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Steppe GoldTSX:STGO -1.59%80 3-Year ROIIC % is 28.84 as of Dec. 2025, which is 14% above its 10-year median of 25.22. GuruFocus rates TSX:STGO with a GF Score™ of 80/100 and a GF Value™ of C$1.09 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 2,308 Metals & Mining companies, Steppe Gold ranks better than 77.21% on this metric.
3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
Steppe Gold's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was 28.84%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Steppe Gold's 3-Year ROIIC % or its related term are showing as below:
TSX:STGO's 3-Year ROIIC % is ranked better than 77.21% of 2308
companies
in the Metals & Mining industry
Industry Median: -2.53
vs TSX:STGO: 28.84
Steppe Gold (TSX:STGO) 3-Year ROIIC % Explanation
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
Steppe Gold 3-Year ROIIC % Related Terms
Steppe Gold 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for Steppe Gold's 3-Year ROIIC % 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 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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 3-Year ROIIC % vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Steppe Gold's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Steppe Gold's 3-Year ROIIC % 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
Steppe Gold (TSX:STGO) has a 3-Year ROIIC % of 28.84 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Steppe Gold and its competitors. This is 14% above median its historical median of 25.22. Over the past decade, Steppe Gold's 3-Year ROIIC % has ranged from 4.57 to 532.86. According to the industry distribution chart, Steppe Gold ranks #526 out of 2308 companies in the Metals & Mining industry, placing it in the top 22.8%.
Is Steppe Gold's 3-Year ROIIC % too high?
Steppe Gold's current 3-Year ROIIC % of 28.84 is 14% above median its 10-year median of 25.22. Over the past 10 years, this metric has ranged from a low of 4.57 to a high of 532.86. Based on the distribution chart, Steppe Gold ranks #526 out of 2308 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 80/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Steppe Gold's 3-Year ROIIC % compare to NEM and AU?
According to the Metals & Mining industry distribution chart, Steppe Gold ranks #526 out of 2308 companies for 3-Year ROIIC %. This places Steppe Gold in the top 23% of its industry — outperforming the majority of peers. Historically, Steppe Gold's own 3-Year ROIIC % has ranged from 4.57 to 532.86 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good 3-Year ROIIC % for a Metals & Mining company?
A good 3-Year ROIIC % depends on the Metals & Mining industry context. However, 3-Year ROIIC % 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 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Steppe Gold and its competitors. Steppe Gold's current 3-Year ROIIC % is 28.84, which is 14% above median its own 10-year median of 25.22. 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$1.09, compared to a current price of C$1.24 — trading 13.8% above its estimated fair value. The current 3-Year ROIIC % is 28.84, which is 14% above median its 10-year median of 25.22. Steppe Gold's overall GF Score™ is 80/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For Steppe Gold (TSX:STGO), the current 3-Year ROIIC % is 28.84 as of Dec. 2025. 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$1.24 is trading 13.8% above its estimated GF Value™ of C$1.09.
GuruFocus considers Steppe Gold to be Modestly Overvalued.
Key valuation signals for TSX:STGO:
3-Year ROIIC %: 28.84 (14% above median its 10-year median of 25.22)
GF Value™: C$1.09 vs. price of C$1.24 (13.8% 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.
80GF Score
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