Steppe GoldTSX:STGO +2.34%77 Gross Margin % is 72.63% as of Mar. 2026, which is 35% above its 10-year median of 53.78. GuruFocus rates TSX:STGO with a GF Score™ of 77/100 and a GF Value™ of C$1.07 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 729 Metals & Mining companies, Steppe Gold ranks better than 83.26% on this metric.
Gross Margin % is calculated as gross profit divided by its revenue. Steppe Gold's Gross Profit for the
three
months ended in Mar. 2026 was C$53.0 Mil. Steppe Gold's Revenue for the
three
months ended in Mar. 2026 was C$73.0 Mil. Therefore, Steppe Gold's Gross Margin % for the quarter that ended in Mar. 2026 was 72.63%.
The historical rank and industry rank for Steppe Gold's Gross Margin % or its related term are showing as below:
TSX:STGO'
s Gross Margin % Range Over the Past 10 Years
Min: 40.14 Med: 53.78 Max: 59.31
Current: 57.96
During the past 10 years, the highestGross Margin % of Steppe Gold was 59.31%. The lowest was 40.14%. And the median was 53.78%.
TSX:STGO's Gross Margin % is ranked better than 83.26% of 729
companies
in the Metals & Mining industry
Industry Median: 26.2
vs TSX:STGO: 57.96
Steppe Gold had a gross margin of 72.63% for the quarter that ended in Mar. 2026 => Durable competitive advantage
The 5-Year average Growth Rate of Gross Margin for Steppe Gold was 1.50% per year.
Steppe Gold (TSX:STGO) Gross Margin % Explanation
Warren Buffett believes that firms with excellent long term economics tend to have consistently higher margins.
Durable competitive advantage creates a high Gross Margin % because of the freedom to price in excess of cost. Companies can be categorized by their Gross Margin %
1. Greater than 40% = Durable competitive advantage
2. Less than 40% = Competition eroding margins
3. Less than 20% = no sustainable competitive advantage
Consistency of Gross Margin is key
Steppe Gold had a gross margin of 72.63% for the quarter that ended in Mar. 2026 => Durable competitive advantage
Be Aware
If a company loses its competitive advantages, usually its gross margin declines well before its sales declines. Watching Gross Margin % and Operating Margin % closely helps avoid value trap situations.
Steppe Gold Gross Margin % Related Terms
Steppe Gold Gross Margin % Historical Data
* Premium members only.
The historical data trend for Steppe Gold's Gross Margin % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Gold subindustry, Steppe Gold's Gross Margin %, along with its competitors' market caps and Gross Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Steppe Gold Gross Margin % vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Steppe Gold's Gross Margin % distribution charts can be found below:
* The bar in red indicates where Steppe Gold's Gross Margin % falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
A positive Gross Profit is only the first step for a company to make a net profit. The gross profit needs to be big enough to also cover related labor, equipment, rental, marketing/advertising, research and development and a lot of other costs in selling the products.
Steppe Gold (TSX:STGO) has a Gross Margin % of 72.63% as of Mar. 2026. Gross margin is the ratio of total gross profit to net sales. View historical data on Steppe Gold and its competitors. This is 35% above median its historical median of 53.78. Over the past decade, Steppe Gold's Gross Margin % has ranged from 40.14 to 59.31. According to the industry distribution chart, Steppe Gold ranks #122 out of 729 companies in the Metals & Mining industry, placing it in the top 16.7%.
Is Steppe Gold's Gross Margin % too high?
Steppe Gold's current Gross Margin % of 72.63% is 35% above median its 10-year median of 53.78. Over the past 10 years, this metric has ranged from a low of 40.14 to a high of 59.31. The Metals & Mining industry median Gross Margin % is 26.20. Steppe Gold's value of 72.63% is 177.2% above this industry median. Based on the distribution chart, Steppe Gold ranks #122 out of 729 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, Steppe Gold has a GF Score™ of 77/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Steppe Gold's Gross Margin % compare to NEM and AU?
According to the Metals & Mining industry distribution chart, Steppe Gold ranks #122 out of 729 companies for Gross Margin %. This places Steppe Gold in the top 17% of its industry — outperforming the majority of peers. The industry median Gross Margin % is 26.20. Steppe Gold's value of 72.63% is 177.2% above this benchmark. Historically, Steppe Gold's own Gross Margin % has ranged from 40.14 to 59.31 over the past decade. While the company's 10-year median is 53.78 vs. the industry median of 26.20, Steppe Gold has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Gross Margin % for a Metals & Mining company?
The median Gross Margin % among Metals & Mining companies is 26.20, based on 729 companies in the industry. Companies in the top quartile (top 25%) have a Gross Margin % significantly above this median, while those in the bottom quartile fall well below. However, Gross Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Steppe Gold's current Gross Margin % of 72.63% is 177.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Gross Margin % mean?
A high Gross Margin % can signal that a stock is expensive relative to its fundamentals. Gross margin is the ratio of total gross profit to net sales. View historical data on Steppe Gold and its competitors. For the Metals & Mining industry, the median Gross Margin % is 26.20 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Steppe Gold's current Gross Margin % is 72.63%, which is 35% above median its own 10-year median of 53.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Steppe Gold stock overvalued right now?
Based on GuruFocus' analysis, Steppe Gold (TSX:STGO) is currently considered Modestly Overvalued. The stock's GF Value™ is C$1.07, compared to a current price of C$1.31 — trading 22.4% above its estimated fair value. The current Gross Margin % is 72.63%, which is 35% above median its 10-year median of 53.78 and 177.2% above the Metals & Mining industry median of 26.20. Steppe Gold's overall GF Score™ is 77/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Gross Margin % calculated?
Gross Margin % is calculated from a company's financial statements. For Steppe Gold (TSX:STGO), the current Gross Margin % is 72.63% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Steppe Gold (TSX:STGO) Overvalued in 2026?
Based on GuruFocus' analysis, Steppe Gold stock appears to be overvalued.
The current stock price of C$1.31 is trading 22.4% above its estimated GF Value™ of C$1.07.
GuruFocus considers Steppe Gold to be Modestly Overvalued.
Key valuation signals for TSX:STGO:
Gross Margin %: 72.63% (35% above median its 10-year median of 53.78)
GF Value™: C$1.07 vs. price of C$1.31 (22.4% above fair value)
Industry Position: 177.2% above the Metals & Mining median (#122 of 729)
No single metric tells the full story. See the TSX:STGO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Steppe Gold Ltd is engaged in operating, developing, exploring, and acquiring precious metal projects in Mongolia. The company's commercially producing mine is the Altan Tsagaan Ovoo Property (the ATO Project, or ATO Gold Mine), located in Eastern Mongolia. In addition, it owns the Boroo and Ulaanbulag mines (together as the Boroo Project), and holds interest rights in the Uudam Khundii (UK) project in Mongolia. The company derives its revenue from the sale of gold and silver to banks in Mongolia at London Metal Exchange-based spot rates. A majority of its revenue is generated from the sale of gold.
77GF Score
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