U.S. Global Investors, Inc. (GROW) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+19.2%

$3.20

vs $2.68 price

Levered DCF

$3.08

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

7.73

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	13×	-104×	27.66×	13.91×	19.22×	2.92×	-6.33×	-7×
P/B	0.88×	0.77×	0.75×	0.86×	1.23×	1.72×	1.71×	1.12×
P/S	5.09×	4.1×	3.36×	2.97×	2.68×	4.31×	6.41×	7.05×
EV / EBITDA	3.94×	-51.12×	4.63×	4.49×	8.5×	9.24×	-12.41×	-9.01×
Gross margin	98.9%	41.7%	56.3%	68.2%	75.5%	66.0%	36.6%	16.6%
Operating margin	29.3%	-35.3%	-4.4%	23.4%	45.0%	37.7%	-53.7%	-79.7%
Net margin	39.3%	-4.0%	12.1%	20.9%	13.9%	147.6%	-104.6%	-97.9%
Current ratio	971.68×	20.87×	18.63×	13.74×	9.2×	5.2×	5.25×	9.14×
Debt / equity	0×	0×	0×	0×	0×	0×	0.03×	0×
Interest coverage	379.5×	-2,986×	-160×	881.25×	0×	0×	0×	0×
Dividend yield	2.9%	3.5%	3.5%	3.0%	1.9%	0.7%	1.6%	1.9%
Payout ratio	37.3%	-361.7%	95.9%	42.3%	36.0%	2.0%	-9.6%	-13.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.8%	-0.7%	2.7%	6.1%	6.4%	58.8%	-27.9%	-15.6%
Return on invested capital	3.7%	-6.5%	-0.7%	5.2%	14.2%	12.2%	-13.4%	-9.5%
Return on assets	6.3%	-0.7%	2.6%	5.7%	5.9%	51.3%	-24.9%	-14.3%
Free cash flow yield	1.7%	-2.4%	2.1%	6.5%	15.5%	5.0%	-6.8%	-4.9%
Earnings yield	7.7%	-1.0%	3.6%	7.0%	5.2%	34.3%	-16.3%	-13.9%
Enterprise value	$15.4M	$10.2M	$9.5M	$19.5M	$44.1M	$78.9M	$27.3M	$22.9M
Net debt / EBITDA	-6.2×	122.35×	-13.3×	-5.85×	-4.28×	-1.69×	0.64×	0.58×
Cash conversion cycle (days)	-2,384	110	21	-4	-20	52	47	22