Detailed financial statements for Namib Minerals (NAMM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Namib Minerals is a gold producer, developer and explorer with operations focused in Zimbabwe. The company was founded on June 5, 2025 and is headquartered in George Town, Cayman Islands.
Analysis Summary
Trailing-twelve-month margins: gross margin 50.2%, operating margin 136.5%, net margin 125.4%.
At the current price of $1.27, NAMM trades at a P/E of 0.73 and an ROE of -186.04%. Market capitalisation stands at $69M.
Balance sheet quality for NAMM: current ratio of 0.3, net debt of $3.3M. 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 $1.4M represents 1% 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 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 0 | $47.7M | $65.1M | $85.9M | $82.6M |
| Cost of Revenue | 0 | $36.9M | $42.6M | $47.1M | $48.4M |
| Gross Profit | 0 | $10.7M | $22.5M | $38.8M | $34.2M |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $665000 | $6.2M | $8.5M | $18.9M | $22.2M |
| Operating Expenses | $665000 | $7.3M | $4.9M | $24.1M | $21.9M |
| Operating Income | -$665000 | $3.4M | $17.6M | $14.7M | $12.3M |
| EBITDA | $2.5M | $11.8M | $14.0M | $20.2M | $117.7M |
| Interest Expense | 0 | 0 | 0 | $1.5M | $2.0M |
| Pre-tax Income | $2.5M | $7.4M | $8.9M | $14.5M | $108.5M |
| Income Tax | 0 | $4.5M | $5.3M | $10.9M | $7.3M |
| Net Income | $2.5M | $2.9M | $3.6M | $3.6M | $101.2M |
| EPS | $0.06 | $0.05 | $0.07 | $0.07 | $1.96 |
| EPS (Diluted) | $0.06 | $0.05 | $0.07 | $0.07 | $1.84 |
| Shares Outstanding (Diluted) | $45.5M | $54.4M | $54.4M | $54.4M | $55.0M |
Income Statement (Quarterly)
| Year | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|---|---|---|---|
| Revenue | $18.2M | $18.2M | $23.1M | $23.1M |
| Gross Profit | $8.0M | $8.0M | $12.7M | $12.7M |
| Operating Income | -$1.4M | -$3.7M | $58.9M | $58.9M |
| EBITDA | -$2.1M | $657500 | $9.6M | $9.6M |
| Net Income | -$3.5M | -$5.9M | $56.5M | $56.5M |
| EPS | $-0.24 | $-0.12 | $1.05 | $1.05 |
| EPS (Diluted) | $-0.24 | $-0.12 | $0.94 | $0.94 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $2.0M | $59000 | $278000 | $698000 | $1.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | $7.1M | $1.0M | $4.5M | $9.1M |
| Inventory | 0 | $1.5M | $2.3M | $3.2M | $3.9M |
| Total Current Assets | $2.8M | $9.2M | $4.3M | $9.0M | $16.2M |
| Property, Plant & Equipment | 0 | $31.9M | $35.8M | $42.0M | $46.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $343.7M | $41.4M | $41.0M | $51.0M | $62.8M |
| Accounts Payable | 0 | $10.9M | $9.9M | $8.4M | $17.8M |
| Short-term Debt | 0 | $494000 | $813000 | $1.5M | $3.2M |
| Total Current Liabilities | $419000 | $33.2M | $41.3M | $46.0M | $53.6M |
| Long-term Debt | 0 | $730000 | 0 | $1.4M | $2.0M |
| Total Liabilities | $28.0M | $60.1M | $69.3M | $82.0M | $102.1M |
| Retained Earnings | -$25.2M | -$18.7M | -$28.3M | -$30.9M | $70.5M |
| Total Equity | $315.8M | -$18.7M | -$28.3M | -$30.9M | -$39.3M |
| Total Debt | 0 | $1.2M | $813000 | $2.9M | $5.2M |
| Net Debt | -$2.0M | $1.2M | $535000 | $2.2M | $3.3M |
| Working Capital | $2.4M | -$24.0M | -$36.9M | -$37.0M | -$37.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|---|---|---|---|
| Cash & Equivalents | $891000 | $1.3M | $1.9M | $1.9M |
| Total Assets | $36.6M | $58.2M | $62.8M | $62.8M |
| Total Liabilities | $27.7M | $211.4M | $102.1M | $102.1M |
| Total Equity | $9.0M | -$153.2M | -$39.3M | -$39.3M |
| Total Debt | $11.9M | $4.6M | $5.2M | $5.2M |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Net Income | $2.5M | $7.4M | $8.9M | $14.5M | $108.5M |
| Depreciation & Amortization | 0 | $2.2M | $2.7M | $4.1M | $7.3M |
| Stock-based Compensation | 0 | 0 | 0 | $2.8M | $236000 |
| Change in Working Capital | -$475000 | $3.2M | -$3.6M | $76000 | $5.4M |
| Operating Cash Flow | -$1.1M | $10.2M | $14.9M | $19.1M | $13.8M |
| Capital Expenditure | 0 | -$7.0M | -$6.5M | -$10.0M | -$12.4M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | -$86.2M | -$236.7M | 0 |
| Dividends Paid | 0 | -$6.5M | -$7.9M | -$9.0M | 0 |
| Free Cash Flow | -$1.1M | $3.1M | $8.4M | $9.1M | $1.4M |
Cash Flow (Quarterly)
| Year | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|---|---|---|---|
| Operating Cash Flow | -$172000 | $2.9M | $4.0M | $13.8M |
| Capital Expenditure | 0 | -$2.8M | -$3.4M | -$11.3M |
| Free Cash Flow | -$172000 | $80999 | $637499 | $2.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | $236000 | $236000 |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue Growth (YoY) | +36.5% | +32.0% | -3.8% | ||
| Net Income Growth (YoY) | +16.1% | +23.9% | -1.1% | +2720.0% | |
| EPS Growth (YoY) | -3.1% | +24.0% | -1.2% | +2874.2% | |
| Shares Change (YoY) | +19.7% | +0.0% | +0.0% | +1.1% | |
| FCF Growth (YoY) | +373.9% | +168.4% | +9.1% | -84.3% | |
| Gross Margin | 22.5% | 34.5% | 45.2% | 41.4% | |
| Operating Margin | 7.2% | 27.0% | 17.1% | 14.9% | |
| EBITDA Margin | 24.7% | 21.5% | 23.5% | 142.5% | |
| Net Margin | 6.1% | 5.6% | 4.2% | 122.5% | |
| FCF Margin | 6.6% | 12.9% | 10.6% | 1.7% | |
| Effective Tax Rate | 0.0% | 60.7% | 59.2% | 75.2% | 6.8% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| FCF Per Share | $-0.03 | $0.06 | $0.15 | $0.17 | $0.03 |
| Dividends Per Share | $0.00 | $0.12 | $0.15 | $0.17 | $0.00 |
| Shares Outstanding (Basic) | $45.5M | $54.4M | $54.4M | $54.4M | $51.7M |
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 | -186.04% |
| Return on Invested Capital | 863.09% |
| Return on Assets | 164.98% |
| Gross Margin | 50.17% |
| Operating Margin | 136.54% |
| Net Margin | 125.43% |
Financial Health
| Debt / Equity | -0.13 |
| Current Ratio | 0.30 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 3.13 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| P/E | 198.20 | 204.46 | 164.92 | 166.92 | 0.52 |
| P/B | 1.58 | -31.93 | -21.12 | -19.36 | -1.33 |
| P/S | 0.00 | 12.56 | 9.20 | 6.97 | 0.63 |
| Gross Margin | 0.0% | 22.5% | 34.5% | 45.2% | 41.4% |
| Operating Margin | 0.0% | 7.2% | 27.0% | 17.1% | 14.9% |
| Net Margin | 0.0% | 6.1% | 5.6% | 4.2% | 122.5% |
Related companies: ATLX · FEAM · FURY · GORO · GRO · LOOP · NEXM
Explore sector: Basic Materials · Gold
More sections of NAMM: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Radar — undervalued stock signals · Investment Academy — learn to analyze stocks