# Steppe Gold Ltd. (STGO.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Basic Materials / Metals & Mining. Price C$1.85, market value C$468 million.

## Valuation
- **P/E (trailing): 9.7×** (5-yr avg 8.2×, 3-yr avg 9.3×). Steppe Gold Ltd. trades at 9.7× trailing earnings, close to its own five-year average of 8.2×. The Basic Materials median in the September 2026 study was 19.0×. Forward P/E is 2.8×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 1.1×**. Each dollar of revenue is priced at 1.1×.
- **Price / book: 2.1×**. The shares trade at 2.1× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 2.5×**. Enterprise value is 2.5× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 28.5%** (5-yr avg 16.0%). Free cash flow equals 28.5% of the market value, above its five-year average of 16.0%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 10.3%**. The inverse of the P/E: 10.3% of the price is earned each year.

## Profitability
- **Gross margin: 62.0%**. Steppe Gold Ltd. keeps 62.0% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 44.5%**. 44.5% of revenue is left after running the business, an exceptional level.
- **Net margin: 12.9%**. 12.9% of each dollar of sales reaches the bottom line.
- **Return on equity: 22.9%**. 22.9% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on invested capital: 67.4%**. Return on all capital, debt included, is 67.4%: comfortably above what that capital costs.
- **Return on assets: 10.0%**. Each dollar of assets produces 10.0% of profit.

## Growth
- **Revenue growth (1 yr): 42.7%** (3-yr 59.7%/yr, 5-yr 37.3%/yr). Revenue grew 42.7% over the last year, against 37.3% a year compounded over five years.
- **EPS growth (1 yr): -59.4%** (3-yr -17.3%/yr). Earnings per share fell 59.4%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 87.7%/yr**. Free cash flow has compounded at 87.7% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 0.91**. Debt is 0.91 times equity, moderate leverage.
- **Net debt / EBITDA: net cash**. Steppe Gold Ltd. holds more cash than debt.
- **Interest coverage: 11.1×**. Operating profit covers interest 11.1× over, a safe margin.
- **Current ratio: 1.98** (quick 1.66). Current assets cover the next year's liabilities 1.98 times.
- **Altman Z-score: 3.99**. A Z-score of 3.99 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Steppe Gold Ltd. does not currently pay a dividend.

## Price and momentum
- **Total return (1 yr): 8.8%** (YTD -2.1%, 3-mo 60.9%). The shares are up 8.8% over twelve months including dividends.
- **From 52-week high: -23.9%** (66.7% above the low). Trading 24% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 64**. An RSI of 64 is neutral.
- **Beta (1 yr): 3.22** (volatility 68%). Beta of 3.22 against the S&P/TSX Composite: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=STGO.TO · Page: https://foliofundamentals.com/stocks/stgo.to

Not investment advice.