Detailed financial statements for TRX Gold Corporation (TRX): 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.
TRX Gold Corporation engages in the exploration, development, and production of mineral property in Tanzania. Its flagship project is the Buckreef Gold Project in Tanzania. The company was formerly known as Tanzanian Gold Corporation and changed its name to TRX Gold Corporation in May 2022. The company was incorporated in 1990 and is based in Oakville, Canada.
Analysis Summary
Trailing-twelve-month margins: gross margin 58.2%, operating margin 47.8%, net margin -16.6%.
At the current price of $1.19, TRX has negative trailing earnings (P/E not meaningful) and an ROE of -26.91%. Market capitalisation stands at $390M.
Balance sheet quality for TRX: current ratio of 1.0, net cash position of $9.4M. 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 strong: free cash flow of $2.6M represents 273% 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 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | $19.8M | $70.0M | $75.5M | $79.1M |
| Cost of Revenue | $383175 | $345131 | $305119 | $273887 | $227519 | 0 | $7.3M | $37.4M | $42.9M | $46.3M |
| Gross Profit | -$383176 | -$345131 | -$305119 | -$273887 | -$227519 | 0 | $12.5M | $32.6M | $32.6M | $32.9M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.9M | $3.8M | $3.5M | $3.5M | $7.9M | $11.8M | $11.7M | $13.3M | $12.3M | $10.8M |
| Operating Expenses | $1.9M | $3.8M | $3.5M | $3.5M | $7.7M | $12.2M | $11.7M | $13.3M | $12.3M | $11.1M |
| Operating Income | -$2.2M | -$4.1M | -$3.8M | -$3.8M | -$8.0M | -$12.2M | $763104 | $19.3M | $20.2M | $21.8M |
| EBITDA | -$8.3M | -$3.9M | -$3.9M | -$21.4M | -$9.4M | -$6.3M | -$1.9M | $28.7M | $27.0M | $25.7M |
| Interest Expense | $1.1M | $893323 | $1.1M | $356203 | $2.0M | $8794 | $626506 | $2.3M | $2.7M | $541214 |
| Pre-tax Income | -$9.7M | -$5.1M | -$5.3M | -$22.9M | -$12.2M | -$6.6M | -$2.5M | $22.6M | $19.0M | $19.9M |
| Income Tax | $34889 | 0 | $729 | 0 | 0 | 0 | $572656 | $13.1M | $14.2M | $10.8M |
| Net Income | -$9.6M | -$4.8M | -$5.1M | -$22.8M | -$11.5M | -$5.0M | -$8.2M | $4.1M | -$676285 | $943690 |
| EPS | $-0.09 | $-0.04 | $-0.04 | $-0.17 | $-0.07 | $-0.02 | $-0.03 | $0.01 | $-0.00 | $0.00 |
| EPS (Diluted) | $-0.09 | $-0.04 | $-0.04 | $-0.17 | $-0.05 | $-0.02 | $-0.03 | $0.01 | $-0.00 | $0.00 |
| Shares Outstanding (Diluted) | $108.2M | $117.7M | $122.9M | $136.1M | $166.5M | $232.2M | $267.0M | $288.5M | $290.8M | $295.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $32.3M | $35.0M | $46.5M | $32.8M |
| Gross Profit | $19.3M | $19.7M | $28.7M | $19.4M |
| Operating Income | $17.4M | $17.4M | $21.9M | $15.7M |
| EBITDA | $16.8M | $8.3M | -$7.2M | $18.1M |
| Net Income | $3.4M | -$5.8M | -$27.8M | $2.8M |
| EPS | $0.01 | $-0.02 | $-0.10 | $0.01 |
| EPS (Diluted) | $0.01 | $-0.02 | $-0.10 | $0.01 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $64706 | $806227 | $326688 | $2.5M | $4.1M | $16.8M | $14.6M | $14.0M | $15.1M | $14.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $193857 | $262292 | $203040 | $470179 | $550677 | $574650 | $4.4M | $5.8M | $3.6M | $7.2M |
| Inventory | $411208 | $404581 | $395183 | 0 | $730881 | $1.5M | $6.2M | $9.1M | $11.4M | $24.5M |
| Total Current Assets | $786680 | $1.5M | $1.0M | $3.1M | $5.4M | $19.3M | $27.2M | $30.3M | $31.0M | $48.3M |
| Property, Plant & Equipment | $2.3M | $2.0M | $1.5M | $1.3M | $1.7M | $3.1M | $88.7M | $117.6M | $141.3M | $164.9M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $38.0M | $40.9M | $40.8M | $28.7M | $38.4M | $70.6M | $123.5M | $167.8M | $184.8M | $221.7M |
| Accounts Payable | $3.7M | $3.7M | $3.8M | $4.7M | $5.0M | $6.6M | $9.6M | $21.2M | $28.2M | $25.0M |
| Short-term Debt | $2.0M | $3.2M | $5.8M | $5.3M | $5.1M | 0 | 0 | $119357 | $728373 | 0 |
| Total Current Liabilities | $9.8M | $6.8M | $10.2M | $10.9M | $10.7M | $9.3M | $29.6M | $32.7M | $38.7M | $46.2M |
| Long-term Debt | $717507 | $848449 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $11.2M | $12.0M | $14.5M | $14.8M | $13.4M | $12.6M | $35.5M | $55.7M | $64.8M | $81.1M |
| Retained Earnings | -$69.0M | -$77.0M | -$79.2M | -$100.5M | -$114.2M | -$146.7M | -$212.5M | -$223.0M | -$221.4M | -$228.0M |
| Total Equity | $25.7M | $28.2M | $25.8M | $13.4M | $25.3M | $59.9M | $83.9M | $99.0M | $99.7M | $107.9M |
| Total Debt | $2.7M | $3.4M | $5.8M | $5.3M | $5.1M | 0 | 0 | $185463 | $2.4M | $5.3M |
| Net Debt | $2.7M | $2.6M | $5.5M | $2.7M | $1.0M | -$16.8M | -$14.6M | -$13.8M | -$12.7M | -$9.4M |
| Working Capital | -$9.0M | -$5.2M | -$9.2M | -$7.8M | -$5.2M | $10.0M | -$2.4M | -$2.4M | -$7.6M | $2.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $14.6M | $9.2M | $35.5M | $37.1M |
| Total Assets | $221.7M | $129.6M | $216.2M | $240.4M |
| Total Liabilities | $81.7M | $55.1M | $62.7M | $73.1M |
| Total Equity | $107.9M | $53.8M | $116.2M | $122.0M |
| Total Debt | $5.3M | $4.6M | $6.3M | $6.9M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$7.5M | -$4.1M | -$4.1M | -$16.5M | -$12.1M | -$6.6M | -$3.0M | $9.5M | $4.7M | $7.2M |
| Depreciation & Amortization | $280140 | $267697 | $229265 | $198452 | $220000 | $359338 | $160189 | $1.8M | $3.0M | $5.3M |
| Stock-based Compensation | -$22820 | $1.1M | $947586 | $132633 | $3.2M | $3.7M | $4.1M | $3.7M | $2.7M | $2.5M |
| Change in Working Capital | $319701 | -$738962 | $415507 | -$13836 | $850000 | -$1.2M | -$4.6M | $7.2M | $3.6M | -$6.7M |
| Operating Cash Flow | -$1.1M | -$2.7M | -$1.4M | -$2.7M | -$6.6M | -$9.4M | $3.9M | $23.5M | $20.7M | $16.3M |
| Capital Expenditure | -$454497 | -$995096 | -$777665 | -$1.7M | -$7.1M | -$11.5M | -$16.7M | -$24.1M | -$18.5M | -$13.7M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$1.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$1.6M | -$3.7M | -$2.2M | -$4.4M | -$13.7M | -$20.9M | -$12.8M | -$623059 | $2.2M | $2.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $11.6M | $4.0M | $12.2M | $10.4M |
| Capital Expenditure | -$6.1M | -$3.5M | -$15.7M | -$10.9M |
| Free Cash Flow | $5.5M | $550600 | -$3.5M | -$442698 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $596160 | $360420 | $1.1M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +253.3% | +7.8% | +4.8% | |||||||
| Net Income Growth (YoY) | +50.6% | -8.0% | -343.5% | +49.3% | +56.4% | -62.3% | +150.4% | -116.4% | +239.5% | |
| EPS Growth (YoY) | +55.8% | -3.0% | -306.7% | +59.6% | +68.2% | -40.4% | +135.3% | -120.4% | +245.5% | |
| Shares Change (YoY) | +8.8% | +4.4% | +10.7% | +22.4% | +39.5% | +15.0% | +8.1% | +0.8% | +1.5% | |
| FCF Growth (YoY) | -135.7% | +41.5% | -103.7% | -209.5% | -52.9% | +38.9% | +95.1% | +454.6% | +16.7% | |
| Gross Margin | 62.9% | 46.6% | 43.1% | 41.5% | ||||||
| Operating Margin | 3.8% | 27.6% | 26.8% | 27.5% | ||||||
| EBITDA Margin | -9.6% | 41.0% | 35.8% | 32.5% | ||||||
| Net Margin | -41.2% | 5.9% | -0.9% | 1.2% | ||||||
| FCF Margin | -64.5% | -0.9% | 2.9% | 3.3% | ||||||
| Effective Tax Rate | -0.4% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -23.1% | 57.8% | 75.0% | 54.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.01 | $-0.03 | $-0.02 | $-0.03 | $-0.08 | $-0.09 | $-0.05 | $-0.00 | $0.01 | $0.01 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $105.2M | $117.7M | $122.9M | $136.1M | $166.5M | $232.2M | $267.0M | $282.4M | $290.8M | $293.2M |
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 | -26.91% |
| Return on Invested Capital | -0.90% |
| Return on Assets | -10.97% |
| Gross Margin | 58.18% |
| Operating Margin | 47.79% |
| Net Margin | -16.59% |
Financial Health
| Debt / Equity | 0.06 |
| Current Ratio | 2.20 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -8.16 | -10.47 | -8.67 | -4.69 | -12.45 | -19.03 | -15.73 | 36.26 | -177.32 | 115.62 |
| P/B | 3.07 | 1.77 | 1.73 | 8.12 | 5.62 | 1.61 | 1.53 | 1.12 | 1.14 | 1.00 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6.48 | 1.58 | 1.50 | 1.37 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 62.9% | 46.6% | 43.1% | 41.5% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.8% | 27.6% | 26.8% | 27.5% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -41.2% | 5.9% | -0.9% | 1.2% |
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Explore sector: Basic Materials · Gold
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