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ZYBERNO

Stock Report

Updated Aug 21, 2026

GOLD RESOURCE CORP (GORO)

Materials • NYSE

$3.17

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

39.0/100

WEAK BUSINESS

GOLD RESOURCE CORP (GORO) scores 39/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full GORO quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

+31.5%

Undervalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

32.7%

Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)

25.3%

Yield + growth — what the business alone earns you, even if the market never re-rates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full GORO valuation analysis · → View full GORO Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-38.3%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.13x)

Operating Margin (Operational Efficiency):CRITICAL (-3.9%)

Return on Capital (Capital Efficiency):CRITICAL (-18.4%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

GOLD RESOURCE CORP (GORO) stock report — Zyberno Score 39/100 (WEAK BUSINESS), Margin of Safety +31.5%, 33% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, GOLD RESOURCE CORP (GORO) trades at $3.17 against an estimated intrinsic value per share of $4.63 — a +31.5% Margin of Safety based on Owner Earnings of $24.07M TTM, projected at 33.9% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of 32.7% annually.

Over the trailing twelve months, GORO generated $24.07M in Owner Earnings. Capital was deployed as follows: $27.64M invested in capital expenditures. Reinvestment rate: -231.7%. Owner Earnings have grown at 33.9% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:3.17

Market Cap:$513.11M

Valuation Multiples (3)

P/B Ratio:10.51x

P/S Ratio:3.91x

Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$485.03M

Ev Ebitda Ratio:58.62x

Pfcf Ratio:46.53x

Price Action & Momentum (3)

12-1 Momentum:

+346.7% (92th pctile)

📈 Click to view full GORO Momentum analysis →

Momentum Percentile:92 / 100

% of 52-Week High:79.3%

B. Profitability Assessment

Return Metrics (5)

ROE:

-38.3%

📊 Click to view full GORO ROE analysis →

ROA:-7.5%

Roic:

-18.4%

📊 Click to view full GORO ROIC analysis →

Reinvestment Rate:-231.7%

Fundamental Growth Rate (g):42.7%

Margin Analysis (3)

Operating Margin Ttm:-3.9%

Net Margin Ttm:-10.1%

Ebitda Margin:6.3%

TTM Performance (3)

Gross Margin Ttm:36.0%

Operating Margin Ttm:-3.9%

Net Margin Ttm:-10.1%

Yield Metrics (3)

Earnings Yield:-$3.93

Owner Earnings Yield:$5.31

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+1.13

📊 Click to view full GORO Earnings Surprise analysis →

EPS Surprise vs Expected:133.3%

Latest Earnings Filed:2026-05-08

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-4.6%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):18.9%

Operating Cash Flow Growth Rate (Linear):42.8%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):-27.9%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:3.33x

Quick Ratio:2.83x

Cash Ratio:1.80x

Leverage Analysis (3)

Debt To Equity Ttm:0.13x

Debt-to-Equity Ratio:0.13x

Debt To Ebitda:0.36x

Coverage Ratios (2)

Interest Coverage Ratio:-17.94x

Times Interest Earned:-17.94

Capital Structure (4)

Working Capital:40,245,000.00

Cash And Cash Equivalents:31,025,000.00

Long Term Debt:$2.95M

Net Debt:-$28.08M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $131.35M

Linear Growth: -4.6%

📊 Click to view full GORO Revenue analysis & methodology →

Cost Of Revenue Ttm:$84.07M

Profitability Breakdown (2)

Gross profit TTM: $47.28M

Linear Growth: 38.1%

📊 Click to view full GORO Gross Profit analysis & methodology →

Operating income TTM: -$5.10M

Linear Growth: -27.9%

📊 Click to view full GORO Operating Income analysis & methodology →

Bottom Line Performance (3)

-$13.21M

Income Before Tax:-$6.89M

Ebitda Ttm:8,274,000.00

Operating Expenses (5)

Operating Expenses:33,084,000.00

R And D Expense:0.00

Sga Expense:4,708,000.00

Income Tax Expense:$7.59M

Interest Expense:170,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:10.7%

Ebitda Margin:6.3%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$196.42M

Current Assets:$57.49M

Ppe Net:138,754,000.00

Goodwill:0.00

Intangible Assets:$0.00

Liability Structure (4)

Total Liabilities:147,610,000.00

Current Liabilities:17,246,000.00

Long Term Debt:$2.95M

Short Term Debt:$0.00

Equity & Capital (3)

Equity:$48.81M

Retained Earnings:-$82.80M

Common Stock:200,000,000.00

Working Capital Items (3)

Accounts Receivable:15,060,000.00

Inventory:8,739,000.00

Accounts Payable:7,288,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:1,024,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $37.38M

Linear Growth: 42.8%

Free cash flow TTM: $9.74M

Linear Growth: 18.9%

📊 Click to view full GORO Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$8.76M

Capital Expenditures Ttm:27,642,000.00

Financing Activities (3)

Financing Cash Flow:-$56.00K

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:3,022,000.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:13,372,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.11

-$0.11

Earnings Per Share Ttm:-$0.08

Revenue & Cash Per Share (3)

Sales Per Share Ttm:0.81

Operating Cash Flow Per Share:$0.13

Fcf Per Share Ttm:0.06

Book Value & Capital (2)

Book Value Per Share:$0.30

Cash Per Share:0.19

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.75x

Working Capital Turnover Ttm:3.26x

Receivables Management (2)

Receivables Turnover Ttm:8.72x

Days Sales Outstanding Ttm:41.85

Inventory Management (2)

Inventory Turnover Ttm:9.62x

Days Inventory Outstanding Ttm:37.94

Payables & Cash Cycle (2)

Days Payable Outstanding:31.64

Cash Conversion Cycle:48.15

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:55.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $24.07M

Linear Growth: 33.9%

📊 Click to view full GORO Owner Earnings analysis & methodology →

Owner Earnings Per Share:$0.15

Owner Earnings Yield:$5.31

Growth Assessment (1)

Owner Earnings Growth Rate:$33.87

Damodaran Growth Analysis (2)

Reinvestment Rate:-231.7%

Fundamental Growth Rate (g):42.7%

Intrinsic Value Models (1)

Intrinsic Value:

$749.13M

📊 Click to view full GORO DCF valuation →

Margin of Safety (1)

Margin Of Safety:

31.5%

📊 Click to view full GORO valuation analysis →

Return Scenarios (2)

Theoretical 5-Year Return:

32.7%

📊 Click to view full GORO expected return analysis →

Forward Expected Return (Yield + Growth):

25.3%

📊 Click to view full GORO expected return analysis →

Investment Assessment (1)

Buffett Assessment:Excellent margin of safety

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (2)

Revenue Growth Rate (Linear):-4.6%

Operating Income Growth Rate (Linear):-27.9%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):18.9%

Operating Cash Flow Growth Rate (Linear):42.8%

Other Growth Rates (3)

Gross Profit Growth Rate (Linear):38.1%

Book Value Growth Rate (Linear):-31.2%

Owner Earnings Growth Rate:$33.87

C. Company Profile & Context

Corporate Information (6)

Symbol:GORO

Company Name:GOLD RESOURCE CORP

Sector:Materials

Industry:Gold and Silver Ores

Exchange:NYSE

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:161.86M

Shares Outstanding Basic:161.86M

Shares Outstanding Diluted:163.72M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-21 17:06:09 UTC

Data Timestamp:2026-08-18T23:09:12.831887