abrdn Gold ETF Trust
SGOLdata completeness 38%16 fiscal years on fileData notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'
abrdn Gold ETF Trust earns about 12% on equity, but has diluted owners by 17% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $21.75 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Net income | −$131M1 | −$17.4M2 | $345.7M3 | $710.6M3 | $2.65B3 |
| Operating cash flow | — | — | — | — | — |
| Capital expenditure | — | — | — | — | — |
| Free cash flow (derived) | — | — | — | — | — |
| Total debt | — | — | — | — | — |
| Cash & equivalents | — | — | — | — | — |
| Diluted shares | 140.2M | 143.9M | 143.6M | 143.7M | 164.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $445.11 of net worth that earned you $161.09 last year.
It earned an average 12% on equity over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 17% 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.
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$345.7M
- growthAssumed0.0%
Different models answer different questions — which to trust when →