# Greatland Resources (GGP.AU)

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

Analysis as of: 2026-10-16T07:37:55.284Z. Financial observations: FY2006–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 9.43 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 8

Chart: Net income; fiscal year observations.

- FY2017: AUD -1.3M

- FY2018: AUD -1.8M

- FY2019: AUD -3.3M

- FY2020: AUD -5.1M

- FY2021: AUD -5.5M

- FY2022: AUD -11M

- FY2023: AUD -21M

- FY2024: AUD -15M

- FY2025: AUD 162M

- FY2026: AUD 450M

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- ROIC, median of available years: -31.8%

- ROIC, second-lowest year: -163628.9%

- Years with nonpositive capital: 1

- Capital spending / revenue: 19.0%

- ROIC including acquisitions, ten-year median: -45.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -163628.9%

- FY2018: -217243.8%

- FY2019: -163118.6%

- FY2020: -71.0%

- FY2021: -40.1%

- FY2022: -22.0%

- FY2023: -23.6%

- FY2024: -13.4%

- FY2025: 39.8%

- FY2026: 86.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.89×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 502M

- Net income, five-year total: AUD 564M

- Return on incremental invested capital: 112.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 2.78×

- FY2023: 1.69×

- FY2024: 1.84×

- FY2025: 0.96×

- FY2026: 0.98×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -163628.9% vs 39.8%

- Per-share earnings: -0.00 to 0.24 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -6.6%

- Ordinary dilution, 5-year annual growth: -29.6%

- Diluted shares, 10-year annual growth: -6.6%

- Diluted shares, 5-year annual growth: -29.6%

- Per-share value change: AUD 0.24

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

- Per-share value, ending three-year median: AUD 0.24

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 281M

- Cumulative net income, 10 years: AUD 547M

- ROIC, first three-year median: -163628.9%

- ROIC, last three-year median: 39.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD -0.00

- FY2018: AUD -0.00

- FY2019: AUD -0.00

- FY2020: AUD -0.00

- FY2021: AUD -0.00

- FY2022: AUD -0.00

- FY2023: AUD -0.00

- FY2024: AUD -0.00

- FY2025: AUD 0.24

- FY2026: AUD 0.66

### accounting: pass

- Sloan accruals: -8.3%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.31×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -75553.5%

- FY2018: -37063.6%

- FY2019: -65839.6%

- FY2020: -8.4%

- FY2021: -11.7%

- FY2022: -9.8%

- FY2023: -9.2%

- FY2024: -3.0%

- FY2025: -12.5%

- FY2026: -8.3%

## Holders

## Price story

Down 32% since Feb 2026 · sales +156.8%

Story as of 2026-10-16T10:00:09.582Z; price observation 2026-10-15.

- 2026-08-26: Greatland Resources delivers A$862 million profit in first full year of Telfer ownership ([finance.yahoo.com](https://finance.yahoo.com/markets/commodities/articles/greatland-resources-delivers-862-million-235700834.html))

### Sales · FY2025–2026

sales +156.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2021: AUD 0 

- FY2022: AUD 0 

- FY2023: AUD 0 

- FY2024: AUD 0 

- FY2025: AUD 459M 

- FY2026: AUD 1.2B 

### Gross margin · FY2026

gross margin 55.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2025: 51.8% 

- FY2026: 55.4% 

## Owner memo

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

### How it makes money

Operates in gold; annual sales are AUD 1.2 billion.

- Source: https://eodhd.com/api/fundamentals/GGP.AU.json#2026-06-30 (filed 2026-10-16T07:37:55.284Z); FY2026: revenue 1178716451; grossProfit 653215983; margin = grossProfit / revenue.

### Why customers stay

It lost 31.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.284Z); 10-year return on capital observations [[2017,-1636.2885455267337],[2018,-2172.438029494823],[2019,-1631.1858252340442],[2020,-0.7102445340894751],[2021,-0.40093395540989557],[2022,-0.21996447119178578],[2023,-0.2359981974574663],[2024,-0.13350613862910365],[2025,0.39848393014963984],[2026,0.8623803131046397]]; median -0.31846607643368097. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 36.4% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/api/fundamentals/GGP.AU.json#2025-06-30 (filed 2026-10-16T07:37:55.284Z); FY2025: growth capex 68574019; upkeep 18605756; cash acquisitions 280659000; owner earnings 155404079. Growth capex plus acquisitions / owner earnings = 2.24725773768139.

- Source: https://eodhd.com/api/fundamentals/GGP.AU.json#2026-06-30 (filed 2026-10-16T07:37:55.284Z); FY2026: growth capex 160743396; upkeep 64374241; owner earnings 441316880.214. Growth capex / owner earnings = 0.36423577525983947.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.284Z); Incremental return on capital 1.1247871202111228, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.284Z); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/GGP.AU.json#2026-06-30 (filed 2026-10-16T07:37:55.284Z); FY2026: cash repurchases 146358.54 AUD.

### Are managers owners

Insiders own 19.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GGP.AU SharesStats.PercentInsiders = 19.387 percentage points; cache date 2026-10-16.

### What the price says

The price is 5.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:55.284Z); Closing price 9.43 AUD; reporting-to-trading FX 1; FY2026 annual sales per share 1.7171619586126097; price multiple 5.491619443758828. FY2026 cash earnings/share 0.6429133637306625. Closing-price date 2026-10-15.

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

- 2025-06: AUD 7.11 per share

- 2025-07: AUD 5.30 per share

- 2025-08: AUD 5.52 per share

- 2025-09: AUD 7.45 per share

- 2025-10: AUD 7.13 per share

- 2025-11: AUD 7.55 per share

- 2025-12: AUD 10.49 per share

- 2026-01: AUD 13.15 per share

- 2026-02: AUD 13.81 per share

- 2026-03: AUD 11.34 per share

- 2026-04: AUD 13.37 per share

- 2026-05: AUD 13.65 per share

- 2026-06: AUD 11.45 per share

- 2026-07: AUD 9.95 per share

- 2026-08: AUD 11.85 per share

- 2026-09: AUD 10.48 per share

- 2026-10: AUD 10.02 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.