# Gold.com (GOLD.US)

Canonical: https://gigainvestors.com/s/GOLD

Analysis as of: 2026-10-16T07:28:50.241Z. Financial observations: FY2011–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: $39.63 per share; close as of 2026-10-15.

Estimated value: low $30.56 per share, central $41.50 per share, high $48.63 per share. Buy at or below the central value $41.50 per share. Valuation as of 2026-10-16T07:28:50.241Z; scenarios are not confidence intervals.

Expected annual return: 10.3% at the stated quote. About 10.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.96×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.00×

- FY2018: -0.00×

- FY2019: -0.00×

- FY2020: 0.01×

- FY2021: 0.02×

- FY2022: 0.02×

- FY2023: 0.02×

- FY2024: 0.01×

- FY2025: 0.00×

- FY2026: 0.01×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.3%

- ROIC, second-lowest year: -0.1%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 1.8%

- Recent gross margin (lower of latest and 3-year median): 1.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: 0.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 1.4%

- FY2018: -0.8%

- FY2019: -0.1%

- FY2020: 7.3%

- FY2021: 19.6%

- FY2022: 13.3%

- FY2023: 13.4%

- FY2024: 5.3%

- FY2025: 2.9%

- FY2026: 82.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $51M

- Net income, five-year total: $457M

- Return on incremental invested capital: 4.9%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 2.7 pp

- Working capital / revenue, final three-year average: 12.2%

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

- FY2022: -0.71×

- FY2023: -0.35×

- FY2024: 0.95×

- FY2025: 1.71×

- FY2026: 1.27×

### 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: -0.1% vs 5.3%

- Per-share earnings: 0.50 to 2.84 (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: 6.7%

- Ordinary dilution, 5-year annual growth: 8.7%

- Market cap gain: $1.1B

- Cumulative retained earnings: $478M

- Diluted shares, 10-year annual growth: 6.7%

- Diluted shares, 5-year annual growth: 8.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 24.3%

- Per-share value change: $2.34

- Per-share value, starting three-year median: $0.50

- Per-share value, ending three-year median: $2.84

- Buybacks concentrated in cheaper years (correlation): -0.40

- Average buyback yield: 1.3%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: $423M

- Cumulative net income, 10 years: $653M

- ROIC, first three-year median: -0.1%

- ROIC, last three-year median: 5.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: $0.50

- FY2018: -$0.24

- FY2019: $0.16

- FY2020: $2.15

- FY2021: $8.90

- FY2022: $5.45

- FY2023: $6.34

- FY2024: $2.84

- FY2025: $0.71

- FY2026: $3.02

### accounting: pass

- Sloan accruals: -29.2%

- Receivables to sales index (DSRI): 0.74×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 15.68×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.45×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 3.5%

- FY2018: -1.5%

- FY2019: 2.4%

- FY2020: -2.3%

- FY2021: 17.8%

- FY2022: 15.4%

- FY2023: 13.2%

- FY2024: 0.4%

- FY2025: -6.1%

- FY2026: -29.2%

## Holders

## Price story

Down 31% since Feb 2026 · sales +132.4%

Story as of 2026-10-16T09:58:50.108Z; price observation 2026-10-15.

Price needs cash profits to grow 4.7% a year for ten years

- 2026-02-05: Tether buys $150 million stake in Gold.com to boost tokenized gold distribution ([finance.yahoo.com](https://finance.yahoo.com/news/tether-buys-150-million-stake-215200511.html))

### Sales · FY2025–2026

sales +132.4%; source https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm; observed 2026-09-10.

- FY2017: $7.0B 

- FY2018: $7.6B 

- FY2019: $4.8B 

- FY2020: $5.5B 

- FY2021: $7.6B 

- FY2022: $8.2B 

- FY2023: $9.3B 

- FY2024: $9.7B 

- FY2025: $11B 

- FY2026: $26B 

### Gross margin · FY2026

gross margin 1.8%; source https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm; observed 2026-09-10.

- FY2017: 0.4% 

- FY2018: 0.4% 

- FY2019: 0.7% 

- FY2020: 1.2% 

- FY2021: 2.8% 

- FY2022: 3.2% 

- FY2023: 3.2% 

- FY2024: 1.8% 

- FY2025: 1.9% 

- FY2026: 1.8% 

## Owner memo

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

### How it makes money

Operates in capital markets; annual sales are USD 25.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm#000119312526386799 (filed 2026-09-10); FY2026: revenue 25513409000; grossProfit 453144000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); GOLD.US: Gold.com, Inc., together with its subsidiaries, operates as a precious metals company. It operates through three segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending. The Wholesale Sales & Ancillary Services segment sells gold, silver, platinum, and palladium in the form of bars, plates, powders, wafers, grains, ingots, and coins under the A-Mark brand. This segment also offers complementary services, such as receiving, handling, inventorying, processing, packing, and shipping of precious metals and custom coins on a secure basis; and designs and produces minted silver products. The Direct-to-Consumer segment sells and delivers gold, silver, platinum, palladium, and copper products directly to customers and the investor community through television, radio, and the internet, as well as through customer service outreach; rarities and numismatic collections; and numismatic and bullion products. It operates various websites targeting specific niches within the precious metals retail market. The Secured Lending segment originates and acquires commercial loans secured by bullion, numismatic coins, and graded sports cards. The company serves customers, including financial institutions, bullion retailers, industrial manufacturers and fabricators, sovereign mints, refiners, coin and metal dealers, investors, collectors, and e-commerce and other retail customers. It operates in the United States, Europe, Canada, the Asia Pacific, Africa, Australia, and South America. The company was formerly known as A-Mark Precious Metals, Inc. and changed its name to Gold.com, Inc. in December 2025. The company was founded in 1965 and is headquartered in Costa Mesa, California.

### Why customers stay

Margins ranged from 1.8% to 1.9% during 2024–26; it earns 6.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-10); FY2024: grossProfit / revenue = 1.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-10); FY2025: grossProfit / revenue = 1.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm (filed 2026-09-10); FY2026: grossProfit / revenue = 1.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-10); 10-year return on capital observations [[2017,0.014354957300012822],[2018,-0.008388010416387016],[2019,-0.0009252956963261168],[2020,0.07264940260629456],[2021,0.1959529777039138],[2022,0.13320593599612549],[2023,0.13449277402448315],[2024,0.05298437074463326],[2025,0.029086271508762335],[2026,0.823059845809951]]; median 0.06281688667546391. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 3% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm (filed 2026-09-10); Gross margin observations: [[2021,0.027610348856530558],[2022,0.03208197710231842],[2023,0.03173069126450578]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 8 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-10); FY2017: growth capex 97694.87004831014; upkeep 2167305.12995169; owner earnings 6439694.870048311. Growth capex / owner earnings = 0.01517072967272085.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-10); FY2020: growth capex 0; upkeep 986000; owner earnings 32423000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-10); FY2024: growth capex 879819.7720705494; upkeep 14891180.22792945; owner earnings 65051819.77207055. Growth capex / owner earnings = 0.013524906376997199.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-10); FY2025: growth capex 0; upkeep 10678000; owner earnings 29562000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm (filed 2026-09-10); FY2026: growth capex 0; upkeep 12708000; owner earnings 104385000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-10); Dividend observations: [[2017,2110000],[2018,1687000],[2019,0],[2020,0],[2021,21191000],[2022,22645000],[2023,37468000],[2024,41845000],[2025,18804000],[2026,22504000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 33.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); GOLD.US SharesStats.PercentInsiders = 33.727000000000004 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits grow 4.7% yearly over ten years; actual growth was 19.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-10); Ten-year compound average after fade. Initial solved rate 0.0536328143911321. Price 39.63; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.6493261019389753 → FY2026 3.8288717877238416. Closing-price date 2026-10-15.

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

- 2016-10: $7.63 per share

- 2016-11: $8.18 per share

- 2016-12: $9.75 per share

- 2017-01: $9.49 per share

- 2017-02: $9.33 per share

- 2017-03: $8.54 per share

- 2017-04: $8.78 per share

- 2017-05: $8.12 per share

- 2017-06: $8.19 per share

- 2017-07: $7.54 per share

- 2017-08: $8.57 per share

- 2017-09: $8.26 per share

- 2017-10: $7.77 per share

- 2017-11: $7.43 per share

- 2017-12: $7.33 per share

- 2018-01: $6.75 per share

- 2018-02: $5.57 per share

- 2018-03: $6.13 per share

- 2018-04: $6.72 per share

- 2018-05: $6.90 per share

- 2018-06: $6.64 per share

- 2018-07: $6.68 per share

- 2018-08: $6.68 per share

- 2018-09: $6.51 per share

- 2018-10: $6.42 per share

- 2018-11: $6.06 per share

- 2018-12: $5.90 per share

- 2019-01: $6.49 per share

- 2019-02: $6.38 per share

- 2019-03: $5.95 per share

- 2019-04: $5.63 per share

- 2019-05: $6.30 per share

- 2019-06: $6.53 per share

- 2019-07: $6.34 per share

- 2019-08: $7.09 per share

- 2019-09: $6.03 per share

- 2019-10: $5.54 per share

- 2019-11: $4.73 per share

- 2019-12: $4.14 per share

- 2020-01: $3.98 per share

- 2020-02: $4.61 per share

- 2020-03: $6.14 per share

- 2020-04: $7.40 per share

- 2020-05: $8.47 per share

- 2020-06: $9.53 per share

- 2020-07: $12.05 per share

- 2020-08: $11.96 per share

- 2020-09: $16.86 per share

- 2020-10: $15.54 per share

- 2020-11: $15.30 per share

- 2020-12: $12.83 per share

- 2021-01: $14.29 per share

- 2021-02: $14.22 per share

- 2021-03: $18.00 per share

- 2021-04: $18.64 per share

- 2021-05: $26.66 per share

- 2021-06: $23.25 per share

- 2021-07: $25.47 per share

- 2021-08: $24.26 per share

- 2021-09: $30.01 per share

- 2021-10: $37.50 per share

- 2021-11: $34.63 per share

- 2021-12: $30.55 per share

- 2022-01: $30.95 per share

- 2022-02: $35.85 per share

- 2022-03: $38.67 per share

- 2022-04: $39.40 per share

- 2022-05: $38.02 per share

- 2022-06: $32.25 per share

- 2022-07: $30.30 per share

- 2022-08: $30.91 per share

- 2022-09: $28.39 per share

- 2022-10: $30.41 per share

- 2022-11: $34.50 per share

- 2022-12: $34.73 per share

- 2023-01: $38.50 per share

- 2023-02: $29.31 per share

- 2023-03: $34.65 per share

- 2023-04: $35.80 per share

- 2023-05: $33.87 per share

- 2023-06: $37.44 per share

- 2023-07: $40.79 per share

- 2023-08: $34.12 per share

- 2023-09: $29.33 per share

- 2023-10: $27.08 per share

- 2023-11: $28.66 per share

- 2023-12: $30.25 per share

- 2024-01: $26.97 per share

- 2024-02: $25.69 per share

- 2024-03: $30.69 per share

- 2024-04: $40.07 per share

- 2024-05: $37.94 per share

- 2024-06: $32.37 per share

- 2024-07: $38.44 per share

- 2024-08: $38.97 per share

- 2024-09: $44.16 per share

- 2024-10: $38.85 per share

- 2024-11: $30.30 per share

- 2024-12: $27.40 per share

- 2025-01: $28.17 per share

- 2025-02: $27.18 per share

- 2025-03: $25.37 per share

- 2025-04: $24.36 per share

- 2025-05: $19.73 per share

- 2025-06: $22.18 per share

- 2025-07: $21.28 per share

- 2025-08: $23.41 per share

- 2025-09: $25.87 per share

- 2025-10: $26.58 per share

- 2025-11: $28.71 per share

- 2025-12: $34.05 per share

- 2026-01: $51.85 per share

- 2026-02: $57.47 per share

- 2026-03: $40.08 per share

- 2026-04: $45.19 per share

- 2026-05: $42.31 per share

- 2026-06: $41.61 per share

- 2026-07: $41.36 per share

- 2026-08: $44.97 per share

- 2026-09: $42.57 per share

- 2026-10: $39.63 per share

## Annual estimated value (USD per share)

- FY2017: low $7.31 per share, central $8.32 per share, high $9.66 per share

- FY2018: low $6.02 per share, central $6.86 per share, high $7.96 per share

- FY2019: low $3.50 per share, central $3.99 per share, high $4.63 per share

- FY2020: low $4.00 per share, central $4.55 per share, high $5.29 per share

- FY2021: low $4.40 per share, central $5.01 per share, high $5.82 per share

- FY2026: low $32.62 per share, central $44.29 per share, high $51.90 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

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm); period 2026-06-30, filed 2026-09-10.

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.