MeritValue

Goldman Sachs Physical Gold ETF

AAAUdata completeness 50%7 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'stockholdersEquity'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

The applicable estimate puts fair value near $12.37 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$17.8M1−$10.9M2$56.4M3$162.1M3$783.4M3
Operating cash flow$04$05$06$06$06
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$07$08$08$08$08
Diluted shares21.5M29.8M29.8M31.7M47.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
—
your share of equity
Profit it earned you last year
$165.85
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares of this business that earned you $165.85 last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+120% shares · 5y

Share count is up 120% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$12.37
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$56.4M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001193125-23-058333 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001193125-25-036907 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-067559 (NetIncomeLoss)
  4. 10-K · period ending 2021-12-31 · accession 0001193125-23-058333 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2022-12-31 · accession 0001193125-25-036907 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-067559 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0001193125-25-036907 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  8. 10-K · period ending 2022-12-31 · accession 0001193125-26-067559 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)