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DRD

DRDGOLD Limited

DRD

DRDGOLD Limited • NYSE
$30.18 ▲ 2.58% (+0.76)
Market Cap $2.61 B
52w High $31.91
52w Low $8.38
Dividend Yield 0.39%
P/E 19.99
Volume 295.93K
Outstanding Shares 86.42M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $4.076B ▲ $2.114B ▲ $1.273B ▲ 31.223% ▲ $14.8 ▼ $1.924B ▲
Q2-2025 $3.802B ▲ $99.3M ▲ $970.1M ▲ 25.514% ▲ $112 ▲ $1.585B ▲
Q4-2024 $3.265B ▲ $95.8M ▼ $739.4M ▲ 22.643% ▲ $8.6 ▼ $1.208B ▲
Q2-2024 $2.974B ▲ $103.5M ▲ $294.65M ▼ 9.907% ▼ $34.2 ▼ $955.7M ▼
Q4-2023 $2.842B $92.2M $373.2M 13.132% $43.4 $1.12B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $1.306B ▲ $12.246B ▲ $3.363B ▲ $8.883B ▲
Q2-2025 $661.2M ▲ $10.318B ▲ $2.638B ▲ $7.681B ▲
Q4-2024 $521.5M ▼ $9.45B ▲ $2.561B ▲ $6.889B ▲
Q2-2024 $1.529B ▼ $8.295B ▲ $1.994B ▲ $6.301B ▲
Q4-2023 $2.471B $8.155B $1.88B $6.274B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $1.273B ▲ $2.228B ▲ $-1.319B ▼ $-263.8M ▼ $-661.2M ▼ $920.8M ▲
Q2-2025 $970.1M ▲ $1.283B ▲ $-964M ▲ $-179.3M ▲ $661.2M ▲ $335.4M ▲
Q4-2024 $739.4M ▲ $1.109B ▲ $-1.935B ▼ $-181.5M ▲ $-1.008B ▼ $-802.3M ▼
Q2-2024 $589.3M ▼ $736.5M ▼ $-1.107B ▼ $-569.2M ▼ $-942M ▼ $-338.2M ▼
Q4-2023 $746.4M $1.019B $-765M $-180.8M $79.2M $260.8M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown solidly over the last five years, with an especially strong step‑up in the most recent year. Profitability has generally been healthy: gross profit has improved meaningfully after a weaker patch in the middle of the period, and net earnings per share have climbed to clearly higher levels than before. One nuance: while underlying earnings and operating cash performance look strong, reported operating profit dipped versus the prior year, which points to higher operating costs or one‑off spending. Overall, this is a profitable, cash‑generating business that is currently in an investment and expansion phase rather than a pure cost‑cutting or contraction phase.

Balance Sheet

Balance Sheet The balance sheet has strengthened over time. Total assets have grown steadily as the company has invested in plants, pipelines, and related infrastructure. Shareholders’ equity has risen consistently, reflecting retained profits and a larger capital base. Debt remains extremely low, so the business is not meaningfully reliant on borrowing, which reduces financial risk but also means growth is largely self‑funded. Cash levels move around with the investment cycle but remain solid, giving the company a comfortable liquidity cushion to support ongoing projects and potential volatility in the gold price.

Cash Flow

Cash Flow Operating cash flow has been robust and has trended upward, showing that reported profits are backed by real cash generation. Free cash flow has been positive in most years but turned negative during the peak of a recent investment cycle when capital spending spiked, likely linked to long‑term growth projects such as Vision 2028 and renewable power. In the latest year, free cash flow returned to positive territory even with elevated investment, which is a healthy sign: the business appears able to fund significant capital projects from its own cash generation rather than needing heavy new debt.

Competitive Edge

Competitive Edge DRDGOLD occupies a distinctive niche: it focuses on reprocessing old mine waste rather than running conventional underground mines. This gives it lower technical and safety risks, a more predictable operating profile, and a strong environmental angle. Its long‑built network of tailings dams, processing plants, pipelines, and surface rights is difficult and expensive for competitors to replicate, creating a meaningful barrier to entry. Decades of specialized know‑how in tailings retreatment, coupled with a strong ESG story and a historically conservative balance sheet, further support its competitive position. On the other hand, the company remains exposed to gold prices, South African operating conditions, and execution risk on its large projects.

Innovation and R&D

Innovation and R&D Innovation is central to DRDGOLD’s strategy. The company continually refines its suite of tailings‑processing technologies, using advanced recovery methods, real‑time ore analysis, and sophisticated water recycling to improve efficiency and lower environmental impact. It is investing in large‑scale solar and battery systems to cut energy costs and reduce reliance on an unstable grid. Vision 2028 is a long‑term program aimed at expanding capacity, upgrading processing technology, and extending the life of operations by many years. Management is also exploring ways to apply its tailings expertise to other metals, potentially including platinum‑group and battery metals, and to partner with other miners on mine‑closure and remediation solutions. These initiatives, while promising, require sustained capital, careful execution, and successful commercialization to fully pay off.

Summary

DRDGOLD is a profitable gold producer built around a differentiated, environmentally focused tailings‑retreatment model. Financially, it combines rising revenues, solid profitability, strong operating cash flow, and a near‑debt‑free balance sheet, albeit with earnings and free cash flow periodically pressured by heavy investment. Strategically, its entrenched infrastructure, specialized expertise, and ESG‑friendly profile provide a notable competitive edge, though the business remains sensitive to commodity prices and country‑specific risks. The company is clearly in a growth and modernization phase, using internally generated cash to fund large projects in processing technology, renewable energy, and capacity expansion, while exploring new metals and geographies as potential future growth paths. Overall, the picture is of a niche player with a strong base, meaningful ongoing capital commitments, and both upside potential and execution risks tied to its long‑term innovation agenda.