ZAR | 0 | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.4% | +10.9% | +51.5% | +25.9% | -2.9% | +7.4% | +13.5% | +26.3% | +36.2% | |
| Net Income Growth (YoY) | -52.6% | +1,107.7% | +708.9% | +126.8% | -22.0% | +14.0% | +3.7% | +68.8% | +82.5% | |
| EPS Growth (YoY) | -53.1% | +666.7% | +604.3% | -79.4% | -21.6% | +13.7% | +3.4% | +68.8% | +1,719.6% | |
| Shares Change (YoY) | +0.0% | +61.1% | +15.3% | +9.9% | -0.0% | +0.5% | +0.1% | +0.1% | +0.4% | |
| FCF Growth (YoY) | +282.9% | -154.8% | +1,703.7% | +24.3% | -22.4% | -44.1% | -323.5% | +210.1% | +64.1% | |
| Gross Margin | 1.4% | 5.7% | 7.5% | 29.8% | 35.7% | 26.9% | 28.8% | 29.0% | 39.7% | 53.0% |
| Operating Margin | -1.0% | 2.1% | 4.5% | 22.4% | 34.5% | 25.5% | 25.9% | 25.8% | 11.6% | 50.9% |
| EBITDA Margin | 8.4% | 9.7% | 15.6% | 30.1% | 39.0% | 35.0% | 34.7% | 30.0% | 42.9% | 55.6% |
| Net Margin | 0.6% | 0.3% | 2.8% | 15.2% | 27.3% | 22.0% | 23.3% | 21.3% | 28.5% | 38.1% |
| FCF Margin | -2.5% | 4.3% | -2.1% | 22.6% | 22.4% | 17.9% | 9.3% | -18.3% | 15.9% | 19.2% |
| Effective Tax Rate | 137.3% | 79.9% | 25.3% | 35.1% | 26.7% | 22.9% | 24.0% | 26.9% | 26.9% | 27.7% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | -13.98 ZAR | 25.56 ZAR | -8.69 ZAR | 120.94 ZAR | 136.78 ZAR | 106.13 ZAR | 59.01 ZAR | -131.74 ZAR | 145.00 ZAR | 237.03 ZAR |
| Dividends Per Share | 11.99 ZAR | 10.00 ZAR | 0.00 ZAR | 72.03 ZAR | 74.43 ZAR | 59.62 ZAR | 59.57 ZAR | 84.52 ZAR | 49.75 ZAR | 86.17 ZAR |
| Shares Outstanding (Basic) | 4.2 M | 4.2 M | 6.8 M | 7.8 M | 8.6 M | 8.6 M | 8.6 M | 8.7 M | 8.7 M | 8.6 M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | 36.20% |
| Return on Invested Capital | 25.07% |
| Return on Assets | 24.40% |
| Gross Margin | 53.00% |
| Operating Margin | 50.91% |
| Net Margin | 38.14% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 3.62 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 2.24 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 12.85 | 23.24 | 3.56 | 3.38 | 9.28 | 7.29 | 13.41 | 10.14 | 9.06 | 0.74 |
| P/B | 0.13 | 0.12 | 0.10 | 0.53 | 0.28 | 0.15 | 0.28 | 0.20 | 0.23 | 0.24 |
| P/S | 0.07 | 0.06 | 0.10 | 0.51 | 0.25 | 0.16 | 0.31 | 0.22 | 0.26 | 0.28 |
| Gross Margin | 1.4% | 5.7% | 7.5% | 29.8% | 35.7% | 26.9% | 28.8% | 29.0% | 39.7% | 53.0% |
| Operating Margin | -1.0% | 2.1% | 4.5% | 22.4% | 34.5% | 25.5% | 25.9% | 25.8% | 11.6% | 50.9% |
| Net Margin | 0.6% | 0.3% | 2.8% | 15.2% | 27.3% | 22.0% | 23.3% | 21.3% | 28.5% | 38.1% |
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Explore sector: Basic Materials · Gold
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