SPDR Gold SharesGLD
NYSEArca
The Trust holds gold bars and from time to time, issues Baskets in exchange for deposits of gold and distributes gold in connection with redemptions of Baskets. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust’s expenses. The Sponsor believes that, for many investors, the Shares represent a cost-effective investment in gold.
SPDR Gold Shares (GLD) reported trailing twelve months revenue of $0 as of March 2026, a NaN% decline year-over-year. Quarterly revenue reached $0, reflecting a contraction in sales.
SPDR Gold Shares generated $47.60B in TTM net income, with quarterly EBITDA of $10.22B. The operating margin contracted from 1427178600000.0% to 1022323000000.0%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (1022323000000.0%) and net margin (1022323000000.0%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 1427178600000.0% a year ago, reflecting increased costs or interest expense.
GLD trades at a P/E of 3.3x (below the broader market average) and a P/S of N/A. The price-to-book ratio of 1.0x reflects a moderate premium to book value.
The company generated $0 in free cash flow over the trailing twelve months, indicating cash generation ability. The balance sheet shows $155.17B in total assets with no in long-term debt against $155.11B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 905533662500.0%. The business may lack pricing power or face rising costs.'
Consistently high ROE averaging 26.6% suggests a durable competitive advantage and efficient capital allocation.
Only 0 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF consistently trails net income (avg 0.0x) — earnings may be inflated by non-cash items or aggressive accounting.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 30.3% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation