# Regis Resources (RRL.AU)

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

Analysis as of: 2026-10-16T07:38:35.147Z. Financial observations: FY2007–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## 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: AUD 6.85 per share; close as of 2026-10-15.

Estimated value: low AUD 1.55 per share, central AUD 1.60 per share, high AUD 1.63 per share. Buy at or below the central value AUD 1.60 per share. Valuation as of 2026-10-16T07:38:35.147Z; scenarios are not confidence intervals.

Expected annual return: 3.2% at the stated quote. About 3.2% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 2

- Operating margin variation: 0.80×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.36×

- FY2018: 0.41×

- FY2019: 0.35×

- FY2020: 0.38×

- FY2021: 0.26×

- FY2022: 0.04×

- FY2023: -0.02×

- FY2024: -0.12×

- FY2025: 0.23×

- FY2026: 0.43×

### moat: fail

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

- ROIC, median of available years: 25.5%

- ROIC, second-lowest year: -0.8%

- Typical minus recent gross margin: -3.0 pp

- Typical gross margin (annual median): 40.6%

- Recent gross margin (lower of latest and 3-year median): 43.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 25.2%

- ROIC including acquisitions, ten-year median: 19.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 32.4%

- FY2018: 38.0%

- FY2019: 30.6%

- FY2020: 29.5%

- FY2021: 8.7%

- FY2022: 1.7%

- FY2023: -0.8%

- FY2024: -8.0%

- FY2025: 21.5%

- FY2026: 61.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.15×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 891M

- Net income, five-year total: AUD 773M

- Return on incremental invested capital: 47.9%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 2.8 pp

- Working capital / revenue, final three-year average: 8.7%

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

- FY2022: 0.20×

- FY2023: 1.70×

- FY2024: 0.60×

- FY2025: 1.37×

- FY2026: 0.97×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 32.4% vs 21.5%

- Per-share earnings: 0.28 to 0.33 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 4.0%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: AUD 2.8B

- Cumulative retained earnings: AUD 957M

- Diluted shares, 10-year annual growth: 4.0%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 2.2%

- Per-share value change: AUD 0.05

- Per-share value, starting three-year median: AUD 0.28

- Per-share value, ending three-year median: AUD 0.33

- Buybacks concentrated in cheaper years (correlation): -0.37

- Average buyback yield: 0.2%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 1.9M

- Cumulative net income, 10 years: AUD 1.6B

- ROIC, first three-year median: 32.4%

- ROIC, last three-year median: 21.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.28

- FY2018: AUD 0.34

- FY2019: AUD 0.31

- FY2020: AUD 0.38

- FY2021: AUD 0.19

- FY2022: AUD 0.02

- FY2023: AUD -0.03

- FY2024: AUD -0.24

- FY2025: AUD 0.33

- FY2026: AUD 0.94

### accounting: pass

- Sloan accruals: -17.0%

- Receivables to sales index (DSRI): 0.85×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.74×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -9.9%

- FY2018: -10.4%

- FY2019: -11.8%

- FY2020: -12.1%

- FY2021: -5.5%

- FY2022: -13.7%

- FY2023: -19.4%

- FY2024: -31.0%

- FY2025: -24.9%

- FY2026: -17.0%

## Holders

## Price story

Down 27% since Feb 2026 · "Regis Resources shares fall as Q1 gold production remains weak" (finance.yahoo.com, Oct 2026) · sales +42.6%

Story as of 2026-10-16T10:00:10.071Z; price observation 2026-10-15.

Price needs cash profits to grow 55.4% a year for ten years

- 2025-09-11: Regis Resources (ASX:RRL) Returns To Profitability For Year Ending June 2025 ([finance.yahoo.com](https://finance.yahoo.com/news/regis-resources-asx-rrl-returns-180653501.html))

- 2026-10-07: Regis Resources shares fall as Q1 gold production remains weak ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/regis-resources-shares-fall-q1-050018106.html))

### Sales · FY2025–2026

sales +42.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 544M 

- FY2018: AUD 606M 

- FY2019: AUD 655M 

- FY2020: AUD 756M 

- FY2021: AUD 819M 

- FY2022: AUD 1.0B 

- FY2023: AUD 1.1B 

- FY2024: AUD 1.3B 

- FY2025: AUD 1.6B 

- FY2026: AUD 2.3B 

### Gross margin · FY2026

gross margin 43.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 38.2% 

- FY2018: 47.9% 

- FY2019: 43.0% 

- FY2020: 46.9% 

- FY2021: 37.5% 

- FY2022: 4.9% 

- FY2023: 36.5% 

- FY2024: 34.8% 

- FY2025: 49.9% 

- FY2026: 43.6% 

## Owner memo

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

### How it makes money

Operates in gold; annual sales are AUD 2.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:35.147Z); FY2026: revenue 2349099000; grossProfit 1024255000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 34.8% to 49.9% during 2024–26; it earns 25.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:35.147Z); FY2024: grossProfit / revenue = 34.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:35.147Z); FY2025: grossProfit / revenue = 49.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:35.147Z); FY2026: grossProfit / revenue = 43.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:35.147Z); 10-year return on capital observations [[2017,0.32373065905865817],[2018,0.37980539107330397],[2019,0.3057848537552867],[2020,0.29534204611633025],[2021,0.08707708934132684],[2022,0.016521421944306593],[2023,-0.008186857252605909],[2024,-0.08019286767607535],[2025,0.2150044602300002],[2026,0.613817384720443]]; median 0.2551732531731652. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 5.3% of cash earnings on expansion; earns 47.9% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:35.147Z); FY2017: growth capex 40112246.27481718; upkeep 68023753.72518282; owner earnings 125782246.27481718. Growth capex / owner earnings = 0.3189022891766248.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:35.147Z); FY2018: growth capex 52438000; upkeep 63476000; owner earnings 174231000. Growth capex / owner earnings = 0.3009682547881835.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:35.147Z); FY2019: growth capex 41669454.243986934; upkeep 145728545.75601307; owner earnings 99311254.24398693. Growth capex / owner earnings = 0.4195844122722871.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:35.147Z); FY2020: growth capex 85453493.85607827; upkeep 158911506.14392173; owner earnings 142478093.85607827. Growth capex / owner earnings = 0.5997658414941851.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:35.147Z); FY2022: growth capex 24018000; upkeep 297904000; owner earnings 2805600. Growth capex / owner earnings = 8.560735671514115.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:35.147Z); FY2025: growth capex 0; upkeep 275903000; owner earnings 347407400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:35.147Z); FY2026: growth capex 36488000; upkeep 325813000; owner earnings 694769000. Growth capex / owner earnings = 0.05251817510568261.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:35.147Z); Incremental return on capital 0.4791654121485475, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:35.147Z); Dividend observations: [[2017,80077000],[2018,80659000],[2019,81196000],[2020,81309000],[2021,51089000],[2022,21580000],[2023,15101000],[2024,0],[2025,0],[2026,151451000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 2.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RRL.AU SharesStats.PercentInsiders = 2.378 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 55.4% yearly over ten years; actual growth was 15.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:35.147Z); Ten-year compound average after fade. Initial solved rate 0.8196642630864746. Price 6.85; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.21722689973709627 → FY2026 0.9123515163071069. Closing-price date 2026-10-15.

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

- 2016-10: AUD 3.13 per share

- 2016-11: AUD 2.75 per share

- 2016-12: AUD 2.86 per share

- 2017-01: AUD 3.06 per share

- 2017-02: AUD 3.26 per share

- 2017-03: AUD 3.18 per share

- 2017-04: AUD 3.15 per share

- 2017-05: AUD 3.15 per share

- 2017-06: AUD 3.64 per share

- 2017-07: AUD 3.69 per share

- 2017-08: AUD 4.00 per share

- 2017-09: AUD 3.47 per share

- 2017-10: AUD 3.75 per share

- 2017-11: AUD 3.79 per share

- 2017-12: AUD 4.14 per share

- 2018-01: AUD 3.97 per share

- 2018-02: AUD 4.12 per share

- 2018-03: AUD 4.37 per share

- 2018-04: AUD 4.55 per share

- 2018-05: AUD 4.57 per share

- 2018-06: AUD 4.93 per share

- 2018-07: AUD 4.30 per share

- 2018-08: AUD 4.04 per share

- 2018-09: AUD 3.58 per share

- 2018-10: AUD 4.07 per share

- 2018-11: AUD 4.09 per share

- 2018-12: AUD 4.65 per share

- 2019-01: AUD 5.01 per share

- 2019-02: AUD 5.15 per share

- 2019-03: AUD 5.11 per share

- 2019-04: AUD 4.62 per share

- 2019-05: AUD 4.29 per share

- 2019-06: AUD 5.09 per share

- 2019-07: AUD 5.37 per share

- 2019-08: AUD 4.95 per share

- 2019-09: AUD 4.72 per share

- 2019-10: AUD 4.72 per share

- 2019-11: AUD 4.58 per share

- 2019-12: AUD 4.18 per share

- 2020-01: AUD 4.34 per share

- 2020-02: AUD 3.88 per share

- 2020-03: AUD 3.51 per share

- 2020-04: AUD 4.34 per share

- 2020-05: AUD 5.20 per share

- 2020-06: AUD 5.03 per share

- 2020-07: AUD 5.43 per share

- 2020-08: AUD 5.09 per share

- 2020-09: AUD 4.83 per share

- 2020-10: AUD 4.00 per share

- 2020-11: AUD 3.56 per share

- 2020-12: AUD 3.60 per share

- 2021-01: AUD 3.50 per share

- 2021-02: AUD 3.02 per share

- 2021-03: AUD 2.79 per share

- 2021-04: AUD 2.60 per share

- 2021-05: AUD 2.65 per share

- 2021-06: AUD 2.36 per share

- 2021-07: AUD 2.58 per share

- 2021-08: AUD 2.47 per share

- 2021-09: AUD 2.01 per share

- 2021-10: AUD 2.00 per share

- 2021-11: AUD 1.80 per share

- 2021-12: AUD 1.95 per share

- 2022-01: AUD 1.70 per share

- 2022-02: AUD 1.96 per share

- 2022-03: AUD 2.11 per share

- 2022-04: AUD 2.09 per share

- 2022-05: AUD 2.02 per share

- 2022-06: AUD 1.30 per share

- 2022-07: AUD 1.77 per share

- 2022-08: AUD 1.57 per share

- 2022-09: AUD 1.56 per share

- 2022-10: AUD 1.53 per share

- 2022-11: AUD 1.93 per share

- 2022-12: AUD 2.06 per share

- 2023-01: AUD 2.14 per share

- 2023-02: AUD 1.74 per share

- 2023-03: AUD 2.08 per share

- 2023-04: AUD 2.13 per share

- 2023-05: AUD 2.02 per share

- 2023-06: AUD 1.83 per share

- 2023-07: AUD 1.68 per share

- 2023-08: AUD 1.62 per share

- 2023-09: AUD 1.49 per share

- 2023-10: AUD 1.73 per share

- 2023-11: AUD 1.95 per share

- 2023-12: AUD 2.18 per share

- 2024-01: AUD 2.09 per share

- 2024-02: AUD 1.82 per share

- 2024-03: AUD 2.02 per share

- 2024-04: AUD 2.22 per share

- 2024-05: AUD 1.86 per share

- 2024-06: AUD 1.76 per share

- 2024-07: AUD 1.68 per share

- 2024-08: AUD 1.87 per share

- 2024-09: AUD 2.04 per share

- 2024-10: AUD 2.71 per share

- 2024-11: AUD 2.56 per share

- 2024-12: AUD 2.55 per share

- 2025-01: AUD 3.06 per share

- 2025-02: AUD 3.20 per share

- 2025-03: AUD 3.92 per share

- 2025-04: AUD 4.51 per share

- 2025-05: AUD 5.06 per share

- 2025-06: AUD 4.39 per share

- 2025-07: AUD 4.09 per share

- 2025-08: AUD 4.54 per share

- 2025-09: AUD 6.01 per share

- 2025-10: AUD 6.44 per share

- 2025-11: AUD 7.38 per share

- 2025-12: AUD 7.55 per share

- 2026-01: AUD 8.06 per share

- 2026-02: AUD 9.44 per share

- 2026-03: AUD 6.65 per share

- 2026-04: AUD 6.92 per share

- 2026-05: AUD 6.12 per share

- 2026-06: AUD 6.03 per share

- 2026-07: AUD 6.09 per share

- 2026-08: AUD 8.30 per share

- 2026-09: AUD 7.41 per share

- 2026-10: AUD 7.03 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 3.56 per share, central AUD 4.99 per share, high AUD 5.83 per share

- FY2018: low AUD 3.96 per share, central AUD 5.51 per share, high AUD 6.41 per share

- FY2019: low AUD 4.08 per share, central AUD 5.69 per share, high AUD 6.63 per share

- FY2020: low AUD 4.65 per share, central AUD 6.50 per share, high AUD 7.57 per share

- FY2021: low AUD 3.07 per share, central AUD 4.26 per share, high AUD 4.95 per share

- FY2022: low AUD 2.48 per share, central AUD 2.79 per share, high AUD 3.20 per share

- FY2023: low AUD 0.29 per share, central AUD 0.29 per share, high AUD 0.30 per share

- FY2026: low AUD 1.55 per share, central AUD 1.60 per share, high AUD 1.63 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.

## Reported holder observations