Steppe GoldTSX:STGO -1.54%77 Return-on-Tangible-Equity is 50.38% as of Mar. 2026. GuruFocus rates TSX:STGO with a GF Score™ of 77/100 and a GF Value™ of C$1.08 (Modestly Overvalued). The stock has 2 warning signs investors should review. Among 2,376 Metals & Mining companies, Steppe Gold ranks better than 92.55% on this metric.
Return-on-Tangible-Equity is calculated as Net Income divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. Steppe Gold's annualized net income for the quarter that ended in Mar. 2026 was C$105.4 Mil. Steppe Gold's average shareholder tangible equity for the quarter that ended in Mar. 2026 was C$209.3 Mil. Therefore, Steppe Gold's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was 50.38%.
The historical rank and industry rank for Steppe Gold's Return-on-Tangible-Equity or its related term are showing as below:
TSX:STGO'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -300.3 Med: -36.92 Max: 129.91
Current: 33.09
During the past 10 years, Steppe Gold's highest Return-on-Tangible-Equity was 129.91%. The lowest was -300.30%. And the median was -36.92%.
TSX:STGO's Return-on-Tangible-Equity is ranked better than 92.55% of 2376
companies
in the Metals & Mining industry
Industry Median: -16.445
vs TSX:STGO: 33.09
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Be Aware
Net Income is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
Steppe Gold Return-on-Tangible-Equity Related Terms
Steppe Gold Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for Steppe Gold's Return-on-Tangible-Equity 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.
TSX:STGO vs NEM, AU: Return-on-Tangible-Equity Comparison
For the Gold subindustry, Steppe Gold's Return-on-Tangible-Equity, along with its competitors' market caps and Return-on-Tangible-Equity 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 Return-on-Tangible-Equity vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Steppe Gold's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Steppe Gold's Return-on-Tangible-Equity 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.
In the calculation of annual Return-on-Tangible-Equity, the net income of the last fiscal year and the average total shareholder tangible equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Mar. 2026) net income data.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of 50.38% mean?
Steppe Gold (TSX:STGO) has a Return-on-Tangible-Equity of 50.38% as of Mar. 2026. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Steppe Gold and its competitors. According to the industry distribution chart, Steppe Gold ranks #177 out of 2376 companies in the Metals & Mining industry, placing it in the top 7.4%.
Is Steppe Gold's Return-on-Tangible-Equity too high?
Steppe Gold's current Return-on-Tangible-Equity is 50.38%. Based on the distribution chart, Steppe Gold ranks #177 out of 2376 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 Return-on-Tangible-Equity compare to NEM and AU?
According to the Metals & Mining industry distribution chart, Steppe Gold ranks #177 out of 2376 companies for Return-on-Tangible-Equity. This places Steppe Gold in the top 7% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Equity for a Metals & Mining company?
A good Return-on-Tangible-Equity depends on the Metals & Mining industry context. However, Return-on-Tangible-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Return-on-Tangible-Equity mean?
A high Return-on-Tangible-Equity can signal that a stock is expensive relative to its fundamentals. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Steppe Gold and its competitors. Steppe Gold's current Return-on-Tangible-Equity is 50.38%. 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$1.08, compared to a current price of C$1.28 — trading 18.5% above its estimated fair value. The current Return-on-Tangible-Equity is 50.38%. 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 Return-on-Tangible-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For Steppe Gold (TSX:STGO), the current Return-on-Tangible-Equity is 50.38% 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 18.5% above its estimated GF Value™ of C$1.08.
GuruFocus considers Steppe Gold to be Modestly Overvalued.
Key valuation signals for TSX:STGO:
Return-on-Tangible-Equity: 50.38%
GF Value™: C$1.08 vs. price of C$1.28 (18.5% above fair value)
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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