Bellevue Gold Limited

BGL.AX

Gold · Basic Materials

Exchange

Australian Securities Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Strong

Valuation

Data not available

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Winston Score History

The full picture

Bellevue Gold Limited is an Australian gold mining company. It operates the Bellevue Gold Mine in Western Australia, which sits on one of the highest-grade gold deposits in Australia. The company digs gold out of the ground, processes it into doré bars, and sells it to refiners and bullion banks.

Bellevue makes money by selling gold at market prices, so its revenue rises and falls with the gold price. The mine is located in the Lachlan Fold Belt region of Western Australia, and the company is a mid-tier producer with a market cap around $2.2 billion. Its competitive edge comes from the high grade of its ore, which means it costs less per ounce to produce gold compared to lower-grade mines. The main risk the company faces is that its entire business depends on a single mine, so any operational disruption, cost blowout, or drop in the gold price could significantly hurt its financial results.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+13.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-170.3% YoY

YoY Growth Rate

Earnings declining

Insider Activity

13.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~7 months

A$152M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Bellevue Gold Limited has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

10.2%

Thin — 10.2% gross margin

Profit after running costs

Operating Margin

6.1%

Modest — 6.1% operating margin

Return on the money invested

ROCE

7.3%

Weak — 7.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+17.1%

Fast-growing sales (+17.1% YoY)

Profit growth

EPS YoY

-158.8%

Earnings shrinking (-158.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-6.9%

Burning cash (-6.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.12

Conservative — low debt load (0.12)

Covers its interest

Interest Cover

2.14x

Tight — interest eats into profit (2.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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