Drdgold Ltd (DRD)

Price$28.58Cached quoteAs of 2026-09-05 07:24 UTC

AI: Fair-priced

Price checkThe shares look reasonably priced, with strong recent profits offset by unusually favorable gold conditions.

One United States depositary share represents ten ordinary shares. Applying that ratio, the supplied FY2026 net income of R4.26 billion implies about R4.92 per ordinary share, or roughly R49 per depositary share, before currency conversion. Comparing that earnings base with the observed NYSE valuation gives about nine times earnings. Free cash flow—cash left after operations and capital spending—was R2.14 billion, around a 5–6% cash yield. Book value—accounting net assets—was R12.75 billion, putting valuation near three times book value. That is reasonable, but FY2026 benefited from a 40% higher received gold price.

Big pictureRecent growth is real, but much of the jump came from a sharply higher gold price.

Revenue rose from R6.24 billion in FY2024 to R7.88 billion in FY2025 and R11.16 billion in FY2026; net income rose from R1.33 billion to R2.24 billion to R4.26 billion. Cash generated by operations reached R5.68 billion in FY2026, versus R3.51 billion in FY2025 and R1.85 billion in FY2024. Yet production was described as stable at 4,839 kilograms while the average rand gold price received rose 40%. Profits can therefore rise quickly when gold prices rise, but FY2026 is not proven to be a normal earnings base.

Business strengthA debt-free balance sheet and long dividend record provide meaningful downside support.

Financial protection is unusually strong: FY2026 cash was R2.77 billion against only R11.4 million of debt, while equity was R12.75 billion. Current assets of R3.82 billion exceeded current liabilities of R1.06 billion by about 3.6 times. The company reported a 19th consecutive annual dividend, including a 120-cent final payment, after paying R779.3 million during FY2026. Shares outstanding stayed broadly flat at 864.6 million from FY2021 through FY2025, so new-share dilution has not eroded per-share value.

What could change the storyThe story improves with successful expansion, but weaker gold or higher costs could quickly reverse gains.

Bull case: Vision 2028 has absorbed more than R5 billion, with Daggafontein commissioned, the expanded DP2 plant pouring first gold, and Kloof 2 adding 67 million tonnes of reserves; management targets production near six tonnes by 2028. Bear case: FY2026 capital spending was R3.53 billion, above R2.25 billion in FY2025, while all-in sustaining cost—a mining cost measure including ongoing investment—rose 8% to R1.08 million per kilogram. The current valuation needs supportive gold prices and new capacity to create lasting cash.

AI: News

FY2026 resultsFY2026 results showed much higher profits, cash generation, and dividends while major growth projects started operating.

On 19 August 2026, DRDGOLD reported revenue up 42% to R11.16 billion, operating profit up 83% to R6.45 billion, headline earnings—earnings excluding certain unusual items—up 89% to R4.3 billion, and free cash flow up 85% to R2.27 billion. Production was 4,839 kilograms, above guidance, and the final dividend was 120 cents per ordinary share. NYSE shares closed roughly 15% higher that day; the timing is consistent with a positive reaction, but price movement alone cannot prove causation.

Vision 2028 milestonesNew infrastructure began operating, making planned production growth more credible but increasing the need for successful execution.

On 15 July 2026, DRDGOLD said Vision 2028 had moved into delivery after more than R5 billion of investment. Daggafontein’s tailings facility began receiving water in June and tailings in July; the expanded Driefontein 2 plant commissioned new gold-recovery equipment and poured first gold. The regional storage facility was about 67% complete and the connecting pipeline about 95% complete. These milestones reduce bottlenecks, but value depends on reaching planned throughput and recovery.

March-quarter updateMarch-quarter results confirmed stronger production and lower unit costs while growth spending continued.

On 6 May 2026, the quarter ended 31 March showed production up 6% to 1,219 kilograms and revenue up 6% to R2.96 billion from the prior quarter. Adjusted earnings before interest, taxes, depreciation and amortization rose 21% to R1.81 billion. All-in sustaining cost, including ongoing mine investment, fell 5% to R1.07 million per kilogram. Cash rose to R2.32 billion after a R433.6 million interim dividend, while growth capital was R683.2 million.

Loading local price history

Revenue

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Net income

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Free cash flow

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Total cash / debt

CashTotal debt

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Financial statements

	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	R11.16B	R7.88B	R6.24B	R5.50B	R5.12B	R5.27B	R4.18B	R2.76B	R2.49B	R2.34B	R2.43B
Gross profit	R5.97B	R3.13B	R1.81B	R1.59B	R1.38B	R1.88B	R1.25B	R208.2M	R142.7M	R32.0M	R196.3M
Gross margin	53.46%	39.74%	29.00%	28.84%	26.90%	35.70%	29.80%	7.54%	5.73%	1.37%	8.07%
Operating expenses	R232.7M	R4.40B	R4.21B	R3.71B	R3.51B	R3.12B	R2.69B	R2.47B	R2.21B	R2.11B	R2.03B
Operating income	R5.73B	R2.92B	R1.61B	R1.42B	R1.31B	R1.82B	R937.9M	R125.2M	R52.0M	−R24.5M	R119.6M
Operating margin	51.37%	37.02%	25.84%	25.89%	25.54%	34.48%	22.41%	4.53%	2.09%	−1.05%	4.92%
EBITDA	R6.46B	R3.38B	R1.88B	R1.64B	R1.57B	R2.07B	R1.21B	R294.3M	R220.0M	R155.3M	R299.8M
EBITDA margin	57.89%	42.85%	30.18%	29.84%	30.76%	39.28%	28.88%	10.65%	8.83%	6.64%	12.32%
Net income	R4.26B	R2.24B	R1.33B	R1.28B	R1.12B	R1.44B	R635.0M	R78.5M	R6.5M	R13.7M	R61.9M
Net profit margin	38.14%	28.47%	21.29%	23.31%	21.96%	27.33%	15.17%	2.84%	0.26%	0.59%	2.54%
Basic EPSper basic share	—	ZAR 2.60	ZAR 1.54	ZAR 1.49	ZAR 1.31	ZAR 1.68	ZAR 0.83	ZAR 0.12	ZAR 0.02	ZAR 0.03	ZAR 0.15
Diluted EPSper diluted share	—	ZAR 2.59	ZAR 1.54	ZAR 1.48	ZAR 1.31	ZAR 1.67	ZAR 0.81	ZAR 0.12	ZAR 0.02	ZAR 0.03	ZAR 0.15

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of DRD
Holder	Shares held
VAN ECK ASSOCIATES CORP	1.16M
ACADIAN ASSET MANAGEMENT LLC	858.86K
Connor, Clark & Lunn Investment Management Ltd.	712K
BlackRock, Inc.	649.31K
AMERICAN CENTURY COMPANIES INC	446.73K
JANE STREET GROUP, LLC	395.94K
AQR CAPITAL MANAGEMENT LLC	362.16K
MARSHALL WACE, LLP	347.17K
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	309.77K
RENAISSANCE TECHNOLOGIES LLC	280.92K
Man Group plc	199.75K
TWO SIGMA INVESTMENTS, LP	184.99K
DIMENSIONAL FUND ADVISORS LP	173.58K
MILLENNIUM MANAGEMENT LLC	168.03K
Quadrature Capital Ltd	115.84K
Point72 Asset Management, L.P.	113.59K
ABC ARBITRAGE SA	107.96K
BARCLAYS PLC	95K
CITADEL ADVISORS LLC	93.11K
Trexquant Investment LP	76.04K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about DRD yet. Start the conversation.

Write the first post

Drdgold Ltd (DRD)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.