# Genesis Minerals (GMD.AU)

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

Analysis as of: 2026-10-16T07:37:12.911Z. Financial observations: FY2008–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 6.91 per share; close as of 2026-10-15.

Estimated value: low AUD 4.13 per share, central AUD 5.73 per share, high AUD 6.67 per share. Buy at or below the central value AUD 5.73 per share. Valuation as of 2026-10-16T07:37:12.911Z; scenarios are not confidence intervals.

Expected annual return: 8.8% at the stated quote. About 8.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: fail

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

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 7

- Operating margin variation: 1.31×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.07×

- FY2018: -101.27×

- FY2019: -110.17×

- FY2020: -135.23×

- FY2021: -205.42×

- FY2022: -0.60×

- FY2023: -0.86×

- FY2024: 0.12×

- FY2025: 0.34×

- FY2026: 0.45×

### 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: -85.9%

- ROIC, second-lowest year: -295.1%

- Typical minus recent gross margin: 2.4 pp

- Typical gross margin (annual median): 48.2%

- Recent gross margin (lower of latest and 3-year median): 45.8%

- Years with nonpositive capital: 3

- Capital spending / revenue: 19.9%

- ROIC including acquisitions, ten-year median: -15.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -295.1%

- FY2018: -111.7%

- FY2019: -305.0%

- FY2020: -71.6%

- FY2021: -100.3%

- FY2022: -154.0%

- FY2023: -7.8%

- FY2024: 6.0%

- FY2025: 18.3%

- FY2026: 32.0%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 748M

- Net income, five-year total: AUD 749M

- Return on incremental invested capital: 162.4%

- Working capital / revenue, annual change: 104.0 pp

- Working capital / revenue, change between three-year averages: 772.4 pp

- Working capital / revenue, final three-year average: 10.4%

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

- FY2022: 1.00×

- FY2023: 0.93×

- FY2024: 0.97×

- FY2025: 0.99×

- FY2026: 0.99×

### 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: -295.1% vs 18.3%

- Per-share earnings: -0.05 to 0.20 (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: 37.9%

- Ordinary dilution, 5-year annual growth: 42.3%

- Market cap gain: AUD 5.9B

- Cumulative retained earnings: AUD 745M

- Diluted shares, 10-year annual growth: 37.9%

- Diluted shares, 5-year annual growth: 42.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: AUD 0.24

- Per-share value, starting three-year median: AUD -0.05

- Per-share value, ending three-year median: AUD 0.20

- Buybacks concentrated in cheaper years (correlation): -0.48

- Average buyback yield: 0.5%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 1.1B

- Cumulative net income, 10 years: AUD 713M

- ROIC, first three-year median: -295.1%

- ROIC, last three-year median: 18.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD -0.01

- FY2018: AUD -0.07

- FY2019: AUD -0.07

- FY2020: AUD -0.05

- FY2021: AUD -0.08

- FY2022: AUD -0.20

- FY2023: AUD -0.30

- FY2024: AUD 0.07

- FY2025: AUD 0.20

- FY2026: AUD 0.53

### accounting: pass

- Sloan accruals: -11.5%

- Receivables to sales index (DSRI): 0.40×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.55×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -45.4%

- FY2018: -32.7%

- FY2019: 10.6%

- FY2020: -10.4%

- FY2021: -6.8%

- FY2022: -76.2%

- FY2023: -7.3%

- FY2024: -4.3%

- FY2025: -11.1%

- FY2026: -11.5%

## Holders

## Price story

Price needs cash profits to grow 9% a year for ten years · sales +89.4%

Story as of 2026-10-16T10:00:08.847Z; price observation 2026-10-15.

Price needs cash profits to grow 9% a year for ten years

### Sales · FY2025–2026

sales +89.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 11M 

- FY2018: AUD 56K 

- FY2019: AUD 64K 

- FY2020: AUD 71K 

- FY2021: AUD 80K 

- FY2022: AUD 77M 

- FY2023: AUD 77M 

- FY2024: AUD 439M 

- FY2025: AUD 920M 

- FY2026: AUD 1.7B 

### Gross margin · FY2026

gross margin 45.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 1.5% 

- FY2018: 95.2% 

- FY2019: 98.2% 

- FY2020: 87.7% 

- FY2021: 50.6% 

- FY2024: 20.9% 

- FY2025: 54.8% 

- FY2026: 45.8% 

## Owner memo

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

### How it makes money

Operates in gold; annual sales are AUD 1.7 billion.

- Source: https://eodhd.com/api/fundamentals/GMD.AU.json#2026-06-30 (filed 2026-10-16T07:37:12.911Z); FY2026: revenue 1742346000; grossProfit 797382000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GMD.AU: Genesis Minerals Limited engages in the gold mining, project development, and exploration activities in Western Australia. Its flagship project is the Tower Hill project located in Leonora district. The company also offers mining services, such as open pit mining, mobile fleet and asset management, development, rehabilitation, and ancillary services. Genesis Minerals Limited was incorporated in 2007 and is based in Perth, Australia.

### Why customers stay

Margins ranged from 20.9% to 54.8% during 2024–26; it lost 85.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/GMD.AU.json#2024-06-30 (filed 2026-10-16T07:37:12.911Z); FY2024: grossProfit / revenue = 20.9%.

- Source: https://eodhd.com/api/fundamentals/GMD.AU.json#2025-06-30 (filed 2026-10-16T07:37:12.911Z); FY2025: grossProfit / revenue = 54.8%.

- Source: https://eodhd.com/api/fundamentals/GMD.AU.json#2026-06-30 (filed 2026-10-16T07:37:12.911Z); FY2026: grossProfit / revenue = 45.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:12.911Z); 10-year return on capital observations [[2017,-2.9510828648609184],[2018,-1.1165833810822063],[2019,-3.049977692600446],[2020,-0.7158707844364366],[2021,-1.0028478458884023],[2022,-1.5395484658138516],[2023,-0.07838755839766244],[2024,0.06029395789176858],[2025,0.18299305229260482],[2026,0.320495407802638]]; median -0.8593593151624195. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 90.1% of cash earnings; earns over 100% on new investment.

- Source: https://eodhd.com/api/fundamentals/GMD.AU.json#2024-06-30 (filed 2026-10-16T07:37:12.911Z); FY2024: growth capex 90292000; upkeep 74263000; owner earnings 81437200. Growth capex / owner earnings = 1.1087316361564494.

- Source: https://eodhd.com/api/fundamentals/GMD.AU.json#2025-06-30 (filed 2026-10-16T07:37:12.911Z); FY2025: growth capex 45784000; upkeep 137275000; cash acquisitions 249985000; owner earnings 218312400. Growth capex plus acquisitions / owner earnings = 1.3547970706199006.

- Source: https://eodhd.com/api/fundamentals/GMD.AU.json#2026-06-30 (filed 2026-10-16T07:37:12.911Z); FY2026: growth capex 104225000; upkeep 172200000; cash acquisitions 435218000; owner earnings 598508000. Growth capex plus acquisitions / owner earnings = 0.9013129314896375.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:12.911Z); Incremental return on capital 1.6239023782208586, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:12.911Z); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,2450000],[2023,562726000],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 8.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GMD.AU SharesStats.PercentInsiders = 8.363 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:12.911Z); Ten-year compound average after fade. Initial solved rate 0.1163007996485309. Price 6.91; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share -0.04889176944458815 → FY2026 0.5301169463893131. Closing-price date 2026-10-15.

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

- 2016-11: AUD 0.26 per share

- 2016-12: AUD 0.20 per share

- 2017-01: AUD 0.21 per share

- 2017-02: AUD 0.20 per share

- 2017-03: AUD 0.21 per share

- 2017-04: AUD 0.18 per share

- 2017-05: AUD 0.15 per share

- 2017-06: AUD 0.15 per share

- 2017-07: AUD 0.15 per share

- 2017-08: AUD 0.20 per share

- 2017-09: AUD 0.23 per share

- 2017-10: AUD 0.23 per share

- 2017-11: AUD 0.27 per share

- 2017-12: AUD 0.31 per share

- 2018-01: AUD 0.36 per share

- 2018-02: AUD 0.44 per share

- 2018-03: AUD 0.36 per share

- 2018-04: AUD 0.33 per share

- 2018-05: AUD 0.35 per share

- 2018-06: AUD 0.40 per share

- 2018-07: AUD 0.46 per share

- 2018-08: AUD 0.34 per share

- 2018-09: AUD 0.32 per share

- 2018-10: AUD 0.34 per share

- 2018-11: AUD 0.29 per share

- 2018-12: AUD 0.31 per share

- 2019-01: AUD 0.32 per share

- 2019-02: AUD 0.34 per share

- 2019-03: AUD 0.30 per share

- 2019-04: AUD 0.24 per share

- 2019-05: AUD 0.24 per share

- 2019-06: AUD 0.21 per share

- 2019-07: AUD 0.31 per share

- 2019-08: AUD 0.34 per share

- 2019-09: AUD 0.32 per share

- 2019-10: AUD 0.32 per share

- 2019-11: AUD 0.30 per share

- 2019-12: AUD 0.30 per share

- 2020-01: AUD 0.32 per share

- 2020-02: AUD 0.28 per share

- 2020-03: AUD 0.24 per share

- 2020-04: AUD 0.31 per share

- 2020-05: AUD 0.37 per share

- 2020-06: AUD 0.51 per share

- 2020-07: AUD 0.70 per share

- 2020-08: AUD 0.72 per share

- 2020-09: AUD 0.86 per share

- 2020-10: AUD 0.82 per share

- 2020-11: AUD 0.75 per share

- 2020-12: AUD 0.73 per share

- 2021-01: AUD 0.71 per share

- 2021-02: AUD 0.66 per share

- 2021-03: AUD 0.62 per share

- 2021-04: AUD 0.63 per share

- 2021-05: AUD 0.66 per share

- 2021-06: AUD 0.67 per share

- 2021-07: AUD 0.72 per share

- 2021-08: AUD 0.75 per share

- 2021-09: AUD 1.32 per share

- 2021-10: AUD 1.23 per share

- 2021-11: AUD 1.40 per share

- 2021-12: AUD 1.65 per share

- 2022-01: AUD 1.52 per share

- 2022-02: AUD 1.61 per share

- 2022-03: AUD 1.63 per share

- 2022-04: AUD 1.44 per share

- 2022-05: AUD 1.51 per share

- 2022-06: AUD 1.26 per share

- 2022-07: AUD 1.38 per share

- 2022-08: AUD 1.21 per share

- 2022-09: AUD 1.00 per share

- 2022-10: AUD 1.15 per share

- 2022-11: AUD 1.28 per share

- 2022-12: AUD 1.25 per share

- 2023-01: AUD 1.27 per share

- 2023-02: AUD 1.12 per share

- 2023-03: AUD 1.11 per share

- 2023-04: AUD 1.36 per share

- 2023-05: AUD 1.26 per share

- 2023-06: AUD 1.30 per share

- 2023-07: AUD 1.47 per share

- 2023-08: AUD 1.60 per share

- 2023-09: AUD 1.38 per share

- 2023-10: AUD 1.46 per share

- 2023-11: AUD 1.85 per share

- 2023-12: AUD 1.79 per share

- 2024-01: AUD 1.63 per share

- 2024-02: AUD 1.53 per share

- 2024-03: AUD 1.86 per share

- 2024-04: AUD 1.76 per share

- 2024-05: AUD 1.88 per share

- 2024-06: AUD 1.75 per share

- 2024-07: AUD 2.09 per share

- 2024-08: AUD 2.27 per share

- 2024-09: AUD 2.06 per share

- 2024-10: AUD 2.45 per share

- 2024-11: AUD 2.53 per share

- 2024-12: AUD 2.47 per share

- 2025-01: AUD 3.19 per share

- 2025-02: AUD 3.18 per share

- 2025-03: AUD 3.71 per share

- 2025-04: AUD 3.86 per share

- 2025-05: AUD 4.72 per share

- 2025-06: AUD 4.30 per share

- 2025-07: AUD 3.69 per share

- 2025-08: AUD 4.51 per share

- 2025-09: AUD 5.89 per share

- 2025-10: AUD 5.84 per share

- 2025-11: AUD 6.66 per share

- 2025-12: AUD 7.25 per share

- 2026-01: AUD 7.59 per share

- 2026-02: AUD 7.43 per share

- 2026-03: AUD 5.89 per share

- 2026-04: AUD 5.81 per share

- 2026-05: AUD 5.86 per share

- 2026-06: AUD 5.21 per share

- 2026-07: AUD 5.71 per share

- 2026-08: AUD 8.22 per share

- 2026-09: AUD 7.21 per share

- 2026-10: AUD 7.16 per share

## Annual estimated value (AUD per share)

- FY2026: low AUD 4.30 per share, central AUD 5.97 per share, high AUD 6.94 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

Prior published observations retained from 2026-10-15T06:42:50.415Z where newer inputs omit a numeric field or fiscal period.

## 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.