TRX Gold Corporation

TRX

Gold · Basic Materials

Also trades as: TRX.TO

Exchange

New York Stock Exchange Arca

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through May 31, 2026

How the score breaks down

Quality

Exceptional

Growth

Mixed

Cash Flow

Weak

Stability

Exceptional

Valuation

Data not available

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Winston Score History

The full picture

TRX Gold Corporation is a small gold mining company focused on finding and producing gold in Tanzania, East Africa. Its main operation is the Buckreef Gold Project, an open-pit mine where it digs ore out of the ground, processes it, and sells the refined gold. The company sells gold to refiners and bullion dealers, which is the standard end market for gold producers.

TRX Gold earns money by selling physical gold, so its revenue rises and falls with the global gold price. The company operates entirely in Tanzania, making it a single-asset, single-country miner — which is a meaningful concentration risk. Its gross margins look healthy on paper, but the negative return on invested capital suggests the business is still consuming more cash than it generates as it expands production capacity. The key growth driver is scaling up output at Buckreef, while the main risks include gold price swings, operating in a single emerging-market country, and the ongoing capital demands of mine development.

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

+91.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

2.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

→ Burn rate stable

$37M cash & investments at current burn rate

Revenue accelerating

TRX Gold Corporation grew revenue 92% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

59.2%

Premium pricing power — 59.2% gross margin

Profit after running costs

Operating Margin

47.8%

Excellent — 47.8% operating margin

Return on the money invested

ROCE

57.7%

Exceptional — 57.7% 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

+121.6%

Fast-growing sales (+121.6% YoY)

Profit growth

EPS YoY

<−1,000%

Earnings shrinking (<−1,000% YoY)

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

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

1.5%

Thin free cash flow (1.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.03

Conservative — low debt load (0.03)

Covers its interest

Interest Cover

64.61x

Comfortably covers interest (64.6x)

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

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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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