# Bellevue Gold (BGL.AU)

Canonical: https://gigainvestors.com/s/BGL.AU

Analysis as of: 2026-10-16T07:42:31.996Z. Financial observations: FY2013–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 1.38 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 8

Chart: Net income; fiscal year observations.

- FY2017: AUD -1.8M

- FY2018: AUD -5.9M

- FY2019: AUD -7.1M

- FY2020: AUD -5.7M

- FY2021: AUD -12M

- FY2022: AUD -18M

- FY2023: AUD -25M

- FY2024: AUD 75M

- FY2025: AUD -46M

- FY2026: AUD 7.1M

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -6.4%

- ROIC, second-lowest year: -41581.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 54.3%

- ROIC including acquisitions, ten-year median: -56.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -42510.2%

- FY2018: -41581.7%

- FY2019: -18811.7%

- FY2020: -6.9%

- FY2021: -7.9%

- FY2022: -5.9%

- FY2023: -4.3%

- FY2024: 9.9%

- FY2025: 6.2%

- FY2026: 2.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD -440M

- Net income, five-year total: AUD -6.0M

- Return on incremental invested capital: 3.4%

- Working capital / revenue, final three-year average: 7.0%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: AUD -120M

- FY2023: AUD -274M

- FY2024: AUD 57M

- FY2025: AUD -95M

- FY2026: AUD -9.7M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -41581.7% vs 6.2%

- Per-share earnings: -0.01 to 0.00 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 26.9%

- Ordinary dilution, 5-year annual growth: 7.9%

- Market cap gain: AUD 1.8B

- Cumulative retained earnings: AUD -62M

- Diluted shares, 10-year annual growth: 26.9%

- Diluted shares, 5-year annual growth: 7.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: AUD 0.01

- Per-share value, starting three-year median: AUD -0.01

- Per-share value, ending three-year median: AUD 0.00

- Buybacks concentrated in cheaper years (correlation): -0.90

- Average buyback yield: 0.6%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 335M

- Cumulative net income, 10 years: AUD -39M

- ROIC, first three-year median: -41581.7%

- ROIC, last three-year median: 6.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD -0.01

- FY2018: AUD -0.01

- FY2019: AUD -0.01

- FY2020: AUD -0.01

- FY2021: AUD -0.01

- FY2022: AUD -0.02

- FY2023: AUD -0.02

- FY2024: AUD 0.06

- FY2025: AUD -0.04

- FY2026: AUD 0.00

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -16.1%

- Receivables to sales index (DSRI): 2.61×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 34.68×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -27117.4%

- FY2018: -23991.4%

- FY2019: -12139.7%

- FY2020: -1.9%

- FY2021: -2.8%

- FY2022: -2.4%

- FY2023: -1.8%

- FY2024: -4.1%

- FY2025: -14.9%

- FY2026: -16.1%

## Holders

## Price story

Down 30% since May 2024 · sales +13.9%

Story as of 2026-10-16T10:00:12.382Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +13.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 0 

- FY2018: AUD 0 

- FY2019: AUD 3K 

- FY2020: AUD 0 

- FY2021: AUD 0 

- FY2022: AUD 0 

- FY2023: AUD 0 

- FY2024: AUD 298M 

- FY2025: AUD 506M 

- FY2026: AUD 576M 

### Gross margin · FY2026

gross margin 9.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2024: 36.6% 

- FY2025: 28.7% 

- FY2026: 9.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in gold; annual sales are AUD 576.3 million.

- Source: https://eodhd.com/api/fundamentals/BGL.AU.json#2026-06-30 (filed 2026-10-16T07:42:31.996Z); FY2026: revenue 576263000; grossProfit 53629000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 9.3% to 36.6% during 2024–26; it lost 6.4% on its capital.

- Source: https://eodhd.com/api/fundamentals/BGL.AU.json#2024-06-30 (filed 2026-10-16T07:42:31.996Z); FY2024: grossProfit / revenue = 36.6%.

- Source: https://eodhd.com/api/fundamentals/BGL.AU.json#2025-06-30 (filed 2026-10-16T07:42:31.996Z); FY2025: grossProfit / revenue = 28.7%.

- Source: https://eodhd.com/api/fundamentals/BGL.AU.json#2026-06-30 (filed 2026-10-16T07:42:31.996Z); FY2026: grossProfit / revenue = 9.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:31.996Z); 10-year return on capital observations [[2017,-425.10152496344267],[2018,-415.81669211923275],[2019,-188.11749509378117],[2020,-0.06873694052000474],[2021,-0.07913486084791155],[2022,-0.058920917713406816],[2023,-0.04270222635072782],[2024,0.09938818310290957],[2025,0.06233172796292742],[2026,0.026729961556990076]]; median -0.06382892911670578. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 4 of 10 years.

- Source: https://eodhd.com/api/fundamentals/BGL.AU.json#2024-06-30 (filed 2026-10-16T07:42:31.996Z); FY2024: growth capex 179038000; upkeep 31547000; owner earnings 57244600. Growth capex / owner earnings = 3.127596314761567.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:31.996Z); Dividend observations: [[2017,604276],[2018,0],[2019,0],[2020,0],[2021,5445027],[2022,4904908],[2023,1669066],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 3.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BGL.AU SharesStats.PercentInsiders = 3.198 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.6 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:31.996Z); Closing price 1.38 AUD; reporting-to-trading FX 1; FY2026 annual sales per share 0.38249344717218753; price multiple 3.60790494635262. FY2026 cash earnings/share -0.006459330601653863. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-10: AUD 0.04 per share

- 2016-11: AUD 0.04 per share

- 2016-12: AUD 0.02 per share

- 2017-01: AUD 0.03 per share

- 2017-02: AUD 0.03 per share

- 2017-03: AUD 0.04 per share

- 2017-04: AUD 0.03 per share

- 2017-05: AUD 0.05 per share

- 2017-06: AUD 0.05 per share

- 2017-07: AUD 0.04 per share

- 2017-08: AUD 0.09 per share

- 2017-09: AUD 0.08 per share

- 2017-10: AUD 0.11 per share

- 2017-11: AUD 0.26 per share

- 2017-12: AUD 0.27 per share

- 2018-01: AUD 0.21 per share

- 2018-02: AUD 0.22 per share

- 2018-03: AUD 0.19 per share

- 2018-04: AUD 0.19 per share

- 2018-05: AUD 0.19 per share

- 2018-06: AUD 0.17 per share

- 2018-07: AUD 0.18 per share

- 2018-08: AUD 0.19 per share

- 2018-09: AUD 0.23 per share

- 2018-10: AUD 0.38 per share

- 2018-11: AUD 0.45 per share

- 2018-12: AUD 0.41 per share

- 2019-01: AUD 0.49 per share

- 2019-02: AUD 0.64 per share

- 2019-03: AUD 0.55 per share

- 2019-04: AUD 0.52 per share

- 2019-05: AUD 0.62 per share

- 2019-06: AUD 0.70 per share

- 2019-07: AUD 0.57 per share

- 2019-08: AUD 0.59 per share

- 2019-09: AUD 0.61 per share

- 2019-10: AUD 0.55 per share

- 2019-11: AUD 0.50 per share

- 2019-12: AUD 0.54 per share

- 2020-01: AUD 0.48 per share

- 2020-02: AUD 0.60 per share

- 2020-03: AUD 0.40 per share

- 2020-04: AUD 0.57 per share

- 2020-05: AUD 0.85 per share

- 2020-06: AUD 1.06 per share

- 2020-07: AUD 1.03 per share

- 2020-08: AUD 1.03 per share

- 2020-09: AUD 1.03 per share

- 2020-10: AUD 1.14 per share

- 2020-11: AUD 1.32 per share

- 2020-12: AUD 1.12 per share

- 2021-01: AUD 1.00 per share

- 2021-02: AUD 0.72 per share

- 2021-03: AUD 0.78 per share

- 2021-04: AUD 0.94 per share

- 2021-05: AUD 0.91 per share

- 2021-06: AUD 0.95 per share

- 2021-07: AUD 1.00 per share

- 2021-08: AUD 0.97 per share

- 2021-09: AUD 0.85 per share

- 2021-10: AUD 0.86 per share

- 2021-11: AUD 0.80 per share

- 2021-12: AUD 0.85 per share

- 2022-01: AUD 0.77 per share

- 2022-02: AUD 0.95 per share

- 2022-03: AUD 0.96 per share

- 2022-04: AUD 0.96 per share

- 2022-05: AUD 0.88 per share

- 2022-06: AUD 0.64 per share

- 2022-07: AUD 0.85 per share

- 2022-08: AUD 0.83 per share

- 2022-09: AUD 0.75 per share

- 2022-10: AUD 0.74 per share

- 2022-11: AUD 1.10 per share

- 2022-12: AUD 1.13 per share

- 2023-01: AUD 1.20 per share

- 2023-02: AUD 1.07 per share

- 2023-03: AUD 1.28 per share

- 2023-04: AUD 1.42 per share

- 2023-05: AUD 1.29 per share

- 2023-06: AUD 1.27 per share

- 2023-07: AUD 1.45 per share

- 2023-08: AUD 1.69 per share

- 2023-09: AUD 1.39 per share

- 2023-10: AUD 1.45 per share

- 2023-11: AUD 1.71 per share

- 2023-12: AUD 1.68 per share

- 2024-01: AUD 1.33 per share

- 2024-02: AUD 1.53 per share

- 2024-03: AUD 1.89 per share

- 2024-04: AUD 1.79 per share

- 2024-05: AUD 1.96 per share

- 2024-06: AUD 1.79 per share

- 2024-07: AUD 1.37 per share

- 2024-08: AUD 1.27 per share

- 2024-09: AUD 1.32 per share

- 2024-10: AUD 1.63 per share

- 2024-11: AUD 1.28 per share

- 2024-12: AUD 1.13 per share

- 2025-01: AUD 1.25 per share

- 2025-02: AUD 1.18 per share

- 2025-03: AUD 1.15 per share

- 2025-04: AUD 0.91 per share

- 2025-05: AUD 0.99 per share

- 2025-06: AUD 0.90 per share

- 2025-07: AUD 0.81 per share

- 2025-08: AUD 0.86 per share

- 2025-09: AUD 1.15 per share

- 2025-10: AUD 1.17 per share

- 2025-11: AUD 1.33 per share

- 2025-12: AUD 1.71 per share

- 2026-01: AUD 1.89 per share

- 2026-02: AUD 1.83 per share

- 2026-03: AUD 1.49 per share

- 2026-04: AUD 1.49 per share

- 2026-05: AUD 1.52 per share

- 2026-06: AUD 1.22 per share

- 2026-07: AUD 1.26 per share

- 2026-08: AUD 1.60 per share

- 2026-09: AUD 1.62 per share

- 2026-10: AUD 1.46 per share

## Annual estimated value (AUD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.