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Steppe Gold

STGO.TO
80
Gold · Basic Materials
Exchange
Toronto Stock Exchange
Winston Score
80
Winston is happy
A high-quality business with solid fundamentals.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Exceptional
Growth
Good
Cash Flow
Exceptional
Stability
Good
Valuation
Exceptional
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Winston Score History

The full picture

Steppe Gold is a Canadian mining company that digs gold and silver out of the ground in Mongolia. Its main asset is the ATO Gold Mine, located in the South Gobi region of Mongolia, which it operates as an open-pit mine. The company sells the gold and silver it produces to refiners and bullion buyers on global commodity markets.

Steppe Gold earns revenue by selling physical gold and silver, so its income rises and falls with commodity prices. It operates entirely in Mongolia, making it a single-country, single-mine business at this stage, which is both a concentration risk and a simplicity advantage. The company is working to expand production through a larger underground mining phase at ATO, which could significantly increase output — but execution risk, permitting in a frontier market, and gold price volatility remain the key challenges investors watch closely.

Growth Profile

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

Revenue Growth

+86.4% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-102.0% YoY

YoY Growth Rate

Earnings declining

Insider Activity

63.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

C$127M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

C$127M cash & investments at current burn rate

Strong grower

Steppe Gold is growing revenue at 86% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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
70.1%
Premium pricing power — 70.1% gross margin
Profit after running costs
Operating Margin
64.4%
Excellent — 64.4% operating margin
Return on the money invested
ROCE
47.9%
Exceptional — 47.9% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+103.7%
Fast-growing sales (+103.7% YoY)
Profit growth
EPS YoY
-46.1%
Earnings shrinking (-46.1% YoY)

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

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
400%
Turns 400% of profit into real cash
Spare cash per sale
FCF Margin
30.3%
Converts sales into free cash efficiently (30.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
1.08
Elevated debt (1.08)
Covers its interest
Interest Cover
13.32x
Comfortably covers interest (13.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
9.5x
no trend
Attractive valuation — P/E 9.5

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
+7.6
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (9.5 → 2.0)

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Dividends

Not applicable for this business.
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