SPDR® Gold MiniShares® Trust Financials

GLDM

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE September

This page shows SPDR® Gold MiniShares® Trust (GLDM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI GLDM FY2025 2026-05-05

GLDM behaves like an almost entirely equity-financed asset pool, with results driven by asset revaluation rather than operations.

In FY2025, ROA and ROE both sat near 25.5% while liabilities were just $1.6M, a combination that usually means the return profile is coming from the assets themselves rather than from leverage. Returns were similarly high in FY2024 at 26.5% even before assets reached $20.9B, so scale changed size more than economics.

The balance sheet is overwhelmingly equity-funded: equity was about $20.85B against only $1.6M of liabilities in FY2025. That makes solvency depend far more on the value of the asset pool than on refinancing or debt service, which is unusual for an operating business.

The move from a -$295.4M loss in FY2022 to $5.3B of FY2025 profit was dramatic. But $0 reported operating cash flow throughout the period means earnings are functioning more like valuation changes than like cash generated by selling products or services, which is the accounting signature of an asset vehicle rather than an operating enterprise.

Financial Health Signals

Financial Profile 27/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of SPDR® Gold MiniShares® Trust's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

SPDR® Gold MiniShares® Trust carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Returns

SPDR® Gold MiniShares® Trust's ROE of 25.5% shows moderate profitability relative to equity, earning a score of 61/100. This is down from 26.6% the prior year.

Piotroski F-Score Weak

1/9

SPDR® Gold MiniShares® Trust passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.00x

For every $1 of reported earnings, SPDR® Gold MiniShares® Trust generates $0.00 in operating cash flow ($0 OCF vs $5.3B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$5.3B

YoY+119.1%

5Y CAGR+64.3%

SPDR® Gold MiniShares® Trust reported $5.3B in net income in fiscal year 2025. This represents an increase of 119.1% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

SPDR® Gold MiniShares® Trust held $0 in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

25.5%

YoY-1.1pp

5Y CAGR+13.0pp

SPDR® Gold MiniShares® Trust's ROE was 25.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

GLDM Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$5.3B+119.1%	$2.4B+343.6%	$546.3M+285.0%	-$295.4M+14.6%	-$345.9M-178.1%	$443.2M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$1.7B-38.5%	$2.7B-3.2%	$2.8B+291.2%	$709.0M-62.6%	$1.9B+2773.2%	-$71.0M-107.1%	$997.0M+169.5%	$370.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GLDM Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$20.9B+127.7%	$9.2B+58.5%	$5.8B+23.2%	$4.7B+6.9%	$4.4B+23.2%	$3.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$0	$0	$0	$0	$0	$0
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.6M-96.9%	$52.9M+244.3%	$15.4M-71.1%	$53.2M+7884.1%	$666K+28.8%	$517K
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$20.9B+129.0%	$9.1B+58.0%	$5.8B+24.3%	$4.6B+5.7%	$4.4B+23.2%	$3.6B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$29.6B+17.1%	$25.3B+21.3%	$20.9B+33.0%	$15.7B+18.6%	$13.2B+43.7%	$9.2B+0.5%	$9.2B+23.9%	$7.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.7M+24.2%	$2.1M+31.3%	$1.6M+27.5%	$1.3M+26.4%	$1.0M+28.3%	$788K-98.5%	$52.9M+8636.2%	$605K
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$29.6B+17.1%	$25.3B+21.3%	$20.9B+33.0%	$15.7B+18.6%	$13.2B+43.7%	$9.2B+1.1%	$9.1B+23.2%	$7.4B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GLDM Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$0	$0	$0	$0	$0	$0
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	$0	$0
Dividends Paid	N/A	N/A	N/A	N/A	$0	$0
Share Buybacks	N/A	N/A	N/A	N/A	$0	$0

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$0	$0	$0	$0	$0	$0	$0	$0
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GLDM Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	25.5%-1.1pp	26.6%+17.1pp	9.5%+15.8pp	-6.4%+1.5pp	-7.9%-20.3pp	12.4%
Return on Assets	25.5%-1.0pp	26.5%+17.0pp	9.4%+15.7pp	-6.3%+1.6pp	-7.9%-20.3pp	12.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.010.0	0.000.0	0.01+0.0	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	5.6%-5.0pp	10.6%-2.7pp	13.3%+8.8pp	4.5%-9.8pp	14.3%+15.1pp	-0.8%-11.7pp	10.9%+5.9pp	5.0%
Return on Assets	5.6%-5.0pp	10.6%-2.7pp	13.3%+8.8pp	4.5%-9.8pp	14.3%+15.1pp	-0.8%-11.6pp	10.9%+5.9pp	5.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.010.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

Is SPDR® Gold MiniShares® Trust profitable?

Yes, SPDR® Gold MiniShares® Trust (GLDM) reported a net income of $5.3B in fiscal year 2025.

What is SPDR® Gold MiniShares® Trust's return on equity (ROE)?

SPDR® Gold MiniShares® Trust (GLDM) has a return on equity of 25.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is SPDR® Gold MiniShares® Trust's operating cash flow?

SPDR® Gold MiniShares® Trust (GLDM) generated $0 in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are SPDR® Gold MiniShares® Trust's total assets?

SPDR® Gold MiniShares® Trust (GLDM) had $20.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What is SPDR® Gold MiniShares® Trust's debt-to-equity ratio?

SPDR® Gold MiniShares® Trust (GLDM) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is SPDR® Gold MiniShares® Trust's return on assets (ROA)?

SPDR® Gold MiniShares® Trust (GLDM) had a return on assets of 25.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is SPDR® Gold MiniShares® Trust's Piotroski F-Score?

SPDR® Gold MiniShares® Trust (GLDM) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are SPDR® Gold MiniShares® Trust's earnings high quality?

SPDR® Gold MiniShares® Trust (GLDM) has an earnings quality ratio of 0.00x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is SPDR® Gold MiniShares® Trust?

SPDR® Gold MiniShares® Trust (GLDM) scores 27 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.