abrdn Gold ETF Trust (SGOL) stock analysis

SGOLNYSECommodity Contracts Brokers & DealersFiscal year ends December 31

Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 6, 2026Score 8/3027% above fair value

$36.87−1.06 (-2.79%)

Close on Nov 12, 2026Market cap $6.47BP/E 12.2Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Weak8 of 30 checks passed

abrdn Gold ETF Trust passes 8 of the 30 checks behind our score; 15 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 1/6
Growth: 0/6
Past performance: 2/6
Financial health: 5/6
Dividend: 0/6

What stands out

No debt
abrdn Gold ETF Trust has no borrowings on its latest balance sheet.
Earnings grew over 5 years
Net income grew 48.8% a year on average over the last five fiscal years.
Interest well covered
No meaningful interest expense to cover.
Debt covered by cash flow
There is no debt to cover.

What to watch

Margin of safety under 20%
The price is 27.5% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $37.93 is above our fair value estimate of $29.75.
Return on equity under 15%
Return on equity was 8.0% over the last twelve months and averaged 15.3% over five years; we look for 15% on both.
Earnings growth not accelerating
Net income grew -70.9% over the last twelve months, against a 5-year average of 48.8% a year.

Valuation1/6

P/E above its 5-year median
abrdn Gold ETF Trust's P/E of 12.6 is above its own 5-year median of 6.2.
P/E above the industry
abrdn Gold ETF Trust's P/E of 12.6 is above the Commodity Contracts Brokers and Dealers median of 11.8.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B below the industry
abrdn Gold ETF Trust's price-to-book of 0.93 is below the Commodity Contracts Brokers and Dealers median of 0.94.
Trading above fair value
The share price of $37.93 is above our fair value estimate of $29.75.
Margin of safety under 20%
The price is 27.5% above fair value, so there is no margin of safety.

Growth0/6

Revenue growth over 3 years
Needs three years of positive revenue.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings growth not accelerating
Net income grew -70.9% over the last twelve months, against a 5-year average of 48.8% a year.
Growth against the industry
Needs revenue for this year and last.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.

Past performance2/6

Return on equity under 15%
Return on equity was 8.0% over the last twelve months and averaged 15.3% over five years; we look for 15% on both.
Return on invested capital
Needs operating income and invested capital.
Return on equity above the industry
abrdn Gold ETF Trust's return on equity of 8.0% is above the Commodity Contracts Brokers and Dealers median of 2.2%.
Earnings grew over 5 years
Net income grew 48.8% a year on average over the last five fiscal years.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.

Financial health5/6

No debt
abrdn Gold ETF Trust has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Low bankruptcy risk
The Altman Z-score is 4002.03; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

No dividend
abrdn Gold ETF Trust has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$29.75

The share price is 27% above this estimate.

20%+ below

Near fair value

20%+ above

$37.93Price$29.75Fair value

Method	Multiple used	Own 5Y median	Industry median	Value per share	Weight
P/E	9.0×	6.2×	11.8×	$26.94	80%
P/B	1.0×	1.1×	0.9×	$41.00	20%
Fair value				$29.75	100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

P/E at month end
Own 5-year median 6.2
Commodity Contracts Brokers and Dealers median 11.8

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day: $97.68M
Value traded per 1% price move: $84.38M

Downside

Low risk

Typical loss in a bad month: 13.4%
Volatility (annualized): 29%
Sharpe ratio, 1 year: -0.27
Beta to the S&P 500 (5Y): 0.16

Typical bad-month loss, week by week

Margins need revenue and profit figures

This company does not report the lines needed to calculate margins.

Per year	1 year	3 years	5 years	10 years	Five-year pace
Net income	+273.4%	–	+48.8%	–

Returns and balance sheet

10 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2016	FY2020	FY2025
Return on equity	5.9%	18.9%	47.9%
Return on assets	5.8%	18.9%	47.9%
Diluted shares	83M	124M	165M

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