MeritValue

SPDR GOLD TRUST

GLDdata completeness 50%19 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 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$5.75B1−$2.94B2$5.55B2$20.4B3$35.6B3
Operating cash flow$04$05$06$06$06
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$07$08$08$08$08
Diluted shares376.9M350.9M317.0M295.0M319.9M

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
$1,111.34
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares of this business that earned you $1,111.34 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
−15% shares · 5y

Share count is down 15% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 v0.5.0
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
not applicable
business development company / RIC — reported earnings are dominated by unrealised marks on private holdings, and a RIC must distribute ~90% of income so it cannot retain earnings to compound. Capitalising them would be meaningless, not merely imprecise. Price/NAV is the applicable lens.
Graham Number
not applicable
business development company / RIC — reported earnings are dominated by unrealised marks on private holdings, and a RIC must distribute ~90% of income so it cannot retain earnings to compound. Capitalising them would be meaningless, not merely imprecise. Price/NAV is the applicable lens.

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-09-30 · accession 0001437749-23-032876 (NetIncomeLoss)
  2. 10-K · period ending 2022-09-30 · accession 0001437749-24-036161 (NetIncomeLoss)
  3. 10-K · period ending 2024-09-30 · accession 0001437749-25-036305 (NetIncomeLoss)
  4. 10-K · period ending 2021-09-30 · accession 0001437749-23-032876 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2022-09-30 · accession 0001437749-24-036161 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-09-30 · accession 0001437749-25-036305 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-09-30 · accession 0001437749-24-036161 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  8. 10-K · period ending 2022-09-30 · accession 0001437749-25-036305 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)