Steppe GoldTSX:STGO -4.48%77 Net Margin % is 36.13% as of Mar. 2026, which is 88% above its 10-year median of 19.23. GuruFocus rates TSX:STGO with a GF Score™ of 77/100 and a GF Value™ of C$1.07 (Modestly Overvalued). The stock has 2 warning signs investors should review. Among 843 Metals & Mining companies, Steppe Gold ranks better than 73.67% on this metric.
Net margin is calculated as Net Income divided by its Revenue. Steppe Gold's Net Income for the
three
months ended in Mar. 2026 was C$26.4 Mil. Steppe Gold's Revenue for the
three
months ended in Mar. 2026 was C$73.0 Mil. Therefore, Steppe Gold's net margin for the quarter that ended in Mar. 2026 was 36.13%.
The historical rank and industry rank for Steppe Gold's Net Margin % or its related term are showing as below:
TSX:STGO'
s Net Margin % Range Over the Past 10 Years
Min: -94.06 Med: 19.23 Max: 42.66
Current: 16.46
TSX:STGO's Net Margin % is ranked better than 73.67% of 843
companies
in the Metals & Mining industry
Industry Median: 3.41
vs TSX:STGO: 16.46
Steppe Gold (TSX:STGO) Net Margin % Explanation
Although Net Income and Earnings-per-Share (EPS) are the most widely used parameter in measuring a company's profitability and valuation, it is the least reliable. The reason is that reported earnings can be manipulated easily by adjusting any numbers such as Depreciation, Depletion and Amotorization and non-recurring items.
But the long term trend of the net margin is a good indicator of the competitiveness and health of the business.
Steppe Gold Net Margin % Related Terms
Steppe Gold Net Margin % Historical Data
* Premium members only.
The historical data trend for Steppe Gold's Net 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 Net Margin %, along with its competitors' market caps and Net 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 Net Margin % vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Steppe Gold's Net Margin % distribution charts can be found below:
* The bar in red indicates where Steppe Gold's Net 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.
Steppe Gold (TSX:STGO) has a Net Margin % of 36.13% as of Mar. 2026. Net margin is the ratio of total net income to net sales. View historical data on Steppe Gold and its competitors. This is 88% above median its historical median of 19.23. According to the industry distribution chart, Steppe Gold ranks #222 out of 843 companies in the Metals & Mining industry, placing it in the top 26.3%.
Is Steppe Gold's Net Margin % too high?
Steppe Gold's current Net Margin % of 36.13% is 88% above median its 10-year median of 19.23. The Metals & Mining industry median Net Margin % is 3.41. Steppe Gold's value of 36.13% is 959.5% above this industry median. Based on the distribution chart, Steppe Gold ranks #222 out of 843 companies in the Metals & Mining industry, which is above the industry midpoint. 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 Net Margin % compare to NEM and AU?
According to the Metals & Mining industry distribution chart, Steppe Gold ranks #222 out of 843 companies for Net Margin %. This puts Steppe Gold in the upper half of its industry. The industry median Net Margin % is 3.41. Steppe Gold's value of 36.13% is 959.5% above this benchmark. While the company's 10-year median is 19.23 vs. the industry median of 3.41, 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 Net Margin % for a Metals & Mining company?
The median Net Margin % among Metals & Mining companies is 3.41, based on 843 companies in the industry. Companies in the top quartile (top 25%) have a Net Margin % significantly above this median, while those in the bottom quartile fall well below. However, Net Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Steppe Gold's current Net Margin % of 36.13% is 959.5% 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 Net Margin % mean?
A high Net Margin % can signal that a stock is expensive relative to its fundamentals. Net margin is the ratio of total net income to net sales. View historical data on Steppe Gold and its competitors. For the Metals & Mining industry, the median Net Margin % is 3.41 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Steppe Gold's current Net Margin % is 36.13%, which is 88% above median its own 10-year median of 19.23. 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$1.28 — trading 19.6% above its estimated fair value. The current Net Margin % is 36.13%, which is 88% above median its 10-year median of 19.23 and 959.5% above the Metals & Mining industry median of 3.41. Steppe Gold's overall GF Score™ is 77/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Margin % calculated?
Net Margin % is calculated from a company's financial statements. For Steppe Gold (TSX:STGO), the current Net Margin % is 36.13% 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$1.28 is trading 19.6% above its estimated GF Value™ of C$1.07.
GuruFocus considers Steppe Gold to be Modestly Overvalued.
Key valuation signals for TSX:STGO:
Net Margin %: 36.13% (88% above median its 10-year median of 19.23)
GF Value™: C$1.07 vs. price of C$1.28 (19.6% above fair value)
Industry Position: 959.5% above the Metals & Mining median (#222 of 843)
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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