A Business at a Glance
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PART I The purpose of the iShares Gold Trust (the “Trust”) is to own gold transferred to the Trust in exchange for shares issued by the Trust (“Shares”). Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist primarily of gold held by the Trust’s custodian on behalf of the Trust. However, there may be situations where the Trust will unexpectedly hold cash. For example, a claim may arise against a third party, which is settled in cash. In situations where the Trust unexpectedly receives cash or other assets, no new Shares will be issued until after the record date for the distribution of such cash or other property has passed. The Trust was formed on January 21, 2005 when an initial deposit of gold was made in exchange for the issuance of three Baskets (a “Basket” consists of 50,000 Shares). The Trust is a grantor trust formed under the laws of the State of New York.
| Metric | TTM | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 |
|---|---|---|---|---|---|---|
| Revenue | 0 | -606M | -606M | -606M | 162M | 277M |
| Net Income | 24.3B | -762M | -42M | -628M | 136M | 259M |
| EPS | $31.96 | $-2.80 | $-0.16 | $-2.00 | $0.44 | $1.08 |
| Free Cash Flow | 0 | 0 | 0 | 0 | 0 | 0 |
| ROIC | -11.6% | -13.3% | -0.3% | - | - | - |
| Gross Margin | - | - | - | 103.5% | 88.5% | 95.6% |
| Debt/Equity | 0.00 | - | - | - | - | - |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -124M | - | -17M | - | - | - |
| Operating Margin | 0.0% | - | 2.7% | - | - | - |
| ROE | 2878.7% | -13.3% | - | - | - | - |
| Shares Outstanding | 850M | 272M | 265M | 314M | 310M | 240M |
| Metric | 2010 | 2011 | 2012 | 2013 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | N/A | 277M | 162M | -606M | -606M | -606M | 0 |
| Gross Margin | N/A | 95.6% | 88.5% | 103.5% | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | N/A | N/A | N/A | N/A | -17M | N/A | -124M |
| Op. Margin | N/A | N/A | N/A | N/A | 2.7% | N/A | 0.0% |
| Net Income | 32M | 259M | 136M | -628M | -42M | -762M | 24.3B |
| Net Margin | N/A | 93.3% | 84.3% | 103.6% | 7.0% | 125.7% | 0.0% |
| Non-Recurring | 0 | 0 | 0 | 751M | 751M | 751M | 0 |
| Returns on Capital | |||||||
| ROIC | N/A | N/A | N/A | N/A | -0.3% | -13.3% | -11.6% |
| ROE | N/A | N/A | N/A | N/A | N/A | -13.3% | 2878.7% |
| ROA | 0.9% | 5.1% | 1.7% | -10.0% | -0.7% | N/A | 35.5% |
| Cash Flow | |||||||
| Op. Cash Flow | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | N/A | 0 | 0 | 0 | 0 | 0 | 0 |
| Owner Earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | 0.0% | 0.0% | 0.0% |
| Stock-Based Comp | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| Cash & Equiv. | N/A | N/A | N/A | 0 | 0 | 0 | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | N/A | N/A | N/A | 0 | N/A | 5.2B | 843M |
| Total Assets | 3.6B | 6.6B | 9.3B | 6.3B | 6.2B | N/A | 68.4B |
| Total Liabilities | N/A | N/A | N/A | 6.3B | N/A | N/A | 14M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||
| EPS | 0.22 | 1.08 | 0.44 | -2.00 | -0.16 | -2.80 | 31.96 |
| Owner EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book Value | N/A | N/A | N/A | 0.00 | N/A | 19.14 | 0.99 |
| Cash Flow/Share | N/A | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 28.54 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 359.8M | 239.7M | 309.8M | 314.0M | 265.1M | 272.2M | 850.2M |
| Valuation | |||||||
| P/E Ratio | 124.9 | 28.1 | 73.3 | N/A | N/A | N/A | 2.9 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 1.9 | 0.9 | N/A | N/A | N/A | N/A | 92.0 |
| Price/Sales | N/A | 26.5 | 62.3 | N/A | N/A | N/A | N/A |
| FCF Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Market Cap | 9.9B | 7.3B | 10.0B | 7.4B | 0 | 0 | 77.5B |
| Avg. Price | 23.95 | 30.66 | 32.49 | 27.44 | 0.00 | 0.00 | 91.18 |
| Year-End Price | 27.48 | 30.30 | 32.26 | 23.56 | 0.00 | 0.00 | 91.18 |
ISHARES GOLD TRUST passes 1 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 95.9%. At current prices, the estimated annualized return to fair value is -17.7%.
ISHARES GOLD TRUST (IAU) has a 5-year average return on invested capital (ROIC) of -6.8%. This is below average and may indicate limited pricing power.
ISHARES GOLD TRUST (IAU) has a market capitalization of $77.5B. It is classified as a large-cap stock.
ISHARES GOLD TRUST (IAU) does not currently pay a regular dividend.
ISHARES GOLD TRUST (IAU) operates in the Commodity Contracts Brokers & Dealers industry, within the Financials sector.
ISHARES GOLD TRUST (IAU) reported annual revenue of $-606 million in its most recent fiscal year, based on SEC EDGAR filings.
ISHARES GOLD TRUST (IAU) has a net profit margin of 125.7%. This is a strong margin indicating high profitability.
ISHARES GOLD TRUST (IAU) reported earnings per share (EPS) of $-2.80 in its most recent fiscal year.
ISHARES GOLD TRUST (IAU) has a return on equity (ROE) of -13.3%. A negative ROE may indicate losses or negative equity.
ISHARES GOLD TRUST (IAU) has a 5-year average gross margin of 95.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 6 years of financial data for ISHARES GOLD TRUST (IAU), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ISHARES GOLD TRUST (IAU) has a book value per share of $19.14, based on its most recent annual SEC filing.
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