TRX Gold Financials
This page shows TRX Gold (TRX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).
TRX Gold’s operating cash engine is funding heavy reinvestment, leaving only modest free cash despite improving profitability.
Across FY2023-FY2025, operating cash flow stayed above$15.3M each year while capital spending stayed above$12.8M each year, so the business operates as a reinvestment machine: cash generated is largely sent back into the asset base instead of piling up on the balance sheet. That is why free cash flow remained positive but thin, reaching only$3.5M even as revenue climbed to$57.6M in FY2025.
The balance-sheet posture is still conservative: long-term debt was just
The constraint is working capital, not solvency: the current ratio only recovered to 1.1x in FY2025 after sitting below 1.0x for the prior three years. Inventory reached
Financial Health Signals
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 TRX Gold'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.
TRX Gold's revenue surged 40.0% year-over-year to $57.6M, reflecting rapid business expansion. This strong growth earns a score of 71/100.
TRX Gold carries a low D/E ratio of 0.02, meaning only $0.02 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.
TRX Gold's current ratio of 1.05 is below the typical benchmark, resulting in a score of 16/100. This tight liquidity could limit financial flexibility if cash inflows slow.
TRX Gold has a free cash flow margin of 6.1%, earning a moderate score of 38/100. The company generates positive cash flow after capital investments, but with room for improvement.
TRX Gold's ROE of 8.8% shows moderate profitability relative to equity, earning a score of 30/100. This is up from 5.3% the prior year.
TRX Gold passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, TRX Gold generates $2.48 in operating cash flow ($16.3M OCF vs $6.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
TRX Gold generated $57.6M in revenue in fiscal year 2025. This represents an increase of 40.0% from the prior year.
TRX Gold reported $6.6M in net income in fiscal year 2025. This represents an increase of 87.1% from the prior year.
Cash & Balance Sheet
TRX Gold generated $3.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 69.9% from the prior year.
TRX Gold held $7.8M in cash against $1.6M in long-term debt as of fiscal year 2025.
TRX Gold had 285M shares outstanding in fiscal year 2025. This represents an increase of 1.7% from the prior year.
Margins & Returns
TRX Gold's net profit margin was 11.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.9 percentage points from the prior year.
TRX Gold's ROE was 8.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.5 percentage points from the prior year.
Capital Allocation
TRX Gold invested $12.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 3.6% from the prior year.
TRX Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $25.1M+6.9% | $23.5M+88.4% | $12.5M+37.0% | $9.1M-27.3% | $12.5M-8.0% | $13.6M+34.2% | $10.1M+27.1% | $8.0M |
| 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 | $5.0M | N/A | N/A | N/A | $1.7M | N/A | N/A | N/A |
| Net Income | -$496K-109.4% | $5.3M+376.5% | $1.1M+156.9% | -$1.9M-190.8% | $2.1M-34.9% | $3.3M+298.3% | -$1.7M-186.2% | $1.9M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TRX Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $129.6M+10.5% | $117.3M+4.4% | $112.3M+5.2% | $106.7M+4.0% | $102.6M+3.8% | $98.9M+6.7% | $92.6M+5.0% | $88.2M |
| Current Assets | $35.9M+38.8% | $25.8M+18.9% | $21.7M+14.0% | $19.1M+13.2% | $16.8M-5.3% | $17.8M+6.0% | $16.8M+3.8% | $16.2M |
| Cash & Equivalents | $9.2M+17.9% | $7.8M+118.6% | $3.6M-40.8% | $6.0M-11.6% | $6.8M-18.5% | $8.3M+8.7% | $7.7M-3.7% | $8.0M |
| Inventory | $17.3M+33.1% | $13.0M+10.0% | $11.8M+30.7% | $9.1M+38.6% | $6.5M+4.6% | $6.2M-3.9% | $6.5M+10.7% | $5.9M |
| Accounts Receivable | $7.7M+102.6% | $3.8M+41.9% | $2.7M+8.4% | $2.5M+7.6% | $2.3M-35.9% | $3.6M+125.1% | $1.6M+30.3% | $1.2M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $55.1M+28.1% | $43.0M-0.9% | $43.3M+10.5% | $39.2M+14.4% | $34.3M+4.4% | $32.8M+9.2% | $30.1M+23.8% | $24.3M |
| Current Liabilities | $33.0M+34.6% | $24.5M-12.7% | $28.1M+13.4% | $24.8M+21.5% | $20.4M-4.2% | $21.3M-2.5% | $21.8M+25.6% | $17.4M |
| Long-Term Debt | $1.8M+13.0% | $1.6M-15.7% | $1.9M-7.5% | $2.1M+5.6% | $2.0M+107.1% | $942K+6180.0% | $15K-28.6% | $21K |
| Total Equity | $74.5M+0.3% | $74.3M+7.7% | $69.0M+2.1% | $67.5M-1.2% | $68.4M+3.5% | $66.0M+5.6% | $62.5M-2.1% | $63.9M |
| Retained Earnings | -$125.4M-3.4% | -$121.2M+2.0% | -$123.7M-0.2% | -$123.4M-2.1% | -$120.9M+0.8% | -$121.9M+1.7% | -$123.9M-2.2% | -$121.3M |
TRX Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.0M-52.5% | $8.5M+147.2% | $3.4M+69.2% | $2.0M-15.1% | $2.4M-60.5% | $6.0M+93.7% | $3.1M+203.0% | $1.0M |
| Capital Expenditures | $3.5M-18.7% | $4.3M+18.5% | $3.6M+103.6% | $1.8M-44.0% | $3.2M-39.0% | $5.2M+59.5% | $3.2M+178.3% | $1.2M |
| Free Cash Flow | $552K-86.8% | $4.2M+2440.8% | -$179K-170.5% | $254K+132.8% | -$774K-189.7% | $863K+779.5% | -$127K+7.3% | -$137K |
| Investing Cash Flow | -$4.0M-18.1% | -$3.4M+36.2% | -$5.3M-178.2% | -$1.9M+48.2% | -$3.7M+29.2% | -$5.2M-56.8% | -$3.3M-142.4% | -$1.4M |
| Financing Cash Flow | $1.4M+267.1% | -$835K-56.7% | -$533K+40.0% | -$889K-295.1% | -$225K-55.2% | -$145K-88.3% | -$77K-250.0% | -$22K |
| 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 |
TRX Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | -2.0%-24.4pp | 22.4%+13.5pp | 8.9%+30.2pp | -21.3%-38.4pp | 17.1%-7.1pp | 24.1%+40.4pp | -16.3%-40.4pp | 24.1% |
| Return on Equity | -0.7%-7.8pp | 7.1%+5.5pp | 1.6%+4.5pp | -2.9%-6.0pp | 3.1%-1.8pp | 5.0%+7.6pp | -2.6%-5.7pp | 3.0% |
| Return on Assets | -0.4%-4.9pp | 4.5%+3.5pp | 1.0%+2.8pp | -1.8%-3.9pp | 2.1%-1.2pp | 3.3%+5.1pp | -1.8%-4.0pp | 2.2% |
| Current Ratio | 1.09+0.0 | 1.05+0.3 | 0.770.0 | 0.77-0.1 | 0.830.0 | 0.84+0.1 | 0.77-0.2 | 0.93 |
| Debt-to-Equity | 0.020.0 | 0.020.0 | 0.030.0 | 0.030.0 | 0.03+0.0 | 0.01+0.0 | 0.000.0 | 0.00 |
| FCF Margin | 2.2%-15.6pp | 17.8%+19.3pp | -1.4%-4.2pp | 2.8%+9.0pp | -6.2%-12.5pp | 6.3%+7.6pp | -1.3%+0.5pp | -1.7% |
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Frequently Asked Questions
What is TRX Gold's annual revenue?
TRX Gold (TRX) reported $57.6M in total revenue for fiscal year 2025. This represents a 40.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is TRX Gold's revenue growing?
TRX Gold (TRX) revenue grew by 40% year-over-year, from $41.2M to $57.6M in fiscal year 2025.
Is TRX Gold profitable?
Yes, TRX Gold (TRX) reported a net income of $6.6M in fiscal year 2025, with a net profit margin of 11.4%.
How much debt does TRX Gold have?
As of fiscal year 2025, TRX Gold (TRX) had $7.8M in cash and equivalents against $1.6M in long-term debt.
What is TRX Gold's net profit margin?
TRX Gold (TRX) had a net profit margin of 11.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is TRX Gold's return on equity (ROE)?
TRX Gold (TRX) has a return on equity of 8.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is TRX Gold's free cash flow?
TRX Gold (TRX) generated $3.5M in free cash flow during fiscal year 2025. This represents a 69.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is TRX Gold's operating cash flow?
TRX Gold (TRX) generated $16.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are TRX Gold's total assets?
TRX Gold (TRX) had $117.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are TRX Gold's capital expenditures?
TRX Gold (TRX) invested $12.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is TRX Gold's current ratio?
TRX Gold (TRX) had a current ratio of 1.05 as of fiscal year 2025, which is considered adequate.
What is TRX Gold's debt-to-equity ratio?
TRX Gold (TRX) had a debt-to-equity ratio of 0.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is TRX Gold's return on assets (ROA)?
TRX Gold (TRX) had a return on assets of 5.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is TRX Gold's Piotroski F-Score?
TRX Gold (TRX) has a Piotroski F-Score of 6 out of 9, indicating neutral 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 TRX Gold's earnings high quality?
TRX Gold (TRX) has an earnings quality ratio of 2.48x, considered cash-backed (high quality). 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 TRX Gold?
TRX Gold (TRX) scores 42 out of 100 on our Financial Profile, indicating moderate 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.