TRX Gold Corporation (TRX) 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

-81.1%

$0.18

vs $0.96 price

Levered DCF

$0.95

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.62

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	115.63×	-177.32×	36.26×	-15.73×	-19.03×	-12.45×	-4.69×	-8.67×
P/B	1×	1.14×	1.12×	1.53×	1.61×	5.62×	8.12×	1.73×
P/S	1.37×	1.5×	1.58×	6.48×	0×	0×	0×	0×
EV / EBITDA	3.82×	3.92×	3.51×	-59.53×	-12.68×	-15.15×	-5.21×	-12.78×
Gross margin	41.5%	43.1%	46.6%	62.9%	0.0%	0.0%	0.0%	0.0%
Operating margin	27.5%	26.8%	27.6%	3.8%	0.0%	0.0%	0.0%	0.0%
Net margin	1.2%	-0.9%	5.9%	-41.2%	0.0%	0.0%	0.0%	0.0%
Current ratio	1.04×	0.8×	0.93×	0.92×	2.08×	0.51×	0.28×	0.1×
Debt / equity	0.05×	0.02×	0×	0×	0×	0.2×	0.39×	0.22×
Interest coverage	40.22×	7.46×	8.35×	1.22×	-1,386.87×	-4.01×	-10.67×	-3.59×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.9%	-0.7%	4.2%	-9.7%	-8.4%	-45.6%	-170.4%	-19.9%
Return on invested capital	5.6%	3.4%	6.0%	0.8%	-19.9%	-24.2%	-16.5%	-10.6%
Return on assets	0.4%	-0.4%	2.5%	-6.6%	-7.1%	-30.1%	-79.5%	-12.6%
Free cash flow yield	2.4%	1.9%	-0.6%	-9.9%	-21.7%	-9.6%	-4.1%	-4.9%
Earnings yield	0.9%	-0.6%	3.7%	-6.4%	-5.2%	-8.1%	-21.0%	-11.5%
Enterprise value	$99.1M	$100.7M	$96.8M	$114M	$79.5M	$143.2M	$111.3M	$50M
Net debt / EBITDA	-0.36×	-0.49×	-0.5×	7.61×	2.68×	-0.11×	-0.13×	-1.4×
Cash conversion cycle (days)	30	-126	-88	-85	0	-6,822	-6,236	-4,026