TRX Gold Corporation (TRX) Balance Sheet

NYSE American: TRXAssets, liabilities, debt and equity over 3 years.

TRX balance sheet, FY2025

August 31, 2025 · U.S. dollars

$221.7M assets = $81.1M liabilities + $140.7M equity

Both columns are drawn to the same scale: what TRX owns equals what it owes plus shareholders’ equity. Hover a block for its value.

TRX financial health

Current ratio1.04

Adequate · current assets cover current liabilities 1.04×

Debt / equity0.05

Low leverage · $0.05 of debt for each $1 of equity

Equity / assets48.7%

Equity-funded · of assets funded by shareholders

Cash / debt276.8%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal FY2025.

TRX balance sheet trends, FY2023–FY2025

TRX Gold Corporation balance sheet trends
Metric	Then	Latest	Change
Total assets	$167.8MFY2023	$221.7MFY2025	+14.9%/yr
Total liabilities	$55.7MFY2023	$81.1MFY2025	+20.6%/yr
Shareholders’ equity	$99.0MFY2023	$107.9MFY2025	+4.4%/yr
Cash & short-term investments	$14.0MFY2023	$14.6MFY2025	+2.2%/yr
Total debt	$185,463FY2023	$5.3MFY2025	+434.1%/yr
Net cash (debt)	$13.8MFY2023	$9.4MFY2025	−$4.5M
Working capital	−$2.4MFY2023	$2.0MFY2025	+$4.4M
Book value per share	$0.34FY2023	$0.37FY2025	+3.2%/yr
Current ratio	0.93FY2023	1.04FY2025	+0.12
Debt / equity	0.00FY2023	0.05FY2025	+0.05
Shares outstanding	288.5MFY2023	295.3MFY2025	+1.2%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

TRX assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

TRX liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

TRX debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

TRX balance sheet

TRX Gold Corporation annual balance sheet
	FY2025	FY2024	FY2023
Assets
Cash & short-term investments	$14.6M	$15.1M	$14.0M
Cash & equivalents	$14.6M	$15.1M	$14.0M
Receivables	$7.2M	$3.6M	$5.8M
Inventory	$24.5M	$11.4M	$9.1M
Other current assets	$1.9M	$979,042	$1.5M
Total current assets	$48.3M	$31.0M	$30.3M
Property, plant & equipment (net)	$164.9M	$141.3M	$117.6M
Goodwill & intangible assets	$0	$0	$0
Long-term investments	$0	$0	$0
Other non-current assets	$8.5M	$12.4M	$19.9M
Total assets	$221.7M	$184.8M	$167.8M
Liabilities
Accounts payable	$25.0M	$28.2M	$21.2M
Short-term debt	$2.3M	$728,373	$119,357
Deferred revenue	$6.4M	$3.0M	$2.8M
Total current liabilities	$46.2M	$38.7M	$32.7M
Long-term debt	$1.6M	$942,000	$36,000
Lease obligations	$2.8M	$1.3M	$101,000
Other long-term liabilities	$33.2M	$25.2M	$23.0M
Total liabilities	$81.1M	$64.8M	$55.7M
Shareholders' equity
Common stock & paid-in capital	$316.6M	$301.4M	$302.6M
Retained earnings (deficit)	−$228.0M	−$221.4M	−$223.0M
Accumulated other comprehensive income	$19.7M	$19.7M	$19.3M
Minority interest	$17.0M	$11.1M	$7.2M
Total shareholders' equity	$107.9M	$99.7M	$99.0M
Key figures
Total debt	$5.3M	$2.4M	$185,463
Net cash (debt)	$9.4M	$12.7M	$13.8M
Working capital	$2.0M	−$7.6M	−$2.4M
Tangible book value	$107.9M	$99.7M	$99.0M
Book value per share	$0.37	$0.34	$0.34
Shares outstanding	295.3M	290.8M	288.5M
Current ratio	1.04	0.80	0.93
Quick ratio	0.47	0.48	0.60
Debt / equity	0.05	0.02	0.00
Equity / assets	48.7%	54.0%	59.0%

TRX Gold Corporation quarterly balance sheet
	May '26	Feb '26	Nov '25	Aug '25	May '25	Feb '25	Nov '24	Aug '24	May '24	Feb '24	Nov '23	Aug '23
Assets
Cash & short-term investments	$37.1M	$35.5M	$9.2M	$7.8M	$12.3M	$14.5M	$13.3M	$15.1M	$14.2M	$14.6M	$15.3M	$14.0M
Cash & equivalents	$37.1M	$35.5M	$9.2M	$7.8M	$12.3M	$14.5M	$13.3M	$15.1M	$14.2M	$14.6M	$15.3M	$14.0M
Short-term investments	—	—	—	—	—	—	—	—	−$993	—	—	—
Receivables	$21.7M	$11.7M	$7.7M	$3.8M	$5.1M	$5.2M	$4.5M	$3.6M	$3.0M	$2.3M	$3.8M	$5.8M
Inventory	$31.5M	$27.3M	$17.3M	$13.0M	$22.3M	$18.8M	$12.8M	$11.4M	$12.1M	$10.8M	$9.9M	$9.1M
Other current assets	$1.6M	$1.3M	$1.7M	$1.2M	$739,985	$811,859	$992,851	$979,042	$558,767	$737,803	$1.3M	$1.5M
Total current assets	$91.9M	$75.8M	$35.9M	$25.8M	$40.4M	$39.3M	$31.5M	$31.0M	$29.8M	$28.4M	$30.3M	$30.3M
Property, plant & equipment (net)	$147.6M	$133.5M	$89.3M	$87.5M	$161.2M	$175.0M	$161.1M	$141.3M	$134.6M	$126.4M	$122.1M	$117.6M
Goodwill & intangible assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$939,183	$6.9M	$4.4M	$3.9M	$9.8M	$7.3M	$8.0M	$12.4M	$7.5M	$7.4M	$7.1M	$19.9M
Total assets	$240.4M	$216.2M	$129.6M	$117.3M	$211.5M	$221.6M	$200.6M	$184.8M	$171.9M	$162.3M	$159.5M	$167.8M
Liabilities
Accounts payable	$17.1M	$16.1M	$15.2M	$18.2M	$37.9M	$38.6M	$31.0M	$28.2M	$26.8M	$23.4M	$23.8M	$21.2M
Short-term debt	$2.1M	$2.0M	$1.7M	$0	$7.8M	$4.3M	$1.8M	$728,373	$87,246	$84,632	$93,436	$119,357
Deferred revenue	—	—	$4.1M	—	$4.3M	$6.1M	$2.6M	$3.0M	$4.6M	$3.8M	$3.9M	$2.8M
Total current liabilities	$41.7M	$32.0M	$33.0M	$24.5M	$52.9M	$51.4M	$39.9M	$38.7M	$40.5M	$32.0M	$35.1M	$32.7M
Long-term debt	$2.5M	$1.7M	$2.8M	$1.6M	$1.9M	$2.1M	$2.0M	$0	$0	$0	$0	$0
Lease obligations	$2.5M	$2.9M	$3.2M	$2.8M	$3.1M	$3.1M	$2.9M	$1.3M	$62,000	$67,000	$78,000	$101,000
Other long-term liabilities	$28.9M	$29.0M	$19.2M	$16.8M	$26.8M	$27.9M	$25.2M	$26.2M	$15.3M	$12.7M	$11.7M	$23.0M
Total liabilities	$73.1M	$62.7M	$55.1M	$60.0M	$81.6M	$81.4M	$67.0M	$64.8M	$55.8M	$44.7M	$46.8M	$55.7M
Shareholders' equity
Common stock & paid-in capital	$309.1M	$304.3M	$169.1M	$168.0M	$314.6M	$346.2M	$325.0M	$301.4M	$307.5M	$304.5M	$303.1M	$302.6M
Retained earnings (deficit)	−$197.4M	−$199.0M	−$125.4M	−$119.5M	−$232.8M	−$256.3M	−$236.3M	−$221.4M	−$230.1M	−$223.2M	−$224.2M	−$223.0M
Accumulated other comprehensive income	—	—	$19.7M	—	$21.3M	$23.6M	$20.9M	$19.7M	$20.3M	$19.8M	$19.0M	$19.3M
Minority interest	$32.8M	$27.3M	$20.7M	$17.0M	$14.2M	—	—	—	—	—	—	—
Total shareholders' equity	$122.0M	$116.2M	$53.8M	$57.3M	$103.1M	$113.5M	$109.6M	$99.7M	$97.7M	$101.2M	$97.9M	$99.0M
Key figures
Total debt	$6.9M	$6.3M	$4.6M	$1.6M	$11.4M	$8.6M	$5.6M	$2.4M	$115,092	$123,270	$142,902	$185,463
Net cash (debt)	$30.2M	$29.2M	$4.6M	$6.2M	$903,799	$6.0M	$7.7M	$12.7M	$14.1M	$14.5M	$15.1M	$13.8M
Working capital	$50.1M	$43.8M	$2.9M	$1.3M	−$12.5M	−$12.2M	−$8.3M	−$7.6M	−$10.7M	−$3.5M	−$4.8M	−$2.4M
Tangible book value	$122.0M	$116.2M	$53.8M	$57.3M	$103.1M	$113.5M	$109.6M	$99.7M	$97.7M	$101.2M	$97.9M	$99.0M
Book value per share	$0.43	$0.38	$0.18	$0.20	$0.35	$0.39	$0.37	$0.34	$0.34	$0.35	$0.34	$0.36
Shares outstanding	283.9M	309.3M	294.9M	284.9M	293.9M	293.5M	293.5M	290.8M	290.8M	291.0M	285.3M	277.6M
Current ratio	2.20	2.37	1.09	1.05	0.76	0.76	0.79	0.80	0.74	0.89	0.86	0.93
Quick ratio	1.41	1.48	0.51	0.47	0.33	0.38	0.45	0.48	0.42	0.53	0.54	0.60
Debt / equity	0.06	0.05	0.08	0.03	0.11	0.08	0.05	0.02	0.00	0.00	0.00	0.00
Equity / assets	50.7%	53.8%	41.5%	48.8%	48.8%	51.2%	54.6%	54.0%	56.8%	62.4%	61.4%	59.0%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 1, 2025); data from EODHD.

TRX financial position

At the end of fiscal 2025 (August 31, 2025), TRX Gold had total assets of $221.7 million (up 20.0% from a year earlier), total liabilities of $81.1 million and shareholders' equity of $107.9 million. It held $14.6 million in cash and short-term investments against $5.3 million of debt, a net cash position of $9.4 million. Its current ratio was 1.04. In the latest quarter (ended May 31, 2026) total assets were $240.4 million and equity $122.0 million.

Related: TRX income statement, TRX cash flow statement, TRX key metrics. See the TRX stock overview for the latest quote and news.

TRX balance sheet FAQ

What are TRX Gold's total assets?

TRX Gold reported total assets of $221.7 million at the end of fiscal 2025 (August 31, 2025), compared with $184.8 million a year earlier.

How much debt does TRX Gold have?

TRX Gold had $5.3 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.05.

How much cash does TRX Gold have?

TRX Gold held $14.6 million in cash and short-term investments at the end of fiscal 2025; with $5.3 million of debt that is net cash of $9.4 million.

What is TRX Gold's book value?

TRX Gold's shareholders' equity (book value) was $107.9 million at the end of fiscal 2025, or $0.37 per share.

What is TRX Gold's current ratio?

TRX Gold had current assets of $48.3 million and current liabilities of $46.2 million, a current ratio of 1.04 (it can cover its short-term obligations).