MeritValue

GOLD RESOURCE CORP

GOROdata completeness 88%27 fiscal years on file
The thesis, from the filings

GOLD RESOURCE CORP earns about -50% on equity, but has diluted owners by 82% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.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$125.2M1$138.7M2$97.7M3$65.7M4$99.8M4
Net income$8.03M5−$6.32M6−$24.1M7−$56.5M8−$6.46M8
Operating cash flow$34.8M9$14.2M10−$5.22M11−$627,00012$21.7M12
Capital expenditure$20.6M13$18.2M14$12.5M15$7.62M16$21.1M16
Free cash flow (derived)$14.2M9−$4.08M10−$17.7M11−$8.25M12$644,00012
Total debt—————
Cash & equivalents$33.7M17$23.7M18$6.25M19$1.63M20$25M20
Diluted shares75.6M88.4M88.5M91.9M137.3M

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
$3.21
your share of equity
Profit it earned you last year
−$0.47
Free cash flow it threw off
$0.05
Debt you’d be carrying
—

10 shares is a claim on $3.21 of net worth that earned you −$0.47 and generated $0.05 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-50% avg · 5y
FY21 7%FY22 -6%FY23 -30%FY24 -207%FY25 -15%

It earned an average -50% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+82% shares · 5y

Share count is up 82% 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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
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 0001558370-23-003601 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-004134 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-004602 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-031121 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-003601 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-004134 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-004602 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-031121 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-003601 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-004134 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-004602 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-031121 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-003601 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-004134 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-004602 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-031121 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001558370-23-003601 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001558370-24-004134 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001558370-25-004602 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001104659-26-031121 (CashAndCashEquivalentsAtCarryingValue)